Foreign Currency Trading

I posted my instant insight on the FOMC rate decision on FX360.com:

Dollar Shoots Higher as Fed Grows Less Optimistic

We are redesigning the page, but in the meantime, follow the FX360 team on Twitter! My technical analysts will be jumping on board next week but Boris and I are tweeting already!

http://twitter.com/fx360

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This video is one of the most useful things you will probably watch in relation to Forex trading. Perhaps you believe that to have a successful Forex strategy you have to utilize complicated indicators, but in fact many traders perform well without them. The author of this video (and partially I also) believe that the indicators are bad for trading results and that trading without the indicators is the only way to success in Forex. If you think otherwise just watch these two videos (2 parts of the same video actually) and maybe you’ll change your mind.

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The Magic numbers in the input parameters of the MetaTrader 4 expert advisors are the special parameters that allow EAs to separate their own orders from the orders that were opened by other EAs. But watch this short video tutorial to get a more visual explanation of what are the Magic numbers in MetaTrader 4.

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Taking screenshots of the MetaTrader charts can be useful if you want to share your Forex trading experience with someone else. Although, it’s very easy, this video tutorial can help you quickly understand how to do it the best way.

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Currency trading is an example of the great money making opportunities these days. People from many kinds of life, males and females, decide to join the currency trading world searching for the great lifestyle that comes from being a foreign exchange trader. But currency trading is also a war where you can lose your cash and confidence if you are not careful enough in your battles against the market, a smart, regularly aspiring and even savage enemy. There’s an old saying by the Chinese army genius, Sun Tzu that claims, the obsession for victory is a mental state that benefits the enemy. And these words apply without any doubt to currency trading. In the war with the markets nothing is more damaging to a trader than the obsession with victory. There are a few new traders that assume they must never close a trade until it becomes a rewarding one, or think their strategy based totally on a specific indicator and technical research will always be right and the foreign exchange market will start behaving in the way they had forecast already and then it never happens that way. This is of course not a wise way to win the war against the market.

With that behavior you’ll only give free money to the markets, you will be defeated by your own obsession with being profitable even if everything is going against you indicating you have to close the trade or tighten your stops. So, never fall for any obsession when trading the currency exchange markets, nothing good can come from this behavior. You need to always place your stops according to your toleration level and be smart with your indicators. They often tell chances and when working with chances there’s always room for bizarre behaviors that will not agree with what you were expecting. My advice, be sensible, use your risk factors wisely and never obsess with a trade.

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If you like the idea of catching the GBP/CHF trend during today’s London Forex trading session then this video preview is definitely for you.

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This issue of the London Forex session preview is based around the EUR/GBP and EUR/JPY currency pairs trends with the use of the Fibonacci retracements and support and resistance levels.

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Have you heard the saying ‘A Trend is your friend until it Bends’. Technical research helps us to spot a trend so we are able to jump on and ride it till it changes.

Some merchants still endure on trading against the trend, they disagree with it although changes in price are in a trend. Purchasing when the currency is in a basic downtrend or selling when it’s in an uptrend, rather than purchasing. Our main purpose is to spot the major trend, intermediate trend and the near term trends and place trades in that way. We then hold position till our calculations suggest otherwise. Here is a quote from Jesse Livermore, a tenacious, showy and profitable Foreign exchange trader ,’We know that costs move up and down. They mostly have and they mostly will. My concept is that behind these significant movements is an impossible to resist force. That is all one wants to know. It’s not well to be too interested in all of the reasons for movements in prices.

You risk the risk of clouding your mind with non-essentials. Just recognize the movement is there and take advantage of it by steering your hopeful ship together with the tide. Don’t disagree with the condition, and the majority of all, don’t try and combat it.’ There’s gold in these words. If the market action shows your research to be correct, the successful merchants stay with the market and maximise profit according to their equity management rules. Watch the market and hear what it tells you about imminent trends and most significantly don’t ask for reasons for what it does, target the necessities.

Once established. They become the most likely way to forecast price changes. These can be specified into 2 types of markets, trending and trend-less. Trending markets have up and down trends, these are generally less than forty five and are steady movers with occasional pauses or profit-taking periods. Trend-less markets have really steep movement of more than forty five that most frequently cannot be sustained. Though changes in price can shift a substantial number of pips in a short while period they frequently don’t produce much net profit. Troubled markets frequently produce stop outs and the sideways market, with minimal movements in prices makes it extraordinarily not easy to foretell which way the price will move.

For these reasons, our objective is to get into a trending market and meet our trading objectives. The underlying message here is, Be a good buddy to the trend, an easy idea but strong indeed.

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I was on CNBC Asia again this morning talking about the outlook for the U.S. dollar:

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Both euro and British pound approach some important support levels and the currency pairs EUR/USD and GBP/USD are examined in this video preview for the London Forex trading session.

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