My best hyip forex Reviews
There is a whole mythology surrounding day trading. Numerous myths have sprung up around it. Some myth busting needs to be done. :-)
1) There is a trade (or more than one) every day. No. There isn't. If you try to trade like that, you are going to have problems. It's called over-trading. The spread will eat you alive. You're trying to trade like a broker without the advantage of being spread positive.
2) You're always flat at the end of the day. Not true. This relates to the first point. If you try to get in and out quickly, you won't let the market give you anything. But it doesn't matter if the market gives you anything or not, the broker is going to take his share one way or another. You will (in terms of your account balance) bleed to death.
3) It's easier than other kinds of trading. Really? I think the real meaning of this is it's easier to sell day trading courses than other kinds of courses. Remember the old line about a sucker being born every minute (they're actually being born faster now). It's still true.
4) The market is the same on all time frames. They would have you believe that things happen on the five-minute chart just like they do on the daily chart, just the daily chart is slower. Not so. The market is much more random on the faster time frames. More randomness, means it's harder to discern what is really going on. And that means it's a recipe for being separated from your money.
Do you want to learn more about how I trade? I have just completed my brand new guide, "Forex Trading - What Finally Worked For Me". Download it free here: Forex Trading Nathan Pennington is a forex trader and the author of Winning Forex Trading -THE Definitive Guide |
Forex Currency Trading For Profit - Exit Strategies
So! You've plunged into trading currencies in the Forex market. You've bought USD/JPY, and prices are skyrocketing. You're elated because the trade so far is going in your favor-- and you're wondering when to get out of the trade. When do you take your profits and run?
If you are in the situation that I just described, you've made one mistake that sooner or later is going to cost you a lot of money-- probably sooner. It is a common mistake made by newbies who are excited about getting into the Forex market and testing their skills. Think of it as by far the best way to wipe out your traing account in record time. Because the bottom line is: professional traders never begin a trade without an exit strategy firmly in place!
There is no such thing as a trading opportunity that is so exciting that you have to get in the trade right then and there or you will hate yourself forever. Remember that currency trading in the Forex markets is practically non-stop, 24/5.5 (not 24/7). Every day is filled with trading opportunities, plenty of them. If you only see the one oh-so-urgent opportunity before you, could it be that you are not quite ready to trade currencies?
Plan your exit strategy at the same time you plan your entry. Wiser words have seldom been spoken. Do no less.
For entry's sake, what kind of profits are you looking for: how many pips? 5 pips? 10 pips? 20 pips? More? You don't have to be dead-set on a specific number of pips. You can just watch and see if the pips grow in your favor. But if you know ahead of time how many pips will fill your appetite, getting out of a trade is a snap: exit when you've gotten your pips. Don't get greedy! There will be more pips on the table tomorrow.
How strong are your entry signals? Hopefully, you are not considering a trade based on just one financial indicator, as that, too, leads to financial ruin. Given then that you are using a combination of established financial indicators (MACD, RSI, Stochastics, Pivot Points, trandlines, Bollinger Bands), how often have you seen the combination that you are using succeed? How often have you seen it fail? Have you found any early-warning signs of impending failure in previous similar setups?
How many pips are you willing to risk? No, wait. That's only half the question. How many pips are you willing to risk in order to make how many pips? Will you risk 10 pips to make 10? 10 to make 20? Some say that risking 10 pips is not enough-- that if you're not willing to risk 20 pips, you should not be in a trade. Do you agree or disagree? What does that do to your goal of expecting to profit by x amount of pips in the trade?
The amount of pips that you are willing to risk in order to make x amount of pips is really just a gentle way of asking: where are you going to place your stop loss order? Trading without a stop loss order is kind of like bungee jumping without the cord. Trading currencies in the Forex is often extremely fast-paced. Without an automatic stop-loss order to protect you, you may not be able to get out of a trade in time to prevent losses from reaching disastrous levels.
Finally, here's what I have found to be the best question to ask: how much does the currency pair that you are trading spike? Some currencies (the Yen pairs come to mind) spike quite a lot. What's a spike? A spike is a short candle body with one long wick or with long wicks both top or bottom of the body.
Say price for the USD/JPY is at 120.05 when you buy-- and you're looking at the five minute chart. Price starts rising rapidly, very rapidly, and goes all the way up to 120.17. Then, alas, price starts retracing, all the way back back down to the 120.05 at which you bought. Instead of going back up, price keeps falling all the way down to 119.90. And, still within the same five minute candle, price resumes its upward trend and closes at 120.09. On the chart, the body, the solid part of the candle, is short-- from 120.05 to 120.09. The top wick rises from 120.09 to 120.17, the bottom wick falls from 120.05 to 119.90. That's spiking in both directions!
You bought at 120.05, predicting that price would go up-- and it did, five minutes later, closing 4 pips higher than the open. If your stop-loss order was 20 pips below your entry point, no problem-- you're still in the trade. If instead you placed your stop-loss order 10 pips below your entry point, here comes pain: you got stopped at 119.95, only to have price ending higher, proving your buy decision to be right.
When trading currencies in the Forex market, the bottom line on exit strategies is short and sweet. Have one or don't trade. Know how many pips you want to risk when placing your stop-loss orders. And, if you want to do yourself a favor, know if, how, when, and how often your trade's currency pair spikes.
P.K. Wells is an active trader, webmaster and a software developer. For free software that will assist you when trading the Forex currency markets, visit Forex Paper Trader, MarketOpen, Forex News Reader, Free Forex Charts Launcher - 100% Free Forex Software |
The Definition Of Forex Is Not "Easy Money"
The definition of Forex is: whenever one form of currency is traded in exchange of another. As with most things online the Forex market has become an opportunistic battlefield for small time people to make big bucks in selling hype. If you do a search for Forex online, you will likely find thousands if not millions of sites dedicated to showing you how to make money in the Forex Market. Most of them always claim the same thing, ?I?ll show you how to make 7 figures a year!?
If you?re like me, you?ve grown so tired of seeing that headline, that you immediately hit the ?X? button when you see that title on a site. Personally I thank them for believing people are so gullible because it?s the only reason I have the job that I have. All day long I receive request for reviews of e-books, memberships, online opportunities and too many other things to name. Most of the time I?m bored out of my mind but the sheer repetition of the same re-canned junk.
So you can imagine my delight when something that I?m reviewing is able to hold my childishly short attention span. By no means is trading on the Forex market an easy venture to understand, nor garner a seven figure income with ease (if it were that easy do you think they?d give it away for a few bucks?). But there are a handful of programs that truly teach you exactly how to go from newbie to earner in fairly short order.
The latest program that came across my desk is called Forex Trading Machine and was developed by a guy named Avi Frister. He?s been a successful Forex trader for over 11 years and his system backs his expertise up. Most of the programs that are successful have found ways to maximize earnings while minimizing risk, and as far as I?ve seen, this is probably one of the most unique and profitable Forex systems available online.
Jordan Drew is and expert reviewer on all things things in the Clickbank network, as well as hundreds of other products opportunities offered online. Know before you buy! |
posted by AaronsJoslyn at 4:26 PM
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