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Forex / Currency Basics
Synopsis
Basically banks, insurance companies, large corporations and
financial institutions are the players in the forex market exchange.
However of late, individual investors either working for themselves or
for a small group also seem to make quite an impact on the forex
trading platform. All these transactions are done through the buying
and selling exercise which is done according to real time market rates
available.
The Basics
The value of each currency involved in the transaction is expressed
in terms of the other paired one. This enables the investor to
actually view the value as it is depicted through the exchange.
There are usually only two currencies involved in each transaction
where one is bought and the other is sold according to the agreed
market dictated rate. The base currency is considered the first
currency in the pairing and the investor’s account is denominated
as this currency. The second currency in the paring is depicted as
the terms currency.
The transactions can be done by placing orders through dealer
intervention or they can also be done without dealer intervention
but through automation execution. This would mean that there
are some softwares available where the investor can set it up to
function on his or her behalf rather that opting to use the services
of an individual who would also charge the corresponding
commissions for such actions. However there have been
documented cases of the software chosen not being able to
function as it was designed to due to external disruptions thus
creating eventual losses instead of profits.
Markets The Forex Taps Into
Synopsis
Being the type of market that has the highest trading volume at any
given time encourages the further participation of the various
different countries. The high volume and liquidity makes the
currency market a very attractive and viable platform for investment.
The forex trading is also open to all such as traders, banking
institutions, trading companies, financial and non financial
institutions, companies and governments.
The Markets
One of the markets the forex often taps into is the tourists industry
where the exchange of money is needed in order for the visiting
tourists to make purchases and also cover all expenses during the stay
at the foreign destination.
Therefore the exchange of currency would be processed via a currency
broker and the said transaction would become part of the currency
market. As this form of currency trading is not really suitable or
viable for professional traders there are other forms of currency
trading that are used for these types of transactions. And these would
include currency futures markets and forex markets.
The forex markets exist for most of the major market currencies
where the exchange of rates is between the two countries all of which
is done in a twenty four circle, globally.
All of this is done directly as opposed to trading in contracts. Futures
markets are currency futures provided by an exchange. This would
mean that there is a centralized controlling system that keeps tabs on
the pricing which is the same no matter where the trader is trading
form globally.
In the past the forex has been used for negative reason of causing
problems in other countries financials. This has brought quite a few
economies to their lowest thus there are new legislations in place to
prevent such conditions from reoccurring. There are also controls and
“pegs” on currencies to curb such detrimental speculations.
Exchange Rate Regime And Exchange Rate Flexibility
Synopsis
The flexible exchange rate system is where the exchange rate is
decided and maintained on platforms that dictate the permanent
fixed ration or the completely flexible ratio.
However this has different implication for the extent in which the
relevant authorities are willing to participate in based on the foreign
exchange market stability. The degree of flexibility dictates the
category in which the transaction bodies determine which would
include currency unions, dollarized regimens and currency boards.
The conventional currency pegs are also designed to be under fixed
rates. The managed and independent “floats” are considered flexible
regimens and are exposed to time inconsistency problems and
exchange rates that are rather volatile even at best in different
degrees.
The Rates
The exchange rate regime is basically how a country manages their
currency issues in connection to that of other currencies and the
foreign exchange market. The monetary policy designed and adopted
is generally dependant on the factors that are also dictated to by the
monetary policy in place. Actively playing a part in keeping the rates
fairly stable by having a pegged float, the central bank is able to keep
the rates from deviating too much, either high or low.
Over time some countries have opted to shift away from the fixed rate
regime and move towards a more flexible rate which is mainly based
on the supply and demand of the said currency. However too much
volatility in the global markets can cause challenges for countries
adopting this over time, as shown in the globalization platform that
can amplify the costs of incorporating inappropriate policies which
results in trading looses.
Most governing bodies are not trying to determine which policy works
best and is to their advantage in relation to the global sentiments.
Many are considering the decision to make the transition from fixed
to floating currencies.
Fixed Exchange Rate Measured Against Floating Exchange
Rate
Synopsis
Making the right choice between the two options will dramatically
dictate the survival of the currency stability and the trading platforms
tagged to the movements caused by the said currencies. Therefore
most governing powers are constantly exploring the suitability of the
adoption of either of these two fairly opposing styles of currency
rates.
Fixed and Floating
The smaller and more open the particular country’s economy, the
more apparent choice would be that of the fixed exchange rate.
This is mainly dictated to by the fact that a lot of the stability issues
for trading are connected in some way to the dependency on
exports and imports.
Here the best regime choice would be based on the ideally
stabilizers for the macroeconomic performance that will help to
minimize the fluctuation on output, consumption and domestic
pricing levels or other variables. However in most countries the
usage of both styles is incorporated in varying degrees of flexibility.
The usage of the fixed exchange rate would be preferable if the
country’s economy is faced with challenges that are mostly
monetarily connected.
The flexible rate is preferable if the fluctuations apparent condition
is volatile and is usually caused by other issues such as changes in
the demands for the domestic goods, exports and imports.
There are some quarters that are of the opinion that having a fixed
regime where the adoption of the pegged exchange rate is in place
would ensure the inflation rates are kept low or at the very least
controllable.
However this is not a complete ideal situation to be in, particularly
if there is a need to increase borrowing as the interest rates can
pressure the exchange rate pegged due to the fixed regime.
A floating rate however provider room to maneuver around a lot of
these problems. However it also contributes in some ways to the
rise in inflation but for the governing body this constitutes the
possibility of increasing the tax revenues.
Who Are The Participants In The Market
Synopsis
As in any platform, there are always a variety of players involved in
the correlation of its makeup. The same concept applies to the
workings within the participants of the forex markets.
The following is a breakdown of some of the more prominent
participants usually featured within this platform:.
The Participants
Hedger or hedge fund managers – being one of the primary
participants in the forex trading platform this participation in the
currency exchange market consists of businesses and other
organizations that actively participate in the international trading
arena.
Charging performance fees these entities are designed to minimize
the exposure to unwanted business risks while at the same time
creating profits from its investments which consists of futures,
derivative and swap contracts.
Banks are the other players on this platform and they function mainly
as investment entities for the country. The style used contributes to
the huge disparity between the bid and asking prices in this sector
thus attributing to the majority turnover and speculative trading
scenario.
Commercial companies are also important participants in the forex
market, though as comparatively smaller players however none the
less just as important in ensuring the long term trading flows, which
is pivotal to the currency’s exchange rates.
The central bank of a country – this entity is crucial to the smooth
functioning of the entire financial engine as it controls the money
supply, interest rates and inflation of the country. Ideally having
considerable amounts of foreign exchange reserves it can ensure the
market is kept relatively stable. With the control percentage it yields
the central banks will more often than not intervene in the forex
market should such an act be called for. However is has been evident
over time that some central banks have not been able to achieve the
target rates due to some reason or another.
How Economic, Political And Market Psychology Dictates
Forex Temperament
Synopsis
As with all money making entities, there are several factors that
dictate the success of failure of the exercise. The forex markets often
experience such effects though some level of check and balance
features help to keep this in control.
The following are some of the areas that typically contribute to the
forex temperament and movements:
Great Info
Economy – a country’s economy is dictates the currency value tagged.
