i am testin this post
Trading the Forex market I have found to be a great analogy of life. We trade as we live, with our strengths and weaknesses. Our feeling about ourselves, our cultural views on money and abundance, and especially our perception of wealth creep into every aspect of our trading. This is the reason I place such a heavy emphasis on personal self-mastery. Becoming aware of whom we are as an individual, our strengths and weaknesses, and our perspective on life will determine how well we can deploy the correct principals of strategy and risk management and remove the mask of mental poverty in our trading.
Self-mastery is taught within the context of Forex trading, but in reality it is all about identifying who we are as a person. What drives us and what holds us back. Each aspect can help or hinder us from becoming successful traders. Identifying our personal traits is so critical to our trading that it should be brought from the back pages (usually under the last chapters of “trading psychology”) to the first page of our Forex education curriculum.
Mastery of yourself not only will lead to success in the Forex market, but also success in whatever venture one decides to pursue. Forex Journey is my journey and from personal experience I have found that to experience success trading this market you will come to know yourself. The 90% that don’t succeed fail because they did not acknowledge who they are as a person, which determines who they are as a trader.
Trading currency is hard, but not because of risk management models. Forex is hard because the market is comprised of living, breathing emotional beings that can think and act both independently and as a group. It’s the human element that makes the market what it is. Know the psychology of the market through fundamentals is mandatory, but what most people ignore is that they themselves are the other half of the equation.
It all starts with becoming aware of who you are as a person to fully understand the strength and weakness you will bring to the table as a trader. Becoming aware will lead to an understanding which in turn will lead to overcoming.
I’m really excited and so will you be in EXACTLY 2 minutes from now…
I’m not sure if you’ve heard of Richard Stevenson but, if you haven’t…
…you’ll not only hear from him today but you’ll also have the chance to get one of his true Forex master-pieces.
Let get straight to the point:
Richard’s decided to release one of his PRIVATE COLLECTIONForex systems to a very small number of Forex traders…
Automated Forex trading appears to be the next big trend in currency exchange trading. Automated Forex system trading is just what it sounds like -- a system for making exchanges on the Forex market without your constant supervision. Automated Forex systems work in many different ways, from e-mail commands sent to your supporting broker to trading platforms that allow you to automate activity with the click of a mouse. Automated Trading is simply a way for a trader to securely trade your account for you.
The benefits of using automated Forex trading are many -- the most important are personaliztion and time saving. What is the fun of making money through currency exchange if you're glued to your computer all day, using a system or application you don't like?
Not only do automation systems offer you the ability to set up your own automated trade parameters, many of them give you several application or web based trading options. Some automated systems, like HyperOrder, offer you several well known trading platforms (TradeStation, MetaStock,etc) as well as the ability to collect trade orders from your email and send them directly to your broker. Set up your customized automation plan exactly how you want it. If you want further personalization, there are even so called "third party" automation systems that allow you to develop your own automated Forex trading system and apply it to any trading utility or website you choose. That makes the automated experience completely personal -- not only can you personalize your automated trading system, but you can choose the application you use to track your system. If you have an affinity for a particular Forex broker or utility -- you can use the GoForex third party automation system to trade on your own terms. Check it out at Go Forex.
Regardless of which automated Forex system you choose, you'll be saving yourself time. We've all known day traders or stock hounds who spent most of the workday tied to the monitor, analyzing trends and making trades. Since Forex never closes, Forex traders often get caught up in trading all night, soaking up valuable time. Using automated Forex trading, you can spend less time with your Forex account, and more time enjoying family and friends.
Automated Forex TradingHowever, automated trading of any kind can be dangerous. If you're a greedy trader, you could set up automated trades that are high-profit and therefore often high-risk. These trades will be executed by the application until you personally change the system -- take just a day or two off from closely monitoring your account, and you could miss a major trend that would have led to a better, or just safer, investment.
You should also be wary of certain automated Forex trading systems that offer "guarantees". The automated Forex market reminds me of the huge market for "gambling systems" instruction manuals and eBooks. There are more automated Forex systems for sale than you can shake a Japanese candlestick at (sorry, just a little Forex joke). Many of these systems advertise returns for all their customers, "guaranteeing" success. However, if there were a system that could guarantee a positive return, every broker and investor in the world would be using it. The fact is, there is no way to guarantee profit in the Forex market. These guarantees target the opposite of the "greedy" crowd -- people who can't stomach the idea of even the slightest risk will jump at the chance to earn a guaranteed profit.
