Forex is the short way of saying foreign exchange. If you have never heard of foreign exchange, then you should know a little bit about it. Foreign exchange usually comes into play when you are going to travel to a different country. This is because the many countries around the world have their own currency. If you have decided to vacation in a country that is different than your home country, then you may have to exchange the currency that you have for the currency of another country. You may think that there is no difference between the money of your country and the money of another, but this is not true. Not only do the variety of currencies that are used look different, but they are also worth a different amount depending on the country. Another reason that you may have heard the term Forex is when it is being used to talk about foreign exchange currency trading.
Define Forex Trading
Since the money of the different countries around the world are worth different amounts, you will actually be able to trade a currency that is lower in value for one that is higher in value. Trading in the foreign exchange currency market is very popular among a lot of different people because it is possible to make money from it. Before you decide that it is a great idea for you to start trading currency in the Forex market, you should take a lot of time to learn about how this market works. The exchange rates are constantly fluctuating, and if you do not know what you are doing, you could lose a large amount of money extremely quickly. The first step that you can take is to begin your search for information on the Internet. You will be able to find a lot of information about the foreign exchange currency trading market by performing a search online. Once you have read all of the information that you can find and you feel comfortable with it, then you should look for a broker. There are many companies that will set you up with a free account that you can use to practice trading without actually losing or gaining any money. Practicing is essential for you to figure out a strategy that will work for you. Once you feel more comfortable in your skills, then you can start trading actual money on the market.
I've been part of the hiring process for many of the trading firms where I've worked. Perhaps that is why I receive a fair amount of mail from people seeking trading jobs and careers. Most of those job inquiries are particularly ineffective. They do not contain the information that any quality trading firm would need to interest them in an application. The sad truth is that there aren't many resources to help traders navigate the job hunt. Of course, many traders prefer to remain independent. That provides them with maximum control over their money management and the highest payout. A while back I wrote about pitfalls one experiences in joining a proprietary trading firm. Regardless of the type of firm, the big question is: do the resources gained from affiliation with a trading organization outweigh the costs? If the affiliation brings you needed capital, access to markets, superior technology, and significant professional development among colleagues, it can be spectacularly successful.
To Do - Build a trading track record.
If the affiliation takes more in overhead than it provides in tangible resources, it's not a worthwhile proposition. So how does one navigate a job search with a trading firm? To Do - Build a trading track record. It may not be with a large account at all, but show a strategy and show results. Smart applicants assemble a "pitchbook", where they describe their background, summarize their strategy, illustrate sample trades, and provide detailed performance metrics. A pitchbook with a resume and cover letter will get attention. It is professional and displays what you know and what you do. To Not Do - Beg. Whine. Tell people how very motivated you are. Talk a lot about passion but say little about actual, concrete trading expertise or accomplishments. Boast about your ideas and acumen, but have no track record to support your claims. All the above comes across as less than professional and meets a rapid fate in the circular filing cabinet. It's not uncommon that I'll hear from traders eager to find a firm that will give them a chance at success.
This is where the right educational programs can be useful.
The stark reality is that trading firms don't give chances; you have to earn them. And if you don't yet have training and trading results? Then a sound strategy can be to learn specific trading-relevant skills that can make you valuable to a trading team as a junior member. The team can provide you with training, mentorship, and experience and you can provide the team with needed support. Those skills and experiences will make him all the more valuable to teams managing long-short equity books and "macro" portfolios. Starting as a junior analyst or assistant to a trader is a great way to get a foot in the door for eventual money management. This is where the right educational programs can be useful. One way or another, you need to acquire skills and experience to set yourself apart. Make yourself a valuable resource, build and work a professional network, and opportunities are most likely to come to you.
Is Forex too big to be manipulated? FX Manipulation despite high market volume? The argument that forex is the market with very high volume seems to be enough to blind most of the forex traders to analyze their charts and the repeating price patterns e.g. at News Releases with a clear mind. Some big FX Market Players might be able to rig the market price. Bloomberg recently revealed some manipulative price rigging patterns in Forex. With a large chunk of market orders by the Forex manipulators the stop and limit orders of the mainstream traders might be used to work in the interest of the manipulators. The mainstream stop and limit order zones might be used by the manipulators to position against the mainstream FX traders with either building up a position (accumulation) or closing a position. Is the Forex market really too big to rig? How could it be that market is so often reversing at a breakout level with all the triggering stop and limit orders pointing in one - the opposite direction? Who can effort to accomplish a position and reversing the market at these market levels when the market logic is against them?
