Online Trading Comparison, Choose The Best

If you are planning to do any online trading, you will need access to large amounts of information on the pairs you are interested in. You should check out the few good quality forex forums out there, they will help you to create a clear picture of the current state of the market.

These are the factors that you should consider in your online trading comparison:

An online trading comparison of various sites will help you find which forex broker is the best match for you. This is a big decision and made even more difficult because you are making it before you have enough experience to really appreciate which features and options will be most important and useful to the way you operate. The good news is that there are several very good brokers to choose from. If you limit your comparison to the most well known online forex trading companies you should generally be alright. But take the time to do an online trading comparison and you can select the very best match. This will improve the whole experience of online trading for you and hopefully keep you from having to go through the hassle of switching brokers down the road.

When starting to trade, you want to be able to start small so look for a broker that offers a low intitial trading deposit, because, even though it's not possible to replace your day job trading a few hundred dollars of course, it will help you to appreciate trading real money. Most brokers use the Metatrader 4 platform, which although has it's limitations, also has a lot of useful features. Quality charting, ability to code custom indicators and automatic trading bots (expert advisors).

Do You Need A Forex Mentor?

Forex trading involves buying one currency while selling another simultaneously. With all the excitement about Forex and the easy access to its markets, many people already familiar with stock trading are eyeing Forex trading as an attractive alternative. Significant reasons for the popularity of Forex trading include: 24-hour market; good liquidity; small start-up capital; trading in your time zone; good trade setups every day; and low trading overheads.

However, the downside is that while Forex trading looks easy, it is in fact not easy to learn, especially on your own. Of course there are the few good traders that are self-taught, but the majority ends up paying painful lessons for the Forex markets to “teach” them how to trade.

 

Can this be avoided?

There is a huge variety of Forex training seminars, e-courses, training videos, Forex how-to books, etc, that are offered both online and offline. Each is sold at a different price, but you should not judge on price alone on the suitability of the offer. More importantly, you have to find a delivery method which enables you to learn well. Before purchasing, always inspect and compare various offers to find the one you are comfortable with.

As most seminars, books and videos target a general audience, be conscious that you might not be properly trained and mentally ready for real trading even though you have digested every bit of knowledge being dispensed. Many times, you can be left with questions and doubts that could not be addressed by learning to trade via these channels.

Enter the Forex mentor: a teacher, guide and companion on your Forex learning and mastery journey. The mentor uses trading experiences to teach you necessary skills and knowledge for successful Forex trading. Armed with lots of previous successes and failures as examples, the mentor will elucidate the good, bad and ugly of trading and pass on valuable lessons from these.

A Forex mentor helps you to find out what trading methods work well for you and helps you put them into action. Doing this can actually make you profitable sooner, which is a real plus to your Forex education and trading account as well. You save countless hours of useless trials and errors, get your doubts clarified and questions answered, and stay away from doing trading research that usually leads nowhere.

Most importantly, your Forex mentor is someone who has an interest to see you succeed. In a mentor, you get a real person coaching you one on one; when you learn trading on your own, you have to contend with online forums or Email type of “answering service” that often cannot tackle the difficulties you face as a trader. Your mentor keeps you focused with defined trading goals and gives you feedback on how you are doing as a trader.

Just as important, you will get to learn that all traders will make bad trades — your mentor included — and how they recover and learn from their mistakes to become better traders. Contrast this with the typical “high success rate” hype that many marketers are telling you about their Forex training services and products. A Forex mentor will give you the real deal with no sugar coating.

When it comes to trading, a little knowledge can be a dangerous thing. There is just no substitute for proper education in Forex trading, as ill-informed traders will find out soon enough after putting their money into the markets. If you have the discipline to learn on your own and see through its completion, attending seminars, watching trading videos and reading Forex books can be a good investment in yourself. If you don’t, consider seeking a Forex mentor.

Whether you are already trading Forex or going to start, a Forex mentor’s guidance can help you jump-start your trading and get real results quicker. Before you invest or continue to pour more money in the Forex markets, serve yourself first by investing in your Forex education, which can go a long way to underpin your trading venture. Learn well, then trade well!

Remember - you can't lose if you don't trade!

You probably have found out about currency trading - it sounds exciting, but it really also can sound intimidating. This may cause you to be reluctant to put your cash on the line. Most forex brokers provide you a demo account where you can practice trading and see how you perform, without spending any money. They provide of course, training, charting, research and support.

In forex, if you’re unclear the best way to make a move, do nothing! Honestly, it's that simple.  Never enter a trade based on hope, or indecision, or fear, or greed.  Very likely, it will destroy your account long term.

Make use of it, and if you set about trading forex and find yourself clueless, take a step back and try paper trading again until you feel there is a hang of it.

 

What You Need to Know about Forex Trading

If you’re looking to enter the fast-paced world of Forex trading, you’ll find that Forex allows traders to exchange world currencies for a potential profit. Trading exchange posts are found in many world capitals, so trading doesn’t happen from one central exchange, as it does for other forms of trading (such as the New York Stock Exchange). You may track the values of respective world currencies before trading one type of currency for another.

These days, many Forex traders get their fix via online trading platforms, which allow them to arrange trades 24 hours a day, seven days a week. They chose from a range of trading packages, usually in subscription format, and then perform trades as desired. These types of online Forex trading platforms typically come with a range of learning tools, such as webinars, podcasts, articles and fx market analysis tools. By selecting the right platform, you’ll find it easier to enter the high-octane world of Forex trading.

Forex Market Strategies to Consider

To help you get good results from trading or speculating on Forex market currencies, we’ve created a detailed quick guide that features some savvy trading techniques. When you utilize these methods, you’ll learn more about the way Forex trading works, and you may boost your odds of enjoying successful trades that improve your financial picture in a hurry. So, let’s look at some Forex market strategies to consider.

False Break Trading

If you’ve dealt with the disappointment that comes from entering trades, only to find that the tides turn against you almost immediately (i.e. prices go in the opposite direction of your prediction), you’ve encountered what is commonly known as a “false break”. To understand why the false break trips up traders and speculators, you may want to learn what a false break in the Forex market really means. By wrapping your head around the concept of the false break, you’ll be able to trade more effectively and much more accurately.

A false break is defined as the result of a “mob mentality” among traders. This mob mentality causes traders to follow the leader, triggering price shifts. Typically, during a false break, buyers will purchase the top of a move or sell the bottom. T

Many savvy traders have earned big bucks through this contrarian trading technique, by using false break patterns to predict price shifts that go against the grain of what’s logical or expected. In the Forex trading game, the most knowledgeable traders make cash, while others lose out. By learning about the power and potential of false breaks, you’ll be one step closer to getting the cash returns that you’ve always dreamed of. So, watch for these breaks while you’re analyzing the Forex market and then take action. These shifts may hurt other traders who don’t understand them, but they don’t need to hurt you.

False breaks don’t really last. They are levels which won’t be sustained, and they are indicators of basic trends. However, the market will almost always retract from a false break. The trick is utilizing the power of these price shifts while they last, rather than being damaged by them during trading action.

Explore the Precision Trading Method:

In precision market trading, you should avoid overtrading, because it often results in losses. Daily charts should be used to develop price action trading techniques that deliver the right amount of precision, every single time.

Your best weapon in the precision trading game is the key technical analysis  tools, that have been tried and tested for decades, such as support and resistance, trendlines, pivots, fibonacci, etc... Use them regularly to get the inside scoop on what is going on with your preferred Forex currencies. If you don’t know how to use these tools of the trade, it’s time to learn.

Remember, lots of study and analysis should be undertaken before each trade, this is not a guessing game.