Have spent some time over the holidays doing some research on good Forex trading tips and resources for you. OK so some of  those I have found haven’t given any new information but have found a few really useful resources.

Check out these below -

• www.forextradepoint.net – I thought this was good as it gives you an indication of the general direction of the currency pair – pretty much general market sentiment for daily and weekly trends. Its pretty useful – you can then trade more long or short positions depending on the trend direction.
• Some general fundamental and Forex trading research resource over at crooksblog.sovereignsociety.com

• Lots of general information over at www.theforexhotspot.com

• A Forex broker comparison table over at www.tradeforexfromhome.com so you can look quickly and easily to see which broker offers the best options to open an account with.

Will be looking for some more tips and resources for you in addition to my own!

Good Trading – To Your Success.

Best wishes

Annabel

Having the right mindset for trading the Forex market – trading psychology if you like, is essential to success. This sometimes over-looked area of Forex trading is detailed below in a video interview from the recent Virtual Money Show event. In case you missed it here it is again – some great advice.

Forex or currency day trading has only been accessible to trade for retail traders over the last few years.

Take advantage of currency day trading now – just imagine how developed this area will be in a few years time!

OK so let me explain…

The Forex market is in constant motion – apart from closing during the weekend (Saturday and Sunday). Consequently there are many different strategies you can develop which can fit into your existing lifestyle. Currency day trading is one of those strategies. Typically a trader will open and close a trade or position during the course of the same day.

So you how can you profit from ‘reading’ a bunch of lines on a chart and day trading the currency market? To some this can sound technical but honestly, the simpler you make your trading, the easier it will be AND the more profitable you will be!

Some things to consider…

The trader observes the price and time movement on a chart. These include bars, lines, point and figure, and Japanese candle sticks – the most favoured method. Candlestick charts originated from Japan in the rice trade during the 1700s. The method is still used today, together with further influence from ancient Japanese ways and traditions.

The candlestick chart will be used in currency day trading as well as currency intra-day trading, scalping methods and other forms of trading. There’s not enough time to expand on the details of candelestick charts in this post but will be covered later as it is important to understand the formations of this type of chart.

We can clearly see the demand, supply, market sentimant, volatility and volumne of buying or selling evolving in front of us due to live data feed charts. To make the most of this information in order to help our currency day trading, we analyise this data in several ways (detailed below). The goal is to trade with minimum risk for consistent and profitable gains – easy to say but a little harder to do! Consider identifying Channels, Trend Lines, Support, Resistance, Bollinger Bands and RSI to your currency charts when day trading.

Check new posts for how to add these indicators to your charts and how to interpret price action according to your readings and analysis foe success at currency day trading.

To Your Success!

What do you need to know?

Well, in order to trade the Forex market, you first need to select a Forex broker to action your trades. This is done automatically, sometimes with only a few clicks of the mouse, which is why it’s important to choose the right Forex broker!

Forex is still a relatively new market and as a result there are many Forex brokers available, each with different levels of service tools and resources.

So bearing that in mind what’s the next step?

Well, it’s good to sit down and work through the questions below, so you know what to expect from your Forex broker. OK – here goes:

Which currencies do you want to trade? Forex brokers  will have dozens to choose from but some restrict their selection to the major eight pairs. There is plenty of choice for many good trades with the major pairs!

• Do you want the facility to be able to download your Forex broker’s software on to your own PC? This will restrict you to trading from this PC only. Good if you are based at home, not so good if you’re not.

• Do you want the tightest spreads possible? Is this the most important area for you and your trading? Tight spreads means that you hand over less of your money to the Forex broker in transaction fees. However, it’s worth looking at the overall package on offer.

• How much money do you have to open an account with?

• Do you want to pay extra for a guaranteed stop loss? All accounts come with a stop loss but for an additional pip or two you can guarantee your stop loss price to cover any big volatile times during the trading day.

• What type of Forex trading do you want to use? Accounts like Spreadbetting are restricted in countries like the US. Check the availability of the type of account you want to open.

• What about help and advice, trading tools, strategies, forums and chat lines direct to those who can help? Are the trading desks or help desks open during the times you want to trade?

• Leverage. How much leverage does your selected Forex broker allow on your account? This is important to your risk management as a Forex trader.

All the above points are all very important but I would stress that practising on a demo account before trading your live account with your hard earned money is essential.

Why should I do that – I just want to get ahead and trade for real!

Well, this does three things...

Firstly, signing up to a demo account comes with no obligation – so if you don’t like the platform, you can cancel your account and move on to your second choice. Secondly, you can get to know the platform before trading your live account and develop your trading strategy utilising the Forex broker’s trading tools. Thirdly, with most Forex brokers you can continue to use your demo account, even after opening a live account, so you can go back to it to try out new strategies.

Look for the features you want in a trading platform and from a Forex broker. If you are satisfied with the facilities, tools, trading platform, currency pairs traded, pip spread on the price you buy and sell at and demo account, then you should consider trading with them.

For more information check out this Forex Broker Review page for a review of the best Forex brokers available to you.

To Your Success!

Annabel

• To pay for a Forex Training course
• To surf the net – but how do you know what to look for…when…well when you don’t know what to look for!
• Look to a reputable Forex broker and find one which suits you, your location and offers some good Forex Training (take a look at this Forex Broker Review page to see which have training)
• Buy a Forex Training guide and find some free Forex Training to develop your Forex Trading plan and experience. For FREE Forex Training add your details in the boxes on the right so I know where to send the information to.
• Hire a Forex pro to teach you. Again expensive and probably not necessary at the beginning.
• Join a Forex Training forum

Forex training courses are again really expensive. I spent alot of money on a weekend course (mostly about trading the Stock market) a few years ago – promised much but never delivered. It seemed to be more like a hyped marketing-led tactic than a serious training event for thoise who wanted to learn how to trade successfully.

So what do you do? Surf the net – good idea…ahh but what do you look for when you don’t have the knowledge or Forex Training to know what to look for?

So I think we can cross that off the list then – for the moment at least, when you are starting out anyway. OK – so next is a good Forex broker. There are many about and many have much to offer. Check out this list of Forex Broker Review to help you decide who offers what and whats right for you. Some brokers will have good Forex Training either online, at their offices and with live chat – and some even offer competitions and forums. Take a look!

So moving on to a good Forex Training guide. To start this one ‘Trade Forex From Home’ (available from www.tradeforexfromhome.com) is well worth a read without being complicated or full of jargon. Well I would say that – I wrote it. OK but thats because there was so much out there online and after having paid lots of money for the weekend course I decided to write it to help you make a start with your Forex Training.

Tell you what if you add your details to the boxes on the to right I can send you part of the guide for FREE  so you can take a look and see what you think.

You could hire a Forex Training pro to help and advise you too but they are expensive and to be honest its good to figure this stuff out for yourself sometimes after having some kind of initial introduction from either a Forex broker or a Forex Training guide like the one I mentioned.

The last option I can think of is a Forex Training forum. Again a really good place to learn but you will need some Forex Training first or else you won’t know what everyone is talking about!

Well hope that helps and at least gives you some ideas and options. Trading the Forex market can be very profitable if you do it right so its important to learn the right way. There’s loads of free stuff out there but you will need to buy some stuff – possible a couple of books or a Forex Training guide.

Oh – I nearly forgot.

Head over to your right and check out the most popular Forex Training books on Amazon – that will help too!

And…before I go you can ask any questions about Forex Training over at www.tradeforexfromhome.com in the questions and Answers page.

Go ahead…ask away!

Well thats it for now – hope you enjoyed the read. To Your Success as always.

Annabel

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