An ideally growing economy will bring forth a very stable currency
showing and is highly value in comparison with other lesser
performing countries.
There are positive and negative effects to this movement which is
evident in terms of inflation. The inflation reduces the purchasing
power of the currency thus less can be bought with the said currency.
Healthy GDP growth will constitute an active economy thus it is likely
that the currency values will also rise. The purchasing power and the
interest rates are also factors that affect the overall movement of the
forex.
Governments create and sustain the elements connected to the
economy by ensuring all the beneficial economic policies are in place
and by correction those that are causing any imbalances to the either
discontinued or redesigned. Through the monetary policies and the
fiscal policies which have a nearing on the forex such elements are
maneuvered or controlled to a certain extent. Monetary policies will
influence the various component of the financial status which
sustains the economy, whereas the fiscal policies will dictate the
spending capabilities available for the governing platform.
International trade – trading between countries will be a good
indicator to the value of each country’s currency value especially if the
transactions are done without using a currency from a country not
connected to the trading needs of either party.
Wrapping Up
Understanding the fundamentals of forex trading will help to limit the
chances of making poor decisions that will eventually result in losses.
The processes and techniques can be effectively maneuvered, to the
advantage of the player if there is a complete and sound knowledge
about forex exchange dealings.
The following are some of the risks that one should be aware of, when
it comes to forex trading:
Amplification of losses – although leverage is considered the big
money making factor that makes the forex such an attractive
money making tool, this same leverage can work negatively too
causing massive losses when the actual price fluctuation value
of the currency takes a downward turn.
Constant fluctuations – this is a very dangerous ever present
element in this style of trading as there is very little possibility
of being able to constantly monitor the currency movements
and the trading globally. This is mainly due to the fact that forex
markets run on a 24 hour cycle as opposed to human
participation that is limited to a potion of this cycle. Therefore
trading at different levels and pricings will not keep the players
consistent in the earnings projected, if there is no constant hand
on involvement and monitoring exercises that function on a
global platform.
Lack of accurate information – when decision are made on one
country’s economic situation without the relevant accurate
knowledge of all the encompassing factors available, it can
cause disastrous results in the forex. Elements such as the
political situation, the geographical limitations or advantages
and any other contributing factors that may constitute a
particular scenario should play a role in deciding the forex
movement and none should be considered only individually.
Absence of global regulatory bodies – due to the various
possibilities the maneuvering of transaction and currency
manipulation presents, risks can be quite high as there are no
effective bodies in place to be answerable to
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**An Introduction To Trading Forex Without Indicators
You have probably heard about trading Forex without indicators. There is much being written about it these days, but it is actually nothing new. Trading without indicators is also called trading “price action”. This means simply trading based upon the price itself and nothing else.
Figure 1.16 Daily EURUSD Data
What follows will be an example of trading without indicators. In the chart above you will see series of blue dots on prices bars and red dots on price bars. Although this is an example of trading without indicators the dots will help with the explanation. The blue dots represent when the high price has moved higher than the highest high of the previous 10 days. The red dots represent when a day’s low price has moved lower than the lowest low of the previous 10 days. The red and blue arrows represent a sell (short) entry and a buy (long) entry respectively.
The chart below shows entries and exits based upon using a 10-day breakout system. The system is called a breakout system because the trade is taken when the price “breaks out” of a certain range. In this case we buy on a breakout of the highest high of the last 10 days and sell on a breakout of the lowest low of the last 10 days.
Figure 1.17 Daily EURUSD Data
Test Period: 1/20/2003-1/20/2008
Stop Loss Amount = $1000 (100pips)
14 Day and 8 Day Breakout System Net Profit = ~ $36,000
This is another system where we have used different parameters for the buy entry and the sell entry.
We have run a few tests and found the following:
22 Day and 8 Day Breakout System Net Profit = ~ $42,000
Once again we see that testing different parameters pays off.
We have just gone over a few examples of how we can use a simple Forex chart with or without indicators to create a basic trading system. As we have stated before the parameters in the examples are not meant to be recommendations or suggestions for entering and exiting trades. They are here to illustrate the power that a few simple changes can have on a trading system’s overall performance results.
Determining Your Strategy - It takes successful traders a while to develop and perfect the strategies that they use. Some prefer to use one particular study or formula while others use a variety of other strategies. Some experts would probably recommend that you try to find a good combination of both fundamental and technical analysis to make long-term predictions and to help you identify entry and exit points. Ultimately the decision is up to you.
It is also recommended that when you start in the FOREX market you should start by opening a demo account and paper trade as a way to practice making a profit on a regular basis. Usually individuals who get into the FOREX market too quickly and without practicing to gain experience tend to lose money and ultimately aren’t successful. So before investing your money into anything, it’s always a good idea to get your feet wet before jumping in.
You will also have to learn to trade while keeping your emotions in check. It would be impossible to track the stop-loss points if you aren’t able to execute them when you need to. It is highly recommended that you set your stop-loss and take-profit points to execute automatically and never change them unless it’s a necessity. Trust your decisions and stand by them or you will end up driving you and your broker crazy.
It’s also important to follow the trends. Going against a trend is a pretty big gamble because statistically the FOREX market has tended to stick to trends so odds are you will be more successful if you don’t go against the grain.
The FOREX market is the world’s biggest market and people are drawn to it on a daily basis. But before you jump into the market, make sure you have a broker you trust and really put some effort into finding a strategy that will help you be successful.
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Forex Trading Fortunes
Introductory
Forex trading is about currency trading on Forex market. The basic
principle that operates on every market, applies here as well: in
order to make money, you have to buy low then sell high. That's the
whole philosophy.
Working non-stop with uncountable amounts of dollars, Forex is the greatest
liquid financial market worldwide. You can now trade currency whenever you
want, wherever you are, whoever you are. Until the 90's this kind of trading
was only allowed for banks, big corporations or great dealers due to the
strict regulations imposed by this market. Individuals or small businesses
could not trade here.
Towards the end of the 90's, this situation changed as a consequence of the
technological development in communications. The Internet opened the road
to anybody, and Forex trading has become the most popular way of making
money while being at home.
As attractive as it may look, this type of trade is nevertheless risky. Quite a
number of people lost considerable sums of money in this business. If you
are a beginner it is important to have some knowledge about how to conduct
your trades on Forex market. You can get your education by accessing any
of the thousands of websites on Forex trading. Some of them actually give
you models of Forex trades, allowing you to practice this trading using fake
money.
Experts agree that you need to trade on this replica market to fully
understand the way actual Forex works. Therefore, it is advisable you create
an account on this model sites and start trading. You don't use real money.
You practice and improve your Forex trading skills.
Once you consider your training done, you can try your skills on the real
market. You just need a computer connected to high speed Internet, a
trading system and a Forex account.
You should never forget that there is always a risk of losing your money. To
minimize this risk, you must have basic knowledge about charting. Most of
the systems for Forex trading have charts which can guide you in your
Forex Trading Fortunes
trading. These charts virtually represent currency exchange rates and it is
here that you stop to make your decisions on buying or selling currency. To
be able to decide favorably, you need to acknowledge the way you should
read various Forex charts.
