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Forum: General Forum
 Topic: Advantages of the Forex Market
Advantages of the Forex Market [message #2094] Fri, 10 October 2014 11:13
oladare  is currently offline oladare
Messages: 14
Registered: August 2014
Location: Lagos
Senior Member
There are several advantages of the Forex market over some other types of financial trading.

When talking about various investments that are accessible to almost everyone, there is one type that springs to mind. The Forex or foreign exchange market has many advantages over other types of trading. Since it is an OTC (over-the-counter) market, the Forex market is open 24 hours a day, unlike the regular stock or commodity markets.

Most investments require a significant amount of money before you can take advantage of that investment opportunity. You only need a small amount of capital to trade Forex. Everyone can enter the market with as little as $1 to trade a "micro account", which allows you to open positions of 1,000 units. One lot of 1,000 units of currency is equal to 1 contract in micro account. Each "pip" or "tick" (smallest currency rate movement up or down) is worth $0.10 profit or loss, depending on wheather you are going with the market or against it.

A Forex mini account gives you control over 10,000 units of currency, where one pip is worth $1.00. While a standard account gives you control over 100,000 units of currency, and a pip here is usually worth $10.00.

Forex is also one of the most liquid markets. When trading currencies on the spot Forex market you have full control of your capital, meaning that you can buy and sell your positions anytime during market open period. This is a definite advantage because, if you need to use your account money, it can be accessed immediately without additional commission or waiting periods. Many other types of investments require holding your money up for rather long periods of time.

Also, in Forex, with a small amount of money, you can control bigger market positions using the leverage or margin trading. Leverage of 1:100 is common in the Fore market. It allows you to control amounts 100 times bigger than your capital, while leverage of 1:500 and 1:1000 can be found with some offshore companies.

Forex traders can be profitable in bullish or bearish market conditions. Stock market traders need stock prices to rise in order to take a profit, since short-selling is a subject to strict limits in stock exchanges. Forex traders can make a profit during both uptrends and downtrends. Forex trading is rightfully considered risky but with a good trading system to follow, good money management skills, and some level of self-discipline, the risks of Forex trading can be minimized considerably.

The Forex market can be traded anytime and anywhere. As long as you have access to a computer and internet, you have the ability to trade the Forex market.

An important thing to remember before jumping into trading currencies is that it is worth practicing with "paper money", or "fake money", on the demo account. Most brokers have demo accounts, (visit http://fleetforex.com/opendemoaccount.php to open a demo account), download their trading platform and practice in real-time with real market data but with "virtual money". While profitable demo trading cannot guarantee your success with real money, practicing can give you a huge advantage to become better prepared when you start trading with your real, hard-earned money.
open a live account @ http://fleetforex.com/openliveaccount.php



[Updated on: Fri, 10 October 2014 11:50]

 Topic: Forex Training: What to Look for in a Forex Training Program
Forex Training: What to Look for in a Forex Training Program [message #2088] Thu, 02 October 2014 14:57
oladare  is currently offline oladare
Messages: 14
Registered: August 2014
Location: Lagos
Senior Member
Forex Training: What to Look for in a Forex Training Program ( http://forexprof.com/ )

Should new Forex traders take Forex trading courses or join a Forex training program? Definitely yes; by now you have probably heard that only 5% of traders achieve consistent profitable results when trading the Forex market. The main reason for this is the lack of education. Don't get me wrong here, taking a Forex training program or a Forex trading course won't guarantee profitable results, nothing can, but choosing the right Forex training program or Forex trading course will definitely put the odds in your favor. visit http://forexprof.com/ for professional forex training or call 08175226107

Before spending any amount of money on any Forex trading course or Forex training program there are some important aspects you need to take in consideration. There are many training programs available, but not every one of them suits the needs of every trader. visit http://forexprof.com/ for professional forex training

The first thing you should be looking in a Forex training program is the content of the material. Unfortunately, most courses or training programs focus or spend most of the time on basic concepts. Though these basic concepts are important, spending most of the course on them won't help the trader to make consistent results.

The following subjects are what I consider the most important aspects of trading and every training program or trading course should address:

Forex trading basics.

Review basic concepts such as: margin, type of orders, a little background, bid/ask, rollover, etc. You need to make sure you understand every single concept to perfection.

Main drawbacks of Forex traders.

Being aware of the common mistakes made by Forex traders and knowing how to handle them will prevent new traders from making those mistakes.

Technical and fundamental analysis.

These are the two main approaches adopted by Forex traders. Knowing how to properly apply each concept will definitely put the odds in your favor.

The three pillars of Forex trading. I consider that these three subjects have the most impact on every trader trading account.

Forex trading system development.

Having the right system is a must if you want to have consistent profitable results. Having a system that doesn't fit you will cause a series of problems that will make your trading account vanish away (second guessing the system, not following your system, etc.)

Money management.

This is considered by many successful traders to be the most important single aspect of trading. Money management helps to increase your profits geometrically and at the same time limit your losses (i.e. a good risk reward ratio of about 2:1 will make you money in a Forex trading system that is right only 38% of the time.)

Trading psychology.

Being aware and knowing hot to handle the psychological barriers that affect every trader decision will put the odds in your favor.

Other important aspects every training program should include are:

Developing habits for success (such as discipline patience, taking responsibility of every action, commitment, etc.,) understanding and taking our trading as a business, risk and trade management.

Another important aspect you should take into consideration when choosing a Forex training program is the mechanics of it, getting to know how the training program works.

A good course will have the following:

A live conference room, where you can apply everything learned under live market conditions.

One-on-one feedback, every trader has different needs and requires special attention. For instance a trader wanting to improve the system and requires individual feedback from the instructor about it.

A forum, where members can talk just about everything related to the Forex market and the Forex training program. visit http://oftan.org/forum/index.php

Trading the Forex market is no easy task. It requires a lot of hard work. Making the right decision will definitely put the odds in your favor. Take your time to search for a good forex training program because it is a big and important step in a trader's trading career.
 Topic: FOREX: What Is It And How Does It Work?
FOREX: What Is It And How Does It Work? [message #2087] Sat, 27 September 2014 13:53
oladare  is currently offline oladare
Messages: 14
Registered: August 2014
Location: Lagos
Senior Member
The Foreign Exchange market, also referred to as the "Forex" is the biggest and largest financial market in the world. It has a daily average turnover of US$1.9 trillion- just imagine that amount of money! Don't you want to join this trillion-dollar industry?

Forex is the simultaneous buying of one currency and selling of another. Currencies are traded in pairs, for example Euro/US Dollar (EUR/USD) or US Dollar/Japanese Yen (USD/JPY). So basically, Forex is trading.

There are two reasons to buy and sell currencies. About 5% of daily turnover is from companies and governments that buy or sell products and services in a foreign country or must convert profits made in foreign currencies into their domestic currency.

The other 95% is trading for profit, or what you call speculation. Investors frequently trade on information they believe to be superior and relevant, when in fact it is not and is fully discounted by the market.

On one side of each speculative stock trade is a participant who believes he has superior information and on the other side is another participant who believes his information is superior.

For speculators, the best trading opportunities are with the most commonly traded (and therefore most liquid- meaning its in cash or convertible to cash) currencies, called "the Majors." Today, more than 85% of all daily transactions involve trading of the Majors.

A true 24-hour market, Forex trading begins each day in Sydney, and moves around the globe as the business day begins in each financial center, first to Tokyo, London, and New York. Unlike any other financial market, investors can respond to currency fluctuations caused by economic, social and political events at the time they occur -- real time- day or night.

The Forex market is considered an Over The Counter (OTC) or 'interbank' market. This is because the transactions are conducted between two counterparts over the telephone or via an electronic network. Trading is not centralized on an exchange compared to stocks and futures markets.

Understanding Forex quotes

Reading a Forex quote may seem a bit confusing at first. However, it's really quite simple if you remember two things: 1) The first currency listed first is the base currency and 2) the value of the base currency is always 1.

The US dollar is the centerpiece of the Forex market and is normally considered the 'base' currency for quotes. In the "Majors", this includes USD/JPY, USD/CHF and USD/CAD. For these currencies and many others, quotes are expressed as a unit of $1 USD per the second currency quoted in the pair. For example, a quote of USD/JPY 110.01 means that one U.S. dollar is equal to 110.01 Japanese yen.

When the U.S. dollar is the base unit and a currency quote goes up, it means the dollar has appreciated in value and the other currency has weakened. If the USD/JPY quote we previously mentioned increases to 113.01, the dollar is stronger because it will now buy more yen than before.

The three exceptions to this rule are the British pound (GBP), the Australian dollar (AUD) and the Euro (EUR). In these cases, you might see a quote such as GBP/USD 1.7366, meaning that one British pound equals 1.7366 U.S. dollars.

In these three currency pairs, where the U.S. dollar is not the base rate, a rising quote means a weakening dollar, as it now takes more U.S. dollars to equal one pound, euro or Australian dollar.

In other words, if a currency quote goes higher, that increases the value of the base currency. A lower quote means the base currency is weakening.

Currency pairs that do not involve the U.S. dollar are called cross currencies, but the premise is the same. For example, a quote of EUR/JPY 127.95 signifies that one Euro is equal to 127.95 Japanese yen.

When trading Forex you will often see a two-sided quote, consisting of a 'bid' and 'offer'. The 'bid' is the price at which you can sell the base currency (at the same time buying the counter currency). The 'ask' is the price at which you can buy the base currency (at the same time selling the counter currency).

For details or further enquiry visit http://forexprof.com/ or call 08175226107

[Updated on: Mon, 29 September 2014 17:24]

 Topic: How to Read a Chart & Act Effectively
How to Read a Chart & Act Effectively [message #2086] Tue, 23 September 2014 13:35
hill4j  is currently offline hill4j
Messages: 13
Registered: May 2014
Location: lagos
Senior Member



Introduction

This is a guide that tells you, in simple understandable language, how to choose the right charts, read them correctly, and act effectively in the market from what you see on them. Probably most of you have taken a course or studied the use of charts in the past. This should add to that knowledge.

Using charts effectively

The default number of periods on these charts is 300. This is a good starting point;
Hourly chart that's about 12 days of data.
15 minute chart its 3 days of data.
5-minute chart it's slightly more than 24 hours of data.
You can create multiple "tabs" or "layouts" so that it's easy to quickly switch between charts or sets of charts.

What to look at first

1. Glance at hourly chart to see the big picture. Note significant support and resistance levels within 2% of today's opening rate.

2. Study the 15 minute chart in great detail noting the following:

Prevailing trend
Current price in relation to the 60 period simple moving average.
High and low since GMT 00:00
Tops and bottoms during full 3 day time period.

How to use the information gathered so far

1. Determine the big picture (for intraday trading).

Glancing at the hourly chart will give you the big picture up or down. If it's not clear immediately then you're in a trading range. Lets assume the trend is down.

2. Determine if the 15 minute chart confirms the downtrend indicated by big picture:

Current price on 15-minute chart should be below 60 period moving average and the moving average line should be sloping down. If this is so then you have established the direction of the prevailing trend to be down.

There are always two trends a prevailing (major) trend and a minor trend. The minor trend is a reversal of the main trend, which lasts for a short period of time. Minor trends are clearly spotted on 5-minute charts.

3. Determine the current trend (major or minor) from the 5 minute chart:

Current price on 5-minute chart is below 60 period moving average and the moving average line is sloping downward major trend.

Current price on 5-minute chart is above 60 period moving average and the moving average line is sloping upward minor trend.

How to trade the information gathered so far

At this point you know the following:

Direction of the prevailing trend.
Whether we are currently trading in the direction of the prevailing (major) trend or experiencing a minor trend (reaction to major trend).

Possible trade scenarios:

1) Lets assume prevailing (major) trend is down and we are in a minor up-trend. Strategy would be to sell when the current price on 5-minute chart falls below the 60 period moving average and the 60 period moving average line is sloping downward. Why? Because the prevailing trend is reasserting itself and the next move is likely to be down. Is there more we can do? Yes. Look for further confirmation. For example, if the minor trend had stalled for a while and the lows of the past half hour or hour are very close to the 5 minute moving average then selling just below the lows of the past half hour is a better place to enter the market then just below the moving average line.

2) Lets assume prevailing (major) trend is down and 5-minute chart confirms downtrend. Strategy would be to wait for a minor (up trend) trend to appear and reverse before entering the market. The reason for this is that the move is too "mature" at this point and a correction is likely. Since you trade with tight stops you will be stopped out on a reaction. Exception: If market trades through today's low and/ or low of past three days (these levels will be apparent on the 15 minute chart) further quick downward price action is likely and a short position would be correct.

3) A better strategy assuming prevailing trend down, 5-minute chart down, and just above days lows is to BUY with a tight stop below the day's low. Your risk is limited and defined and the technical condition (overdone?) is in your favor. Confirmation would be if today's low was a bit higher than yesterday's low and the price action indicated a very short-term trading range (1 minute chart) just above today's low. The thinking here is that buyers are not waiting for a break of today's or yesterday's low to buy cheaper; they are concerned they may not see the level.

4) Generally speaking, the safest place to buy is after a sustained significant decline when the bottoms are getting higher. Preferably these bottoms will be hours apart. By the third or forth higher bottom it is clear a bottom is in place and an up-move is coming. As in the example above your risk is limited and defined a low lower than the last low.

5) The reverse is true in major up-trends.

Other chart ideas

There are always two trends to consider a major trend and a minor trend. The minor trend is a reversal of the major trend, which generally lasts for a short period of time.
Buying above old tops and selling below old bottoms can be excellent entry levels; assuming the move is not overly mature and a nearby reaction unlikely.
When a strong up move is occurring the market should make both higher tops and higher bottoms. The reverse is true for down moves- lower bottoms and lower tops.
Reactions (minor reversals) are smaller when a strong move is occurring. As the reactions begin to increase that is a clear warning signal that the move is losing momentum. When the last reaction exceeds the prior reaction you can assume the trend has changed, at least temporarily.
Higher bottoms always indicate strength, and an up move usually starts from the third or fourth higher bottom. Reverse this rule in a rising market; lower tops...
You will always make the most money by following the major trend although to say you will never trade against the trend means that you will miss a lot of opportunities to make big profits. The rule is: When you are trading against the trend wait until you have a definite indication of a selling or buying point near the top or bottom, where you can place a close stop loss order (risk small amount of capital). The profit target can be a short-term gain to nearby resistance or more.
Consider the normal or average daily range, average price change from open to high and average price change from open to low, in determining your intra-day price targets.
Do not overlook the fact that it requires time for a market to get ready at the bottom before it advances and for selling pressure to work it's way through at top before a decline. Smaller loses and sideways trading are a sign the trend may be waning in a downtrend. Smaller gains and sideways trading in an up trend.
Fourth time at bottom or top is crucial; next phase of move will soon become clear... be ready.
Oftentimes, when an important support or resistance level is broken a quick move occurs followed by a reaction back to or slightly above support or below resistance. This is a great opportunity to play the break on the "rebound". Your stop can be super tight. For example, EURUSD important resistance 1.0840 is broken and a quick move to 1.0860, followed by a decline to 1.0835. Buy with a 1.0820 stop. The move back down is natural and takes nothing away from the importance of the breakout. However, EURUSD should not decline significantly below the breakout (breakout 1.0840; EURUSD should not go below 1.0825.
After a prolonged up move when a top has been made there is usually a trading range, followed by a sharp decline. After that, a secondary reaction back near the old highs often occurs. This is because the market gets ahead of itself and a short squeeze occurs. Selling near the old top with a stop above the old top is the safest place to sell.
The third lower top is also a great place to sell.
The same is true in reverse for down moves.
Be careful not to buy near top or sell near bottom within trading ranges. Wait for breakaway (huge profit potential) or play the range.
Whether the market is very active or in a trading range, all indications are more accurate and trust worthier when the market is actively trading.

