Here is a quick screen capture I took last sunday before trading the gaps where I show how to get access to live pre-market quotes to gives you an edge before the market opens. Well it just helps u getting ready to trade which pair, at which price and which volume, so you don’t miss something at the open.
I recommend clicking on the video to watch in bigger resolution, else you cannot see much.
Please feel free to comment if u have any questions !
So i just started posting on forexfactory’s forums, friday I posted about my live real money long trades on the GBP (GU and GY) but didn’t get any response
Anyways today right at the open the market went straight in my direction and I made my money in the first 12 minutes.
I actually recorded my screen and will be posting the video pretty soon so you can hear my sexy voice with amazing commentary from my part. For now here are the trade screenshots from friday and then the exits from Sunday (few minutes ago). I just added the video, hope u enjoy!
PS: If you have any comments/questions please feel free to post them..
A Technical Indicator is a series of data points used to predict movements in currencies. Have a look on the most popular technical indicators of the Forex and learn how to build your own and adapted technical indicator. Here are 4 types of most common indicators that you can download for free.
Apa yang dimaksud dengan indikator teknis Forex?
Sebuah Indikator teknis adalah serangkaian titik data yang digunakan untuk memprediksi pergerakan mata uang. Kita lihat pada indikator teknis yang paling populer Forex dan belajar bagaimana membangun indikator sendiri dan disesuaikan teknis Anda.
Berikut adalah 4 jenis indikator yang paling umum yang dapat Anda download secara gratis !!
Oscillatorsare a group of indicators that confine the theoretically infinite range of the price action into more practical limits.
Larry Williams Indicators
As the name suggests, Larry Williams indicators are a group of technical tools developed and published by the renowned commodity and stock trader Larry Williams in a series of books and articles since the 80s. …
Moving Averages are technical tools designed to measure the momentum and direction of a trend. The idea behind their creation is simple. Price action is thought to fluctuate around the average value over a period…
What is momentum? The term has a specific meaning in physics, and perhaps it is easier to understand the momentum of prices by considering an analogy. We know that the speed of a swinging pendulum…
It’s a promotion program that encourage traders to trade on live accounts. Some traders are stuck in demo or just don’t have enough funds to go live even with micro accounts. When opening an account with a particular broker that offer this promotion (you will find them all below), you will then receive a certain amount proportional to your deposit. There is also the no deposit bonus, where you get upfront a tradable amount in your account, just by registering with a new broker.
Do I really receive some money?!?
The broker usually offer two types of bonus : in percentage, and in cash.
Also, many brokers will transfer you the bonus by small deposits, depending on total lot volume you are trading. The other very important point to consider, is if the bonus is withdrawable. Some brokers will transfer you a cash bonus directly in your account, but the real balance won’t change since this bonus can only used by trading on the platform, it is virtual money.
Note that many brokers work with a dual system : they will transfer you the bonus money straight away, but then it will become gradually withdrawable after you make some trades.
Two types of bonus : in percentage and in cash
When you deposit to a forex account, you can get a percentage of this deposit in bonus, or you can receive a cash bonus depending on the size of your deposit. The important point to check here, is if the forex bonus is recurring. What I mean by this is if the promotion applies on your first deposit only, or if it will also be working on future deposits.
The forex no deposit bonus
Those new kind of bonuses are funded by the brokers themselves because of the large competion in the forex world. This translate into better deals for traders like you, if you know what you are doing. When you open an account with a specific broker that offers this program, the bonus will appear after confirmation of the account, in the trading platform (such as MT4 / metatrader). This is very interesting because it will let you try the live platform of the broker for free and as I mentionned before, you can test yourself on the live market. But the best part with a no deposit bonus, is that if you grow the account, the profits are all yours, and if you loose, well you don’t loose anything since it’s the broker funds!
What is the difference between a trading system and a trading strategy?
The strategy is a pattern that you observed, that can sometimes predict the movement and gives you a profit.
A system includes the strategy + a price target (take profit) + a loss limit (stop loss). When you add these 2 simples variables you end up with something totally different.
In effect, there are two ways to make money when you are trading.
You have a very good strategy, you win most of the time (high % hit rate, bigger than 50%). But your profits will probably the same as your losses. You will be doing quick trades to keep that good % winning ratio. You will also be using high leverage.
You have an average strategy (50% hit rate or less) but when you are making a profit, its much bigger than when you take a loss. You will use lower leverage and your trades will probably run longer.
