Forex Trading Journal - Learn From Yourself

Forex Trading Journal - Learn From Yourself

by: Casey Stubbs

source: http://www.articlecity.com/articles/business_and_finance/article_13286.shtml

Making profits as a forex trader needs many things to fall into place. One of the key things is to have the right tools and processes that will give you the necessary structure so that you can trade with confidence. A forex trading journal should be one of the tools that you first look to setup. It will provide a framework of discipline that will allow you to trade like a professional trader.

What Is It?

A forex trading journal is a notebook, spreadsheet, or other record where you keep details about each trade that you make. These details should include the decision-making or strategy behind the trades. You will also want to note down every detail of the trade, including the date, what currency pair was involved, direction of proposed movement, entry price, planned exit price, the trade size, pips target, pips returned, profit or loss, and the relevant trading session. You can also put in a screen shot of the trade if you want to for future reference.

Why Keep This?

If you have a forex trading journal, you won't have to rely on your memory to remember every mistake you have made in the past as well as every profitable trade you've been able to accomplish. As a trader, you should know that trading currency is a non-stop education and experience is often the best teacher. You will give yourself the best chance to succeed by analyzing the various elements of your good and bad trade decisions. This will allow you to emulate profitable trades and, at the same time, avoid the trades that cost you money.

You will find that a forex trading journal provides benefits in many other ways including the way that it will make you think and analyze your activities. You might be the only one that ever reads it but it still will change the way that you approach future trade decisions. Seeing your trades in black and white can be a sobering experience and adds a dash of reality to what can just seem like paper transactions. You'll immediately find that it will make you think more professionally about what it really takes to make profits over a prolonged period. Having to record something will help to stop you from over-trading or gambling.

Learn From Your Mistakes

When you are trading in the world of foreign currencies, making mistakes is unavoidable. Sooner or later, you will slip up. Do not be afraid of this as it can teach you a valuable lesson. In fact, most of the successful traders found their edge through trial and error. Profits won't come without making some genuine effort to educate yourself as much as possible. Eventually, you will have to learn from your mistakes. And what better way to do that than with a forex trading journal. There is a reason that most successful and respected traders have one and use it constantly. Big financial institutions, banks and companies trading in the market also do the same thing. If you choose to have only one tool by your side, then this is what you will need.

Forex Trading Journal - Learn From Yourself

Things To Watch Out For When Using Auto Forex Trading Software

Things To Watch Out For When Using Auto Forex Trading Software

by: Deane Alban

source: http://www.articlecity.com/articles/business_and_finance/article_12949.shtml

These days a lot of people are getting curious about trading Forex as they have heard it can be an easy way to make a lot of money in a relatively short amount of time. More and more people are employing auto Forex trading software as a way to accomplish this without spending a lot of time learning the market. Some people have realized some incredible gains this way but even more people have lost their shirts.

Making a killing in Forex isn't as easy as it sounds. Here are some things you need to watch out for.

One of the first things you have to do is to find a Forex broker that is okay with somebody using auto Forex software. Many brokers don't really like the fact that that the software moves in and out of the market rapidly. A lot of the brokers aren't able to cover some of the risks associated with this type of trading. There are many ways to find a broker who is okay with this type of rapid trading. Most good auto auto Forex systems will recommend a few brokers who have proven to work well with their system. I think this is the best way to find one. Of course you can also go online and do a search to find Forex blogs, forums, and broker services.

You may be so excited to start watching the money roll in you may jump right into making trades as soon as your Forex robot is set up. Don't. Be sure you do paper trading for a reasonable amount of time until you can see a trend of good results. Sometimes you may have to tweak the parameters of your trades.

As good as an automatic Forex trading system can be, one needs to be cautious of doing any sort of over-leveraging. This can get even the best traders into financial hot water. Even though the scalping system usually involves numerous smaller trades, it doesn't mean that a series of bad trades can't add up fast. Like in any trading, risk management is part of the overall process which keeps things on an even keel.

