Saturday, June 02, 2007
Famous and reliable resources to learn Forex Trading
Famous and reliable resources to learn Forex Trading -
Thanks for visiting my site again. As I was mentioning in my last post, this post is about relaible resources for learning currency trading. Without learning from the great resources if you start trading, let me tell you that it is as good as seeing money go down the drain.
So, choice of a good resource ( an ebook, or a video course, a paid mentore etc. or even a free website like mine..:-)) is the key to learn forex trading.
Here are my recommended resources -
1. Peter Bain's forex mentor - By far the best video based course. Contains a lots of DVDs and detailed explaination with example and conatins 6 month membership to his daily recommendations. Costs about $450 which I consider is equivalent of 45 pips on EUR/USD only..:-)
2. Avi Frister's Forex Trading Machine - As you know I recommend this ebook heavily. Excellent and very simple to understand. Great examples in the ebook. Besides, here is another thing I was told by him in one of his emails in last few days since I bought his Forex Trading Machine ebook - "He has created video lessons of what he teaches in the ebook". Also, Avi Frister is telling all the buyers about the strategy on high to make money during NFP announcement. The price is just $97 (equivalent to 10 pips..:-))
3. 5 EMA forex trading system - Another excellent ebook. Simple and yet very very effective. As you know that EMA are the straight forward technical indicators to use. This ebook explores its use in this system very effectively. Adam Burgoyne has truly created a fantastic product. Price for this ebook is again very low - $97 (10 pips..:-))
I won't recommend you to subscribe to any forex trading signal services..Whats the fun if you don't know what you are doing.
Mind you, you should buy the courses/ebooks explaining a strategy only when you have solid understanding of technical indicators..After that if you buy any of the recommended resources, they will make great sense to you.
Thats all in this post. Visit again to learn more on the world of forex trading.
Labels: 5 EMA forex trading system, Adam Burgoyne, avi frister, EMA, forex pips, forex trading ebook, forex trading machine, learn forex trading, nfp, peter bain
Tuesday, May 22, 2007
The Forex Trading Blog - Some interesting facts..:-)
As I mentioned in my previous post, it took more than 5 days infact 7 days to be precise for the 1st visitor to visit this site since I started it on 13-May-06. However once it started, there is constant increase in the readership.
The most popular post that is read again and again on this site is the one in which I mentioned the ebook I recommend - Forex Trading Machine from Avi Frister and 5 EMA forex trading system by Adam Burgoyne. These 2 ebooks are truely great.
The most famous question that my readers keep asking me again and again is "Which currency pair should one trade". I recommend the USD based currency pair since the spreads are very tight.
The most common technical indicator that I guess readers are interested is EMA and people always ask me the settings for the EMA.
There are 177 RSS subscribers to my blog (2 added since my last post..:-)) ..Out of these 40% are USA based and 25% are UK based. To my surprise, 5% are indians. I was expecting less than that.
I asked in one of my posts that which fundamental announcement do people like to trade the most. The response was..Yes, NFP (Non farm payroll).. Altough its a very volatile & risky news, still it seems to be the favourite. If you are trading using that, I suggest you to use the strategy that Avi frister provides when one buys his Forex Trading Machine ebook
Thats all in today's post..I'll share some more interesting facts in my next message..Keep visiting to learn more. Infact I encourage you to add the RSS feed to your site so that you are always aware when I post about online forex trading which I do quite frequently..:-).
Labels: 5 EMA forex trading system, Adam Burgoyne, avi frister, EMA, forex trading machine, fundamental announcement, fundamental news, technical analysis
Tuesday, April 10, 2007
Trading with EUR, GBP
Ever thought which are the most popular currency pairs to trade? Yes, EUR/USD is the popular of all and generally has tightest of spreads which is 2-3 pips depending on the broker.
The next is GBP/USD - the highly volatile and has spread of 4-5 pips.
What follows is USD/CHF and USD/JPY. Generally have 4-5 pips spread.
Remember the high the volatile the currency pairr is, the more it will honour technical analysis and corresponding indicators such as EMA, fibonacci levels, MACD, RSI etc. etc.
The exception being USD/CAD and USD/JPY which I have noticed is highly fundamental announcements and news impacted. Such as Oil price drives USD/CAD very heavily.
Also, the high the volatility, the more popular the pair is and the more ebooks are written for that currency pair. For e.g. ones written by Avi Frister or by Marc Mcrae. Not only that, people develop separate strategy for day trading that forex pair and some develop swing trading strategies as well.