Wouldn't it be “crazy” to go against the market when most of the stop and limit orders at these levels are triggered against you? As it is also frequently happening on very short time frames automated programs seem to be even programmed to execute this “crazy” trading behavior, also at news release despite the typical high market volume and the unknown future event. Who is so “crazy” to go against all market orders over and over even by automated trading in a market which is believed to be too large to be manipulated? So, maybe there is something wrong with the assumption that the Forex market is too big to rig. Only the occurence of manipulative behavior can explain these trading patterns in my opinion.. So, I know that there are many opinions about Forex out there: Reaching from too big to be manipulated, regarding Forex as an efficient market, to Forex price manipulation and Forex scam. I only would like to ask you to be more skeptical about a business where approx. 95 % of fx traders lose and to focus more about the function of popular stop/ limit order levels in the forex market in general and in particular during news releases.
Forex is a dealing system also noted as FX or and foreign market exchange. Distinct money percentages happen and fluctuate every day. What the worth of the dollar could be one day could be higher or lower the next day. The dealing in the forex business is one that you have to observe closely, or if you are expending vast amounts of money, you could lose huge sums of money. The principal trading domains for forex, takes place in Tokyo, in London and in New York, but there are as well many other places around the globe where forex transacting does take place. The most heavily dealt currencies are those that comprise (in no particular order) the Australian dollar, the Swiss franc, the British pound sterling, the Japan yen, the Eurozone eruo, and the US dollar. You can deal any one currency in contra to other, and you can trade from that currency to another currency to escalate up extra money and interest everyday. The domains where forex dealing is occurred will open and close, and the next will open and close.
Author's Bio: Manage your personal finance very carefully.
This is perceived also in the stock market exchanges from around the sphere, as distinct time zones are processing order and peddling during distinct time settings. The outcomes of any forex dealing in one country could have effects and differences in what occurs in additional forex businesses as the nations take turns opening and closing with the time belts. The stock bazaar is mostly established on products, values, and other influences within companies that will change the cost of stocks. If somebody goes through what is going to occur before the overall public, it is generally known as inside trading, using commerce secrets to purchase stocks and earn money - which, by the way, is unlawful. There is extremely brief, if any at all internal facts in the forex trading marketplaces. Each currency that is dealt on the forex mart does have a three-letter code connected with that currency, so there is no mistake about which currency or which nation a person is investing with at the time. The eruo is denoted by EUR, and the US dollar is denoted as USD. The British pound denoted as GBP, and the Japanese yen is as JPY. If you are curious in reaching an agent and becoming involved in the forex dealings, you can look for information online where you can review the firm report and agreements before processing and becoming involved in the forex businesses. Author's Bio: Manage your personal finance very carefully. Please Register or Login to post new comment. GigaFx Review - The Legit Platform For Online Trading? How to make Forex Trading Easier?
How will you actually know the changes to be made or even the best practices to extend?
Many who visit the TraderFeed blog and its nearly 5000 posts will use it the way they might use a library. They'll browse through readings and eventually pick something out that catches their attention. There is, however, a more active use of the material, where it becomes tied to your plans for development as a trader. Here is how you can make an active, Pros and Cons of Labral Repair Surgery creative use of the trading psychology material. The first step is keeping a weekly or monthly summary of your performance, depending upon how actively you trade. How well you managed yourself and kept yourself in peak performance mode. In your summaries, you would identify what you did well--and how you did it well--so that you could repeat the successes going forward. You would also identify what you didn't do well and the specific adjustments/changes you'll make going forward to correct the problem. But wait a minute! How will you actually know the changes to be made or even the best practices to extend? Perhaps in your best days you traded with focus and in your worst days you experienced distraction. Do you actually know how to build focus and how to minimize distraction?
In this way, the blog becomes a creative resource--a stimulus for brainstorming.
Similarly, you could find that in your worst trading days you were impulsive and reactive, whereas in your best days you remained selective and planful. What can you do in real time to keep yourself focused? To sustain self-control and selectivity? Here's where the creative use of the blog comes in. By Googling the topics related to your performance goals, you can immediately pull up several relevant posts. Similarly, you could browse the selected links from the home page and find topics related to your goals. Suppose you read 3-5 posts/articles and then start jotting down ideas that came to mind during your reading. The odds are good that some of these ideas would help you narrow your goals and identify the specific practices to pursue for improving your trading. In this way, the blog becomes a creative resource--a stimulus for brainstorming. You could accomplish something similar by purchasing several good trading psychology books and reading the portions relevant to the issues you're working on in your trading. In synthesizing the views from the books or articles, you generate unique ideas for pursuing your goals. Imagine--weekly or monthly--systematically reviewing performance and finding creative ways to extend your strengths and correct your weaknesses. Week over week, month over month, the compounding benefit of this work on yourself would accumulate, supercharging your performance. By using the blog to inspire ways of working on your goals, you truly become your own trading coach, guiding your development in the short run to achieve superior returns in the long term.
