The first step in trading foreign currency is to open an online Forex trading account with a company offering this service. The next step is to have a computer that is connected to the Internet so that you can access the FX market place. This connection is made through the company with which you have an account. Since the pace of trading on the FX market place is very fast, it is recommended that you have a very fast computer with plenty of memory and disk storage. You do not want the response time of your computer be a hindrance in your ability to complete trades which can impact the amount of money you can potentially earn. Unlike the New York Stock Exchange there is no opening bell or closing bell for the FX market place. Trading occurs around the clock because countries are in different time zones. It is only closed for a short period on the weekends. Trades can be made at anytime of the day or night. The market is open 24 hours a day and 7 days a week. Trading on this financial market is considered to be fast paced because of the hours it is…
Here we will look at the concept of following Forex price action via charts and making huge FX Gains with a simple and proven method. If you use the FX strategy enclosed, you will catch every big trend and profit so – let’s take a look at it in more detail. If you look at a chart of any currency pair you will see big trends which last for weeks on end and these trends can give you fantastic profits if you know how to get into them. The good news is the big trends all start and continue in the same manner – They break overhead resistance and then, move higher and this is called a breakout. If you trade breakouts, you will have a simple and powerful method which simply follows price action and gets you in on all the big trends.
Price action lend themselves really well to daily chart Forex trading, but so many people ignore these simple techniques in the quest for more elaborate trading systems that will have them sat in front of the computer all day long. Yet you can be a professional trader on less than one hour a day, and you can have the rest of your time to enjoy life, or you may even decide to keep your day job! 99% of the people, come to Forex for easy money or so they don’t have to sit at their desk being told what to do all day long. But after a short time in the markets most traders are doing way more hours than they did at work, and they are probably a lot more stressed out as well. Trading ends up turning into a nightmare job and eventually it becomes too much and the trader quits.
You’ll often hear it said that 95% of Forex traders fail, so there can’t possibly be any Forex EAs that actually work out there. While it’s true that 95% of Forex traders don’t end up making a consistent Forex trading income, it’s nothing to do with Forex expert advisors at all. In fact, it proves all the more that you need a profitable Forex EA to make the Forex trading income that you desire. By the end of this article, you’ll know how you can use the best Forex expert advisors to make you rich. So read this article now in order not to miss all of the opportunities.
To begin with one must understand what trading foreign exchange really means and what is required in order to make it a profitable business. Anyone above the age of eighteen and located at a place where there is a computer and an internet connection can trade foreign exchange. It does not take a lot of money to begin foreign exchange trading. In fact, some brokers offer a live trading account with as little as 30 US dollars. The bare minimum required to make a workable income every month is actually three thousand dollars.
You’ll often hear it said that profitable Forex expert advisors cannot possibly exist, because if they did then the big banks and hedge funds would just sack their trading teams and replace them with Forex EAs. This is a blatant lie that is told by people who don’t have the slightest understanding of how fund trading works. Profitable Forex expert advisors do exist, and there are very good reasons why banks and funds don’t use them to trade. By the end of this article, you’ll know why you have the opportunity with Forex EAs that the banks don’t want. Read this article to know everything about good expert advisors.
It may surprise you that a large number of the MetaTrader 4 expert advisors being offered for sale are classified as a scalping expert advisor. That’s because scalping EAs have many attractive characteristics that appeal to the average Forex trader. That said, there are hidden dangers involved with trading a scalping EA that you may never have been informed of, so you owe it to yourself to get the full truth about these EAs before you invest your hard earned money into them. By the end of this article, you’ll know the hidden dangers of using a scalping expert advisor. The Appeal Of A Scalping Expert Advisor So why is using a scalping expert advisor so popular? Scalping means taking very small profits on each trade (between 5-10 pips normally) with a very wide stop (anywhere between 50-200 pips). Scalping EAs are designed to have very high winning percentages, which appeals to Forex traders because naturally as people we like to win, and we like to win a lot. When market conditions are favorable, a scalping expert advisor can put together 20 or even 30 winning trades in a row, and it’s these long winning streaks that Forex traders love…
Learn How to Make 10 pips a Day Faster Than Other Forex Traders! Before we go to deep details about Forex Pips on how you can make 10 pips a day, we need to understand what the word “Pips” is and how you can leverage your trading profit. A Pip is normally the last digit on the right in a currency. For example: If the EUR/GBP trades at 1.2464, then “4” is the Pip and if the EUR/GBP moves to 1.2884 that would be a 420 Pip move.‘ Ready for easy profits in at least 10 pips? Get them with help of this article!
Most Forex traders are familiar with Candlestick Charts. Candlestick charts are invented by Japanese rice traders in the 16th centuries. Over the centuries these charts have been perfected into an art form. But how about another Japanese invention, the Renko Charts? Yes, Renko Charts are another Japanese creation that has been widely used in Forex trading yet, many Forex traders might never heard of these charts. These charts are based on price only not on time. On a regular candlestick chart or a bar chart after a fixed time interval, you will find a new candlestick or a bar but not on the Renko Chart.