Forex trading has become extremely popular with small investors and it is now an easy market to enter with relatively small investment capital. It is also the world's largest and most liquid financial market with trading operating around the clock.
The market offers the opportunity for many small investors to literally quit their day job and make a very comfortable living working from home over the Internet and has indeed made many small traders very rich indeed. However, like most things in life, it is not without its downside and trying to trade without knowing exactly what you are doing is a recipe for disaster.
One question which many novice traders ask is "when is the best time to trade?"
The forex market is a very volatile market and prices can move up and down very quickly and literally from minute to minute, so that every minute you are in the market is an important minute. Choosing just when to trade, as well as having a variety of safeguards in place for every trade, is thus an important consideration. Remember though that you can enter and exit the market as many times as you like during the course of a day and so we are not talking here simply about choosing your working day in the same way that you would choose your hours for a regular day job. You can, for example, enter the market by opening a trade at 10:00 am and exit the market by closing that trade at 10:10 am. You might then decide to stay out of the market for a while and start trading again at 1:25 pm by opening your next position.
There is no 'home' for the forex market and trading takes place across the globe, although there are a number of significant trading centers in each of the three main trading regions of Australasia, Europe and North America. For example, within Europe trading takes place in several cities including London, Frankfurt, Paris and Zurich.
In theory the market is not in fact open 24 hours a day and each trading center will have its own set operating hours. Trading for example starts in Sydney and is followed by trading in Tokyo, London and New York. Because of global time differences however you will find that there is a trading center somewhere in the world which is open at any time of the day or night, seven days a week, and since traders have access to all of these trading centers you can effectively trade around the clock.
As an example, the time is just coming up to eleven o'clock on a Friday morning in Thailand as I write this article, so where can I trade at the moment. Well, the markets in Europe and North America are currently closed, but I could trade if I wished to do so through Sydney or Tokyo. However, if I decide to spend the afternoon on the beach (which is entirely possible) and then to trade later in the day then the markets here in the Far East would be closed but I could trade first through London or Paris and later through New York.
Now this is all very well but the question is not really when can you trade, but when is the best time to trade?
Trading volume is high through the day simply because of the sheer size of the market but this volume will peak whenever the trading hours of two or more of the three main trading areas overlap. This in fact happens at two time periods between 2 am EST and 4 am EST when the Australasian and European markets are operating at the same time and between 8 am EST and 12 pm EST when the European markets and North American markets are both open at the same time.
So, unless your trading strategy involves specific currency pairs being traded in particular markets, the times above are those times when you will see the greatest number of possible trades and thus the times which many traders find to be the most profitable.
LearningForexTradingOnline.com is designed to assist beginners to learn forex and includes a growing base of information including a large number of current forex articles.
Article Source: http://EzineArticles.com/?expert=Donald_Saunders
Monday, September 8, 2008
Sunday, June 8, 2008
Forex Trading - Tips On Buying Courses & Systems
It's time to learn a new stuff about forex,sit back and enjoy yourself as you go through the article below, which will transport you to making millions on forex in due course.
Many traders are daunted by the thought of forex trading so they decide to get help from an expert mentor or guru.
Let’s look at some tips on how to choose one.
Firstly, the vast majority of advice sold on the net is either available free anyway, or simply does not work.
Think about it:
If you do trades with 70% accuracy, you would be too busy trading your way to millionaire status than bothering to crow about how good you are on the net, for $100 or so.
The Day trading myth
You have seen some guys promising you 10 – 100 pips a day in profit, or systems that are so accurate and consistent they can’t possibly be true.
Day trading is where the bulk of the courses are sold.
The myth is you can make money consistently and long term – Absolute rubbish.
Day trading is done in short time spans and all short term moves are random, so kiss goodbye to your equity.
Ask for a track record and see if you get one.
I never have! And by track record I mean a real not hypothetical one.
And don't fall for the testimonial from a friend, or guy with lucky trade.
The More Expensive advice is the better it is.
Some advice costs a lot more than $100 or so, you can pay thousands for it.
The novice trader thinks it must be good as its expensive - not so.
Judge A vendor simply by if they have made money – that’s the only criteria that counts.
Then decide if you understand the logic (if you don’t you wont be able to follow it with discipline) and without discipline you have no method in the first place.
Really want to succeed?
Go to your local bookstore and pick up some classic trading books, by traders who have walked the walk rather than are all talk.
Get these three great books
(i) Market Wizards & (ii) The New Market Wizards – Jack Schwager
These are interviews with some of the top traders of all time and are great insight into what makes a great trader.
(iii) Trader Vic – Vic Sperandeo
This is a fantastic book - giving you everything you need to help you trade from money management to ideas on systems.
The above will cost you around $50.00 and will be money well spent.
There are other books but these are my favorites.
And if you read them:
They make clear that for success you rely on yourself and no one else.
Devise your own system (we have done loads of articles on this ) keep it simple, trade with discipline, show patience and perseverance and you can make it all on your own.
If you must buy advice get a track record and find one you understand and have confidence in but the best way to make money ( or the only way) is to do it on your own.
FREE ESSENTIAL TRADER PDF'S AND MUCH MORE
On all aspects of becoming a profitable trader including features, downloads and some great FREE Trading PDF's visit our website at http://www.net-planet.org/index.html
Article Source: http://EzineArticles.com/?expert=Sacha_Tarkovsky
Many traders are daunted by the thought of forex trading so they decide to get help from an expert mentor or guru.