I have not heard any one developing startegy for EUR/GBP since it is not that volatile.
Thats all in this session.Visit again to learn more on the exciting market of currency trading.
Labels: EMA, fibonacci levels, forex day trading, forex pips, forex technical indicators, fundamental announcement, fundamental news, spread, technical analysis, volatility
Saturday, March 31, 2007
Forex Day Trading System : importance of correct forex charts
I have observed that most of the traders and newbies generally tend to focus on the book to learn trading stratgies or systems and not focus on rest of the essentials. What they don't realize is that it doesn't matter if you have wheat in the house and not the utensils to cook it.
Same goes with forex trading. Along with having a sound forex day or swing trading system, you also need to have other necessaties lined up. One of such necassity is a good trading chart. Without the currency trading chart its as good as doing gambling. Your entry points, exit points may not be right, you will not know the trend and other points.
Here are the important points to consider when identifying a good forex chart -
1. It should update realtime.
2. It should allow yoputo fluctuate between different time periods such as a daily chart or 1 hr chart or 5 min chart etc.
3. It should allow you to put atleast some popular technical indicators such as EMA, RSI, MCD and Fibonacci. Others are parabolic sar, stochastics, candlesticks etc.
4. It should allow to follow charts of multiple currency pairs such as EUR/USD, USD/CHF or GBP/USD etc.
Thats all in this session of forex day trading..Visit again to learn more on the exciting world of currency trading.
Labels: currency trading, EMA, Entry, exit, forex chart, Forex day trading system, forex pips, rsi, technical analysis
Sunday, March 25, 2007
Forex Day Trading System : Another opportunity to trade EUR/USD
I mentioned that my previous trade on this currency pair had me a profit of 53 pips..That was when I went long..
After my trailing stop loss was hit, when I looked at the currency pair again on a daily chart, I found that the currency pair has hit a massive resistance..A kind of double top and the currency pair has started retracing..
So, as you can guess, This is another opportunity to trade on hourly chart..This time to go short on EUR/USD. This means that I am buying the USD by selling Euro.
Thats exactly what I did, as soon as the currency pair closed below a particular EMA, I went short. Currently I am at a profot of 37 pips..This is such a nice opportunity, that I again bend one of my trading rules and have left my trade open on the weekend.
This is another trading strategy that can be used. In this forex day trading system, one can look the currency pair to hit a support or resistance on the hourly chart. If the next candlestick shows a reversal patter, go long/short in the direction of reversal candle and place the trade using a 15 min or 5 min. chart with profit target of 25-45 pips
Tis strategy is equally effective for forex swing trading..This time the daily chart to be refferred to identify support and resistance level and trade to be placed using hourly chart for a currency pair. generally, the profit targets should be 80-150 pips!!!
This is a sort of a mechanical forex trading, but not entirely mechanical.
By the way has anyone of you triedany alert service to do currency trading? How effective is it?
Thats all in this message..Visit again to learn more on the online currency trading market.
Labels: EMA, EUR/USD, Forex day trading system, forex pips, mechanical forex trading, stop, stop loss, support and resistance, swing trading
Wednesday, March 21, 2007
Forex Day Trading System : My trade on EUR/USD
In my last post I mentioned that I opened a EUR/USD trade on a buy side at 1.3306 with target of 1.3345. I kept the stop at 1.3268..
Currently I am 80 pips profit since the EUR bounced higher crossing the double top of 1.3345 resistance. Due to this, I closed on half of the position at 1.3345. This is a gauranteed 39 pips profit for me..The other I am keeping afloat to book more profits.
In between, my trade was in 30 pips loss and as per my trading rules, once the currency pair breaks below a particular EMA level, am supposed to close the trade..However I identified that the 1.3375 was a strong support level with currency pair of EUR/USD consistently bouncing from that, so I stayed in the trade despite it required me to bend my trading rules.
In a nut shell, this trade converted from forex day trading to swing trading.
Different people have different trading styles - Some generally like to have some strategies that are more of trading guidelines and have flexibility of defying them as per forex market conditions like the example mentioned above. Other prefer to have a total mechanical approach. They are the ones that generally don't put too much of focus on technical indicator and their analysis such as mACD, RSI or even EMA (exponential moving average) for that matter.