Should you change your money now or wait? Will Euro go up or down? I’m gonna give you my forex trader opinion. Here is a screenshot of the current EUR/USD rate, every bar/candle represent a day, so we can see from September 2012 to 25 January 2012.
(Please click on the picture below to zoom on it)
You can see that since July 2012, the Euro has been in an up trend (as I draw in green). This is good news for the Euro strengh. The first resistance (dark blue line) was broken by a big movement (dark blue circle), probably because of a good news from Germany hehe.
So here we are on the next resistance (yellow line), that we already broke (yay!) with great vigour.
Now to predict the future Euro price is pretty simple = if the trend (in green) is still strong, we can go to 1.35 . That means wait for this price. But if the Euro goes below 1.29, it means the resistance in yellow was too strong and we will have another drop and you should make a move right now. Got it? Post in comment if you have any questions.
Because i’m often on the roll, I find myself checking for exchange rates almost every day. So I have been using XE for half my life now. Their website is http://www.xe.com and on the same front page you can select the base currency and the exchange currency.
I still use these guys because it’s free, and they always had the most reliable rate. And btw a little trick for you, when you converted a rate, you can quickly make another calculation by changing the amount in the address bar (I highlighted in red where in the screenshot).
Everyday before I start trading I always check if some important news are coming up on the calendar. My favorite tool is the calendar from forex factory. I will explain you how to use it quickly. Once I am on their main calendar page, I click on the current date, on the top left. Then you will see today’s main news event. The next news coming will be highlighted by a little blue arrow to its left.
Personally, I only take into consideration the “red news”, meaning that under the “Impact” label, we have a red highlight. It’s also possible to have some details concerning the news if you click the next column.
Btw when the news is about to get released, the “Actual” column will show off a little refresh button, so you can click that instead of reloading the whole page.
How to choose a forex broker? It can feel like the wild west and if you really want to make a profit out of forex, this is the most important choice you have to make. Before trading forex full-time, I was already in the stock/option market so I already knew what to look in a broker. But the foreign exchange market is a quite a bit different, so i wrote down here bullet-points how to choose the best forex broker for you.
Smallest spreads. This is probably the most important factor since this will affect your profit. The spread is the difference between the Bid and the Ask price. When you take a long position you pay the Ask price, when you Short, you pay the Bid price. Also when you close a position, it’s the opposite. So in effect you will pay 2 times the spread in a trade, to get in and then to get out. Compared to the equity market (stocks for example), most Forex Brokers don’t ask for commissions. Note that you should only be trading “major pairs” unlike the swedish krona or south africa rand, for the simple fact that you cannot a have tight spreads on these “exotic pairs” so the risk to getting positive is higher and you cannot leverage too much (spread will use your margin quite a bit). Here for example are the spreads I pay with my personnal broker :
Leverage / Margin . The forex market is known for offering very high leverages. This is what attracts most traders, because it is possible to make quick money starting from a small account (100$ for example), but keep in mind you can loose everything also quickly. Anyways, as you guys know I am a daytrader / scalper so I enjoy high leverage because I take very quick trades. 1 for 100 is the minimum leverage you should consider. The margin requirements usual go hand in hand with leverage.
Funding and Withdrawal Methods. Most brokers will make it very easy to deposit funds into your account, with credit cards for example, but what’s important is how to withdraw your money. Sometimes it’s only possible by bank transfer (wire transfer) and that means it takes times and your personal bank will charge you something like 25$ to receive the money. If you are starting forex with a small account balance this is simply unpractical. So I suggest choosing a brooker who accepts e-payments systems for withdrawal such as alertpay, moneybookers, etc… The transfers should also be automated, meaning they are done within 24h. Even if you don’t plan to withdraw some money soon, knowing that you have full access to your money at anytime is important.
Trading platform. Most brokers will be offering some kind of web based platform or java platform and a MT4 software (metatrader). To be honest with you metatrader is not the quickest thing out there (for requotes or slippage for example) but the support is extremely high meaning you have tons of free custom indicators and robots online. It never crashed on me too. So MT4 is a good generic choice, it should be offered for free with your account tho.
Customer support. Let met tell you that even with the best forex broker you will find yourself asking for support many times. Basically the broker should offer Live Chat with a person from the trading desk or for your personal account. When you are dealing with money, you cannot wait for a email answer.
Now here are few forex brokers that I used in the past, and that I would be able to recommend :