flybiz08

I do not think it is possible to completely eliminate the human factor in trading becuse lets face it, moiney is money and I do not also believe that there's any amount of money that is not important to a forex trader. Therefore, the best thing to do a s a forex trade is try as much as possible to reduce emotional influence on trading to the barest minimum.

I believe this thread should be int he section for forrex brokers but I'll take aabout this broker here. FXCM as of today is the largest retail forex broker and next to it is oanda. I like their trading conditions but since the implementation of the new FIFO rules ny CFTC, it has become difficult to make money with these guys. I have asked for a transfer of my account to FXCM UK.

Thats true and with the technical analysis, we as traders know where to enter the market and at what price. It is also the technical analysis that help a trader to know where the major support and resistant levels are situated and a trader should take note of them because of price reversals.

The interest rate is one of the common factors or economic events that affects currency trading. This is because when the Central Banks increase the rates, the currency tends to strengthen but when the rates are lowered, the currency tends to weaken. With this basic knowledge, traders can take advantage of the markets.

Its on the positive side but not so much on the positive angle I guess. I try as mmuch as possible to meet my trading target and when this is done, I do not aspire to make anymore for that time period. Its good that a trader from time to time assess the winning ratio of the trading system.

The 4 hour time frame is my favourite time frame and that is so because I do not really perform well in analysing the other time frames. With the 4 hour time frame, I can see the activities of the market near term and make good forecast that can span information to as low as the 15 min timeframe.

The first thing a trader should do when an economic news event is to be traded is to first understand the nature of the economic event to be released. Next is to understand how this economic event will affect the markets, high or low impact. It is the high impact events that are commonly traded by forex traders.

With the swing trading, a trader is likely to spend lees time making forecasts and also less time with the computer screen. Swing traders often have other activities that engage them since not all the time is spent on the charts but usually they have to wait for days to weeks before a target is hit.

Then that learning should be on the demo account and the trader should practice how to trade with a particular risk management technique. It is important that a trader particularly the new forex trader also know how leverage can impact their trading and how it relates to risk management.

A trader is like to male a mistake in picking the right broker for forex trading. It is important to note that if a trader does not carefully take time in looking at a number of factors like regulation, trading conditions, fund transfers and a host of other factors, the trader might pick a broker that is not appropriate.

It is the fact that I risk about 1% for every given trade I take regardless of the pair, the time of trading, the signal strength and the type of currency pair whether majors or not. I never go beyond this limit and no matter how greed tries to tempt me, I will not.

I prefer HYIPS in a way for a trader that cannot make something out of the market, although I know that it is illegal. The risk associated with these HYIPS is very high but if a trader can be very smart with these guys, then there is a chance that the trader can go home with something at the en of the day.

I think that why most traders like the forex market is because the forex market offers the 24 hour trading around the clock. So based on this, the traders find it more convenient to make more money than in the stock market or any other market that runs a few hours a day.

I actually rely on both fundamental and technical analysis to come up with a trade signal. When a trader depends on just one form of analysis, then the trader is the success rate is bound to be less than when both forms of analysis were used.

Trading smartly and being consistent in winnings is one way to make profits from the forex markets. A trader needs to trade at the right time and when an extensive analytical approach has been consulted.

If you're new to forex trading, I suggest that you do not try this kind of trading method as it will only bring in losses more than wins even when a new trader thinks it is easier to make money this way. Scalping requires a lot of experience which new traders do not have.

It is because most traders are losers and then since most traders do not win when they take a lot of trades, they think luck or gabling is all that is needed to succeed When a trader begins to rely on luck, that trader is already gambling and will not get much from trading.

For a trader to attract the probability to his side, the trader must have a consistent and profitable trading system which the trader has developed and tested over time with positive results. Of course, proper risk management must be imbibed.

Without compounding, it will be difficult for a trader to make the money that is much talked about in forex trading. This must be done smartly and also the trader must also be withdrawing part of the profits from time to time.

It is a good concept for every trader to realize this. Allocating a specific amount per trade will no doubt go a long way to limit our losses. If our profits are usually more than what we risk, then applying this method will show that even when a trader takes a loss, there is still profits.

Without live trading, money cannot be made my friend. Before making an attempt at the markets, it is imperative that a trader spend quality time in the demo accounts learning how to trade by testing and retesting new strategies.

It all depends on the knowledge and the experience level o f the trader. For a new trader, that trader will have a very low experience level and as such a small starting capital should be used. I recommend a micro account with not more than $50.

Trading in the forex ,market without a trading plan is just a prerequisite for failure and losses. Forexx trading requires a trader to have a trading plan at all times and then implement or follow the trading plan. Most traders lose because they abandon their trading plan.

Luck has no place in forex trading and if any forex trading should depend on luck to make it, then that trader is simply gambling with hard earned moey. Skills are what the forex markets require and to get those skills, a trader will have to invest real time on the demo accounts.

Some seminars are free and even some webinars are free as well. A trader has to locate the right source where a trading guide can come from because without this trading guide, the trader will find it very difficult to make it.