There are no two charts alike, even though they mirror the same
fluctuations. The daily charts can provide you information on the market
trend for the last 24 hours, while the hourly one can help you make an idea
of the trend of the day. There is a 15-minute chart which shows the
fluctuation of a currency for a time interval of 15 minutes. A 5-minute chart
might also be available sometimes.
Although there is a strong potential of earnings on Forex market, you should
keep in mind that there are risks as well. Knowing the basics only would not
be enough. A correct plan of investment and a strategy for it are strongly
recommended.
Forex Trading Fortunes
Invest
To trade successfully in Forex, you must be able to understand the
trading signals that can contribute greatly to your profits.
Select a chart that describes these trading indicators and rationally opt for a
trading system that can optimize the benefit of these trading indicators.
These signals can help in making important decisions regarding market entry
and exit or to make any adjustments in currency exchange.
Technical indicators describe the trading facts and figures by making certain
mathematical calculations and state the time period that was selected for
reckoning these indicators. Charts in Forex display continually updated
exchange rates of various currencies, the upward or downward trends and
the technical indicators. Every chart is being updated after a specified time
period. You must be acquainted with these charts and the technical
indicators before making an investment.
It is a sensible norm to consult the charts before making an entry to Foreign
exchange market. You can even consult multiple charts to figure out the best
time of entry. After mastering at entry signals' evaluation, you must pay
attention to the exit signals. Consider many options from trailing stops, fixed
stops and limit exits that you can use for your exit.
If you intend to make short trade, try concentrating on 'turning points' by
understanding any short-term pattern which can recur in long run. Monitor
the currency pairs to figure out any such swing. Usually traders prefer to set
a higher percentage for a short period, opting for the limit exit.
You can also consult exit signals that are based on real time transactions, to
make a decision regarding your exit.
In addition to consulting the technical indicators carefully, you must use a
signal that best suits your conditions. Instead of making a decision randomly
you must stick to a logical mechanism. Try using multiple signals in
accordance with many parameters that will lead you to risk aversion.
Forex Trading Fortunes
Assess the Right Time to Invest
Evaluating various Forex signals along with technical indicators allows you to
control your investment and anticipate the possible fluctuations in market.
Trading in Forex requires rigorous attention and observation and any
negligence can cause big losses. Technological advancements have made it
possible to analyze foreign exchange market 24 hours a day through
internet. You can even buy and sell currency on phone, because the need of
physical presence has been eliminated in Modern Forex trading.
Now-a-days if the Forex trading indicators meet the defined parameters,
you'll receive an alert to invest or sell your stock. To ensure the maximum
possible gain from your investment, decide on following the trading signal of
an experienced service provider's signals.
You must find out the best trading system that suits you. Logical evaluation
of figures and signals allow you to grab the right opportunity. You must
conduct a thorough research before making a transaction and don't just rely
on one source.
Read reviews, online trading forums, business newspapers and magazines
on foreign exchange to deeply understand the underlying system of Foreign
exchange trading. Use software to evaluate signals or a method developed
by any foreign exchange expert. Make notes and find out the right trading
system that works for you.
Forex Trading Fortunes
Education with Forex Trading
Forex is not a sophisticated market, but you must take into
consideration certain aspects if you want your trades to be
successful. You can really earn great amounts of money, the way
many people have done it and got rich overnight.
Foreign Exchange, also known as Forex has become the largest liquid
financial market worldwide. It has no particular location, as exchanges are
made by means of electronic network, getting thus the entire world involved
in it.
Forex is not a sophisticated market, but you must take into consideration
certain aspects if you want your trades to be successful. You can really earn
great amounts of money, the way many people have done it and got rich
overnight. At the same time, you should always keep in mind that risks are
involved too. It is necessary to get properly educated and have the adequate
knowledge about Forex trade before starting actual trading.
Many of the business school across the United States have courses on
financial trading and markets. Attending such courses will only benefit you,
as they provide you with the required knowledge and skill to enter Forex
market and trade successfully in there.
A good business school will teach you about properly reading the charts and
correctly spotting the trends. Reading a chart allows you to have an
overview on the direction a certain currency is heading to. Thus, you will be
able to decide on the currency you will trade. Reading a chart correctly is the
skill that you need most on Forex market. It helps you lower the risks of
losing your money and increase your earning chances.
When deciding on a particular school, you should consider those providing
real-time trading on model and even real accounts. It is a fact that the best
learning comes out of experience. Therefore, you should be required to
create both accounts. You need a dummy one for practice and a real one to
actually trade. Your real account should not be large, so that you don't lose
much money if you make mistakes. While practicing you get experience. You
will better know the way Forex works, which will help you when you decide
to become a real trader on the market.
Forex Trading Fortunes
Various trading systems should be available in these schools, so that you
can try them and decide which is easier for you to use. Even more
important, you get acquainted with the way these systems work and are
used, for the same purpose of avoiding mistakes on the real market.
Due to the fact that it is largely based on speculating, Forex is indeed a risky
market. You must have knowledge of the market, and skills to trade on it.
You can earn money very easy, but at the same time you can lose it
instantly. It is necessary to get properly educated before starting to trade on
this market.
Nowadays anyone owning a computer and having an internet connection can
trade on Forex. You should keep in mind the fact that Forex cannot
guarantee winning for everybody. The better knowledge you have, the
better your chances are to get profit on Forex trading. You'd better not step
in if you only think you can do it. Get educated first.
Forex Trading Fortunes
Importance of Learning Forex
Trading Basics
Are you looking for the place to invest your capital? Don't worry
now. There is the financial market where you can invest in a
profitable way.
There are many large companies which are trading in this most liquid and
volatile market and gaining profit with both hands.
If you like to adopt a trading career, do to forex trading. It is the best place
to invest. Unlike many other stock markets forex trading is most appropriate
place to invest because it operates 24 hours a day. It is present globally and
you can also trade through electronic media such as internet or even with
your mobile.
For those who are new to forex trading it is simply buying and selling of
currency. It is not as simple as it seems. It involves lot of technicality. You
need to learn a lot about forex trading before entry. In this article we
emphasis on learning forex trading.
Nowadays accessing forex trading market is not a challenge any more. You
do not need to go to real foreign exchange market. you can access forex
trading on internet. There are many software programs available online that
will provide you with timely market updates, currency quotes, rise and fall in
currency value and so on. Software will analyze and tell you when to buy or
sell a currency.
It is recommended to gather maximum information before starting trade in
foreign exchange market. You should be known trade tricks for earning more
profit. You can learn forex trading through experience and practice. To
invest in forex trading and rule over it is not a child's play. As much you get
in to forex market, more you will be expert player in this market.
Although forex trading is a big place to make money but on the contrary,
you it becomes very expensive with one wrong move.
The last thing is when you have to trade in the Forex market. Since the
Forex market is open 24/7 you can trade whatever time suits you best and
Forex Trading Fortunes
you can get out of it whenever you like. You just have to anticipate the trend
of the market.
As compared to bonds and stock, forex trading is riskier. But it is more
volatile you can make billions of dollars in few seconds.