Currency Trading Software
The forex market has the most new traders when compared to other financial markets like stocks, futures or options because of its global nature. Venturing into currency trading is very easy and has higher liquidity on every investment. New traders who join in haste usually lose all their investment because of no preparation and research done on the forex market. There are many things that can bail out current traders and help new ones to start as successful forex traders. The best way to avoid losses when trading currencies is by doing through research on the global market and plan well before venturing into this market. People who don't want to slog their brains out by doing market research can always opt for forex automated trade programs. The Forex market is based on three factors: geographical location, functioning and participants involved. Geographical: The FX market has high potential and is available worldwide.
The currency is always volatile and increases and decreases constantly.
It provides 24/7 access to its traders making it the most attractive option for investors. Trading keeps on going around the clock, as different countries trade in different time zones. The major exchanges involved include San Francisco, New York, London, Tokyo, Bahrain, Hong Kong, Singapore and Sydney. This market is huge, and it's better than stock or any other financial market, which makes it a power profit tool. Functioning: The currency trading market is a place for countries to exchange their currencies for profit. Whenever a trader makes profit by exchanging currency in forex market, his virtual currency is converted into his country's currency. The currency is always volatile and increases and decreases constantly. The FX market helps countries to maintain a good exchange rate by encouraging exchange of goods and services. Participants involved: Forex has two markets a wholesale market i.e. the interbank and the retail market i.e. the client. Forex market has many types of participants such as commercial banks, individuals, arbitragers, central banks, treasuries and foreign exchange brokers. All the participants in forex market look to make profit by trading currencies, however commercial banks make the highest profit in forex market.
Although we may get a bounce early this week my opinion that stocks will be heading down for September has not changed. Stocks often have a move around the Full Moon and the New Moon and Monday Sept 12 is a Full Moon. As the Full Moon is squaring the Moon's nodes any bounce will probably be short lived. This week has Pluto turning direct on Sept 16, see the daily chart below (blue arrow point right marks the Pluto direct dates). One thing that Pluto rules is debt so expect debt, either in Europe or the US to be front and center. As mentioned in a previous post Venus, the ruler of resources and things of value is translating the Uranus / Pluto square by first opposing Uranus and then squaring Pluto. All the above point to a period of time that should be, at the very least volatile for the markets. The week of Sept 19 includes the next FED meeting. If the FED announces QE3 or something equivalent the markets can be expected to bounce, and possibly strongly, but I would look at this as an oppourtunity to sell or short the market.
In addition the Uranus / Pluto square will be separating.
Market cycle wise we should be seeing a trough in the stock market in late Sept / early October. Perhaps the negative transits around Sept 27/28 are the worst of it and the markets take a few days to stabilize and then start to rise in early October. Looking out a little further a grand trine will be forming between Mars, Jupiter and Pluto in November all at a time when Jupiter is in a positive position in the skies. In addition the Uranus / Pluto square will be separating. This could point to rising markets in October and November. Gold and silver have neutral trends at this time. Pluto moving direct has had a correlation to moves in Gold usually within 6 trading days after the direct date which again is Sept 16th. These are averages so a move in Gold before the Pluto direct is also possible. Gold, Silver prices and many commodities in the short term. For those who follow the Primary cycle (15-21 weeks) we are currently in the 17th week. Same comments as Gold although our chart showing heliocentric Venus and Jupiter is losing it’s correlation to Silver. This happens so we’ll watch and see if Silver can break out of it’s sideways move and follow either Venus or Jupiter onward. Of course a recession in the US or broader world-wide recession would bring crude prices down. Cycle wise a low in crude is possible in the November time frame.
Beginners generally need a lot of help in trading. This help will come from an assortment of tools and software which we shall call the best forex trading software for beginners. What are these software and what can they do for traders in the market? Here is the list of trading software that beginners can deploy to make their trading venture worthwhile. There are several charting software out there. Even the favourite trading platforms that are used by retail traders contain charts. However, there is a need to go the extra mile and get hold of standalone charting packages that enable a trader do a lot in terms of chart analysis. One of such charting software which is free to use is TradingView. TradingView does have a premium package, but these are not necessary for a beginner to use. Beginners can simply go to the trading view website, and select the assets that they want to view on the charts.
Forex Official Site
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Topic title: If You Do Not Know What Forex Is
Topic covered: forex trader adalah, forex trading tutorial, fx currency trading, i trade forex, spot forex