Of course, none of the above really will mean too much unless one has a thorough understanding of what their auto Forex trading software is doing. Things like having realistic expectations regarding the software is extremely important. Don't get discouraged if you don't make the money claimed by the creators of your software. Of course, they will provide you with the best case scenario. Be sure to read their earnings disclaimer. This will be a good "reality check". Factors such as what times to trade and how frequently are considerations you need to make to formulate an overall investing plan. It can't be stressed strongly enough that knowing and understanding your auto Forex trading software is a must.

Using auto Forex trading software is becoming more popular for a very simple reason - it works very well and takes very little time. Like any other software, it isn't magic; however, in the right hands, a Forex robot can help you make a lot of money.

Things To Watch Out For When Using Auto Forex Trading Software

Trading Forex Trends

Trading Forex Trends

by: Ahmad Hassam

source: http://www.articlecity.com/articles/business_and_finance/article_12626.shtml

We all know how to drive a car. But have you driven your car or your jeep in mountains? If you have, you know that driving in mountains require a totally different style of driving as compared to driving on a level road. Or have you been ever caught in heavy traffic in the city? Whatever, the purpose is to tell that drive a car requires a different style at different times. In the same way, when you trade, you need to adopt your trading style in accordance with the market conditions. Market conditions vary and your trading style should vary as well!

What this means is that you need to adopt an appropriate trading style in accordance with the market conditions. Now there are three basic types of market conditions: Trending currency pairs have a definite direction. Range bound currency pairs bounce between the support and resistance levels. Consolidating currency pairs are bound in a narrow consolidating area.

Each market condition requires its own appropriate technique. What is appropriate for the trending market may not be appropriate for a range bound or a consolidating market. Now when a market is trending, it has chosen a clear direction. History shows that trends in the forex market may last for years.

Once you have clearly spotted a trend, it is easy to trade one. In case of a trending market, the currency pair has a clear direction. What this means is that there is very less tendency for the stop loss to get triggered as the currency pair is moving in an established direction.

In contrast to a trending market, in a range bound market, the currency pair price action is bouncing back and forth between the support and resistance. The price action always comes back to the starting point. What this means is that the trading technique for a range bound market is totally different than a trending market.

You can identify a trending market with the help of a trendline. Now drawing a trendline is always subjective. Ask five traders to draw a trendline and all may come up with a slightly different trendline. Nevertheless, a trendline can show you the direction of a market by simply drawing a line.

You can also use the ADX ( Average Directional Index) Indicator. If the reading on the ADX chart is above 35, it means that the market is in a strong trend. However, ADX does not show the direction of the trend!

Trading Forex Trends

Forex Trading - What Do You Hope To Gain With Forex Trading?

Forex Trading - What Do You Hope To Gain With Forex Trading? by Forex Expert


source: http://www.goarticles.com/cgi-bin/showa.cgi?C=3090473

Forex Trading

What do you wish to increase in value amidst your Forex trading? Will you be funding a school education? Purchasing a home? Retiring? Before you invest a single penny, truly concur on what you pray to achieve surrounded by too investment. Knowing how your goal is ought to benefits you issue out sharper possession choices along the way! Determine how that much you can add to your Forex trading in the future. If you are employed, you would stay to get money, and you can bill to use a part of the current earnings to produce your portfolio within the duration of time. Foex Trading

Talk with a certified finance planner to line up a budget and identify what proportion of your future income you'll be able to invest.

Each individual has a risk toleration that shouldn't be ignored.

Any good stock broker or finance planner knows this, and they should make some effort to help work out what your risk toleration is. Then, they should work with you to find the most effective way to speculate in foex trading that don't surpass your risk toleration.

Forex Merchants love having the power to look at their accounts whenever they need to, and brokers like having the power to take orders over the web, vs the phone. Forex Trading

Most brokers and brokerage homes now offer online trading to their clients. Another great thing about trading online is that costs and commissions are typically lower. Whilst online trading is great, there are some downsides.