Limitations of charts

Scheduled economic announcements that are complete surprises render nearby short-term support and resistance levels meaningless because the basis (all available information) has changed significantly, requiring a price adjustment to reflect the new information. Other support and resistance levels within the normal daily trading range remain valid. For example, on Friday the unemployment number missed the mark by roughly 120,000 jobs. That's a huge disparity and rendered all nearby resistance levels in the EURUSD meaningless. However, resistance level 200 points or more from the day's opening were still meaningful because they represented resistance to a big up move on a given day.

Unscheduled or unexpected statements by government officials may render all charts points on a short-term chart meaningless, depending upon the severity of what was said or implied.
 Topic: Is Forex a Suitable Business For Everybody?
Is Forex a Suitable Business For Everybody? [message #2085] Sat, 20 September 2014 10:13
oladare  is currently offline oladare
Messages: 14
Registered: August 2014
Location: Lagos
Senior Member
Forex is a really different business. To make money with Forex, you have to know the technique and have enough experience otherwise you lose more than what you make.

The good thing with forex is that you don't have to be worried about competition. Unlike all other businesses that competition makes tougher conditions for everybody, the more people work on forex the more money everybody will make because it will make more volatility and movements in the market and volatility and price fluctuation is what we make money through it.

If you don't know what the forex is, follow this link >>>>>http://forexprof.com/

FOREX IS A GOOD BUSINESS BUT IS IT A SUITABLE BUSINESS FOR EVERYBODY?

To become a forex trader, first you have to learn it. It is not very hard to learn forex. There are enough free information over the internet. You just need to spend a few months to learn everything. But the more important part is the experience. You have to learn how to use your knowledge to trade and make money.

Forex is like driving. You can sit at home and read a lot of books about driving and know about it more than a driver who has a 30 years experience. But as long as you don't practice and don't drive, you will not become a driver. To be a good driver you also need to have a healthy body and mind otherwise you will make problems for yourself and the others. This is true about forex too. Not everybody who knows the techniques theoretically can be a good forex trader.

You have to have three things to become a good and successful forex trader:

1. Knowledge
2. Experience
3. Suitable mental and psychological condition

If you lose more than what you make in forex, you don't have at least one of the above essentials.

As explained above, the knowledge can be gained easily and for free through the internet.

The experience can be gained through practicing with the demo account. Any of the forex broker companies offer free demo accounts that enable you to practice and learn to use your knowledge practically. Try this >>>>http://www.fleetforex.com/opendemoaccount.php

But what about the last factor? Suitable mental and psychological condition!

You can lose money in forex even when you have enough knowledge and experience. Why?

What kind of people, with what kind of personality, lose more in forex even when they have enough knowledge and experience?

1. Impatient people:

If you don't have enough patience when you work or when you wait, you will have problems in forex. Forex needs a lot of patience. Sometimes you have to sit at the computer and watch the charts for several hours. Those who don't have enough patience, get tired very soon and start entering to the trades while there is no clear and suitable signal and it is not the time to get in a trade. Then they will have to close a wrong position while they have already lost a lot of money.

2. Greedy people:

Those who are greedy are big forex losers. Greed cause you rush to enter to a trade when it is not the time because you think that the others are making money and you have to do it too. So you don't wait for a clear signal and you just dive to a trade with this hope that you will make money whereas in most cases you will choose the wrong direction.

On the other hand, greedy people stay in trade for a long time and don't end it when it is time to end. They keep the position to make more money but the market will change the direction suddenly and all the profit they had in their hand will be lost.

3. Fearful people:

Fear is the biggest problems in forex trading and generally fear is the biggest problem and obstacle in all the businesses. Fear keeps people from taking risks and those who have a lot of fear can not use the opportunities because they are always afraid of losing. They wait and wait and wait and lose the opportunities one by one and then get tired and try to overcome their fear and so they enter to the wrong direction before proper market analyzing and finding good signals. What will happen then? They lose money.

4. Emotional people:

If you are a person who makes his decisions emotionally and not wisely, logically, analytically, then forex is not for you because you will lose a lot. Forex is a technical and scientific business. It works according to the scientific rules and analysis. Forex traders use special indicators and signals to decide to buy or sell. They act only when they see proper signals and not when they feel that the price will go up or down.

Something you feel can be wrong and so if you trade according to what you feel, you lose.

Emotions are good but not in business, forex or stock trading. If you are an emotional person, you should not try forex trading unless you learn to control your emotions and use your knowledge.

How can you control your hastiness, Greed, Fear and Emotions in Forex trading? If you are a hasty person and this has made problems for you both in your life and forex, you have to practice Yoga, meditation or maybe hypnotism to become able to control your hastiness.

In case your hastiness can not be controlled at all, you may have to see a doctor and check your endocrine hormones like Thyroid, Adrenaline and Noradrenalin.

To control your greed, you have to make a strict discipline for yourself and try to be stuck to it. For example do not make more than a limited number of pips everyday or in each single trade. Tell yourself that you are not allowed to make more than for example 20 pips everyday or 5 pips in each trade and as soon as you reach the limit, turn off your computer or close your trade even if the market is still hot and you can make more or your trade is doing well and going to your favorite direction.

To control your fear, you have to spend enough time on learning and practicing with the demo account. You have fear because you don't have enough confidence about your trading skills. You have to make hundreds of trades on the demo account to make sure that you have learnt the methods completely. Then you need to start with the real account and trading with your money but with a very small amount.

You have to keep on trading with a very small amount of money for several months and when you see that you can make profit and the number of your successful trades is more than your bad trades, you can increase the amount of the money little by little.

Keep in your mind that Forex and stock trading are all the matter of taking risk. The only thing that you have control on is the amount of the money you put in every trade and also the amount of the money that you let be lost. The rest is not in your hand.

NOW.

What do you think about yourself?

Is Forex a suitable business for you or not?

What are your weak-points?

Are you greedy or you have a lot of fear that don't let you trade properly?

What is the reason of your fear? Is it because you think you have not learnt the techniques properly or it is because you have made a lot of bad trades and so you have lost your confidence?

Think about the above questions and give your comment. Thanks



 Topic: Forex Money Management by FX Master
Forex Money Management by FX Master [message #2082] Sat, 13 September 2014 16:12
oladare  is currently offline oladare
Messages: 14
Registered: August 2014
Location: Lagos
Senior Member
Money management is a critical point that shows difference between winners and losers. It was proved that if 100 traders start trading using a system with 60% winning odds, only 5 traders will be in profit at the end of the year. In spite of the 60% winning odds 95% of traders will lose because of their poor money management. Money management is the most significant part of any trading system. Most of traders don't understand how important it is.

It's important to understand the concept of money management and understand the difference between it and trading decisions. Money management represents the amount of money you are going to put on one trade and the risk your going to accept for this trade.There are different money management strategies. They all aim at preserving your balance from high risk exposure.

First of all, you should understand the following term Core equity
Core equity = Starting balance - Amount in open positions.

If you have a balance of 10,000$ and you enter a trade with 1,000$ then your core equity is 9,000$. If you enter another 1,000$ trade, your core equity will be 8,000$

It's important to understand what's meant by core equity since your money management will depend on this equity. We will explain here one model of money management that has proved high annual return and limited risk. The standard account that we will be discussing is 100,000$ account with 20:1 leverage . Anyway, you can adapt this strategy to fit smaller or bigger trading accounts.

Money management strategy

Your risk per a trade should never exceed 3% per trade. It's better to adjust your risk to 1% or 2%
We prefer a risk of 1% but if you are confident in your trading system then you can lever your risk up to 3%

1% risk of a 100,000$ account = 1,000$

You should adjust your stop loss so that you never lose more than 1,000$ per a single trade.

If you are a short term trader and you place your stop loss 50 pips below/above your entry point .
50 pips = 1,000$
1 pips = 20$
The size of your trade should be adjusted so that you risk 20$/pip. With 20:1 leverage,your trade size will be 200,000$. If the trade is stopped, you will lose 1,000$ which is 1% of your balance.This trade will require 10,000$ = 10% of your balance.If you are a long term trader and you place your stop loss 200 pips below/above your entry point.
200 pips = 1,000$
1 pip = 5$
The size of your trade should be adjusted so that you risk 5$/pip. With 20:1 leverage, your trade size will be 50,000$.If the trade is stopped, you will lose 1,000$ which is 1% of your balance.
This trade will require 2,500$ = 2.5% of your balance.

This's just an example. Your trading balance and leverage provided by your broker may differ from this formula. The most important is to stick to the 1% risk rule. Never risk too much in one trade. It's a fatal mistake when a trader lose 2 or 3 trades in a row, then he will be confident that his next trade will be winning and he may add more money to this trade. This's how you can blow up your account in a short time! A disciplined trader should never let his emotions and greed control his decisions.

Diversification
Trading one currency pair will generate few entry signals. It would be better to diversify your trades between several currencies. If you have 100,000$ balance and you have open position with 10,000$ then your core equity is 90,000$. If you want to enter a second position then you should calculate 1% risk of your core equity not of your starting balance!. It means that the second trade risk should never be more than 900$. If you want to enter a 3rd position and your core equity is 80,000$ then the risk per 3rd trade should not exceed 800$

It's important that you diversify your orders between currencies that have low correlation.

For example, If you have long EUR/USD then you shouldn't long GBP/USD since they have high correlation. If you have long EUR/USD and GBP/USD positions and risking 3% per trade then your risk is 6% since the trades will tend to end in same direction.

If you want to trade both EUR/USD and GBP/USD and your standard position size from your money management is 10,000$ (1% risk rule) then you can trade 5,000$ EUR/USD and 5,000$ GBP/USD. In this way,you will be risking 0.5% on each position.

The Martingale and anti-martingale strategy

It's very important to understand these 2 strategies.

-Martingale rule = increasing your risk when losing !

This's a startegy adopted by gamblers which claims that you should increase the size of you trades when losing. It's applied in gambling in the following way Bet 10$,if you lose bet 20$,if you lose bet 40$,if you lose bet 80$,if you lose bet 160$..etc

This strategy assumes that after 4 or 5 losing trades,your chance to win is bigger so you should add more money to recover your loss! The truth is that the odds are same in spite of your previous loss! If you have 5 losses in a row ,still your odds for 6th bet 50:50! The same fatal mistake can be made by some novice traders. For example,if a trader started with a abalance of 10,000$ and after 4 losing trades (each is 1,000$) his balance is 6000$. The trader will think that he has higher chances of winning the 5th trade then he will increase ths size of his position 4 times to recover his loss. If he lose,his balance will be 2,000$!! He will never recover from 2,000$ to his startiing balance 10,000$. A disciplined trader should never use such gambling method unless he wants to lose his money in a short time.

-Anti-martingale rule = increase your risk when winning& decrease your risk when losing

It means that the trader should adjust the size of his positions according to his new gains or losses.
Example: Trader A starts with a balance of 10,000$. His standard trade size is 1,000$
After 6 months,his balance is 15,000$. He should adjust his trade size to 1,500$

Trader B starts with 10,000$.His standard trade size is 1,000$
After 6 months his balance is 8,000$. He should adjust his trade size to 800$

High return strategy
This strategy is for traders looking for higher return and still preserving their starting balance.

According to your money management rules, you should be risking 1% of you balance. If you start with 10,000$ and your trade size is 1,000$ (Risk 1%) After 1 year, your balance is 15,000$. Now you have your initial balance + 5,000$ profit. You can increase your potential profit by risking more from this profit while restricting your initial balance risk to 1%. For example, you can calculate your trade in the following pattern:
1% risk 10,000$ (initial balance)+ 5% of 5,000$ (profit)

In this way, you will have more potential for higher returns and on the same time you are still risking 1% of your initial deposit.
 Topic: Tips for Part-Time Forex Traders
Tips for Part-Time Forex Traders [message #2081] Thu, 11 September 2014 17:39
hill4j  is currently offline hill4j
Messages: 13
Registered: May 2014
Location: lagos
Senior Member

Financial asset trading has been around for over a hundred years, but it's only been over the past decade or so where,

thanks to the advancement in technology, retail trading became accessible to just about anyone. You no longer need to be a

full-time broker or trader to have access to the markets. You can simply hop onto the Internet and trade from the comforts of your toilet seat.

part-time forex trading. This, in turn, has led to an increase in part-time traders. This group of people includes students, young professionals, and old retirees basically anyone who has to allocate most of his or her time to other endeavors, but still want to dip their hands into the markets.

The problem with part-time trading is that trading itself is very difficult and that there are many obstacles that one needs to overcome before becoming consistently profitable. That said, here are some helpful forex trading tips for all you part-time traders to help you along your path:

1. Stick to a trading method or style that suits your schedule

The biggest problem for part-time traders is time. If you only have an hour to commit to trading every day, this can severely limit your options. What if that one hour comes during a trading session that has low volatility? Strategies like day-trading or catching short-term trends probably don't make sense right?

In that particular situation, you may want to take a look at scalping or maybe switching to longer-term swing and position
plays. In any case, the lesson is that before settling on a trading style, figure out your schedule and move on from

there.

2. Maximize your trading time

Again, in line with the idea that time is crucial to part-time traders, managing your time is a very important skill to master, especially during the early stages of your development. It is imperative that you make the most of every single minute you spend trading.

When trading, we have to build our trading muscle by repetition of key drills. This doesn't only mean actual trading, but also includes other core tasks like chart reviews, back testing, journaling, etc. On days when the market is slow, you can't just sit there staring blankly at your charts and not get anything done. Take that down time as an opportunity for intense skill building by engaging in those core trading tasks.

3. Do your homework

This is a no-brainer, common sense tip, but it's even more crucial for part-timers to follow. Since time in front of your
trading station is limited, you most likely won't be available during market shifting events or surprises. So, it's even more important for part-timers that you know what's driving the markets.