Forex trading is not only for large firm and organization. This market is open
for everyone. The only conditions are that you should have sufficient capital
and an account to deal in forex trading. You can opt forex trading as a part
time task. You can trade any time you want.
You should have right system to trade. Take free version trails of system
before getting it. Analyze system by clients' blogs and testimonials about
system working.
Last but not least is the selection of an experience and well reputed forex
broker. He can provide you with lot of advises to deal in forex market and
how you maximize your profit with increasing risk.
Forex Trading Fortunes
Strategies for Forex Trading
Forex Trading is a place where potential investment players deal in
business and financial activities.
Forex is the modern name of Foreign Exchange Market, which is one of the
largest world market with estimated turnover of $1.5 trillion a day. In order
to deal in Forex and make it big, certain strategies should be adopted to
ensure triumph victory.
In Forex companies come with highly liquid assets. Companies prefer to be
involved in foreign exchange business than in any other trading business
because of its speedy transactions.
First and foremost, strategy is to acquire complete knowledge about Forex.
You should know all the tactics to maximize profit and minimize loss. It can
be done when you completely familiarize yourself with market systems and
players in the market. Major players in foreign exchange market are broker
companies, central bank of the country, commercial banks, and investment
funds.
Individuals with large capital are also trading in foreign exchange market.
The main forex trading market is Paris. Top trading currencies are Us dollar,
Japanese yen, Euro, Australian dollar, British pound and Swiss Franc. Forex
is a speculative market. It means that, there is no trading of really goods in
this market. Everything is virtual at forex trading.
Most of the companies buy one currency against another currency having
greater value today or tomorrow. Let's take an example, your speculative
experience tells you that price of Euro will be higher than US dollar in future.
Then you will go and get Euros against US dollars. When the value of Euro
will rise you can sell them to earn profit.
To learn the forex trading language is essential. You cannot survive in
foreign market if you do not learn its language. Like, increase in one
hundredth percent ($ 10 or $1) increase in trading currency value is
represented by PIP. Volume means the quantity or amount of currency you
are trading. Buying refers to acquisition of currency. Selling refers to
Forex Trading Fortunes
putting the currency into market because of the possibility of decrease in
currency value in near future.
Develop your trading strategy according to your trade type. Identify that
which kind of foreign market trader you are. Sound trading strategy
minimizes risk. Apply the policies of proper money management. Do not
invest all capital in one large transaction.
You should diversify your portfolio of transactions in order to minimize loss.
By allocating capital in many small transactions instead of large transaction
is beneficial as if your loss in one transaction you will loss only a fraction of
your capital.
Paper trading is the most beneficial tool for practicing trade in foreign
exchange market. It helps you to learn the forex trading working, it
familiarizes you with all the tools and software used in market. It allows you
to get enough knowledge and practice to deal in foreign exchange market
before dealing with real money.
Another strategy is the right selection of broker in foreign market. Select the
one who has complete forex trading knowledge. He should be familiar with
all the rules and regulation of foreign market.
Forex Trading Fortunes
Options to Learn Forex
Trading
It is commonly assumed that Forex trading is only for commercial
banks, state bank, investment companies or in short for large
governing bodies.
This is not true; any common individual can trade in foreign exchange
market. They just need sufficient capital to invest and an account in foreign
exchange market.
In foreign trading there are seven major trading currencies in FX market. In
foreign trading you can not only buy and sell currencies in pair but can also
trade single currency like US $ or Euro. It is common practice in forex
trading to buy the currency at lower price and sale it at relatively higher
price. This is the basic and précised forex market system. If you want to put
your hands in foreign exchange market, you cannot win the war with the
basic knowledge alone.
You need to have complete knowledge to become the sovereign of the
market.
Forex trading takes place 24 hours a day six day a week, which shows that
trading is going on when you are busy in your office or sleeping. Here you
need the knowledge of internet forex trading system. This system allows you
to set the currency price at your desired level; your currency will be sold
automatically at set price when value of currency will reach at desired level.
Do not afraid of large giants like commercial banks and professional
speculators in forex market. There are brokers in the market who work for
individuals and give you proper guidance.
It is necessary to learn forex trading procedure first. It is your primary
obligation to learn rule and regulation of forex trading. This will help you to
minimize risk, so it is advised to have proper knowledge about the market
before entering into it.
It is essential to learn psychology of forex trading. You should know how to
diversify your capital investment portfolio in order to reduce jeopardy. It is
Forex Trading Fortunes
advised do not make huge capital investment in one currency alone; instead
make investments in many small units. It will not only minimize risk factor
but also help you to compensate the loss in one investment unit by making
profit in other.
If being a new in this speculation game and you make a lot of profit in start,
then do not overestimate yourself. You should be more cautious that it is not
the same all the time. Do not neglect risk factor. Keep your ears and eyes
open in this game. Do not consider yourself an expert speculator but indulge
yourself in continuous learning process. Continuous learning is the only key
to success in forex market.
If you entered in forex market with the aim of getting success, then take the
help of experts in this field. Learn the strategies and tactics to deal in forex
market. Take free trials before investing hard money in the FX market that
will make you an expert.
There is a facility of forex trading classes also, where makes you to learn a
lot about the market trends. You can also work with brokers to enhance your
learning. Anyway, you learn the tactics be trained in forex trading. All the
above efforts will result in ultimate profit.
Forex Trading Fortunes
Chapter 6: Successfully Forex Trading
Having knowledge on Forex trading and the necessary skills to
actually trade on this market are a must to become a Forex trader.
Still, having only that much is not enough. There are other various aspects
you need to be aware of if you want success to be granted and really earn
money. Being informed about the main currencies traded and the trends
they follow is part of the basics.
Choosing the proper currency and the most favorable moment adds to the
requirements for success, as well. This is part of a trading strategy you
should have. There are several strategies which can be used while trading on
Forex, and if correctly used, they can shortly bring you serious amounts of
money. As Forex differs from stock trading, the strategies also differ.
The leverage strategy on Forex trading allows the investor to borrow money
for the purpose of increasing the potential of earning. It is among the
frequently used strategies for profit maximization on Forex market. But
there is a high level of risk that can be involved. To minimize it stop loss
orders are available. You can make use of them to reduce both risk and loss.
The strategy based on stop loss orders starts from a predetermined point,
which once reached will alert the investor and he will stop trading. It is
mainly used for risk and loss lowering. Making use of it can track you down
as well, as you might stop trading when currency value goes upper than
thought.
As Forex works 24 hours a day, everywhere around the world, you can trade
whenever you think the market is at the proper parameters for you to get
profit. Being such a liquid market, you can join it and leave it at any time.
You may want to have some tips on how to make money on Forex and how
to do it well. It is necessary for you to know that the golden rule of most of
the traders is to get in late and out early. This is due to the fact that the
most expensive ticks are the first and last ones.
Forex Trading Fortunes
If you lose, you should not add money. You would want to reduce the risks
instead of mounting them. Another way of doing reducing risk is to go with
the trend.
Among the tools you can work with on Forex, charts are the most important,
allowing you to make an idea of the trends, and forecast a certain currency
value. Being able to read various charts is also a necessity. You should know
that charts are daily, hourly, for a 15-minute period or even for 5-minute
timing. If you can compare the data you can spot the trends and thus
reduce the risks.