Having the facility to really talk with a broker can be quite advantageous.

If you aren't stock market savvy, online trading could be a deadly thing for you.

You should also remember that you do not have a P. C. With Net access attached to you. You will not always have the facility to get online to make a trade. You want to be certain that you can call and talk with a broker if this is the case, using the online broker. This is true if you are an advanced trader or a beginner. Foex Trading

Trading is a sector of compound interest, challenges and probabilities. One can invest in purchasing and selling more items in a single item market, you can pick up when you slipped there's a slack on one item or you can diversify into other kinds of items. Always want to have financial freedom? Check out Forex Trading Program. It'll change your Life Forever!

Forex Trading - What Do You Hope To Gain With Forex Trading?

Forex Trade Alert - How Can You Use Forex And Signal Alerts Effectively?

Forex Trade Alert - How Can You Use Forex And Signal Alerts Effectively? by Forex Expert

source: http://www.goarticles.com/cgi-bin/showa.cgi?C=3090465

Forex Trade Alert

Usually signals and alerts are supplied in situations, at which selected essential decisions want to be taken. Forex suggests submit projections or anticipations of a market status rooted on the most current information. The forecast will give us a picture of how is going to occur in the near future and give us inputs on how should be wound up to safeguard ourselves from the outcome or take advantage of the predicted cause or alert. In the case of Forex Trading, we cannot expect how ought to happen next and preparations and plans should be acquired in the past to counterbalance the unrest overly occur. Forex Trade Alert

Forex signals or Forex alerts:

Because of the rapid rate at which trends can change in Forex Trading or currency trading market, there is a predefined system through which changes and adjustment can be made to move along with the current trend. For this purpose, Forex alerts are used which may inform you about the changing Forex Trading market and insisting upon some necessary actions to be done at present, so that you may end up with a profit or minimize your loss.

These Forex alerts or Forex signals reach you through either e-mail or through messages in your mobile phones. You will get these Forex trades from brokers present online and from some companies either for a nominal charge or for free. In whatever Forex trade market you may be dealing in, be it the US, Euro Zone, etc. the change in situation is crucial since the Forex Trading market is too volatile. This reveals the importance of Forex trade alerts and signals. Forex Trade Alert

Kinds of Forex alerts and signals:

You can get Forex alerts in two ways. One, you can opt for Forex trade alerts for every 24 hours or you can get alerts when a sudden change in the Forex trade market occurs. Many alerts services charge for their timely alerts and they will assume the criticality of the situation and await the correct time to send the alerts. Upon receiving alerts you can take some crucial decision so that you can get a higher profit rate. Mostly the Forex alerts will be given to as a part of the broker service and some may charge extra for these alerts.

Advantages of Forex alerts:

* In your busy schedule, you will not be in a position to glue yourself in front of the computer to check updates on Forex Trading. With Forex alerts, you can focus on other tasks at hand as all the updates will reach you automatically.

* It saves your time efficiently as you get alerts either in mailbox or mobile inbox.

* If you have market knowledge, you can easily interpret the Forex alert to your maximum profit. Forex Trade Alert

It is to be noted that Forex alerts and signals are just tools that are used to enhance your Forex Trading and not strategies. So, it is your duty to follow the trade markets closely and to take the appropriate decision depending on the prediction and help of various Forex Trading tools available. Always want to have financial freedom? Check out Forex Trade Alert Program. It'll change your Life Forever!

Forex Trade Alert - How Can You Use Forex And Signal Alerts Effectively?