Let’s look at some tips on how to choose one.
Firstly, the vast majority of advice sold on the net is either available free anyway, or simply does not work.
Think about it:
If you do trades with 70% accuracy, you would be too busy trading your way to millionaire status than bothering to crow about how good you are on the net, for $100 or so.
The Day trading myth
You have seen some guys promising you 10 – 100 pips a day in profit, or systems that are so accurate and consistent they can’t possibly be true.
Day trading is where the bulk of the courses are sold.
The myth is you can make money consistently and long term – Absolute rubbish.
Day trading is done in short time spans and all short term moves are random, so kiss goodbye to your equity.
Ask for a track record and see if you get one.
I never have! And by track record I mean a real not hypothetical one.
And don't fall for the testimonial from a friend, or guy with lucky trade.
The More Expensive advice is the better it is.
Some advice costs a lot more than $100 or so, you can pay thousands for it.
The novice trader thinks it must be good as its expensive - not so.
Judge A vendor simply by if they have made money – that’s the only criteria that counts.
Then decide if you understand the logic (if you don’t you wont be able to follow it with discipline) and without discipline you have no method in the first place.
Really want to succeed?
Go to your local bookstore and pick up some classic trading books, by traders who have walked the walk rather than are all talk.
Get these three great books
(i) Market Wizards & (ii) The New Market Wizards – Jack Schwager
These are interviews with some of the top traders of all time and are great insight into what makes a great trader.
(iii) Trader Vic – Vic Sperandeo
This is a fantastic book - giving you everything you need to help you trade from money management to ideas on systems.
The above will cost you around $50.00 and will be money well spent.
There are other books but these are my favorites.
And if you read them:
They make clear that for success you rely on yourself and no one else.
Devise your own system (we have done loads of articles on this ) keep it simple, trade with discipline, show patience and perseverance and you can make it all on your own.
If you must buy advice get a track record and find one you understand and have confidence in but the best way to make money ( or the only way) is to do it on your own.
FREE ESSENTIAL TRADER PDF'S AND MUCH MORE
On all aspects of becoming a profitable trader including features, downloads and some great FREE Trading PDF's visit our website at http://www.net-planet.org/index.html
Article Source: http://EzineArticles.com/?expert=Sacha_Tarkovsky
Saturday, June 7, 2008
How To Trade Forex Like A Professional
Wowww!
I'm here to help you learn how to trade forex and do it like a professional. This is a big business with a potential to make big money, but the fact is that 90% of people that get involved in this lose money. That means only a small 10% are actually doing good at this and here is what they do.
Control Your Emotions: There are two types of traders;
(i) the calculated one and
(ii) the emotional one.
You definitely don't want to be the emotional trader. The emotional person is the one that ends up being the pathetic gambler that loses their life savings. The calculated person is the one that is making trades based completely on numbers. They're making good moves and profiting. They never get caught up in the moment or get upset. Be smart and be a calculated person.
Use Your Demo Software: When you have a trading platform, you're going to have a demo account. This allows you to learn how to trade forex without having to use any real money. It works as a real live simulator where you make and follow trades, but never use any real money.
It is probably the best tool you can get your hands on because you can do hundreds of trades practicing a strategy, until you're comfortable enough to use your real money.
Be Confident, But Reserved: You're going to need to develop a sense of confidence. If you can't get that confidence, you're going to have a rough ride because you're going to be stressed out with each trade. You need to trust enough in your trading decisions. With that said, a lot of people get overconfident and this leads to bad trading decisions. Therefore, you need to be confident, but reserved.
These are some tips to help you learn how to trade forex. I'm currently giving a 7 day free forex training course.
Newbies and experienced are all welcome. If you're interested in participating, check out the Casual Forex Trader.
Article Source: http://EzineArticles.com/?expert=Tyler_Ziggler
I'm here to help you learn how to trade forex and do it like a professional. This is a big business with a potential to make big money, but the fact is that 90% of people that get involved in this lose money. That means only a small 10% are actually doing good at this and here is what they do.
Control Your Emotions: There are two types of traders;
(i) the calculated one and
(ii) the emotional one.
You definitely don't want to be the emotional trader. The emotional person is the one that ends up being the pathetic gambler that loses their life savings. The calculated person is the one that is making trades based completely on numbers. They're making good moves and profiting. They never get caught up in the moment or get upset. Be smart and be a calculated person.
Use Your Demo Software: When you have a trading platform, you're going to have a demo account. This allows you to learn how to trade forex without having to use any real money. It works as a real live simulator where you make and follow trades, but never use any real money.
It is probably the best tool you can get your hands on because you can do hundreds of trades practicing a strategy, until you're comfortable enough to use your real money.
Be Confident, But Reserved: You're going to need to develop a sense of confidence. If you can't get that confidence, you're going to have a rough ride because you're going to be stressed out with each trade. You need to trust enough in your trading decisions. With that said, a lot of people get overconfident and this leads to bad trading decisions. Therefore, you need to be confident, but reserved.
These are some tips to help you learn how to trade forex. I'm currently giving a 7 day free forex training course.
Newbies and experienced are all welcome. If you're interested in participating, check out the Casual Forex Trader.
Article Source: http://EzineArticles.com/?expert=Tyler_Ziggler
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