Many of you have sometimes asked me which ebook is the best for finding the strategies..1st of all, in my blog itself if you continously follow, I reveal strategies from time to time as and when I come across any..However, if you are looking for a specialized ebook that mentions inside out of a forex trading strategy, here are the 2 books which I recommend on the basis of limited trades I placed using the currency trading system mentioned in them -
1. Mechanical trading style - For, this style of traders, the book I recommend is Forex Trading Machine by Avi Frister. I placed 4 swing trades using cash cow system out of which 3 were profitable. Total profit 210 pips.
2. Flexible trading style - These traders should definitley buy 5 EMA forex trading system by Adam Burgoyne. Great system..I placed 3 trades using my demo account on this with total profit of 177 pips.
So, decide what is your trading style and if you are looking for a system, then above mentioned two ebooks should be bought. However, use the strategies mentioned in them in your demo account 1st. Also, if you are totally new to forex trading, I suggest you to learn the important technical indicators 1st.
Thats all in this message..Visit again to learn more on online currency day trading.
Labels: 5 EMAs Forex Trading System, Adam Burgoyne, avi frister, EMA, Forex day trading system, forex pips, rsi, technical analysis
Tuesday, March 06, 2007
Forex Day Trading System - USD booms
Anyone who is watching the currency trading charts must have realized that the USD is bullish the big time..And its bullish across the board with EUR, GBP, CHF, AUD, NZD everyone stumbling against Greenback retaliation..Except JPY!! Yes, Yen is giving bigtime pounding to the $$..
Thats because the JPY is too much driven by the fundamentals..Thats the primary reason I don't day trade USD/JPY currency anymore since I do trading by technical analysis using indicators such as EMA, RSI or MACD etc..
I entered the trade the other day NZD/USD, which I closed at 191 pips profit..In between I was in 230 pips profit, but I stayed in the trade till I got a valid exit signal..
Thats the important concept, enter the trade only when your trading system for day or swing trading mentions for forex market and exit only when the technical indicators ask you to do so..
Thats what the philosophy I applied and ended up with 191 pips profit..
Thats all in today's session..Please visit again to learn for on currency or also called trading the forex.
Labels: EMA, Entry, EUR/USD, exit, forex pips, forex technical indicators, MACD, nzd/usd, rsi, technical analysis, USD/JPY
Tuesday, February 20, 2007
Forex Day Trading System - Confusion over technical indicators?
Its quite natural..With so many indicators in place, sometimes its overwelhming on which indicators to use..
Remember, your technical indicators are to help you predict how the forex trading market will behave on the basis of how it has worked earlier..Somtimes it will work just as you predicted and sometimes the day trading market may not cooperate..
In genral, don't use the more than 3 indicators..Atleast I don't..The more the indicators, the more complex the analysis will be and moreover you might miss the entry and exit opportunities that may hit your pips..
Also, don't use 2 indicators of the same type..For e.g. using MACD and Stochastics may not be advisable. Instead use MACD with your favourite set of moving averages.
Also, some indicators with different values work better for different time frames. For. e.g a 10 EMA will be more popular as a system for a trade which more of forex day trading..while EME50 is more suitable for currency swing trading.
Thats all in today's session..keep visiting more to learn more on the currency market..
Meanwhile, I came across one blog on technical analysis..and its mostly on the forex market.
Forex day trading.
Labels: EMA, Forex day trading system, forex technical indicators, forex trading, MACD, stochastics
Sunday, February 18, 2007
Forex Day Trading System - Some reliable technical charting techniques
On Friday, I placed a trade on EUR/USD using one of the very reliable techniques - The double top. This technique is dependent on resistance lines..So if the currency price is bouncing of a particular level again and again, it initiates a formation of a charting pattern called Double Top or Triple top if forex price bounced of that level thrice..
Double top and Double bottom for that matter are very popular in all the trading marets and can be used in all the chart times such as a day trading or swing trading or for any trading system. I have watched quite a few courses such as investools or optionetics on stocks/options and I found that all these definitely touch on double tops/bottoms..
As I mentioned you can apply these patterns on any market let it be commodity or stock and definitely forex..
Before placing that trade I confirmed using another indicator 100 EMA which started going downward. Currently I am about 25 pips in profit however for this fotrex trade the exit signal is not in place and since it a swing and not a day trading, I am still into this trade and on the basis if the system I follow, I'll exit only when the technical indicators will line up for exit. Tomorrow no primary fundamental news is coming, so I am expecting to hit about 90 pips as profit (on yhe basis of Fibonacci retracement level)
Thats all in todays post..Keep visiting again to learn more on currency trading.
Labels: currency trading, double bottom, double top, EMA, EUR/USD, Forex day trading system, forex pips, forex trading
