Tag Archives: Forex Trading Strategy

There are so many online Forex tutorials these days that it is often difficult to know if you’ve made the right choice. Anyone interested in becoming a successful currency trader must invest his time and sometimes money to learn all there is to know about the Forex markets and how to go about making the best trades.

Many brokers offer their own tutorials on the subject but there are several drawbacks to depending on these types of courses. Brokers are out to make money and by providing potential traders the basic tools for trading, a novice trader will be inclined to open an account with the broker at the end of the course.  Whether intentional or not, a broker’s instructional track is usually not altogether objective and is skewed in the direction the broker wants the trader to take.

In addition, most of the educational material offered by a broker is usually limited in scope. Mostly it boils down to a few videos or textual classes with explanations that can be easily found anywhere on the Internet.

FX Academy, which was launched recently, is a different type of Forex course. Because it was developed and is maintained by DailyForex.com, an independent news and broker review service, it is a totally objective and not beholden to any one broker. 

Fx Academy is the first totally interactive Forex curriculum. Its 28 lessons spans topics from the very basics of Forex to the more intricate tools used in Forex technical analysis.

The lessons at FX Academy were conceived by Forex specialists who have years of experience in Forex markets. FX Academy was built with the beginner trader in mind and traders can move along at their own pace in the relaxed, atmosphere of their own home. The first few lessons cover the basic concepts with which every Forex trader should be familiar. The courses advance in order of their complexity and that’s what makes FX Academy suitable both beginning and advanced traders.

Video, Quiz and More Reading

Each lesson comes complete with a delightful animated video, a quiz consisting of about 5 questions each and additional reading suggestions to help the student get a broader picture of the topic being discussed. Some lessons come with trader simulators to make the covered material come alive. In addition, FX Academy has developed its own unique Forex Strategy Simulations, a valuable tool that can assist students in defining their personal trading strategies for the future.

The quiz at the end of each lesson tests the student on what he/she has learned and an award system assigns points to the student for completing each lesson and passing the quiz. These points accumulate and can be used toward certification at the completion of the course.

Member Support

There’s something more to FX Academy than just a bunch of great features. The people behind the scenes are always available to help the student when needed and they can be accessed through Chat, email or phone. FX Academy is also on Facebook and Twitter so it makes it easy to connect.

FX Academy is a total educational experience. And let’s not forgot that FX Academy is completely free. You don’t have to sign up with a broker, there are no hidden charges and the vast amount of information offered is unprecedented in the industry. So if you are looking to start learning about Forex or if you are already involved in trading Forex but need additional instruction to increase your profits, have a look at FX Academy.com.

The simple solution is as long as you're consistently able to gain more than you lose; you've won!!!

For some of people to turn break even strategy into consistently profitable strategy is to master a risk management profile. The trader must have their risk management, entry, and exit criteria clearly defined.

Very common statistic about the forex market is that around 95% of people that start in it, will inevitably lose their money and fail. Forex market is highly volatile environment and one of the reasons people fail is that they risk too much before they understand what they are doing. Most of the people starting out competing against professionals who have superior knowledge, and years of experience.

Lack of experience and insight into what makes a successful trader, lack of appropriate plan or the knowledge ones need to be successful in forex, poor risk management and human emotion are some of the most common ones. Many times it all comes down to a lack of respect for the nature of the forex market.

Here are very specific things you can do to improve forex trading results:

·         Have a clear definition in mind to spot the potentially profitable trade that is manifesting on the charts and visualize insights of winning and losing outcomes before trade will fold up.

·         Learn as much as you can, through your own experience to internalize it and study your mistakes.  

·         Accept that you'll never be the "best", there is always room for improvement, and always keep learning

·         You can learn a lot from other people that are already successful.

·         Practice, learn, and practice more. Learn to take responsibility for your own trading decisions.

·         You're undoubtedly going to end up blowing out your account and become part of the statistic of failures at some point, but don’t give up.

No trader can succeed if they do not have a trading plan which is an essential part of successful forex trading. Every trade will not be a favorable one but it’s important to do your best and maximize as many favorable trades as market offers to you.

Trading the forex is in part a psychological game. Pattern recognition, signal interpretation, analysis of indicators, mental discipline and understanding of human psychology all make forex trading the most fascinating of human financial endeavors.
 

GBPUSD Live Trade Midday London Session 7th April

 

 

 

 

 

 

 

 

 

 

USDCAD Live Trade Double Bottom NFP

We have been observing the USDCAD on the higher time frame charts, and waiting on a clear signal. Todays NFP created the volatility we needed, and as shown in the video we have traded the double bottom, and the retest..

 

 

 

 

 

 

 

GBPUSD Live Trade London Midday 3rd April

Another Live trading example. Todays London midday GBPUSD  trade was based on an indepth understanding of price movements related to Price Action. We observed a notable sell off in the GBPUSD into a strong area of support, observed on the higher time frame charts. Areas of interest where refined on lower time frame charts as shown in the video.