Educate yourself by reading forex books, by going through forex blogs and bookmarking our forex calendar. You will need to map out different scenarios and strategies, because your time away from the charts will keep you from being flexible to move as the market does.

4. Trade journaling is key

Trade journals can help offset the time that you don't spend on the charts. How, you ask?

Journals not only keep us in line and help ensure we follow our trading rules, but they serve as a tool to help us remember what happened during the hours we were trading.

Entering and reviewing your journal entries acts as more "trading reps," in that it turns that one trade into two or three experiences, bringing you that much closer to trading mastery.

5. Have the right mindset

You are not a robot, which means that you cannot be in front of your trading station watching the charts 24/7. This means that you shouldn't sweat when you miss on the big moves. As long as you are patient for a setup to materialize, there are always pips around the corner.

6. Participate in forex communities

Due to the popularity of discussion boards, trading doesn't have to a lonely endeavor anymore. Know that you are not alone anymore as there are thousands of other part-time and full-time traders that can be found online in our forums. Spend a small part of your day socializing and learning from them as they can point out things that you weren't able to spot.

7. Prioritize

Most of you are probably part-time traders, which mean that your main source of income comes from somewhere else. The fact of the matter is, this income is what puts food on the table and pays the bills, so do not compromise the quality of that work for forex trading. Furthermore, if you're always worrying about other, non-trading related stuff, your trading will suffer as well, and it will be a lose-lose situation.

These tips apply to traders of different shapes and sizes. It doesn't matter whether you're a pro or a newbie, this should be helpful to you. However, if you're a part-timer, you have to keep your game extra tight. Since you're less flexible with regards to time, you have to be really prepared and disciplined when trading.

While it may be difficult for part-timers, it doesn't mean that it is impossible to be profitable. You can achieve it, as long as you set your heart and mind to it.



 Topic: Technical Analysis Trading Tools
Technical Analysis Trading Tools [message #2067] Tue, 09 September 2014 17:24
hill4j  is currently offline hill4j
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Senior Member

A particularly popular method of trading forex involves using technical analysis to generate buy and sell signals.

Forex traders using technical analysis often use specific recognizable price patterns recorded on charts or indicators calculated from market observables like price action to provide them with a sense of the market's future direction.

Some of the most commonly-used technical trading methods are discussed further in the sections below.

Support and Resistance Levels

As anyone in the business will tell you "buy low and sell high" is all you have to do to be successful in trading. Of course, it is easier said than done.

Nevertheless, by carefully reviewing price charts, a technical analyst can determine at what levels supply has been exhausted and higher prices are needed to stimulate more supply; and where demand has been satiated, and prices need to be reduced in order to create more demand.

These levels are usually called support and resistance levels and are commonly used in the interpretation of price charts.

Chart Patterns

Many technical forex traders regularly peruse charts of the exchange rate for a particular currency pair plotted over time. They look for classic chart patterns in the process of forming.
These patterns might include triangles, double tops and bottoms, head and shoulder tops and bottoms, flags, pennants and wedges. They might also look for trading ranges, as well as trends and channels on the charts.

Most of these classic chart patterns have predictive value once the pattern breaks a certain well-defined level and then sets up a so-called "measured move" as a target for subsequent price action.

We recommend this great article to learn about the most common patterns used.

Counting Waves

Elliot Wave Theory is based on observing repeating wave patterns and also uses ratios from the Fibonacci number sequence to determine retracement and wave projection objectives. In general, the theory postulates a five-wave trending market, followed by a three wave corrective move.

Moving Averages

Moving averages are computed by taking an average of prices observed within a particular time frame as it evolves over a range of time periods. They can be simple, exponential or weighted, where more weight will generally be given to more recent price data.

The convergence and divergences of moving averages generates trading signals and this can be measured more accurately using the Moving Average Convergence Divergence (MACD) indicator.

Oscillators

These technical indicators usually give the trader an indication of price momentum and/or an oversold or overbought condition in the market, and they are generally measured on a scale of 0 to 100%.

The Stochastics Oscillator is a popular example of a momentum indicator. Its basic premise is that in an uptrend, prices tend to close in the higher part of the day's range to signal upward momentum. In a downtrend, closing prices tend to close in the lower part of the day's range, thereby indicating downward momentum.


The Relative Strength Index (RSI)

The RSI is a useful indicator of overbought or oversold market conditions, and like all banded oscillators fluctuates between the values of 0 and 100.

If the RSI is showing a number higher than 70, then the market is considered overbought, but if the number is below 30, then the market is though to be oversold.

Risk Statement: Trading Foreign Exchange on margin carries a high level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial deposit. The high degree of leverage can work against you as well as for you.
 Topic: Learning to Trade the FOREX Market
Learning to Trade the FOREX Market [message #2066] Mon, 08 September 2014 15:18
hill4j  is currently offline hill4j
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To Get started, Jimmy Young writes:

The beauty of forex is you can get started right away without any money and without having any idea what you are doing. To do this you open what is called a demo forex account. In your demo account you trade with fake money and you have fun learning how to trade for real. Your goal is to build a sustainable track record of successfully trading with fake money. Once you have done this you will be ready to try trading with real money.

The transition from fake money to real money can be tricky. Sort of like learning to fly in a flight simulator and then flying a real airplane for the first time. Each time you enter the flight simulator your skills will be improving and your confidence increasing, until you get to the point you feel you are ready for the real thing. In theory, if you master the flight simulator, the real airplane will not be a problem.In reality, as you're walking toward that real airplane for the first time, your heart will be pumping and you will be scared. Likewise when you are about to pull the trigger on your first real money trade your heart will be pumping and you will be scared.

Flying a plane for real and trading forex for real are similar in many ways:
1.If you are reckless flying the plane you will get yourself killed. If you are reckless trading forex you will lose all your money
2.Flying entails taking off, obeying the rules of safe flying, and landing safely. Forex trading entails entering a trade, controlling your risk, and exiting safely.
3.When flying an airplane your success requires you get all three (takeoff, safety, and landing) right. In forex trading your success requires that you get all three (entry, risk, and exit) right
4.The best pilots always put safety first. The best forex traders always put safety first.

Flying a plane and trading forex for real are different in one key way
1.To become a pilot there is government mandated formal education and professional training requirements; as a result of this formal education and professional training, few pilots crash and burn. To become a real money forex trader there is no government mandated formal education and no professional training requirements; as a result, almost all forex traders crash and burn

Formal education and professional training

Whether you want to be a jet fighter pilot or a weekend recreational pilot of a two-seater, you need formal education and professional training to insure your safety and success. If you want to become a full-time forex trader, a part-time forex trader, or just dabble from time to time you need at least some education and training to insure your safety and success; especially if you're serious about making money from forex trading.

Where do you begin?

Of course, if you are a new forex trader it takes time to figure out your niche and if you have a job you will need to choose a particular focus of your forex trading. I still think it helps to at least get some exposure to all the tools, both technical and fundamental, that work best in forex trading, and then choose the ones you like.

There is plenty of free information on the internet to choose from.

Consider formal education and training

Once you've done your independent study you may choose to try trading forex on your own. If you have the available resources, it may be a good idea to get specialized training / mentoring; there are some good ones out there.

The argument that if a trader was any good he would not be teaching is not without merit. However, there is this to consider. A good trader manages risk effectively. Trading has its ups and downs but getting paid to teach trading is a winning trade every time. Why not do both and improve the slope and the volatility of the earnings curve.
That is not to say there are not a lot of disreputable forex educators out there. Do your due diligence and you can find a good one.






 Topic: 8 Basic Tips on choosing Best FOREX Broker
8 Basic Tips on choosing Best FOREX Broker [message #2063] Thu, 04 September 2014 10:04
oladare  is currently offline oladare
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Registered: August 2014
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Senior Member
There are some basic notices that you should consider when you want choosing online forex broker.

#1- Spread Amount

The spread, which is calculated in pips, is the difference between how much you can buy or sell a currency at a specific point in time.

Forex currencies are not traded through a central exchange market, so the spread can be different depending on the forex broker you use. Some online forex brokers have variable spread; some of them have two spread amounts that depend to day and night.

Some of them their spread depends to the position of market. When market is quiet the spread is small and when market is busy the spread is high. I prefer forex brokers that have fixed spread, because over the long term fixed can be safer.

#2- Execution

-- How fast is the broker's order execution?

-- Do they offer automatic execution?

-- How much can you trade before having to request a quote?

-- Do they trade against their clients?

The best way to find out is to open a demo account and give them a test drive.

#3- Leverage Options

Leverage is expressed as a ratio between the total capital that is available to be traded and your actual capital. For example, when you have a ratio of 100:1, your forex broker will lend you $100 for every $1 of actual capital you have. Leverage is a necessity in forex trading because the price deviations in the currencies are set at fractions of a cent.

Before choosing an online forex broker notice that what is their leverage. Many brokerages offer a flexible margin that allows you to choose the leverage that's right for you.

#4- Account Types

Notice the forex broker you choose has mini account or not. Mini account is designed for those new to online currency trading and those with limited investment capital. There is a smaller deposit required to start trade of just $300 or less.

#5- Trading Platform

Good trading software will show live prices that you can actually trade at, not just indicative quotes. It will offer Limit and Stop orders, and ideally will let you attach these to your entry order. One-Cancels-Other orders are another useful feature -- they mean you can set up your trade and then leave the software to get on with it.

#6- Dealing tools and value-added services

Find out online forex broker that offers the best resources and information to help you make the smartest trading decisions. A good company should offer real-time charts, technical analysis tools, real-time news and data, and software or website support. Be weary of any company that refuses to share information or trial versions before opening up an account. You will want to try out their system before you choose to invest money in it.

#7- Support

Forex is a 24 hour market, so your online forex broker should offer 24 hour support. You should also check if you can close positions over the phone -- essential in case your PC or internet connection crash at a critical moment. You could contact to their Internet help desks to see how quickly they respond to enquiries.

#8- Get Referrals

Ask around and read forex forums to find out which forex brokers other people use and why they selected a specific broker.

by Mostafa Soleimanzadeh
 Topic: Knowing When to Cut Your Losses in the Forex Market
Knowing When to Cut Your Losses in the Forex Market [message #2062] Tue, 02 September 2014 17:06
hill4j  is currently offline hill4j
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Good forex traders always know when to cut their losses in the market. Cutting profits early and letting losses run on in anticipation of recovery is the mistake made by many novice traders.

Detecting Bad Trades
To cut forex losses, traders should know how to detect a bad trade and be able to exit from that trade, without any emotions. A trade which is nearing a reversal point is a sign that the trade is a bad one. This trade would include the sign of having a long order placed at pivot or psychological resistance. It may also be a short order which is too close to pivot or psychological support.
If a reversal candlestick appears in the trading pattern, it indicates that the trade may be a bad one. Even a piece of news which swings the price of the currency pair being traded, to a direction contrary to open positions, can indicate a bad trade. If the currency you are trading with is losing consistently with regard to most currencies, then this can also be the sign of a bad trade.

Taking Action on Bad Trades
After detecting a bad trade, you should take the step of exiting that trade. Close the trade immediately to cut your losses. Additionally, do not try and recover your losses through other trades very quickly; as this is likely to result in impulsive decisions leading to more bad trades. You should assess the extent of your losses, and attempt to recover those only when the market is showing a good opportunity.

Exit Strategy
You should also devise an exit strategy for every bad trade. This could include setting an amount on every trade till which you will stay invested. It could also be a percentage retracement method i.e. that you set a fixed percentage of your total account and exit the trade if losses are at that level.
Placing a stop loss at times when traders feel that the market is changing is a common exit strategy as well. In an uptrend, many traders place their stop loss below the latest swing low. In a downtrend,they place their stop loss below the latest swing high. Other traders place stops when they detect areas of support and resistance for their trade.
A fairly good exit strategy is employing the 2 period RSI. When the trade is in a long position and the RSI drops below the 70 line, it is time to exit the trade. For a trade in a short position, the ideal time to exit is when the RSI goes above the 30 line.
Some traders also devised an exit strategy based on fixed time periods. They stay invested in a trade for a particular time period only, and exit at the end of the trading day. The time period is also arrived at through thorough analysis of technical analysis tools and forex charts.

Successful traders always adhere to the rules that they have set for themselves in order to exit a trade. It is important that you too adhere to the rules you have set yourself for exiting a trade. You will see that your losses will be significantly cut.
 Topic: FOREX -- Dealing With Your Losses by Don Spanish
FOREX -- Dealing With Your Losses by Don Spanish [message #2061] Tue, 02 September 2014 10:54
oladare  is currently offline oladare
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Senior Member
One of the most important rules of Forex trading is to keep your losses as small as you possibly can. With small Forex trading losses, you can stick it out longer than those times when the market moves against you, and be well positioned for when the trend turns around. The one proven method to keeping your losses small is to set your maximum loss before you even open a Forex trading position.

The maximum loss is the greatest amount of capital that you are comfortable losing on any one trade. With your maximum loss set as a small percentage of your Forex trading effort, a string of losses won't stop you from trading for any particular amount of time. Unlike the 95% of Forex traders out there who lose money because they haven't begun to use wise money management rules to their Forex trading system, you will be ok with this money management rule.

To use as an example, If I had a Forex trading float of $1000, and I began trading with $100 a trade, it would be reasonable for me to experience three losses in a row. This would reduce my Forex trading capital to $400. It would then be decided that they're going to bet $200 on the next trade because they think they have a higher chance of winning after having lost three times already.

If that trader did bet $100 dollars on the next trade because they thought they were going to win, their capital could be reduced to $250 dollars. The chances of making money now are practically nil because I would need to make 150% on the next trade just to break even. If the maximum loss had been determined, and stuck to, they would not be in this position.

In this case, the reason for failure was because the trader risked too much money, and didn't apply good money management to the play. Remember, the goal here is to keep our losses as small as possible while also making sure that we open a large enough position to capitalize on profits and minimize losses. With your money management rules in place, in your Forex trading system, you will always be able to do this.




 Topic: Forex Trading: The Fear Factor by Michael J Campbell
Forex Trading: The Fear Factor by Michael J Campbell [message #2060] Thu, 28 August 2014 12:16
oladare  is currently offline oladare
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Forex Trading: The Fear Factor by Michael J Campbell

Market knowledge and ability to understand analysis will only get you so far in forex trading, but without the nerve to actively compete risking your own money in the process you can never become a successful trader.

Wagering huge volumes of money in a market as susceptible to change is liable to cause a whole range of opposing emotions; fear, excitement and anxiety just to name a few. Battling against your emotions in order to complete a successful deal is one of the major hurdles, which must be overcome if you are to become a trader able to close huge deals and earn vast sums of money. If you can overcome or even use these emotions to make trades on the Forex then a successful career may be beckoning, but failure to do so will almost certainly cost you a substantial amount of money and end any lingering desires to progress in the busy world of exchange rate trading.