Forex made easy is as simple as you would want it to be. The foreign exchange market is a worldwide market and according to some estimates is almost as big as thirty times the turnover of the US Equity markets. That is some figure to chew on. Forex is the commonly used term for foreign exchange. As a person who wants to invest in the forex market, one should understand the basics of how this currency market operates. Forex can be made easier for beginners to understand it and here's how.
Foreign exchange is the buying and the selling of foreign exchange in pairs of currencies. For example you buy US dollars and sell UK Sterling pounds or you sell German Marks and buy Japanese Yen. Why are currencies bought or sold? The answer is simple; Governments and Companies need foreign exchange for their purchase and payments for various commodities and services. This trade constitutes about 5% of all currency transactions, however the other 95% currency transactions are done for speculation and trade. In fact many companies will buy foreign currency when it is being traded at a lower rate to protect their financial investments. Another thing about foreign exchange market is that the rates are varying continuously and on daily basis. Therefore investors and financial managers track the forex rates and the forex market it on a daily basis.
Those who are involved in the forex trade know that almost 85% of the trading is done in only US Dollar, Japanese Yen, Euro, British Pound, Swiss Franc, Canadian Dollar and Australian Dollar. This is because they are the most liquid of foreign currencies (can be easily bought and sold. In fact the US Dollar is most recognizable foreign currency even in countries like Afghanistan, Iraq, Vietnam etc).
Being a truly 24/7 market, the currency trading markets opens in the financial centers of Sydney, Tokyo, London and New York in that sequence. Investors and speculators alike respond to the ever-changing situations and can buy and sell simultaneously the currencies. In fact many operate in two or more currency market using arbitrage to gain profits (buying in one market and selling in another market or vice versa to take advantage of the prices and book profits).
While dealing in forex, one should have a margin account. Quite simply put if you have US$ 1,000 and have a forex margin account which leverages 100:1 then you can buy US$ 100,000 since you only need 1% of the US$100,000 or US$1,000. Therefore it means that with margin account you have US$ 100,000 worth of real purchasing power in your hand.
Since the foreign currency market is fluctuating on a continuous basis, one should be able to understand the factors that affect this currency market. This is done through Technical Analysis and Fundamental Analysis. These two tools of trade are used in a variety of other markets such as equity markets, stock markets, mutual funds markets etc. Technical Analysis refers to reading, summarizing and analyzing data based on the data that is generated by the market. While fundamental Analysis refers to the factors, which influence the market economy, and in turn how it would affect the currency trading. Of course there are other economic and non economic factors which can suddenly affect the trading of the forex markets such as the 9/11 tragedy etc. One needs to have a shrewd acumen and a few number crunching abilities to strike gold in the forex market.
Nowadays, Forex Robots have been center of discussion and controversy, people are always stuck in the same questions: Do they really work? How can a robot make a man’s job? Will a robot be able to do a human job as well as we do?. In most areas the answer could be, no, robots can’t run a company, robots can’t interact well with people, can’t sing, cook, act or take decisions, among other things, but what robots can do, and probably even better than humans, is statistics and mathematics, and that’s what Forex market is all about.
The movements on this market are represented in charts and digits, and that’s what people analyze in order to make a good trade, they base their judgment, about buying or selling, on what happened and what could happen. This is also called trend following. This is more or less what an investor does when trading on Forex market: he chooses a chart to analyze, for example USD/EUR currency exchange chart, follows its trend, draw conclusions from it and based on his judgment makes a trade at an specific time in which he thinks he could buy that currency on its lowest price, then he redo the process, but this time, trying to sell the currency he just bought at a higher price at which he bought it to generate a profit
The crisis is spreading like a cancer and as the days pass it becomes increasingly difficult to abstract from it. By this time almost no profitable sector of the economy is immune to the effects of the financial debacle and even the wealthier segments of the population had to adjust their belts. The Foreign Exchange has been one of the exits all of those seeking to protect their investment have taken.
Investing in the Forex Market, as well as in the Stock Market, in times of crisis could be risky and good at the same time due to the high volatility in the markets which provides an extreme sensitivity to any asset. This could bring two possible consequences: being the market so sensitive to changes the first consequences is that people could lose large amounts of money in just one transaction, but looking at this from another angle, people could also win large amounts of money if they put their money in the right place at the right time.
But how could you know where and when to invest? Anyone who invests in foreign currency exchange should analyze what are the economies most affected by the global crisis, and from there, deduce which currencies could get devalued, and which could benefit from this situation. By doing this, people could get an idea of which are the best currency pairs to invest, taking into account all the market and broker’s parameters such as pips, spread rates and leverage, among others. Which leaves us only with the question: when to invest?. Knowing the exact time to make a transaction in the FX market is almost impossible, but following trends as well as the news of the countries involved is a really important step.
RSSFeeds
