Wednesday, October 10, 2007
Forex Day Trading System - Answers to your questions
Forex Day Trading System - Answers to your trading questions
Quite a few of you ask me some questions on trading the market better. Most of these questions are to find out which forex currency pair to trade and how to identify the entry and exit points. Few of the questions are on money management also.
I'll try to answer few of these -
Q - How should I identify the entry point when trading GBP/USD on a 15 min. chart?
A - Trading any currency pair will require he view at a high level. So in your case you need to see the trend on a 1 hr chart. If it is bullish, your forex trade entry direction should be long. After this, you should use your forex trading strtaegy to identify when should you enter. For. e.g. if you trade using support and resistance, then identify a major resistance on 1hr chart and one the market bounces from that level, open your trade.
Along with your entry, you should place equal emphasis on exit also.
Q. Which currency pair is best to day trading?
A. It depends on the time frame. If you are trading between 8 AM EST to 2 PM EST, you should only trade USD based pairs such as EUR/USD, USD/CHF, GBP/USD etc. But try to pick only those frex pairs in which the spread is low because in daytrading your profit levels are low (In range of 30-40 pips max.)
Q. Which forex trading strategy course should I be using?
A. 5 EMAS forex trading strategy and Forex Trading machine ..Hands down. I won't recommend any other. However use only one of them. Both are different is using.
While forex trading machine from Avi Frister is more automated type of trading system, 5EMAs forex trading by Adam Burgoyne requires to identify entry and exit signals..So on the basis of your trading style, select only one of them.
Thats all in this message..I'll answer your other questions in other messages. If you have any, please feel free to post in the comments.
Keep visiting to learn more in online forex mrket and trading.
Quite a few of you ask me some questions on trading the market better. Most of these questions are to find out which forex currency pair to trade and how to identify the entry and exit points. Few of the questions are on money management also.
I'll try to answer few of these -
Q - How should I identify the entry point when trading GBP/USD on a 15 min. chart?
A - Trading any currency pair will require he view at a high level. So in your case you need to see the trend on a 1 hr chart. If it is bullish, your forex trade entry direction should be long. After this, you should use your forex trading strtaegy to identify when should you enter. For. e.g. if you trade using support and resistance, then identify a major resistance on 1hr chart and one the market bounces from that level, open your trade.
Along with your entry, you should place equal emphasis on exit also.
Q. Which currency pair is best to day trading?
A. It depends on the time frame. If you are trading between 8 AM EST to 2 PM EST, you should only trade USD based pairs such as EUR/USD, USD/CHF, GBP/USD etc. But try to pick only those frex pairs in which the spread is low because in daytrading your profit levels are low (In range of 30-40 pips max.)
Q. Which forex trading strategy course should I be using?
A. 5 EMAS forex trading strategy and Forex Trading machine ..Hands down. I won't recommend any other. However use only one of them. Both are different is using.
While forex trading machine from Avi Frister is more automated type of trading system, 5EMAs forex trading by Adam Burgoyne requires to identify entry and exit signals..So on the basis of your trading style, select only one of them.
Thats all in this message..I'll answer your other questions in other messages. If you have any, please feel free to post in the comments.
Keep visiting to learn more in online forex mrket and trading.
Labels: 5 EMAs Forex Trading System, Adam Burgoyne, avi frister, currency pair, entry and exit, forex day trading, forex trading ebook, forex trading machine, GBP/USD
Wednesday, August 29, 2007
Forex day trading - Range of any currency
Forex day trading - Range of any currency pair.
After a currency pair has been in a trend for while, it stops for a while and starts range trading. This is applicable for all time frames be it daily, weekly, 15 min or 1 hr or even 5min. Once the currency pair has caught the breath, it starts trending again. The trend can be any direction, however the forex pair mostly goes as per the elliott wave.
The kick of a trend generally is caused by fundametal announcement/news such as NFP (Non farm payroll), FOMC, interest rate revisions etc etc.
However, the target of any rally or trend can be decided by the technical indicators such as the fibonacci leels or cros of MACD or can be even EMA.
Its very crucial to identify the entry and exit points when taking advantage of the trade. A good entry point can generate healthy profit of may be 100 pips hile a poorly timed entry can see your stop loss hit.
Thats why its always important to use a sound trading system for tradingin forex maket in any time frame. Thats why its always good to understand a proven trading strategy.
Some of you have aked me which fore trading system is good. In my previous posts, I have recomended the systems of Avi Frister and and by Adam Burgoyne.
Here is my suggestion -
1. If you are looking for a system that is purely mechanical in nature, which means that you can automate entry and exit, then go for Avi Frister's "Forex trading Machine" ebook. It is fantastic and is very concise and is very easy to understand and apply to the market.
2. If you are looking to understand a technical system by which you can decide on entry and exit points and can also understand how to read market, then use Adam Burgoyne's "5 EMAs forex trading system" ebook. Its very easy to understand and comes with a trading strategy which is simple to use and is excellent. Currently Adam is running some kind of promotion on this forex trading system. Feel free to check it out
Best of all, both of these courses ome with a mony back gaurantee..So, you are at no risk at all.
Please remember that just like entry, the exit points are also very important in the trade. You should not close your trade prematurely and also should keep your trade open under greed just to see that the profit you earned got reduced because the market turned in other direction.
Thats all in this message. Keep visiting to learn more.