Initiating and closing a trade at the right times are the backbone of becoming a successful Forex trader. If a person cannot execute these deals at the right times, the psychological and financial damage can be crippling. Missing a huge trend or sitting too long on a good price, can be a demoralising experience, but one that many will encounter during a career in Forex trading.

Entering at the right time is just one thing that must be done correctly, but if you are unable to leave at the right time or hold your nerve during the course of the trade, the implications are potentially severe. For example accepting a small loss just before the market rises can lead to a horrendous huge profit/loss ratio margin. Similarly sitting on a currency price that is plummeting for too long could be financially crippling. Understanding the Forex market and having faith in your ability to judge a trend will pay dividends if you hold your nerve, backing out at the wrong time can prove to be a catastrophic misnomer.

The fear generated by investing your own personal money is the main thing that must be overcome. It is the culprit in so many failure stories, people who just couldn't overcome their anxiety investing unwisely, pulling out at the wrong time, missing a rise completely, all result in failure and are caused by fear. Accepting this fear, and using it to your potential will make you a stronger trader, able to trade freely and enjoy the thrill of the exchange. Fighting it will get you nowhere, understanding and overcoming it are the best remedies to this baseless emotion.

Trading strategies will help you ride out the rough times and capitalize on the good ones. Sometimes just taking a step back and accepting a few losses will give you the energy and the knowledge to attack the Forex with renewed vigour, and make some serious profits. Accepting that sometimes you will lose out, you need to be able to take the hits and roll with a punch, there are no guarantees in the trading market, so being able to move on and start again is a skill that is paramount to generating success.

Analysis and charts can only get you so far. You must first master these things, and be able to correctly interpret the figures that are represented in order to spot the trends and make your move. But this all means nothing if you don't have the courage of your convictions. If you are too afraid to buy and not sure when to sell then a glittering career in market trading is likely to elude you. 'The trend is your friend' but it means nothing if you firstly can't spot it and secondly don't have the courage to back it. Knowledge, strategies and overcoming fear may well be the 3 best ways to become to unlock the door to becoming a successful trader. Without all 3 you will more often than not become unstuck, so prepare, practice and evaluate everything before taking the plunge in the complicated world of Forex trading.
 Topic: How I look for and find my best trades By Rob Booker
How I look for and find my best trades By Rob Booker [message #2059] Tue, 26 August 2014 16:14
oladare  is currently offline oladare
Messages: 14
Registered: August 2014
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Senior Member
Here are four ways that -
no matter what system you trade,
I think these principles may work
for you too.

1) Wait for the market to make a
big, wide, open, tradable space.
You want some distance between
where price is now, and
where you think it can go.

This means that you ...

2) "Start with the end in mind,"
(to steal a thought from Stephen Covey)
or actually plan a trade based
on the existence of a great profit
target out there in the distance.

Then you can ...

3) Patiently and calmly wait for
your set of entry criteria to
set up. Stalk your trade, wait for it,
know ahead of time exactly
what the signs are that it is
beginning to move to your target.

And then ...

4) Walk away, and let your trade
do the work. All of your work
should be in the preparation, and
then just walk away and let
the market carry your trade to
the target.

 Topic: Understand the Trading Psychology - by ifcmarkets
Understand the Trading Psychology - by ifcmarkets [message #2058] Tue, 26 August 2014 12:36
oladare  is currently offline oladare
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Registered: August 2014
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In the contemporary exchange market exchange rates are defined through decisions of thousands of traders and investors. The psychology of human behavior is considered to be the clue of understanding what happens in financial markets. In stock trading decisive influence on the behavior of the trader is made by common to all feelings such as fear, greed, hope, etc. Weak and self confident, greedy and slow; all these people are doomed to become the victims of the market. The recognition of your own abilities, positive or negative qualities will help the trader to avoid failure.

One of the driving forces, making you to take part in the work of speculative financial markets, is the possibility of earning "easy money" or, saying directly, greed. The result of greedy action is the motivation for making deals.
One can distinguish between two kinds of motivations:

* Rational motivation is expressed through cold prudence when taking decisions about making a deal.

* Irrational motivation is expressed through passion of the player; the others are the slaves of their emotions and are practically doomed to lose.
If the trader does not have a working plan formed before making deals, it speaks about the fact that the person is likely to work under the influence of greed but not reason.

The following factor motivating the trader to make deals is the hope to get profit. If the hope prevails over the profit calculation, the trader undertakes the risk of overestimating his abilities when analyzing the situation. Hope must be placed in subordinate relations both with calculation and greed. It is the great hope that brings beginners to failure. The trader, living with hope, is doomed to failure. It is a hope that pushes traders towards making one of the most cruel mistakes- shift of the stop-loss orders level.

Extremely trading seems to be an utterly simple matter. But in reality for the majority of people it later on appears to be the most difficult of all the issues.
You will not be able to become a successful trader until you are ready both for victories and losses. Both of them are important and inseparable parts of the trading process. On the way of mastering the art of trade very often barriers are met. When the trader focuses on the problems (there can be numerous problems, for instance, lack of means, resources and knowledge), he feels anger, guilt, disappointment and dissatisfaction. But such an emotional state will not let him move forward. If the loss is unacceptable for the trader, he will not be able to close the losing position. When the trader is not ready to face losses, they usually become more.

In trading, there is a tiny minority of winners and overwhelming majority of losers and the latter wish to know the secrets of success of the winners. But is there a difference between them? Yes, there is; it is the one who makes money week for week, month for month and year for year, keeping self-discipline. To the question of the secrets of his stable market triumph such winner answers without hesitating that he was able to reach such heights, when he learned how to control his emotions and change his decision to match market.

Note, self discipline, control of emotions and the ability to reconsider are all psychological moments which are not related to information services, consultation firms, new exchanges, technical or fundamental trade systems (with computer programs or without them). Do not confuse confidence with extreme self-confidence.

Interviews with traders confirm that extreme self-confidence plays an important role in making trading decisions. If the trader receives good profit, he becomes more prone to risk which is followed by negative consequences. This is a tendency of becoming extremely self-confident after success, which mostly happens with the less experienced market participants. Extreme confidence easily transforms into a dangerous quality, as people who are too much confident in their beliefs will not pay attention to important information which is valuable for their trading decisions. Confidence and negative emotions are directly related to each other in strength. In general, confidence and fear are similar senses by nature; only the one is with a "plus" sign and the other with - "minus" sign. If the person feels more confident, there is a little room left for confusion, alarm and fear.
How does the sense of self confidence develop?
In a natural way, the person gets used to relying on himself in everything that he has to do without any hesitation. With such trust in himself he does not have to fear the market with its seemingly unpredictable and chaotic behavior. The matter here is not with him at all, as the market did not change but the inner world and psychological warehouse of the trader have.

There are two important terms in relation to a good trader.
To set a principle of trading exclusively on the basis of self discipline.
To learn how to remove the negative emotional energy of the last trade experience.

Due to the principle to self discipline, self trust is being formed, which is necessary for successful trading actions. Almost in the majority of cases each trader starts his way on the primary level without the required psychological installation and without the principle of self discipline. And it is likely to get psychological trauma (a psychological state which is capable of making people feel fear) of this or that severity. It is necessary to learn how to get rid of worries. When there is little fear as a consequence, you absorb new knowledge about the nature of the market.

Do not forget that each moment is an excellent indicator of your development level. But if you consider each failure (if it did not happen as you have expected or wanted) to be a mistake, you very often deprive yourself of understanding yourself. While people become shy of learning something new about them. Why? Because mistakes mean an emotional pain for them. Avoiding pain instinctively, the person unconsciously refuses to recognize himself, when it is necessary to manage better a similar situation in future.

To reach a success in trading, you need to take the whole responsibility of your decisions and actions on yourself.
 Topic: Trending in Forex Trading
Trending in Forex Trading [message #2057] Sat, 23 August 2014 13:36
oladare  is currently offline oladare
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Trending in Forex Trading

It is discovered that everyone these days is eager to trade breakout and trending strategies, aiming for outsized large directional moves. But is this really the best way to trade Forex? A careful investigation of historical Forex data reveals the opposite to be true and indicates that despite the propensity for currency pairs to trend, they have an even stronger propensity to revert to a mean. This is well known implicitly and is exemplified with the use of popular indicators such as Bollinger Bands®, which are based upon the measurement of a local mean.

Are there reasons, except for the obvious psychological ones, why traders generally prefer trend-based to mean reversion-based strategies?

The major problems that are correctly identified as primary reasons not to trade mean reversion strategies are:

The limited nature of reward from winning trades
The difficulty in identifying the best entries
The problem of where to place stop loss orders.

It is possible to take a better approach and avoid or at least significantly eliminate the impact of all these problems by taking the following measures:

-Use of a volatility-based entry trigger to identify likely spikes that will quickly be followed by a reversion to the mean

-Elimination of hard stop loss or profit targets by

-Use of time-based entries and exits.
 Topic: Five Fatal Flaws of Trading
Five Fatal Flaws of Trading [message #2056] Tue, 19 August 2014 16:56
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Senior Member
Why Do Traders Lose?
If you've been trading for a long time, you no doubt have felt that a monstrous, invisible hand sometimes reaches into your trading account and takes out money. It doesn't seem to matter how many books you buy, how many seminars you attend or how many hours you spend analyzing price charts, you just can't seem to prevent that invisible hand from depleting your trading account funds.

Which brings us to the question: Why do traders lose? Or maybe we should ask, "How do you stop the Hand?" Whether you are a seasoned professional or just thinking about opening your first trading account, the ability to stop the Hand is proportional to how well you understand and overcome the Five Fatal Flaws of trading. For each fatal flaw represents a finger on the invisible hand that wreaks havoc with your trading account.

Fatal Flaw No. 1 -- Lack of Methodology

If you aim to be a consistently successful trader, then you must have a defined trading methodology, which is simply a clear and concise way of looking at markets. Guessing or going by gut instinct won't work over the long run. If you don't have a defined trading methodology, then you don't have a way to know what constitutes a buy or sell signal. Moreover, you can't even consistently correctly identify the trend.

How to overcome this fatal flaw? Answer: Write down your methodology. Define in writing what your analytical tools are and, more importantly, how you use them. It doesn't matter whether you use the Wave Principle, Point and Figure charts, Stochastics, RSI or a combination of all of the above. What does matter is that you actually take the effort to define it (i.e., what constitutes a buy, a sell, your trailing stop and instructions on exiting a position). And the best hint I can give you regarding developing a defined trading methodology is this: If you can't fit it on the back of a business card, it's probably too complicated.

Fatal Flaw No. 2 -- Lack of Discipline

When you have clearly outlined and identified your trading methodology, then you must have the discipline to follow your system. A Lack of Discipline in this regard is the second fatal flaw. If the way you view a price chart or evaluate a potential trade setup is different from how you did it a month ago, then you have either not identified your methodology or you lack the discipline to follow the methodology you have identified. The formular for success is to consistently apply a proven methodology. So the best advice I can give you to overcome a lack of discipline is to define a trading methodology that works best for you and follow it religiously.

Fatal Flaw No. 3 -- Unrealistic Expectations

Between you and me, nothing makes me angrier than those commercials that say something like, "...$5,000 properly positioned in Natural Gas can give you returns of over $40,000..." Advertisements like this are a disservice to the financial industry as a whole and end up costing uneducated investors a lot more than $5,000. In addition, they help to create the third fatal flaw: Unrealistic Expectations.

Yes, it is possible to experience above-average returns trading your own account. However, it's difficult to do it without taking on above-average risk. So what is a realistic return to shoot for in your first year as a trader -- 50%, 100%, 200%? Whoa, let's rein in those unrealistic expectations. In my opinion, the goal for every trader their first year out should be not to lose money. In other words, shoot for a 0% return your first year. If you can manage that, then in year two, try to beat the Dow or the S&P. These goals may not be flashy but they are realistic, and if you can learn to live with them -- and achieve them -- you will fend off the Hand.

Fatal Flaw No. 4 -- Lack of Patience

The fourth finger of the invisible hand that robs your trading account is Lack of Patience. I forget where, but I once read that markets trend only 20% of the time, and, from my experience, I would say that this is an accurate statement. So think about it, the other 80% of the time the markets are not trending in one clear direction.

That may explain why I believe that for any given time frame, there are only two or three really good trading opportunities. For example, if you're a long-term trader, there are typically only two or three compelling tradable moves in a market during any given year. Similarly, if you are a short-term trader, there are only two or three high-quality trade setups in a given week.

All too often, because trading is inherently exciting (and anything involving money usually is exciting), it's easy to feel like you're missing the party if you don't trade a lot. As a result, you start taking trade setups of lesser and lesser quality and begin to over-trade.

How do you overcome this lack of patience? The advice I have found to be most valuable is to remind yourself that every week, there is another trade-of-the-year. In other words, don't worry about missing an opportunity today, because there will be another one tomorrow, next week and next month...I promise.


Fatal Flaw No. 5 -- Lack of Money Management

The final fatal flaw to overcome as a trader is a Lack of Money Management, and this topic deserves more than just a few paragraphs, because money management encompasses risk/reward analysis, probability of success and failure, protective stops and so much more. Even so, I would like to address the subject of money management with a focus on risk as a function of portfolio size.

The big boys (i.e., the professional traders) tend to limit their risk on any given position to 1% 3% of their portfolio. If we apply this rule to ourselves, then for every $5,000 we have in our trading account, we can risk only $50 $150 on any given trade. Stocks might be a little different, but a $50 stop in Corn, which is one point, is simply too tight a stop, especially when the 10-day average trading range in Corn recently has been more than 10 points. A more plausible stop might be five points or 10, in which case, depending on what percentage of your total portfolio you want to risk, you would need an account size between $15,000 and $50,000.

Simply put, I believe that many traders begin to trade either under-funded or without sufficient capital in their trading account to trade the markets they choose to trade. And that doesn't even address the size that they trade (i.e., multiple contracts).

To overcome this fatal flaw, let me expand on the logic from the "aim small, miss small" movie line. If you have a small trading account, then trade small. You can accomplish this by trading fewer contracts, or trading e-mini contracts or even stocks. Bottom line, on your way to becoming a consistently successful trader, you must realize that one key is longevity. If your risk on any given position is relatively small, then you can weather the rough spots. Conversely, if you risk 25% of your portfolio on each trade, after four consecutive losers, you're out altogether.

Break the Hand's Grip

Trading successfully is not easy. It's hard work. And if anyone leads you to believe otherwise, run the other way, and fast. But this hard work can be rewarding, above-average gains are possible and the sense of satisfaction one feels after a few nice trades is absolutely priceless.