As a good Forex trader, you have to be aware of the fact that money can
also be lost, which will sometimes happen. You need not discourage nor
despair. Review your faults, find a way to eliminate them and keep on
trading.
Forex Trading Fortunes
Online Forex Day Trading
Tactics
Forex trading, also known as foreign exchange market, is the place
where buying and selling of currencies takes place.
Trading at forex trading continues day and night, six days a week with many
prospects for traders to make profit.
If you want to trade only during day time than you need not to exert
yourself to learn forex trading deeply. One thing that will make you a perfect
and successful trader is PRACTICE. Practice makes you a perfect and
superior trader in foreign exchange market. It should be remembering that
practice need determination and dedication to cope with tough foreign
exchange market conditions.
In this article we tried to discuss all possible ways that a daytime trader
should adopt to guarantee profit.
There are many online paper trading trials offered at several websites. It is
advised to practice paper trading before using hard cash in forex trading.
In forex trading you can minimize risk but cannot eliminate it. If you are
new in FX market, do not afraid losses. Losses will make you to learn unique
ways of earning profit. So, it is recommended to learn from mistakes and do
not repeat these mistakes in future.
Discipline is the foremost rule for trading in foreign exchange market.
Discipline will help you to make wise decisions about what strategies and
tactics should be adopted to multiply profit.
You should create and maintain trading chart for evaluation of results. The
chart will tell you what necessary adjustments should be made for better
performance in future.
Do not panic with failure; remember that failure is the first stair towards
victory. Learn from failure and do not repeat mistakes in future.
Forex Trading Fortunes
If you see the currency value that you want to sell goes down, and you did
not sale currency in the hope of rise in price again. Do not make such
mistakes; sell the currency at the first time when its value decline as there
are more bright chances of further decrease in currency value. That is how
you would be able to lessen more loss.
If you are truly a day trader, then trading software and hardware can
facilitate you to trade at home or office.
As forex trading is fastest trading market, so for daytime online trader’s
internet speed should be fast too. It will facilitate you to respond timely to
quotes and trading updates.
For quicker online responses for execution and confirmation of quotes there
is speedier online system called EDAT. EDAT has an additional feature
through which traders can acquire and contact directly with trade specialists
for captivating recommendation to solve unwelcomed market threat.
Moreover, another facility for day traders is that if they want to sell specific
currency at desired price level, then they can set specific price for that
currency.
When the value of currency will reach at their desired level than it is could
be sold automatically when you are away or sleeping.
In short, if you want to be a successful day trader you need discipline,
dedication and immense effort. All these factors collectively ensure profit.
Forex Trading Fortunes
Useful Considerations of
Forex Trading
If you are convinced with the veiled opportunity of Foreign exchange
investment that can boost your financial condition within days and
have decided to jump in this vast financial ocean, just think for a
second 'Are you prepared?'
In a hope to turn thousands into millions can possibly indulge you in loss.
So, make sure that you have got the necessary training and exposure to
enter Forex, which means understanding the basic concepts to the most
intricate tactics of currency trade.
Online forums, articles and tutorials can provide a fair understanding even to
beginners. For advance learning you can join a foreign exchange institute
that have trained and experienced instructors who actually deal in currency
exchange. These instructors have real-time market knowledge and can
familiarize you with the valuable insights of Forex.
Following are some useful tips regarding foreign currency exchange market:
Making a place in huge investment giants, require enough confidence and
capability to assess ongoing market changes. You can't always earn profits
by following anyone blindly, no matter how successful that investor is in
Forex. It is your own intuition and decision-making ability to buy or sell right
type of currency at right time. Beginners are often called 'turtles' because of
their inadequate experience regarding currency trade.
Your approach toward currency exchange matters a lot. If you're a keen
observer and have monitored past trends and patterns regarding exchange
of any currency, you are in a better position to avoid any possible loss. To
unveil long term trends, use breakout method that is still the most effective
way to do so.
Trends in exchange rates of currencies of developed economies tend to be
more stable. There are now a number of sophisticated software’s available
that can analyze past and current exchange rates and can anticipate future
trends. You must be able to read Forex charts and running figures.
Forex Trading Fortunes
Entry to Forex means, sustainable attitude toward currency exchange. This
means that you must act sensibly even when you bear a loss. Instead of
buying or selling haphazardly, make your moves logically by considering
long-term tendencies. Besides relying on Breakout method, you must hold
your morale high even during down periods. Revenues cannot be generated
endlessly in Forex without ever bearing loss so you must be mentally
prepared for any such failure.
Aside from advantages gained from reasonable measures of risk aversion,
low risk can actually restrict profits at Forex. There's a rule in foreign
exchange market, the greater the risk, the greater the profits. You must
decide what suits you best and must anticipate the right opportunity to
invest or sell.
Just like 'too many cooks spoil the broth', a consensus on a certain move in
Forex can end up in nothing. Use your intuition, technical details, and
analysis techniques and decide rationally rather than just relying on rumors.
By acquiring sufficient knowledge before entry to Forex and learning from
real life instances, you can nail this enormous opportunity to earn millions of
dollars. Just be a persistent trader, good observer and keen learner, you'll
reap the benefits from this international platform.
Forex Trading Fortunes
Automated Forex Trading
Long gone is the time when only banks and private institutions could
trade the Forex market.
Now, individuals have access to trade their own money, and lots of it. The
exchange of foreign currencies has since been open to private investors,
central banks like Bank of America, and several countries. But now with the
introduction of the Expert Advisor trading systems, the smaller trader can
now automate their trades like the big companies do.
The systems allow the user to set their own parameters and trading
guidelines. The program consists of software that has been developed for a
specific type of trading style, not everyone trades the same. Some spot
trade, some trade big, some hedge and so on and so forth. The developers
of these types of software take into consideration any nuances of Forex
trading as well as being aware that the market is trading 24 hours a day,
even during weekends.
Without these types of systems in place, the trader would have to monitor
the pair that is being trades on a constant basis along with monitoring
opening and closing times which is almost impossible to keep up with. By
using the Expert advisors, a trader can setup trading signals to make life a
bit easier such as a type of order, stop loss, trade entry, news tickers etc.
Some of the key benefits of using an automated trading system is that it
gives the trader full control, but cuts out the emotional bond a trader has
with his money... making the temptation to trade on a whim a lot less likely.
This takes the guesswork out of trading if the trader implements the right
trading signals for this trading style.
The EA is a mathematical algorithm and it performs solely on formulas, so if
the EA doesn’t perform like it should it can be changed, augmented and
tweaked until the trader finds the recipe for success that they are looking
for. Then, this process is repeated constantly to achieve a money-making
strategy.
Forex Trading Fortunes
Trading also involves the trends of the market, be it long-term or shortterm. These trends play a big role in the amount of trades that a trader is
involved in. The EA, if setup correctly, will take these trends in-stride and
make the trades accordingly, minimizing the drawdown or losing trades.
Using historical data, traders can analyze and test their trading theories and
strategies, some EA's have a built-in function to record such data.
Almost every expert advisor system being developed now is made using the
MetaTrader 4 platform since it provides reliable historical data that you can
download from their site or any other, Multilanguage support, solid and userfriendly interface.