 

 

 

 

 

 

 

    GBP/USD Live Trade -   London Breakfast Setup

 

 

 

 

 

 

 

 

 

 

      GBP/USD LIVE TRADE LONDON FADE

 

 

 

 

 

 

 

 

 

Market Analysis 20-24 August

USD Direction this week: Range bound

The FOMC minutes on Wednesday and durable goods report on Friday will be the main data point of the week It is expected the USD will remain firm into the release of the FOMC minutes and there is a high probability the FOMC pursues additional measures to stimulate the US economy. We expect a firm rise in the durable goods consensus, which would be the third monthly solid rise in a row.

Potential currency movers this week:

Wednesday FOMC;  

AUD/USD Direction this week: Range bound

It is expected consolidation of this currency pair as the RBA Board meeting minutes are unlikely to offer any new insights on policy. Break through 1.0436 support confirms a trend change and immediate exposes 1.0372 channel support

Potential currency movers this week:

Tuesday RBA board minutes;  
Thursday China flash manufacturing PMI;  
Friday RBA Governor testimony;

AUD/JPY Direction this week: Bullish

Overall we expect the AUD to drift slightly higher over the week against JPY. The July trade balance is forecast to come worst then June. 

Potential currency movers this week:

Wednesday Trade Balance, BoJ Governor Shirakawa Press Conference;
GBP/USD Direction this week: Bullish
 
We ramain bullish on sterling, the reasons are firm production, construction and retails sales data for June suggest Q2 GDP is very likely to be revised higher (on Friday) from the initial -0.7% qoq estimate.
 
Marius Mass
Green trades...

What is the best forex trading method in existence

It’s a silly question really – ‘what is the best trading method?’ – because to each trader and each situation, the answer is going to have a number of different options. There is not simply a single method which constitutes the best trading method, because the fact is there are several out there each as successful as each other in different ways. The secret is sticking to your trading method and planning for the worst. These two points constitute the best trading method around, because they are going to make you a successful trader in the long run. 

Many traders disregard the benefits to be gained from planning for the worst, with the mistaken belief that the best trading methods derive from focussing on the best. Planning for the worst will cover your winning trades and your losing trades. Here’s how.

Why it’s good to plan for the worst

Why plan for the worst? A lot of traders have the potential to do great things with their skill, but are hindered by one major error which renders even the best trading method pointless: planning for the best.

The fact is, we all want the best outcome. You’d be daft not to. But here’s the clincher: If the best outcome falls into place, then providing you’re sticking to your foreign currency trading system then there is nothing you need to do. Why would you make plans based on an eventuality which, if it comes about, would require you to do nothing?

Your best option is to plan for the worst. Nobody wants the worst to happen – and this is what makes planning for the worst so difficult. By planning for the worst, it is almost like allowing yourself to believe that it might happen. But the best trading methods out there always plan for the worst, because it will benefit you as follows:

  • If the best outcome occurs, you’re a winner
  • If the worst outcome occurs, you’re prepared and able to deal with it

But isn’t the best trading method all about numbers, figures and facts?

This fact is absolutely true – but the best trading method is useless if you can’t follow it. If you focus on the winning points and neglect the losing points, it’s those which are going to rise out of the darkness and snap you up when you least expect it – when in reality, you should have expected it, should have anticipated it and should have been equipped and prepared to deal with it.

The wins come from the consistent application of a solid trading system. The success comes from your ability to follow such system. These two points combined make the best trading method any trader could possess.

Green trades...
Marius Mass

 

The Best Forex Trading Method - Is Trading In Your Emotions

It’s been said by so many successful traders that to become a successful FX trader you have to become effectively emotionless. It’s not always an easy task, but if you allow your emotional mindset to influence your decisions, you could have the best trading method going but it is still going to end up failing you.

How to separate your emotional mindset from your logical mindset

Some traders are lucky enough to have a more logical mindset inbuilt into their brain, and it’s these traders who are generally more successful. But providing you can separate your emotional mindset from your logical mindset, you have the ability to turn a good trading method into the best trading method – because the best trading method after all is your ability to sever ties with your emotional mindset.

Here’s a useful point to dwell on, and by repeating it to yourself often you can help your brain to understand the need to only apply logic and method to your trades:

The market will do what it does. Nothing you can say or do will change that. Regardless of what you do, the market will do what it does.

As such, the most important thing you can do is not cross your fingers and hope for the most desired outcome, but rather plan for every eventuality.

Many foreign currency traders have fallen into the pit (whether consciously or subconsciously) of almost believing that they can change what the market does. They can’t. Not even the best trading method has an influence on what the foreign currency trading market will do. The only way to face this pit and get over it, is to have the best trading method possible which will plan for every eventuality:

You cannot control the outcome, but you can be ready for whatever happens.

Traders who cannot separate emotion

If you are the kind of foreign currency trader who has difficulty separating logic from emotion, then this piece of advice probably won’t rest kindly on your ears, but it is absolutely true:

You are better off working another trade.

The fact is, many traders know that the method they are using is wrong. They know what it is letting them down, they know the best trading method to use – but because the best trading method in their particular circumstance doesn’t feel quite right, they can’t bring themselves to implement it, and as such continue to trade in a manner which is driven by emotion and instinct.

Emotion and instinct will hold you as a slave, and until you can learn the best ways to break free of their spell, you will never find the best trading method and have very hard time to make a consistent and successful foreign currency trader.

Green trades...
Marius Mas