To get to that point, though, you must first break the fingers of the Hand that is holding you back and stealing money from your trading account. If you attend to the five fatal flaws outlined, you won't be caught red-handed stealing from your own account.



 Topic: Don't Ignore the Minor Pairs By Adam Lemon
Don't Ignore the Minor Pairs By Adam Lemon [message #2055] Thu, 14 August 2014 17:24
oladare  is currently offline oladare
Messages: 14
Registered: August 2014
Location: Lagos
Senior Member
Many retail traders start out either restricting their trading to a few pairs, or trading every instrument they can get their hands on. Why is this?
Taking the first example, there are frequently quoted reasons for a beginner to restrict themselves to just a few major pairs, such as the EUR/USD and GBP/USD. Some of these include:
These pairs are most active during European / North American hours, which might be the preferred hours of trading.
Spreads are low.
These pairs tend to "behave" technically, and most popular trading systems tend to be designed around their characteristics.
Avoiding the confusion and stress that can come from trying to day trade many different instruments at once. Most material on the internet is based on these currency pairs.
Are these really good reasons to restrict trading to just the EUR/USD and GBP/USD? I argue that they are not, and that traders should take a more sophisticated approach:
Pretty much every pair has its greatest volume and activity during European/North American hours anyway.
Having to pay a higher spread for minor pairs compared to the majors should not be any obstacle to profitability, provided that trades are held for the medium or long-term.
It is possible to devise perfectly good trading strategies for the pairs that tend to behave less technically. Confusion can be avoided if you know what you are looking for and manage your desk with discipline. It is incredible that there is so much material on the internet that presents a trading system and ends with the throwaway line "works with the EUR/USD, GBP/USD, and should be OK with other pairs too". It's a little like a surgeon perfecting an operative procedure and grabbing a passerby to operate on!

This is not a good way to manage the transition from trading just a few pairs to looking for trades throughout the entire currency universe. It is much better to make this jump in a more controlled way, so don't be like those traders that start with EUR/USD, get bored and start trying to trade everything the same way.

Let's look at some numbers that will demonstrate clearly why it is definitely worth being prepared to trade minor pairs. Here is a table showing the maximum percentage fluctuation in value by currency pair over the last three calendar years, including 2013 to date. The maximum fluctuation is effectively the value of the biggest winning trade you could have made without leverage on that pairs for the year given.



AUDUSD AUDJPY EURUSD GBPUSD GBPJPY CADJPY USDCHF CHFJPY USDJPY
2013 15.5% 15.2% 8.25% 11.15% 30.31% 16.12% 10.24% 24.37% 20.92%
2012 11.7% 21.08% 10.72% 7.06% 20.18% 17.58 11.68 21.10% 14.16%
2011 11.8% 16.22% 11.15% 6.56% 13.59% 16.71% 22.08% 18.92% 10.24%

The first thing to note from these statistics is that it is most of the major pairs (EUR/USD, GBP/USD, USD/CHF and USD/CAD) that have presented the most limited opportunities. See how EUR/USD, so beloved by new traders, actually offered less during 2013 than anything else, as did GBP/USD during both 2012 and 2011.
The next item of interest is that the big story of the last two years has been the Japanese yen. The best opportunities have been offered by going long against the JPY with just about anything, even the USD, but better results have been achieved with risk currencies such as the GBP and EUR. Even before the Yen was topping the currency headlines, we can see that during 2011 it was still offering better opportunities than anything except the Swiss Franc, which was in a strong uptrend during 2010 and 2011.
Finally, note how AUD/USD had more to offer every year than either EUR/USD or GBP/USD. This should give plenty of food for thought to traders who think it is best to ignore the Yen because they are asleep during Tokyo hours, or because they don't like the high spreads and occasionally wild action on the Yen crosses like GBP/JPY.

Of course, these numbers would not mean anything if it was really so much easier to trade pairs like EUR/USD than GBP/JPY. I contend that while it may be 50% more difficult, if there is going to be something like 300% more reward on offer, the extra risk is worth it! One solution could be to risk much less per pip on the Yen pair and crosses, and use much wider stop losses. If you can do this and catch the beginning of a really big move, there is a lot of potential on the table to take advantage of.

It is worth taking a closer look at the claim that the Yen crosses are hard to trade, in spite of their larger directional moves. While they do tend to be more volatile and "behave" less well technically, there is no reason why a trader cannot try to trade them from daily or 4 hour charts using wide stops. If these crosses are hard to day trade, why day trade them? Continue day trading with the major pairs, and try to position/swing/trend trade with the Yen crosses at the same time.
To sum up: try to think of the bigger picture. Each of the previous three years has had a "star" performing currency. It was the CHF in 2011 and the JPY in 2012 and 2013. It should help your results for 2014 if you do not exclude the next "star" from your trading, and make sure that you have some exposure to the Yen and the Australian Dollar. If you are going to stick to the majors, do include USD.
Finally, you do not have to trade the crosses in the same way as you trade the majors. You could stick to the majors and if it feels like long EUR/USD and long USD/JPY, why not just take a position right away long EUR/JPY? You don't necessarily need to be watching the crosses technically to find the opportunities.

 Topic: Making Your Forex Enterprise a Success By Mimicking Your Mentor By Casey Stubbs
Making Your Forex Enterprise a Success By Mimicking Your Mentor By Casey Stubbs [message #2052] Thu, 14 August 2014 14:32
oladare  is currently offline oladare
Messages: 14
Registered: August 2014
Location: Lagos
Senior Member
The unique element of Forex trading makes it difficult at first for even seasoned stock traders to navigate. With a market that never sleeps and responds within seconds to worldwide events with unexpected fluctuations, a new trader will benefit from having a seasoned one to mentor them. Not someone who is basing their knowledge on theories and probabilities, but one whose knowledge comes with the experience they have gained by trading in the Forex market themselves. visit http://forexprof.com/ for professional training and mentoring

What a Great Trading Mentor Offers

If you want to stop losing your Forex account money quickly, adopt the attitude of learning from your own mistakes. If you want to learn how to increase the amount in that account, seek a reputable mentor who's willing to share his years of learned knowledge with you. Intelligent traders are the ones who realize that they have a lot to learn and are not afraid to ask for help.

To find the mentor that is going to help you be a success, you want to look for the trader who is willing to share with you the results of all of their profitable and failed trades during their career. He will be the one who is willing to open up his Forex journal and allow you to peruse his pages of notes on what worked and what tanked.

Finding a Great Forex Mentor

Before you begin to blindly invest your money in currency pairs, invest your time in finding a reputable mentor that you can work with. Ask around in your Forex circles for recommendations on traders who have a proven track record of success. A great Forex mentor is going to already have a great reputation among his peers.

Once you have found the person who may be right for you, invite them out for lunch. Test the waters and ask a few pointed questions about the market and their personal strategies. If they open up and start sharing their secrets then you have found the trader who is not selfish with his knowledge for success.

If you feel that this is a person you could work with, go ahead and ask them to mentor you. It's that simple. Remember, they too were once a novice and possibly had someone in their professional career who was willing to take them under their wing.

Chances are they will be flattered by your request and happy to offer help. If not, end the lunch on a positive note and move on to someone else. Don't take the rejection personally, some successful traders may find the idea of taking on the role of mentor to be too time consuming.

What a Great Forex Mentor Will Do
Your Forex mentor should be meeting up with you at least once a month and perusing the notes in your journal. They will be looking for signs that you are practicing profitable trading methods like risk assessment, stop loss orders and time trend tracking. If they don't see signs of these good trading habits, be prepared to be reprimanded.

A great Forex mentor is not going to be shy about pointing out your mistakes and holding you accountable for them. If they are, then you are gaining nothing from this relationship. When your mentor does point out your weaknesses, don't make excuses or try to defend your choices. Instead, listen intently and take notes on what they are offering you. visit http://forexprof.com/ for professional mentoring and training

After going over your monthly list of successes and defeats, a great mentor will take the time to share with you what he would have done differently. Not only what, but why. The why is more important in showing you how to better analyze your charts and the market trends to make more profitable decisions in the future. I look it as trying to teach a small child not to stick his finger in a socket. You can say stop a hundred times, but they most likely won't until they feel that shock. It is that knowing why that makes humans change negative behaviors.

Once your mentor is done with your notes, expect him to share some of his own. This is where you get to see real life scenarios where a successful trader's plans were devised and executed. Take notes, particularly on what analytical tools the trader used when making profitable decisions. They are employing methods that you probably never even considered while constructing your own plans and strategies.

Traders tend to have short memories when it comes to their failures, but will remember a success for decades. Your mentor will not let you forget the mistakes you make and will be looking for signs at future meetings that you have changed those habits. Don't hold back on sharing if you didn't take his advice. There are sometimes mitigating factors affecting your decisions that you are not aware of.

It was discovered that when young traders begin to make bad decisions based on an emotional need to meet a goal, they are not even aware of what they are doing. This could very well be the reason for your lack of discipline. If you are honest with your mentor he will be able to point out how you are emotionally trading, and show you successful ways to get out of that crippling cycle of loss.

If pride is standing in your way of finding a mentor, consider that even highly successful professionals will still rely on the help of others to improve on their own skills. Wimbledon tennis stars are never seen on court without their own coach standing by. If you want to be a successful Forex trader you need to be as humble, accept help and advice from a trader who has years more experience than you do.




[Updated on: Mon, 06 October 2014 11:05]

 Topic: Nine Basic Principles of Successful Trading
Nine Basic Principles of Successful Trading [message #2051] Wed, 09 July 2014 13:13
hill4j  is currently offline hill4j
Messages: 13
Registered: May 2014
Location: lagos
Senior Member

1. Don't Try to Predict the Future
I used to think that there were experts and geniuses out there who knew what was going to happen in the markets. I thought that these traders and market gurus were successful because they had figured out how to predict the markets. Of course, the obvious question is that if they were such good traders, and if they knew where the market was going, why were they teaching trading techniques, selling strategies and indicators, and writing newsletters? Why weren't they rich? Why weren't they flying to the seminars on their Jets?

In the light of this, you should know that:
• No One Knows Where the Market is Going
• No One Knows When the Market will Move

2. Know that Market Experts aren't Magicians
Some of the experts that try to predict the markets actually make money trading the markets; however, they don't make money because they have predicted the market correctly, they make money because they have traded the market correctly.

There is a huge difference between trading correctly and making an accurate market prediction. In the final analysis, predicting the market is not what's important. What is important is using sound trading practices. And if sound trading habits are all that is important, there is no reason to try to predict the markets in the first place. This is the reason strategy trading makes so much sense.
• They Don't Profit From Their Predictions
• They Have Learned Trading Discipline
• They Profit From Sound Cash Management & Risk Control
• They Don't Have Superior Performance Numbers

3. Be In Harmony with the Market
We make money trading when we are in harmony with the market. We are long when the market is going up, and short (or out of) the market when it is going down. If we bring an opinion with us while trading, we will end up fighting the market. We keep trying to go long as the market is declining, or we keep shorting a market that it is in a bull phase.

Fighting the market is not good for two reasons. First, we lose money. How much
we lose depends on how well we are managing our money and controlling our
risk. Second, fighting the market affects our judgment, and causes us to try to
confirm that our judgment is correct, or persist in fighting a trend so that we will
eventually prove to be correct. We figure that if we persist long enough, no matter
how long it takes, we will eventually be right.
• Don't Fight the Market
• Let the Market Tell You What to Do and When

4. Have a Healthy Time Horizon
One of the biggest problems new traders have is that they think they will make a
large amount of money right away. They think they will get rich quick.
Traders tend to get wrapped up in current market conditions, the news of the day
and the current trade, usually at the expense of the big picture and profits over
time. A friend of mine used to have a saying, "You can't go broke taking profits."
He was very wrong. You can go broke taking profits. If you take profits before
the market tells you to, or you succumb to fear and close out the trade before its
time, you are focusing on the short-term and forgetting how to make money over
the long haul. Close out no trade before its time.

• Trade for Profits Over Time
• Give Your Trading Strategy Enough Time to Work

5. Understand the Psychological Keys of Trading
There are many people who teach the psychology of trading. There have been
many books written and effort spent on seminars trying to teach the discipline
needed for trading. I don't think trading is that complex. I have developed a few
simple psychological rules for myself, and once you accept them, they should
greatly enhance your ability to trade effectively.
• Accept Losses as a Cost of Doing Business
• Use Historical Statistics
• Let the Market and Strategy Determine the Profits
Don't have an opinion, don't try to predict the market, and don't try to secondguess
your strategy.

6. Don't Trade for the Money
I have heard many successful people, and the one thing that they have in common
is that they love what they do. Many have told me they can't believe that they
actually get paid for doing what they do. They have so much fun they feel guilty
taking money for doing it. Many successful people will tell you that they would do
what they do even if they weren't paid at all.
• Successful People Don't Work for the Money
• Love Trading for Its Own Sake

7. Concentrate on Execution
All of your market and strategic analysis should be done before the markets open.
The strategy design should be clear in your mind. You should have the historical
Performance Summary of your strategy at your fingertips to remind you of the
personality of the strategy, how much money it has made over time, and what its
largest string of losses in a row has been. You should know what kind of orders
you are going to place, and how you are going to communicate this to your
broker.

The last thing you should have to worry about during market hours is where the
market is going, and whether to be long or short. Your strategy will tell you all of
this. You should not be concerned about the news, or even if you are making or
losing money. You should not be concerned with analyzing the market, always
reserve this for when the market is closed.
The only thing you should be doing during market hours is concentrating on
effectively executing your strategy. If you can't execute your strategy effectively,
there really is no point in trading. There are two sides to trading, strategy
development and trading execution. During market hours is when you should
concentrate on execution and nothing else.

8. Always Be In the Market
I have always characterized trading the trend as "keeping your costs down while
waiting for the big move." We know that to trade profitably, especially for trend
traders, you need to be in the market for the big move. Many traders stay out of
the market when it's quiet and try to predict when the big move will occur. These
people invariably miss the big move.
Instead of trying to predict when the big move will occur, your task becomes to
minimize your losses and drawdown while you are waiting for the big move to
occur. This is a different way of looking at trading that focuses on managing cash
flow and risk rather than finding magic indicators and making good predictions.
Trading thus moves from a hobby to a business.
The only way to ensure that you won't miss the big move is to always be in the
market.
9. Buy High - Sell Low
Probably the most interesting rule for successful trading is to "Buy High and Exit
Higher, and Sell Low and Exit Lower." This is counter-intuitive to what we all
have a natural inclination to do, which is buy low, sell high. Most great trading
strategies are counter-intuitive. They are not based on our normal human nature
and the normal human reaction to the markets. They consistently make money
because they are designed with market sense not human common sense.
In the final analysis, any market is just a collection of individuals making decisions
and placing money in the market based on these decisions. Most of these individuals are doing what comes naturally to humans, buying low and selling high. Statistics show that 95% of these people lose money.
To be a successful trader, you have to do the opposite of what this 95% is doing.
It isn't easy, because it goes against your human nature. But any strategy that is
successful over time will most likely follow the rule of "Buy High, Exit Long
Higher and Sell Low, Exit Short Lower."