Automated expert advisors are becoming the tool of choice for many traders
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The Basics of FOREX Trading
What exactly is FOREX trading? Put simply, FOREX trading is the buying and selling of international currencies. Traditionally, participation in the FOREX market was confined to major banking and trading institutions. But in recent years, technological developments have opened up this once exclusive arena to smaller companies and even individuals by allowing them to trade currencies online.
The world’s currency rates are not fixed. They follow a floating exchange rate and are always traded in pairs— EuroDollar, Dollar/Yen, etc. Most international transactions are exchanges of the world’s major currencies.
When it comes to Forex trading, there are a number of major currency pairs. : Euro v. US dollar, US dollar v. Japanese yen, British pound v. US dollar, and US dollar v. Swiss franc. These currency pairs are considered major in comparison to the other currency pairs because of their trading volume.
In the FOREX market, these relationships are shortened: EUR/USD, USD/JPY, GBP/USD, and USD/CHF. They may also be listed as follows (without the slash): EURUSD, USDJPY, GBPUSD, and USDCHF
Below is a chart of 4 currency pairs clearly illustrating their relationship to each other.
Figure 1.0 Major Currency Pairs - Daily Data
It is also important to remember that there are no dividends paid on currencies. If you are a trader in the FOREX market, you look to see whether one currency’s value will appreciate against another currency. When this is the case, you exchange the latter for the first. Ideally, you will be able to exchange the first currency for the other at a later time and collect a profit from the trade.
FOREX transactions are typically conducted by professionals at major banks and brokerage firms. FOREX trading has long been an important feature of the international market. At all hours of the day, currencies are being traded by brokers around the world. In fact, the FOREX market operates virtually twenty- four hours a day and five days a week with traders at international banking institutions working a number of separate shifts.
The FOREX market is different from the normal stock market in the fact that price shifts are much smoother and do not result in significant gaps. Each day the FOREX market turns over trillions of dollars, allowing traders to enter and exit certain position very easily. As you can see, the FOREX market is a dynamic and continuous system that basically never sleeps. To be sure, even on September 11 in 2001 it was still possible to obtain currency quotes.
Also known as the foreign exchange market, or FX, it is the oldest and most expansive financial market in the world. In comparison, the currency futures market is a mere one percent the size of the FOREX market.
Trades are brokered between major banking groups and circulate around the globe, from America to Australia, to Asia, to Europe, and back to the U.S. For a long time, financial prerequisites and hefty minimum transaction amounts put the FOREX market out of reach of small traders. Consequently, at one time major banks and financial institutions were the only parties that could benefit from participation in the FOREX market’s fluidness and strong exchange rates.
Today is a different story. FOREX market dealers can divide large units within the market, allowing smaller corporations and even individuals the ability to trade these smaller units. Even though it is the oldest financial market in the world, the FOREX market has evolved a great deal in a short amount of time. High-speed internet connections and sophisticated online Forex trading platforms has definitely made it easier for individual traders to get involved in Forex trading and possibly be very successful at it. This basic guide is your first step towards a successful future in trading in the extremely lucrative FOREX market.
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**Reasons To Trade In The FOREX Market
If you asked Forex traders the number one reason they traded Forex most of them would say, “profit potential”
Figure 1.1 Daily GBPUSD Data
The chart above shows the daily GBPUSD (British Pound/US Dollar) currency pair. This chart shows the “BUY”
entry where the blue arrow is (the bottom left of the chart). This represents where a particular Forex trading system went long (bought).
The profit so far in this trade is approximately $24,000 per Forex contract. This is from just one simple trade in the Forex market! So as you can see the profit potential is there and opportunities such as these exist in all Forex currency pairs.
There is a unique and potentially very profitable opportunity offered through cash/spot FOREX markets regardless of the condition of the market.
The advantages of FOREX trading are:
Around the clock market: A trader can trade anytime that they think market conditions are favorable; Forex offers a 24-hour market. This is particularly convenient for those who wish to trade Forex on a part-time basis. You could easily find markets to trade that will not conflict with your work schedule. There is basically no schedule that the Forex market’s trading hours can’t accommodate.
Easy in-Easy out: A trader can enter or exit the market almost totally at will; no other market offers as much liquidity. There are very few execution barriers and no limits are placed on daily trading. The leverage available in Forex is much higher than equity markets: A leverage ratio of up to 400:1 in comparison to 2:1 in the equity markets.
Although the risk of using greater leverage can be higher in FOREX trading, the potential for profit is there as well!
A low-cost transaction: Compared to other markets the Forex market has some of the lowest transaction costs available.
Always An Opportunity To Profit: FOREX trading actually consists of buying or selling one currency against another, and there is always a profit opportunity for one currency pair or another.
Global market: With no organized exchanges like the New York Stock Exchange, trading is facilitated by electronic communication and telephones.
No market monopoly: Because of the size of the FOREX market, no single trader or bank can control the market price for any length of time. Because of the ineffectiveness of bank interventions to manipulate prices, they have diminished.
It is basically unregulated: There are no specific FOREX regulations for daily operations. Of course, banks are always regulated through banking laws.
There are many different advantages to trading FOREX instead of futures or stocks, such as:
There is much profit in trading on margin, but you need to be fully aware of the very high risks too. Be sure you understand the ins and outs of your margin account and that you have read the margin agreement between you and the clearing firm. If you still have things you are not sure about, discuss these issues beforehand with your account representative.
If you allow your account to fall below an amount set in your agreement, you could experience the partial or complete liquidation of your positions. It may be done before you even get a margin call, so be sure you review your margin balance regularly.
Take advantage of stop-loss orders on each open position; this is a must in order to reduce risk and preserve valuable working capital.
2. There are No Exchange Fees and NO Commission - You pay exchange and brokerage fees in the futures market, but FOREX trading is commission free with most Forex brokers. You benefit from free access to this worldwide network where buyers and sellers are matched almost instantly. Although the trading is commission free, the spread (difference between the asking price and the bidding price) is larger than futures.
You are able to plan ahead to limit risk to some degree in the FOREX trading market. An example of this would be losses sustained in the futures market due to Mad Cow Disease.
Trade Rollover In FOREX trading, you need to rollover each trade every two days just to keep your position. In futures, you must plan ahead to rollover when a contract expires.
Open Around the Clock - In the futures market your trading is limited during the window of time that each market is open. If current events make getting out of a position important, you still must wait until the market reopens. That could be hours, creating financial disaster for you. But, the FOREX market is open around the clock, five days a week. It actually follows the sun! From the United States, to Europe, Asia, Australia, and back again to the States, it allows you to trade at any time you desire.
A Market place of Free Trade On a daily basis, the foreign exchange is a $1.4 trillion (and growing) dollar market! This is 46 times larger than all the futures markets combined. Governments around the world struggle to control their own currency because of the massive number of people trading FOREX worldwide.
FOREX trading is a tremendous opportunity and an alternative to futures and commodities trading. As is true with all trading, there are certainly risks involved. To reduce your risk, the services of a Broker are important and advised. This comprehensive guide will help you learn what is necessary to achieve success in the FOREX market. Let’s get started!
