Futures.forexfrat.com writes
Winter of 95, my Folks brought me their old IMB XT computer with Lotus 1-2-3 version 2.0!
I was able to do ten-fold the analysis, and much faster than charting by hand! I entered daily data from the newspaper and it plotted moving averages, and even had an Accumulation/Distribution formula from an issue of Stocks and Commodities magazine!
If you don’t have a dedicated program to record your trading, you’re probably using paper and calculator or perhaps a simple spreadsheet to record your trading data. If so then you’re not getting all the information that you need to be successful in today’s financial marketplace.
Futures Trading Primer was designed specifically to cater for the needs of the individual trader, no matter how large or small the trading account, or how frequently you trade.
Lets face it – the more time spent recording trades, and calculating profits, the less time you have to spend on the important task of analyzing the markets and creating a trading strategy for the next days trading. All winning traders know exactly what they will be doing the next day, with contingency plans in place to cater for all eventualities. Wouldn’t it be powerful to know
How much to risk on a trade
How many contracts to take
How much you are risking if the trade goes against you
When to take partial profits
When to get out?
A good trading analysis tool should give you all of this information (and more) in an instant.
Price Prediction
1. Always remain true to your trading plan, and follow the trading style that works best for you.
2. Clearly identify each Mechanical and Discretionary component of your trading system.
3. Remember the “trend is your friend” (one of the Seven Secrets of The Professionals)
4. Trade in the most active markets (refrain from the slow inactive markets) and trade the most liquid contract months.
5. Strategize according to market consensus. When too many market participants are moving the market in any one direction, the market becomes very vulnerable. (Jake Bernsteins report?)
6. Determine the make-up of open interest. (Commitment of Traders Reports)
7. Let the market tell you when the trend is over by a patterned reverse in direction.
8. Declining volume usually indicates the market is not accepting higher or lower prices and could indicate a turn. There will be little volume at the extremes.
9. Clearly identify and adhere to risk parameters.
10. Have a plan for when the market moves for you or against you. Don’t let emotion overcome intelligence. A good plan must have defence points (stops) and attack points (technical levels for adding more risk to a winner).
Due to the huge leverage in the forex markets, just a small movement in your favor and you can potentially make a 20-30% return on your investment in less than 1 hour.
Learn more about making FOREX PROFITS.
A change in your self-concept – and the correct knowledge are all that is required.
The strength of the Canadian Dollar may be finding it’s limits.
Weekly price charts show the beginnings of a classic technical analysis top formation. Daily charts also agree.
Many currency speculators are ready to go short under 0.93 and put options are already showing increased activity.
Wikipedia Definition – The foreign exchange (currency or forex or FX) market exists wherever one currency is traded for another. It is by far the largest financial market in the world, and includes trading between large banks, central banks, currency speculators, multinational corporations, governments, and other financial markets and institutions. The average daily trade in the global forex markets currently exceeds US$ 2 trillion. Retail traders (individuals) are a small fraction of this market and may only participate indirectly through brokers or banks.
Because big players make big waves in the prices of currency – individual traders who are educated have an enormous earning potential – just by ‘riding the wave’.
At the same time, it is clear by all the internet search results on the subject, that Forex Trading Scams are very prevelent. I’ll gather a few examples as I find them…
The Forex Trading Primer Blog will provide a brief introduction to trading Forex.
While Trading Forex is a specialize market requiring good knowledge of Foriegn Currencies and Current World Affairs, the same fundamentals used in stock and commodities trading also apply.
Preparing to enter the Forex markets, one would be wise to review Forex trading basics and to study Forex trading examples through a variety of Trading Books, Forums, Websites and specialized Forex trading courses that include one on one coaching from an experienced, successful trader.
In time, you will become adept at working with statistics as you monitor and adjust how you trade forex.
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