 Topic: FOREX TRADING COURSE
FOREX TRADING COURSE [message #2050] Tue, 08 July 2014 10:44
hill4j  is currently offline hill4j
Messages: 13
Registered: May 2014
Location: lagos
Senior Member

The Forex Professor.
http://www.forexprof.com or http://www.forexprofessor.com
Email: prof@forexprof.com
Tel. 08033139641, 08188208409


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frenzy has now gripped Nigerians

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Cement B/Stop, Ikeja LG

For more information, send an e-mail to info@forexprof.com

 Topic: FREE FOREX SEMINAR
FREE FOREX SEMINAR [message #2049] Tue, 08 July 2014 10:40
hill4j  is currently offline hill4j
Messages: 13
Registered: May 2014
Location: lagos
Senior Member

Africa's #1 Forex Professor shares secrets of how

he has made a fortune from forex trading since 2001.


Join us free on

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or email Your Name, GSM No. & preferred Seminar date to prof@forexprof.com

By:
The FOREX PROFESSOR In association with FLEETFOREX

 Topic: 6 Forces of Forex
6 Forces of Forex [message #2043] Tue, 24 June 2014 17:28
hill4j  is currently offline hill4j
Messages: 13
Registered: May 2014
Location: lagos
Senior Member

THE SIX FORCES OF FOREX

Trading forex is like watching a school of fish move. One minute is total harmony, the next, complete chaos. As the observer of this school of fish, do you believe you can accurately predict the direction the school of fish will move each time? Would you bet on it?
What causes the fish to move the way they do? Why do they work together in one moment, moving with force and precision, and move in what seems to be an infinite number of directions the next? There's no way to know unless you can sense what the fish sense each time they move. The fish have an instinct about the nature of their environment. They understand the context of all things around them natively and can react accordingly. Surely if you shared this understanding you'd be a much more accurate predictor of fish movement!
Trading forex is not much different - we need to develop that keen sense of what is happening around us. Will we ever be able to predict every move in the forex markets? Absolutely not. But we can use our understanding of the context of the market the six forces of forex to make better, more profitable trading choices. Once we understand these forces, we can create and operate within a comprehensive trading plan:

WHO
Far more important than knowing who trades forex is knowing who trades forex successfully, and how they do it. The players in the forex markets operate with widely varying perspectives. When one of these players enters the market, a force is created that is proportional to the perspective of the trade initiator. That force can play a role in the short term, creating radical price changes, and it can play a long term role, defining trends.
Of course there are sophisticated and non-sophisticated banks, governments, corporations, investment funds, and traders. But among these segments it is the individual trader who has the least amount of external governance. Whereas governments, banks, corporations, and investment funds adhere to regulations and restrictions (to a certain extent), traders are only restricted by their level of capital.
In the absence of these external restrictions, traders fall into two groups: those who can impose internal restrictions discipline - on their trading strategies and those who cannot: the fence-swingers, et al.
Those who can impose this discipline we will call the sophisticated investor. In the zero-sum game of forex trading, the sophisticated investor uses tools and strategies that emulate those of the highly sophisticated institutional participants to extract profits from the novice participant. It is only the sophisticated investor who has the ability to extract positive returns from the forex markets.

WHY
Forex trading has surged in recent years, as more individuals earn their living trading and the popularity of riskier investment vehicles like hedge funds has increased. The bottom line for these investors is superior returns, and in foreign exchange four major factors create a unique investment environment:
􀂃 Liquidity
􀂃 Leverage
􀂃 Convenience
􀂃 Cost
In no other market can you find a playing field that is so biased to the investor, at least on the surface. But to take advantage of these factors you have to be constantly aware of their downside.

WHERE
It is one thing to choose a dealer, and quite another to choose the correct dealer. Dealers' service offerings can take many forms, and each dealer usually has one or two major features that they highlight above all others. When analyzing dealers, first understand and rank all of their service offerings, then apply those findings to your trading style to arrive at your optimal dealer.
They learn about the dealer, visit the site, register for a demo, then scale the learning curve to grow comfortable trading with that dealer, using their charts, etc.
Frequently, the dealer with the best marketing is not the best dealer for the trader, or perhaps, for any trader. Traders use systems that work in the short term, mid term, or long term, with varying holding times and strategies. The type of dealer needed for each approach is quite different.
For every trader there is an optimal dealer. For many, the path of least resistance leads to the dealer who makes first contact, not the dealer who will provide the best trading outcome. The sophisticated
investor optimizes returns by matching his trading style to his dealer.

WHAT
A comprehensive trading plan is framed by three main elements: the trading vehicle, or currency pair, the events that trigger market entry and exit, and the overall approach to trade management.
All of these factors work together. Trading a high spread currency using short interval entry signals and highly leveraged positions will probably be a failing strategy. Conversely, trading a tight spread currency using mid- to long-interval entry signals and little leverage has a better chance of success.
In the final analysis, the currency, signals, and money management approach must all gel together and exist without contradictions. Novice investors make critical errors by trying to patch together strategies from various sources, rather than systematically building, testing, and deploying a comprehensive trading plan. The sophisticated investor, who does this difficult work, operates with a complementary trading plan that creates consistent profit opportunities.

WHEN
Forex is a 24/7 market but is the market action the same at all times? Of course not, but not many traders stop to consider the impact of this fact on their trades.
One of the best ways to validate a technical indicator is volume. When volume is strong, indicators tend to be more accurate.
Consider a trade in EURUSD at 10 AM EST vs. one at 10 PM EST. The first has an average trading range of 30 pips, the second, 10 pips. Entering the market during the morning trade creates some interesting possibilities the market may go against you or with you, but you should be prepared for a ride in either case. On the other hand, if the market goes against you 10 pips at 10 PM, how concerned should you be? Probably not as much as if it was 4 AM.
Anybody can trade based on technical indicators. The novice, in particular, ignores the importance of "when" as he makes trading choices. The sophisticated investor is the one who uses timing to his advantage creating profit opportunities and limiting losses by observing the market with more perspective.

HOW
Once an understanding of the external elements of trading is completed, the hard work begins: the trader must understand his own mind. The external elements are easy they are usually rational, factual, consistent, and ordered. The trader's mind, however, is far from all of that.
Emotion, or lack of discipline, is the greatest enemy of every trader. This is so true that one could argue that discipline is a more precious trading commodity than capital itself, since capital can only be sustained with discipline.
Emotion has no place in trading. Emotion causes the trader to act differently following large wins or losses. Emotion causes the trader to act irrationally when large moves occur. Emotion causes the trader to apply his trading system inconsistently.

If you took a survey of successful traders you would find many similarities. The traders would understand and apply all of the forces of forex. They would usually trade incredibly simple trading systems. They would trade using conservative, well thought out money management philosophies, and they would trade with absolute consistency.
For the institutional investor, absolute consistency is not a problem, since they have an array of personnel and resources at their disposal. For individual investors, there are three groups. Those who trade without consistency, those who trade with manual consistency, and those who trade with automated consistency. The novice, of course, is the trader who thrashes from trade to trade. The individual investor who uses consistent discipline or automation as the foundation of his trading activity maximizes his level of sophistication.
 Topic: Importance of Trading with a Stop Loss
Importance of Trading with a Stop Loss [message #2042] Fri, 13 June 2014 11:49
hill4j  is currently offline hill4j
Messages: 13
Registered: May 2014
Location: lagos
Senior Member

Having learnt much in technical analysis, it is natural to start feeling very confident and self

assured. However, you must learn that it doesn't matter how much you have learnt; if you do not know

where to place your protective loss stops and manage your equity, you won't survive.

If you are into any business but do not have a plan, you are likely to be out of business sooner than

you would imagine.

Every trader must have an equity management plan. Every trader must trade with protective loss stops.
Every trader need to create a plan and also trade the plan. He/She must have a protective loss stop or

shouldn't trade at all.

It doesn't take much for the market to move against you.You think it's going to be a trading day, but

the market turns in a very volatile trending day. Now, the trade moves 30 pips, then 50 pips and then

80 pips against you. the next thing is that you you become desperate and emotional, then you try to

make up and end up making wrong choices and you just watch the market liquidate your margin account.

No one is above the laws of trading!

The question then is where do I place my stops? The answer is easy.

visit www.fleetforex.com/NG

You can also download the Demo trading platform by clicking on
http://fleetforex.com/sfw/fleetforex4setup.exe

- Install the software, run it and fill in your details to open your demo account

- Start to trade with the login and password that will be automatically issued to you

The demo account offers you up to $50,000 free practice money to help you to get a feel of the

uniqueness of our trading platform.

You can also contact us via skype at
support.fleetforex
 Topic: CandleStick Formation
CandleStick Formation [message #2041] Fri, 13 June 2014 09:58
hill4j  is currently offline hill4j
Messages: 13
Registered: May 2014
Location: lagos
Senior Member

The candlestick formation is one of the technical indicators to watch when trading.
Candlestick charts dramatically illustrate changes in underlying supply/demand lines.
We strongly encourage you to explore their use. The better you are at reading and analyzing Japanese candlestick charts, the better trader you will become. The candles are telling a story.
As a Day Trader you must use some caution in interpreting the candlestick formations. Be sure you wait until you have a close of the candle before you start to interprete it. Knowledge of the candles enables you to go into the market earlier and stay longer.

The interpretation of candlestick charts is based primarily on patterns.

For more on this, visit www.fleetforex.com/NG
You can also join the Free Forex Seminar this weekend with Africa's #1 Forex Professor.
Join for free on June 14th 2014 @ 11am.
1st Floor, 31 Lagos-Abeokuta Expressway.
Cement B/Stop, Ikeja LG
To participate, Text Your Name to 08188208409
or email Your Name & GSM No. to prof@forexprof.com

  • Attachment: E4.jpg
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 Topic: FREE FOREX SEMINAR
FREE FOREX SEMINAR [message #2040] Mon, 09 June 2014 14:47
admin  is currently offline admin
Messages: 8
Registered: July 2010
Member
Administrator
Africa's #1 Forex Professor shares secrets of how
he has made a fortune from forex trading since 2001.

Join us free on June 14th 2014 @ 11am.

1st Floor, 31 Lagos-Abeokuta Expressway.
Cement B/Stop, Ikeja LG

To participate, Text Your Name to 08188208409
or email Your Name & GSM No. to prof@forexprof.com[/email]

In partnership with FLEETFOREX

[Updated on: Mon, 09 June 2014 14:48]

 Topic: If You Do Not Cry
If You Do Not Cry [message #2038] Tue, 03 June 2014 11:50
hill4j  is currently offline hill4j
Messages: 13
Registered: May 2014
Location: lagos
Senior Member

Progress is supposed to hurt.
That's why we call them growing pains -- not growing pleasure.

Many times in the business of trading forex, you experience pains.
These pains are mostly due to losses incured during trading.

These pains also cause traders:

1. Move from one trading robot to another in search of a way to remedy their situation

2. To break certain rules and claim that the rules are inconsistent.

But this Pains simply means that there is possibility of gains.

When was the last time you cried because of the pain? This isn't about you being a wimp or whiner,
it's about you putting yourself in situations where you might get hurt.

The truth about hard things is that they're hard.

They will feel hard every step of the way.

You'll wonder if you're doing the wrong thing. You'll feel miserable. Beaten down. And wildly uncomfortable.

But if you're not crying, you're not trying. Maybe it's time to bring on the pain.

Because as the saying goes: "No pain, No gain".
 Topic: If You're Not Crying You're Not Trying.
If You're Not Crying You're Not Trying. [message #2037] Tue, 03 June 2014 11:38
hill4j  is currently offline hill4j
Messages: 13
Registered: May 2014
Location: lagos
Senior Member

Progress is supposed to hurt.
That's why we call them growing pains -- not growing pleasure.

Many times in the business of trading forex, you experience pains.
These pains are mostly due to losses incured during trading.

These pains also cause traders:

1. Move from one trading robot to another in search of a way to remedy their situation

2. To break certain rules and claim that the rules are inconsistent.

But this Pains simply means that there is possibility of gains.

When was the last time you cried because of the pain? This isn't about you being a wimp or whiner,
it's about you putting yourself in situations where you might get hurt.

The truth about hard things is that they're hard.

They will feel hard every step of the way.

You'll wonder if you're doing the wrong thing. You'll feel miserable. Beaten down. And wildly uncomfortable.

But if you're not crying, you're not trying. Maybe it's time to bring on the pain.

Because as the saying goes: "No pain, No gain".

 Topic: Forex Trading Style
Forex Trading Style [message #2034] Thu, 29 May 2014 12:40
emmazy  is currently offline emmazy
Messages: 4
Registered: May 2014
Location: Lagos
Member

The Forex Market is a large financial environment with so many traders participating in the forex market globally. The traders involved in the Forex market include:

1. Institutional Investors like the Central Banks
2. Cooperate Investors like the Banks
3. Portfolio Managers like the Hedge Fund Managers
4. Retail Forex traders that make up the Retail Forex Industry.

The fact is that human beings trade the forex market, either as institutional investors or individual retail investors. However, some traders use robot to trade the market, but the truth of the matter is that the use of forex robot is not advisable because robot is no human neither can it think nor analyze the market. It simply a mathematical programmed algorithm which might be put into good use only by it creator.

Due to the fact that humans trade the market, human emotion and temperament are part of the forex market analysis. This is reason why an average trader needs to know the type of trading style to adopt. A trader's trading style is in actual fact based on the trader's temperament.

The commonly known trading styles are:
1. Position trader
2. Day Trading
3. Swing Trading and
4. Intraday Trading.

What actually defined each of the trading styles mentioned above is the duration of the trades (or open market positions)in the market. In other words, how long a trade stays in the forex market before the exit point is reached, is what gives the trade is name.

Position traders stay in the market for weeks and months; Day traders stay in the market for a day (i.e. the trade does not last for more than one day); Swing traders stay in the market for minutes and at times hours. Day traders and Swing traders are also known as Intraday traders, the idea is that the trade is within a day or the trade is done within the stretch of 24hours.

The trading style a trader is therefore subject to a lot of factors such as:

1. Your Trading Strategy
2. Your Personal disposition to risk
3. Your emotional state of mind
4. Your Trading Account Size
5. The kind of Trade set (e.g. momentum, News trading, Consolidation, breakout or range market)
6. The trader's personal decision as to how long he or she desires to stay in the market.

So, to determine the type of trading style to adopt all the above list factors must be properly consider.
Hence, the issue of trading style is subjective and personal to each individual trader.