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Getting Started In The Exciting World Of Forex Trading
Learning to trade with Forex is not unnecessarily difficult; however, there are definitely a few items you must
be aware of and instructions to follow. Before beginning any trading, obviously you need to locate and forge a relationship with a broker to execute the trades. Just as with doctors, lawyers and other professions, there are a multitude of Forex brokers from which you can select.
To help you choose, here are some factors to consider:
Minimal Spreads - Unlike standard stock trading brokers, Forex brokers do not charge any commissions on the trades. They earn their income from what is called a spread. The spread is simply the difference between the buy and sell price of currency at a particular point in time. As you locate and investigate the brokers, you should inquire as to the spreads they charge. The lower the spread, the less it will cost you to trade in Forex. This is the same rule as with traditional brokers. The higher their commission on the trades, the lower your profit at the conclusion of the buy and sell transaction. It is in your best interest to choose a Forex broker offering a low spread.
Compliance and Reputation - Traditional stock trading brokers generally operate through their own brokerage houses. Forex brokers, however, are most often affiliated with a large bank or other financial institution. This is due to the substantial sums of capital required. In addition, you should confirm that the Forex broker you choose is properly licensed and registered. Forex brokers should be registered with the Futures Commission Merchant (FCM). IN addition, they are regulated by the Commodity Futures Trading Commission (CFTC).
You can locate and verify the registration as well as other facts and background information at the CFTC website at http://www.cftc.gov .Without a doubt, you want to retain and trade through a broker who is affiliated with a reputable bank or financial institution.
Available Research Tools and Information - Like traditional stock and commodity brokers, Forex brokers maintain various types of websites, trading platforms and underlying research and information portals. The sites should provide you with real time information, current charts, technical information and comparison ability and other relevant data. A good Forex trader will also sustain the ability to trade on different systems. As with any major financial endeavor of this type, ask for free trials to you can evaluate the Forex broker’s various trading platforms. Forex brokers should offer a wide array of information, schedules, tools and other support functions and records.
The bottom line is to locate a broker who will provide you with all the tools and services you require to be successful.
A Variety Of Leverage Options - To succeed in Forex trading you Leverage the price spreads on your trades. The price differentials are minute down to the small percentages of a penny. You are, however, using more than your actual capital borrowed from the broker to make the trades which is how you Leverage larger amounts for your trades than you actually have in cash. This allows you to earn money on the small price deviations. As an example, if you are leveraging at a ration of 100 to 1, this means that for every one of your dollars with which you are trading, you are borrowing 100 from the broker. A wide majority of brokers will allow you to leverage up to a 250 to 1 ratio.
You need to be careful, however, because the leverage ratio is directly related to risk. The higher the ratio, the more you are effectively borrowing from the broker. While you can earn more profit from the trades, you can also lose more if the price fluctuation is not in your favor. This risk reward evaluation is based on your own capital amounts and your tolerance level for profits and losses on the trades. If you are flush with capital, leveraging a higher amount is not as much of a concern. Nevertheless, brokers offer a large number of leveraging ratios and you will certainly find one or more to fit your desires and financial constraints. Even if you have a good amount of capital and can accept a certain amount of risk, you may not want to leverage a high amount if the market becomes volatile such as with exotic currency pairs.
Types of Accounts - You will need to open an account with a broker to execute trades. There are a variety of types of accounts which you can maintain. The lowest account is referred to as a mini account. It has a low minimum opening balance requirement of approximately $300.00. A mini account provides you with the highest ratio of leverage since you are using a small amount of capital with which to execute larger sums in your trades. Aside from the mini account is a standard account. That type of account provides a multitude of various leverage ratios. It has a higher minimum balance to open of approximately $2000.00. Finally, another type of account which brokers offer is a premium account. These require substantially higher minimums to open. They also offer you multiple ratios of leverage as well as give you access to additional platforms, tools and services. As you evaluate and pick a broker, find one that has the right mix of accounts, leverage, information and services for your requirements and financial circumstances.
Stay Away From Disreputable Brokers - Just like in any profession, there are good and bad representatives. Brokers are no different. Some are reputable and others are the ones you just need to avoid. These are the brokers who do not have your best interest in hand and simply buy prematurely or sell near a preset price point to increase their own profits.
These brokers will pick up a fraction of a penny always against on your trades. None of the brokers you evaluate will ever admit to such trading, but there are methods to determine if you are considering a broker who engages in this practice. You can speak with other brokers to get their opinion on the one or more that you are considering. You can ask if they are aware of the brokers trading proclivity in terns of the buying and selling near the price points.
There is no organization that tracks this type of activity. You can try to look on the Internet for discussion boards or messages that might disclose certain brokers and their trading activity.
Margin Calls and Requirements - Obviously since leveraging is all about borrowing money from the broker you need to understand exactly how much risk your broker is going to allow you to take on trades. Once you establish that together and discuss it, the broker will know the prices and differentials in the fluctuations within which to trade by buying or selling. This can, however, adversely impact you if the broker has that discretion and trades at losses.
For example, assume you maintain a margin account and your positions dramatically fall before turning around and rising substantially even exceeding the beginning price. Whether or not you have sufficient capital, a broker might have traded out your position during the fall to lessen the broker’s risk and potential loss. That trade could have been at or near the bottom of the price fluctuation. That would result in a margin call to you and you could be liable for substantial sums of money even though the price rebounded after the broker liquidated your position.
Opening a Forex account, regardless of the type, is similar to taking out a rotating equity loan or maintaining an equity account. The main thing that separates them from the Forex account is that you are required to execute a margin agreement with relation to your Forex accounts. The margin agreement acknowledges that you are trading with money borrowed from the broker and that the broker can insert itself into your trades as necessary to lower its risk and protect its interest. It also explains your liability relating to any losses. After you execute the agreement and deposit the beginning capital to the account you opened, you are ready to begin trading.
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Overview of Basic FOREX Strategy
Technical analysis and fundamental analysis are considered the two main forms of analysis in both the FOREX market as well the equity markets. However, most FOREX traders opt for using technical analysis.
The following is a quick overview of both types of analysis and how they are used in FOREX trading.
Fundamental Analysis
Using fundamental analysis in the FOREX market tends to be somewhat difficult and is generally used to forecast long-terms trends. There are, of course, some traders who conduct their trades on a short term basis solely on current news releases. There are many fundamental indicators of currency values that are released at various times so we have provided a list of a few for to be aware of:
• Non-farm Payrolls
• Purchasing Managers Index or PMI
• Consumer Price Index or CPI
• Retail Sales • Durable Goods
Of course these are not the only fundamental indicators you need to be aware of. There are also several meetings that can provide you with additional information that may affect a market. These meetings usually focus on interest rates, inflation, and other causes of currency value fluctuation. Sometimes a volatile market is caused by something as simple as the wording of issues such as the Federal Reserve chairman’s discussion on interest rates.
The most significant meetings you should be aware of are the Federal Open Market Committee and Humphrey Hawkins Hearings. Simply studying the commentary can help FOREX fundamental analysts to better understand long-terms market trends and can also help short-term traders capitalize on the market.
Should you opt for the fundamental strategy, you should keep an economic calendar on hand so you know when these reports are available. Your broker should be able to keep you up-to-date on this information as well.