4X Currency Trading Software - Invest On The Winning 4X Currency And Be Wealthy

4X Currency Trading Software - Invest On The Winning 4X Currency And Be Wealthy by Forex Expert

source: http://www.goarticles.com/cgi-bin/showa.cgi?C=3090468

4X Currency Trading Software

When trading in the Forex market, the primary thing involved is the buying and selling of 4x currency. The currencies involved are persons owned by the severe countries in the planet such as U.S., Canada, Japan, Australia, France, etc. Just as the inventory market, it is now wrapped up electronically and can now be accessed by everybody interested 24 hours a day for 5 days in a week. Unlike with the stock arena however, the 4x cash region or simply Forex, deals through still more finances daily, three trillion dollars in fact. The size of the inventory and futures market, multiplied in three, ought to not even get through to that amount. 4x Currency Trading Software

While you may need to get a broker in currency trading, you will nevertheless pay lower commission when entering or exiting trades. This fact makes it even more attractive to traders. Commissions are paid through a "spread", which is cheaper than paying a broker directly. Unlike with the stock market, the broker will be charging you a flat rate regardless of the amount you will be earning. This is especially attractive to new Forex traders since with smaller investments, they will be paying smaller commissions. 4X Currency Trading Software

A new way of trading Forex is through the use of automated Forex software. This is actually a program that you can run in your computer and will do the analyzing of Forex historical information for you and give you the currencies with the most odds of gaining value. In other words, whether or not you an expert Forex trader, you can now earn lots of profits if you will have a Forex software doing your job. The secret in being successful with such software is choosing the one that really works. Always want to have financial freedom? Check out 4X Currency Trading Software Program. It'll change your Life Forever!

4X Currency Trading Software - Invest On The Winning 4X Currency And Be Wealthy

Currency Trading Books - If You Want To Succeed As A Trader It's A Must Read

Currency Trading Books - If You Want To Succeed As A Trader It's A Must Read by Forex Expert

source: http://www.goarticles.com/cgi-bin/showa.cgi?C=3090466

Currency Trading Books

If you are an have had to deal with forex trader or recently learning or a good deal thinking about coming across as a forex trader there is one book you must read, This book is not about the forex specifically but is a great deal one of the best forex books available. The book was written about trading the supply turn over but it applies to forex trading only the same. Currency Trading Books

This book is called Trading in the Zone by Mark Douglas. In this book Mark goes deep into the main keys that separate successful traders from everyone else. Most traders are constantly looking for the one system, the one technique or strategy that will make their trading profitable. Some will spend years searching for this holy grail and in doing so they miss the one concept that will make their trading profitable.

This one concept that will make or break your trading career is you the trader. It's not the system or the techniques it's you. Your psychology and your resulting habits are the biggest factor that will determine the outcome of your trading. The trading decisions you make will be a result of your own psychological state. If you are not in the right psychological state your trading is going to be a direct reflection of that and like most traders you will likely lose money instead of make money with the forex. Currency Trading Books

That is the sad fact. Most forex traders do lose money in the long run. This is not because the forex is bad or the systems they are using are bad, it's because the traders are not in a good psychological position to make the right trading decisions. This book will go in depth and teach you how to get your own emotions and psychology in the right place or "in the zone" to where your trading decisions will be positive.

Not only will this help your trading, also getting your mind right for trading will also help you in other areas in life like business, relationships and parenting. The struggles that traders go through can actually be a blessing in disguise. It's struggles like these that motivate people to seek the type of information that's in this book that will help them grow as people.

So if you want to become a better trader I highly suggest you read Trading in the Zone. Another way to greatly improve your trading is to use an automated program or robot to do your trading for you. The advantage of a robot is they don't have emotions and a psychology to overcome. They already have the ability to do what this book will be teaching you to do. This is why some robots are making more profit than most manual traders do. Currency Trading Books

If you are not using a robot you should at least take a look at them. They can make a lot of money and you can learn a lot from them. I will post a link to the one I use below. It's been producing very consistent profits and it doesn't cost much. Always want to have financial freedom? Check out Currency Trading Books Program. It'll change your Life Forever!

Currency Trading Books - If You Want To Succeed As A Trader It's A Must Read