Fleet Forex Group
 Topic: 10 Trading Resolutions For The New Year
10 Trading Resolutions For The New Year [message #2014] Wed, 15 January 2014 11:00
admin  is currently offline admin
Messages: 8
Registered: July 2010
Member
Administrator
by Anka Metcalf

At this seasonal time of renewal, change and recommitment --this is the perfect time to evaluate our trading results and a time to make new resolutions.

An old saying comes to mind:

"You can't manage what you don't measure."

It is an old management adage that makes a lot of sense especially in trading. Unless you measure something you don't know if it is getting better or worse.

Here's my list.

1. Manage the tendency to overtrade. What is overtrading? It is the act of excessive buying or selling of a security in a defined period of time by increasing the risk limit. A lot of beginning traders find themselves over trading and the sooner they find out that in this career the more disciplined you are and the more successful you are the better it is for the trader's future. Discipline is what it takes to make it to the next level.

2. Cut your losers and let your winners run. You often hear this but how are you actually applying it?

Losing trades are inevitable, they happen; there is no trader, no high frequency trading computer on the planet that only racks 100% winners, losing is part of the game. It's important to cut your losses before they develop into a red stream of losing trades and starts damaging your accounts. Never add to a losing trade. This requires discipline (again). On the other hand when you have a winning, profitable trade it is important to let the profits run, do not be tempted to close the trade too soon on the first pullback, give it room to develop, give it room to breathe.

3. Keep a trading journal. If you are not already keeping a journal I suggest you start. Keeping a record of all your trades offers the best trading strategy self analysis. It will give you an inside look into your trading strategies, habits and behavior. By thoroughly documenting your trades you can reveal things that you are probably not aware of.

4. Trade the chart. If you are an equity trader the news at times might be already build in the price.

If you are a currency trader things stand a little differently. Economic releases are the catalysts for market moves so it is important to pay attention to news releases throughout the world and have an action plan ready.

5. Choose your time-frame wisely. Choose your time-frames depending on your style of trading. Here are my thoughts from trading markets for over 10 years.

If you are a currency trader, I always teach my students to stay away from the noisy intraday charts and take a step back and look at the longer time frames for many reasons but the most important
are: it brings more clarity and it is easier to identify the trend, volatility and spread.

If you are an equity or futures trader it truly comes down to your style but also you need to pay attention to the time frame on which the pattern developed on (gap traders focus on the 1 and 2 min charts, trend traders on 5 and 15 min charts, swing trader on the 1 hour and daily chart, core trader weekly chart, etc)

6. Responsibility. Take responsibility for your own trading decisions and trading results.

7. Have a diversified portfolio. Diversification is key. Never put all your eggs in one basket.

Diversification reduces risk and maximizes returns by investing in different instruments or market sectors. The results will be asymmetrical and less volatile which is good for the portfolio.

8. Adhere to your own trading / investment plan. If you do not have one, it is time to develop one that will encompass your entire trading routine. Having a well detailed plan will reduce stress and emotions from trading.

9. Education. Always strive to improve your trading education. Self improvement goes hand in hand with New Year's resolutions. Make it your goal for 2014 to learn something new to enhance your trading; there is always room for more and always something new to learn. Whether you want to learn how to trade globally, study another strategy, improve your investment technique or just take on another instrument.

10. Follow your own trading rules. The bottom line is that we as traders need to get ready for 2014, and one of the best resolutions I can think of is to follow our own trading rules.
 Topic: Top Three Trading Secrets To Know Before Starting in Forex; By Ninoslav
Top Three Trading Secrets To Know Before Starting in Forex; By Ninoslav [message #2008] Tue, 26 November 2013 10:42
Femi  is currently offline Femi
Messages: 3
Registered: October 2013
Location: Nigeria
Member
Getting started in the Forex Market can sound wonderful and exciting at first, but as soon as the research begins, there are many people that get confused about what they are reading, what they are seeing, and how it works. Before getting started, a trader has to have a good grasp on the basics. Once an understanding of what Forex is and how it works is there, the trader is ready to look into how to do the trading itself. Here are the three most important topics to learn before getting a Forex broker and trading in the live Market.

Learn the Vocabulary

Before getting started in Forex, you have to know what everyone is talking about. If you are not sure what pips are, or what shorting is, you are not ready to get started. If you think a Forex EA is a person sitting on the other end of a phone, ready to give you some advice, you are not quite ready to get started. Getting to know the language of the business is extremely important. There are websites out there that have lists of words in alphabetical order that are worth looking at.

Know How to Obtain Useful Analysis

You don't want to just jump into the currency trade. You want to do a complete Forex Analysis before developing your plan. If you are not sure how to obtain that information, or what information to get, you are not ready to trade in Forex. You want to find places that help you learn the economic, political, and social occurrences that are going on in the world, and which ones people suspect will affect the market. Getting Forex news is important to making good decisions. You might even be able to get advice on what Forex broker to use before you start with your actual trading.

Technical Analysis

You want to be able to read the charts and graphs that give the fluctuations and trading information. There are Forex signals to look at, charts to analyze, and graphs to use to help determine trends that might be of use.

Once you are able to grasp the basic understanding of these tools, you are well on your way to being a successful trader. It takes a lot of time and research before a person can enter into the Forex market fully prepared, but it is time worth taking.
 Topic: if you are starting a strolling application begin by strolling four blocks. Then increase your training to five blocks
if you are starting a strolling application begin by strolling four blocks. Then increase your training to five blocks [message #2004] Tue, 12 November 2013 04:56
t123gog3h  is currently offline t123gog3h
Messages: 1
Registered: October 2013
Junior Member
Workout is important for Atkins diet program achievement. Without work out, your system isn't configured to procedure carbs successfully. Study has demonstrated that sedentary individuals have extreme insulin reactions to even moderate amounts of carbs. This implies that work out doesn't only support you slim down, it will help you retain it off too. Exercising will instruct your system how you can practice the carbohydrates in your diet plan. Once you exercise regularly, you are going to be able to consume additional carbohydrates in time as your human body will give them a try efficiently.
You will discover two fundamental sorts of exercise: aerobic physical exercise and anaerobic physical exercise,. The ideal regimen combines these two forms each week.
Aerobic exercise's primary goal would be to grow your pulse rate. This causes your body to consume more oxygen also it provides all of your cells a new oxygen. If you've been with out exercise for a while, many of those cells are already deprived. Aerobic exercising will regenerate them and aid you think far better in times when you aren't physical workouts.
If you have been inactive for a while,, it could take a little while to acclimatize to your new aerobic routines. You may like to get some advice from your main care doctor or a specialist aerobic exercise instructor. Ensure to start off slowly to give oneself time to adapt to your new movements. It is necessary that you quickly learn how to stretch and limber up properly in order to steer clear of muscle strain. Some fine beginning aerobic activities incorporate walking, golf,, tennis and dancing. These activities will not lead to a great deal of strain on your body,, but they will get your heart moving. Commence slowly and set smaller ambitions for your self. For instance, if you are starting a strolling application begin by strolling four blocks. Then increase your training to five blocks, then six. Your system will react good to the exercise�� on balance your system was meant to move!
Anaerobic exercise includes any action that isn't technically aerobic. The majority of the workouts in this category establish muscle mass. Weightlifting and strength training are examples of anaerobic exercises. Doing work out with weights is an important aspect of slimming down. As you get rid of excess fat,, you will have to replace it with muscle as a way to keep lean. Tend not to be frightened of doing work out with weights. You will not need to become a bodybuilder. Bodyweight bearing workouts like isometrics and resistance instruction will help increase your bone density, your posture and your weight burning potential.
If a workout program isn't component of your respective weight loss efforts, you are setting yourself up for failure. Make a consignment to incorporating workout into your weight loss efforts and you will see the outcomes right away.
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 Topic: Best Trading Times
Best Trading Times [message #1993] Wed, 09 October 2013 16:03
Femi  is currently offline Femi
Messages: 3
Registered: October 2013
Location: Nigeria
Member
The Forex market is known to generate a massive daily turnover of over $3.98 trillion. The $3.98 trillion break-down is as follows: $1.490 trillion in spot transactions, $475 billion in outright forwards, $1.765 trillion in foreign exchange swaps, $43 billion currency swaps, $207 billion in options and other products.


The foreign exchange market is unique because of the following characteristics:

*Its huge trading volume representing the largest asset class in the world leading to high liquidity.
*Its geographical dispersion which entails continuous operation: 24 hours a day except weekends, i.e., every week you can start trading from Monday morning when the Asian session opens, until Friday evening when the American session closes.
*Its low margins of relative profit compared with other markets of fixed income and the use of leverage to enhance profit and loss margins and with respect to account size. As such, it has been referred to as the market closest to the ideal of perfect competition, notwithstanding currency intervention by central banks.

In this article, we'll look at the main trading sessions in detail and see what trading opportunities they present.


index.php?t=getfile&id=10&private=0


Three main trading sessions and when they overlap:

There are three main trading sessions: the London session, which starts at 8:00 am GMT and closes at 5:00 pm GMT, the New York session from 1:00 pm GMT to 10:00 pm GMT and the Tokyo session which lasts from 00:00 GMT to 9:00 GMT on the following day. Since some of the trading sessions overlap, this is the time when trading volumes reach their peak. The European and the American sessions overlap from 1 pm to 5 pm GMT, while the Japanese and the European sessions overlap from 8:00 GMT to 9:00 GMT.


London

The European session starts when the Japanese session is near its closing time. This fact explains the big market movements a great number of the traders who have been trading in Asia now continue to make deals in Europe. The London session is characterized by big volumes (over one third of the total Forex turnover) and very tight spreads. Additionally, since the businesses in Europe are open, they trade with companies from other countries and the Euro is usually traded in high volumes. When we speak about the volatility pip range during the London session you can expect fluctuations of more than 100 140 pips for the major currency pairs. EUR/USD, USD/JPY, GBP/USD and USD/CHF form the majority of all deals and usually this is the time when they are most easily influenced by breaking economic news.


New York

Market trends that have emerged during the London session often continue in the New York session. This is also a great time to trade USD/CHF and GBP/JPY because the volumes and volatility of these pairs tend to rise. The US dollar is needed for these transactions but is also used to convert the currencies of the foreign investors who become very active as the US bond and stock markets open. Some of the currency pairs to watch during the US session include: GBP/CHF, USD/CAD and GBP/USD. The New York trade session is the most volatile of all Forex sessions and this is the time when major US economic data is released. Another phenomenon that is worth mentioning is that most EUR/USD fluctuations appear at the beginning of the American trading session.


Tokyo

During the Tokyo trading session you can expect higher trading volumes of the Japanese Yen (JPY) because Japanese companies will be doing business with companies from foreign countries and using the JPY currency. The Asian session is usually considered more quiet and predictable than the other two sessions. However, it is the first market to open after the weekend's break and that's why you can expect high liquid markets on Monday. During the Asian session, the Tokyo, Australian, Singapore, and Russian markets are open and currency pairs with JPY, AUD, SGD, and RUB usually have higher trading volumes then. Some of the currency pairs to watch during the Tokyo session include: EUR/JPY, USD/JPY, EUR/USD, NZD/USD and AUD/USD. Some traders believe that due to the slow pace of the Asian session it is best to keep your positions for longer time periods instead of trying to make short-term speculations.



Summary

Overall, each of the major currencies is most traded during its own trading session. In addition, the best trading hours, the ones that guarantee a greater pool of liquidity, are usually when the major trading sessions overlap. The 4-hour overlap of the US and the European sessions is undoubtedly the period with greatest price action, enhanced by numerous economic data releases. The best days for Forex trading are thought to be in the middle of the week when the currencies show most movements and wider pip ranges.

To start trading Forex today, open a LIVE or DEMO account with FleetForex (www.fleetforex.com/NG) and trade currency pairs.

index.php?t=getfile&id=10&private=0

[Updated on: Wed, 09 October 2013 16:39]

 Topic: copy my trades
copy my trades [message #1987] Mon, 16 September 2013 23:10
guyefe  is currently offline guyefe
Messages: 9
Registered: July 2013
Member

account num= 1391699
investor password = 1tpzteb

{1}download aaafx platform
{2}login with the acct num and investor password above
{3}place any trade you see running in the said acct
{4} remember to come and check the trades every 1hr or 2hrs,to see if there is any adjustmnt.
{5} go to forexfactory.com,all news on red box are assume very active,so kw d time sure news when to come up because definitely i we b there to adjust any trade running b4 news time.
{6} Am a day trader so i close trades at the end of the day,that is if SL/TP is not meet b4 the end of the day.
{7} There is 10,000usd in the demo with 0.2lotsize or volume,am not saying you shld use 0.2,used volume that suit any acct you have.
{8} Its a demo though,but 80% of trades you see there is what i place in my clients live acct. You can try demo with the signals to gain confident b4 using live{ur choice}
{9} Questions - send to rickyefe@yahoo.com
{10} trade wisely. Don't forget money management
note- its not a must to place trade daily,so when you don't see any trade in the acct means am not trading.

check the acct b/w 6-10am, 12-3pm for trades
 Topic: Trade Forex Or Binary Option As A Pro
Trade Forex Or Binary Option As A Pro [message #1977] Sun, 08 September 2013 21:41
guyefe  is currently offline guyefe
Messages: 9
Registered: July 2013
Member

Trading forex or binary option as a PRO involve some little determination and patient

You have to know the 3 WHEN of the trade. because they are the MAJOR problems of most traders

WHEN TO BUY / WHEN TO SELL / WHEN TO STAND SIDE.

You have to believe on any strategy you have, Not forgetting MONEY MANAGEMENT that is also a key to be a PRO

Your mindset.emotion. fear should also be on check.

Having the 3 WHEN problems

email - rickyefe@yahoo.com ,call- 08032726129

lets solve the problems together.
 Topic: Trade Forex Profitably
Trade Forex Profitably [message #1947] Sat, 17 August 2013 19:03
admin  is currently offline admin
Messages: 8
Registered: July 2010
Member
Administrator
NIGERIA HITS INTERNATIONAL LIME LIGHT IN ONLINE FOREX TRADING MARKET!!!

FOREXPROFESSOR.COM a subsidiary of Computer & Allied Services Ltd. - Nigerian IT Firm, has been appointed African Regional Representative of FLEETFOREX.COM.

FLEETFOREX is an international online forex trading platform, packaged by a global consortium of experienced traders, trainers and forex dealers to provide traders with a level playing field and enhance their ability to maximize their trading potentials.

FLEETFOREX ensures that your trading experience is richly fulfilling:

~ No dealer trading against you

~ No price-shifting, cheating you of precious pips that add up to thousands of dollars annually

~ No obnoxious policies to cheat you out of your hard-earned profits

~ Great content and resources to enhance your trading capabilities

~ The best trading software - MetaTrader 4

~ Commitment to fair business practices

~ Absolute integrity!