Technical Analysis
Technical analysis helps FOREX traders analyze price trends much like their counterparts in the equity market. The only difference is that FOREX markets are open 24 hours every day. In order to work with that 24 hour a day time frame, some types of technical analysis to be changed or modified.
The following is a short list of technical analysis tools that are most commonly used in FOREX:
• Moving Averages
• Stochastic Oscillator
• Channel Breakout
• MACD (Moving Average Convergence Divergence)
• Candlestick charts
• Elliott Waves
• Fibonacci Studies
• Parabolic SAR
• Pivot Points
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**An Introduction To Forex Charts
No discussion of technical analysis would be complete without an introduction to Forex chart basics. The very first Forex chart we will start with is called a “bar” chart. It gets its name because of its elongated bar-like shape. The typical bar on a bar chart is composed of 4 components:
Open – Opening price of the time period used
High - Highest price of the time period used
Low - Lowest price of the time period used
Close – Last price of the time period used
Below is a typical bar of a bar chart
Figure 1.1 Bar
Open – Tick on left side of bar
High – Top of bar
Low – Bottom of bar
Close – Tick on Last price of the time period used
The chart below is a monthly chart of the EURUSD (Eurodollar/US Dollar) currency pair.
Monthly charts are longer-term charts used to get a feel for the “big picture” of the market. Many traders start here and then work their way through a series of smaller timeframe charts.
Figure 1.2 Monthly EURUSD Data
The weekly chart is the next timeframe available. The weekly chart confirms the EURUSD’s upward movement since the beginning of 2009.
Figure 1.3 Weekly EURUSD Data
When we focus in on the daily chart we see that the market continues to be in an uptrend.
Traders who are trend followers often take this “top down” approach to gain perspective on the market’s movements and establish the direction of the trend. If a trader using this method feels that the upward trend will continue they will see to find a suitable entry point for a long position in this market.
Figure 1.4 Daily EURUSD Data
Below is a very popular timeframe to use in Forex charting. It is a 4-hour bar chart. The 4-hour chart is an excellent chart to use in trading. It has become increasingly popular with those traders who feel that the smaller timeframes, i.e., 15 minute, 5 minute, etc. move too erratically to base trading decisions on.
Figure 1.5 4-Hour EURUSD Data
The hourly chart is by far one of the most popular. It may be used by longer-term traders to refine their entries and exits. The 1-hour chart is also used by day traders who wish to gauge short-term market direction.
Figure 1.6 1-Hour EURUSD Data
The 5-minute chart is used almost exclusively by day traders.
Figure 1.7 5-Minute EURUSD Data
Another form of Forex chart is the candlestick chart. Candlestick charting originated in Japan and is one of the oldest methods of charting in the world. Candlestick charting has enjoyed increased popularity and is now used by more Forex traders than ever.
Figure 1.8 Daily EURUSD Candlestick Data
The name “candlesticks” comes from the appearance of the data on the chart. They price data looks like a “candle” with a “wick” on each end. In the chart above the solid green and solid read areas are known as the “real bodies”. The gray lines that are extending from each end are known as “wicks”. You may also here “wicks” referred to as “shadows”
Candlesticks have become so popular because you can look at a candlestick chart and instantly get useful information. For instance, the green candles are called “bullish candles” because the price moved in an upward direction.. The closing price for a green candle is always higher than the opening price. Red candles are called “bearish candles” because the price moved in a downward direction. The closing price for a red candle is always lower than the opening price.
The chart below shows a green candle at the start of a strong uptrend (see blue arrow).
Figure 1.9 Daily EURUSD Candlestick Data
The chart below shows a red candle at the start of a strong downtrend (see red arrow).
Figure 1.10 Daily EURUSD Candlestick Data
Consecutive candles of the same color generally indicate the continuation of a trend.
You can see from this brief introduction to candlestick charts that they can be very useful. After our brief introduction to candlestick charts it’s time to move to our next topic.
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Forex Charts and Forex Technical Indicators
Forex charts and technical indicators, also known simply as “indicators” have become a standard of Forex market analysis. An indicator is a visual element that is placed on the same Forex chart as the currency pair. It gets its name because it “indicates” something. An indicator can tell a trader when prices are at a favorable level to place a trade such as a buy trade or a sell trade.
Figure 1.11 Daily EURUSD Data
The green line we see below is an example of an indicator. This particular indicator is called a “simple moving average” or SMA. Arrows have been placed on the chart to represent buy and sell triggers. The “triggers” in this case are as follows:
When the price closes above the moving average then we have a buy trigger.
When the price closes below the moving average we have a sell trigger.
Figure 1.12 Daily EURUSD Data
One question you may ask is, “When we see a trigger what do we do?” That’s a good question. The standard way of using a moving average is to take the trade on the next bar after the trigger. This means that we would buy on the open of the bar “after” the trigger bar (blue up arrow bar in this case). The reverse is true of selling.
This is a simple example how you can use a simple Forex indicator to make a trading decision. Notice that this is just an observation and that in order to profit in Forex you will need to analyze the market further.
Why analyze a market? You need to analyze a market in order to make a decision to buy or sell…or do nothing at all. Let’s further explore how Forex technical indicators can be used to help us make trading decisions. In fact, we are going to look at how technical indicators can be used to create simple Forex trading systems.
Simply put, a Forex trading system is a set of rules designed to help you trade Forex profitably. A Forex system generates trading signals. These trading signals tell the trader to take a certain action such as BUY or SELL.
The moving average we are using is a 9-period moving average. Since we are working with daily data this we will be using a 9-day moving average.
Date Open High Low Close Avg.
Table 1.1 Daily EURUSD Raw Data with Simple Moving Average
The table above shows the open, high, low, and close prices with the moving average values in green. As you can see the values of the moving averages changes as the prices of the EURUSD changes,. It “moves” as the price moves, hence the name moving averages.
This particular moving average is calculated using the last 9 “closing” prices (listed under Close in the table).
Below is a daily EURUSD chart showing the buy and sell signals generated by using a simple 9-period moving average trading system we created.
Figure 1.13 Daily EURUSD Data with Simple Moving Average
One of the greatest advantages of using trading systems is to see how they would have performed on past data. If the results on past data look favorable then we may have a system that will work on future data as well. So how did our 9 period moving average system perform? Let’s take a look:
Test Period: 1/20/2003-1/20/2008
Stop Loss Amount = $1000 (100pips)
We have added a risk control measure in the form of a stop loss. A stop loss is an order designed to “stop loss” on a trading position. If the market moves in a way that causes your position to lose value the stop loss is designed to limit the amount of that loss.
10 Day Simple Moving Average System Net Profit = ~ - $2,300
So far this doesn’t seem to be the type of moving average system that we would like to trade. Fortunately for us we can change the parameters of this indicator and research to find one which best suits our needs.
We have run a few tests and found the following:
42 Day Simple Moving Average System Net Profit = ~ $23,000
That’s quite a difference in net profit isn’t it? As you can see from this simple example it pays to do your research to find indicator settings that work well.
Note: The above examples and all examples that follow are for the purposes of illustration only. They are not meant to suggest that the displayed settings are to be used.
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