That's Why Professional Traders Prefer FLEETFOREX!

This is good news for Nigerians who have been getting a raw deal from most trading platforms around. Now there is a Nigerian-friendly and reputable Trading Platform for them to trade on.

The Forex Professor is also here to protect their interests and help them trade successfully!

There are even lots of free forex trading e-books for traders to download on the website. They can use these absolutely free e-books to enhance their online forex trading experience.

Finally, FleetForex also has an International Partnership Program that can help Nigerian websites to generate lots of money. Anyone who has a busy website that attracts lots of
traffic, can create passive income by simply placing a banner link on the website to FleetForex.

We invite you to visit the website http://www.fleetforex.com - SEEING IS BELIEVING!

Sincerely yours,

The Forex Professor (http://www.forexprofessor.com)
Tel. +234-8033139641, +234-8138323194
African Representative For: http://www.fleetforex.com
E-mail: trade@fleetforex.com
 Topic: THE MOST IMPORTANT PRINCIPLE BEHIND SUCCESSFUL FOREX TRADING
icon7.gif  THE MOST IMPORTANT PRINCIPLE BEHIND SUCCESSFUL FOREX TRADING [message #1946] Mon, 12 August 2013 13:30
SirDonayFX  is currently offline SirDonayFX
Messages: 1
Registered: August 2013
Location: Lagos
Junior Member

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PLEASE SPEND AT LEAST 30 MINUTES TO STUDY THIS MESSAGE THOUGHTFULLY. IF YOU ARE IN A HASTE TO READ THIS MESSAGE THEN DO NOT BOTHER TO READ IT AT ALL, BECAUSE YOU WILL ONLY WASTE YOUR TIME. MIND YOU, I AM NOT HERE TO REVEAL THINGS THAT WILL "SHOCK" YOU BECAUSE I KNOW THAT MANY HAVE BEEN SO MUCH "SHOCKED" TO A STATE OF UNSHOCKABILITY. I AM HERE TO REVEAL TO YOU SOMETHING ORIGINAL AND UNIQUE.

Hello friend,

My name is Don. E. Austen. I am a Strategist, Technical Analyst and Tutor in the FOReign EXchange market (officially called the Global Interbank Currency Exchange Market).

Before I reveal THE MOST IMPORTANT PRINCIPLE BEHIND SUCCESSFUL FOREX TRADING, let me bring to your notice that I spent a lot of time and resources in my FOREX education, and I have become a full time online speculator and strategist in FOREX market. I have gathered about 11 different trading system packages sold online of which the cheapest is $47. I have also gathered 7 excellent free trading systems online (this is no joke, I really have them, and more also!). I attended FOREX trade courses, the last one I attended cost me $300. I did all these because I wanted qualitative trading knowledge.

But then, I have seen people lose money with these 'world class' systems, because they don't know the right approach to trading. Most of those who sell trading systems are not FOREX STRATEGISTS; they are FOREX marketers and CHARTISTS. They just give you the system rules, they don't know that there are certain existing protocols you must follow so as make trading business-like and comfortable. Having the best trading system does not make you rich, unless you know the principles of profitable trading and the right approach to trading. FOREX strategists are those who know the secrets and principles of successful trading, they can trade with ANY trading style/system profitably because they are specially trained, they are the advisers to the profitable traders, and this is where I come in.

Before I learnt THE PRINCIPLES BEHIND SUCCESSFUL FOREX TRADING, I had lost more than $4,000 in the market, and even when I eventually bought a very popular and good FOREX Trade system for $145, things did not get better. But when I came upon these PRINCIPLES, all that changed.

Unless you know these PRINCIPLES, YOU WILL FIND IT HARD TO PROSPER IN FOREX TRADING, it means that you have not yet known how to trade, this is an unbelievable fact. Having a very good trading system without knowing the PRINCIPLES OF SUCCESSFUL TRADING is like buying a very durable car without knowing how to DRIVE. Of course you might know that up to 90% of all individual traders are losers, and not more than 10% actually control the wealth of the market. The PRINCIPLES of successful trading is from that 10% group. So listen to THE MOST IMPORTANT PRINCIPLE BEHIND SUCCESSFUL FOREX TRADING:


Overcoming the 'most difficult part in trading' is very essential and this differentiates 'winners' from 'losers'. The 'most difficult part in trading' is: keenly following the rules of the trading system you chose to use. FOREX Trading is the most is one of the most risky businesses on earth, but when you have the right mindset to trade, FOREX business will be like the perfect job you dreamt of. Is FOREX a job? Yes, it is the most difficult job. When it becomes easier is when you trade after putting away ALL emotions including Joy and Happiness. Listen to BabyPips.com School of Pipsology: "The problem is that traders lack the discipline to follow the rules that go along with the system...what is difficult is following the rules..."

Now, what is the goal of your trading system? Listen to BabyPips.com: "I know you are saying, 'DUH, the goal of my trading system is to make a billion Dollars!' While this is a wonderful goal, it is not exactly the kind of goal that will make you a successful trader." Listen again: "when [choosing] a trading system, you want to achieve 2 very important goals; (1) Your system should be able to identify trends as early as possible, (2) Your system should be able to avoid you from whipsaws or fake trends. If you can accomplish those 2 things with your system, we guarantee that you will be SUCCESSFUL. The hard part about those 2 goals is that they contradict each other. If you are able to catch trends early, then you may be faked out many times. And if you are able to avoid whipsaws, then you may be late on trades and will miss out on good trades. So your task is to reconcile the two". And where can you find a system that can NEARLY reconcile these two? I said NEARLY because there is NO system that can completely reconcile the two!


OK, that is THE MOST IMPORTANT PRINCIPLE BEHIND SUCCESSFUL FOREX TRADING which I told you of. It is the active principle behind all successful trading operations. IT IS THE ACTIVE PRINCIPLE BEHIND THE SUCCESS OF GREAT TRADERS. It is responsible for the success of those who are enjoying the wealth of FOREX Trade. As you have read, you need to STICK to the rules of a trading system (fundamental or technical analysis) that is able to detect price trends early while avoiding you from fake outs, however considerably.

The profitability of any trading system depends on the trader's approach to trading. Now, what do you think is the best trading approach? It must be the one used by the successful traders. The best trading approach as a matter of fact is not complex at all, in fact I prefer to call it FOREX TRADE TRADITION because it was the original approach to trading used by the great traders, it was the original tradition (so to speak) of trading, but ironically, 90% of traders do not care about it, they are only crazy about new trading systems and how to siphon hot cash from the market with so called 'high grade' trading tools. Successful trading is not like that; trading is a business that requires a lot of patience and discipline to follow the original tradition as laid down by the great traders instead of chasing the wind by looking for the so-called 'perfect' or HOLY-GRAIL trading system.

Do you want to start trading? Are you unprofitable in your trading? Are you tired of FOREX trading system scams? Do you need the trading approach that will make you enjoy a successful trading career? Then, I will advise you to get a copy of our FOREX TRADE TRADITION package, and start with it. The package contains all the ideas and principles you need to know about successful trading and how to trade like the profitable traders, how to start small and progressively become a wealthy trader - the 'narrow way' that leads to successful trading career. It also contains a simple but ideal, elegant and robust trading system that will make you profitable if you put those ideas into play. This trading system is the TREND MASTER system. Let me describe it a bit:

The TREND MASTER is a simple trading tool that simplifies the trader's analyses. It is not another new crazy tool that will be pumping cash from the market to you; it is just a simple but profitable tool. In fact you shouldn't be scared of anything that is simple: simplicity is the ultimate sophistication. You don't need a BSc in Economics to trade FOREX! According to strategists, the most profitable trading system is the simplest trading system used by a profitable trader; the profitability of a trading system depends on the trader, not on the system; it depends on how much the trader knows about the principles of successful trading and the right approach to trade. Mind you, Forex trading is not for the illiterates or novices who are looking for a do-this-and-make-money system. It is for those who are interested in getting trained to invest in the world's largest market. The most profitable trading system is not necessarily the most complex one. The beauty of the TREND MASTER system is that it is able combine the 2 goals of a trading system to a reasonable extent. It is able to catch trends on time, to a large extent, and avoid fake trends and whipsaws by ignoring minor price retracements. It can be used effectively on all liquid major pairs like EURUSD, GBPUSD, USDCHF, AUDUSD, USDCAD and USDJPY, especially all major liquid YEN pairs: GBPJPY, CHFJPY, EURJPY and AUDJPY, because they are the most trend obedient.

You can truly earn AT LEAST 500 pips (net pips) in a month with this trading package, slow-and-steady, without hassles and you will come to love trading. This 500 pips minimum is about $500 on a mini-Lot contract, simple, no stress, no gambling: just follow the principles and the rules. Some FOREX traders can make more than that in a month if you care to know, but how comfortable and consistent? The key to trading is consistency. With this system, you can achieve more than that if you are really serious with your trading.

Do not listen to those 'forex wizards' who promise you up to 1,000% (of your margin) per month or 100 pips per day or 3,000 pips per month; while that profit MAY BE attainable, it should not be your prime target else you will lose out in no time. And do you know? You are supposed to trade on FOREX for a life time: it should be a life time business.

The TREND MASTER itself is worth $80 but the trading ideas and protocols that go along with it are collectively worth thousands of Dollars. If you use this trading package and you are still unprofitable, then you are not destined to be a FOREX trader. My concern is to help you become a profitable trader if actually you are destined to be a trader. The FOREX TRADE TRADITION package itself is a sort of FOREX trade training school, and I will advise you to get it if you are trading but still not profitable, or if you are not yet a trader but would like to be a profitable one. But know that qualitative ideas are not always cheap; every qualitative idea is worth more than its price. Spending money and other resources on developing your trading career is part of the price you have to pay to become a successful trader.

If you want a copy of the FOREX TRADE TRADITION which would cost you only N3,000;
Text "Forex Trade Tradition" to 07018556399, and you will receive a text concerning the payment details.

After payment, text your name and e-mail address along with your deposit slip number (teller number) to 07018556399. Within 12 hours you will receive the FOREX TRADE TRADITION package in your e-mail inbox containing the TREND MASTER trade system manual and the system Template. You will also get:
(1) Detailed trade manual of the system on how to track all major moves of the market and trade them. This trade manual is where you will find the Practical Demonstration of the profitable traders' approach to successful trading. Without this, you will not get the most out of the system.
(2) My concise write-up on FOREX trade psychology and FOREX doctrine (does FOREX have a doctrine?) to prepare and train your mind for the FOREX business (FOREX trade is not for the wayward mind). This is what will make you are great and successful trader.
(3) Other PDF e-books on FOREX psychology, money and wealth building in FOREX trading, some beginner FOREX e-books, and good trading textbooks that you can use to train others, broaden your knowledge or keep in your archive (12 specially selected eBooks).

Information leads to transformation, but whether you really need a copy of our FOREX TRADE TRADITION or not, it is entirely your decision. I personally challenge you to go out there and try whatever you can do to build wealth in FOREX trade, if you succeed: good luck, but IF you fail, come back and try our FOREX TRADE TRADITION package. My concern is not to make money off you, but to show you how to be a successful trader, because I am a successful trader, although selling this idea to you is my own share of information marketing goodies. This is just my own way of passing around the truth about profitable FOREX trading.

Sincerely,

Don. E. Austen
(FOREX Strategist, Technical Analyst and Tutor

 Topic: Free active forex signals
Free active forex signals [message #1945] Wed, 31 July 2013 04:22
guyefe  is currently offline guyefe
Messages: 9
Registered: July 2013
Member

As will approach a new month ,I want to help traders,
so i intend giving out forex signals for free.

it will be on 2 pairs usdjpy and audusd.

You can try it on demo to be assure its OK before you put it in your real account

Add me on my yahoo msg- pipshot13@yahoo.com {that all you have to do}

just me online if you are chance between 7-10am OR 12-1pm because that is when the signals will come out if there is any good setup{i we b online though i might logout and login every 1hr to see if there are any good setup.

And if at any point the signal given tend to be false break
i will be around to make you leave such trade b4 it hit you SL

When you get a signal your SL- 50 TP- 60-80 pips

Traders we cant gain all trades but i assure you GAINS will be more than LOSSES

Ask questions were you don't understand OR

EMAIL - pipshot13@yahoo.com - if you have any issues on Account management,software's etc.

NB- Do analysis before placing your trades daily.
Don't forget money management and good strategy is the key to be a successful trader
 Topic: FOREX TRADE ALERTS
FOREX TRADE ALERTS [message #1868] Mon, 29 July 2013 16:58
sig_aj  is currently offline sig_aj
Messages: 9
Registered: July 2013
Location: Lagos
Member
Hey Pip chasers, let's contribute and see daily trade signals, alerts and possible profitable setups together. There shall be showers of PIPs!!!


Maximize your Forex Trading potentials get up to $2000 Welcome Bonus! Trade @ www.fleetforex.com
 Topic: BE AMONG THE 2-3% PROFITABLE TRADERS
BE AMONG THE 2-3% PROFITABLE TRADERS [message #1812] Fri, 26 July 2013 22:35
guyefe  is currently offline guyefe
Messages: 9
Registered: July 2013
Member

Unfortunately for traders, it is nearly impossible
to eliminate losses entirely. It would be a truly
rare occurrence to actively trade for even as little as a
week without incurring any sort of loss along the way. The
primary cause of this is the volatile nature of currency markets.

With that being said, here are some ways to minimize
your losses and keep your overall trading profitable.

1. Realize That Losing Is Part Of The Game.

Once you understand and accept that there will be losses,
it will allow you to better prepare for them, as well
as to move on to the next trade. It happens to even the
best traders, so don't let it discourage you. Forex markets
can be fickle, so realize that before you begin.

2. Know When To Cut Your Losses

Don't try to rescue a losing position by pouring more cash
into it. If a trade is failing, allow it to die and move on
to the next one. Also, use this as an opportunity to evaluate
what went wrong with this trade, so you are less likely to make
the same mistake twice.

3. Be Cautious

Always be aware of the risk profile of any position
before you enter, and until you are more experienced
try to avoid trades which have higher risk. It is often
safer to follow existing trends than to attempt to
predict changes in the markets.

4. Don't Get Emotional

Don't become emotionally attached or loyal to a forex trade.
If you lose, you lose, and if you win, you win. If you
lose money on a particular trade, don't commit to that
trade until it turns around. Get out of the position and
move on the another trade.

For more tips,Active forex software's{not robot},Account management,accurate forex signals

EMAIL - rickyefe@yahoo.com[/email] or call 08032726129

Remember forex trade is control by real life event,so don't be deceive about all this robot stuff.

Whatever you do money management is the only key that will keep you longer in the market.

TRADE WISELY

[Updated on: Sat, 27 July 2013 00:33]

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