Labels: 5 EMAs Forex Trading System, Adam Burgoyne, avi frister, entry and exit, forex pips, forex trading ebook, forex trading machine, nfp
Saturday, August 25, 2007
Forex day trading - How do you decide the stop loss?
Forex day trading - How do you decide the stop loss?
The importance of a stop loss when placing a trade, is very evident. One will not want the entire account balance to come to zero which can happen if stop loss is not in place.
But how do you decide a stop loss? Should it be anything?? Are there any factors that decide the stop loss?
There absolutely are the factors -
1. Foremost is how much can you risk? That amount should not only drive your stop loss, but it should also decide the time frame you should forex trade on.
2. The indicators you use. Ideally the stop loss should be the below the indicators you use to decide entry point. For example if you use 5 ema, then your stop loss can be few pips below that ema (exponential moving average)
3. The time frame you place your forex trades at. If you use 15 min chart, the stop loss should be at least 20 pips. If 1 hr chart, then atleast 40-45 pips.
4. Fundamental news or announcements. Always make sure that there are no fundamental announcements such as NFP (Non Farm Payroll) or FOMC etc are coming out. Since they can hit your stop loss in seconds if the news are against your direction of trade.
Thats all in this message...Keep visiting to learn more on online forex trading.
The importance of a stop loss when placing a trade, is very evident. One will not want the entire account balance to come to zero which can happen if stop loss is not in place.
But how do you decide a stop loss? Should it be anything?? Are there any factors that decide the stop loss?
There absolutely are the factors -
1. Foremost is how much can you risk? That amount should not only drive your stop loss, but it should also decide the time frame you should forex trade on.
2. The indicators you use. Ideally the stop loss should be the below the indicators you use to decide entry point. For example if you use 5 ema, then your stop loss can be few pips below that ema (exponential moving average)
3. The time frame you place your forex trades at. If you use 15 min chart, the stop loss should be at least 20 pips. If 1 hr chart, then atleast 40-45 pips.
4. Fundamental news or announcements. Always make sure that there are no fundamental announcements such as NFP (Non Farm Payroll) or FOMC etc are coming out. Since they can hit your stop loss in seconds if the news are against your direction of trade.
Thats all in this message...Keep visiting to learn more on online forex trading.
Labels: entry and exit, forex day trading, forex pips, forex technical indicators, fundamental announcement, nfp, stop loss
Friday, August 17, 2007
Forex Day Trading - Pounding by USD
Forex Day Trading - Pounding by USD on all the currency pairs
Did you notice what happenned to forex market in last 4-5 days? Yes..The big USD has hit back on all the currencies..No exceptions (There is one - JPY).
EUR/USD dropped by 350 pints, GBP/USD dropped by 450 and so on and so forth. This was an excellent opportunity to make some great forex pips. I placed trade on EUR/USD and made 155 pips. The market was really great trend wise.
The technical indicators were all holding up - there was a massive MACD divergance on daily chart, the EMA, the stochastic and RSI, all were confirming USD bullishness.
The only thing left to be done was to follow a strong trading system and make good profit using good entry and exit points.
Did you notice what happenned to forex market in last 4-5 days? Yes..The big USD has hit back on all the currencies..No exceptions (There is one - JPY).
EUR/USD dropped by 350 pints, GBP/USD dropped by 450 and so on and so forth. This was an excellent opportunity to make some great forex pips. I placed trade on EUR/USD and made 155 pips. The market was really great trend wise.
The technical indicators were all holding up - there was a massive MACD divergance on daily chart, the EMA, the stochastic and RSI, all were confirming USD bullishness.
The only thing left to be done was to follow a strong trading system and make good profit using good entry and exit points.
Labels: entry and exit, EUR/USD, forex day trading, forex ema, forex macd, GBP/USD, rsi
Sunday, July 22, 2007
An amazing Forex Trading system at stunning price
An amazing Forex Trading System at stunning price!!!!!!!
Anyone who trades forex or options or commodities or anything, knows the importance of a trading system. The system not only has to be good and easy to understand, but should also be reliable under any market conditions.
Thats what Adam Burgoyne's 5EMAs forex trading system does.
1. The system goes excellent entry points and exit points
2. It is easy to use on the forex charts.
3. The technical indicators are the most popular ones and easy to understand.
4. It can be back tested very very easily.
5. On top of it, it is extremely reliable.
6. The ebook comes with excellent 8 bonuses.7. There is 56 days money back gaurantee!!!!!!!!!!!!!!!!!!!
And now the big news!!!!
Are you ready to hear it?? Are you sure??
Here it is - The system is available at a stunningly low price for the next few days. Adam is calling this as the "Summer special"
He has reduced the price of the product for next few visitors or the next few days which ever happens 1st.
He offers 2 versions of the system -
A. The professional package is available for a $52 discount and is available only for $77.
B. The 2nd is ultimate package and is truely ultimate in terms of content and in terms of price - It comes for only $122 . This means the product has $191 discount.
Like I mentioned he is offerring this only for next few visitors (To be honest I doubt it..This could be just some marketing tactics), or for the next few days (My guess is this will be true).
So, go ahead and check this system out..This forex system is amiozing and on top of it the deal is phenomenal..Take advantage of this opportunity.
Click here to know more about this system.
P.S. To be honest I am not sure why Adam has to reduce the price since this ebook package was already in so much demand and so many copies were getting sold daily. But who cares..this is your gain since now you can buy this great package at highly cheap price.
Go ahead and buy Adam Burgoyne's famous 5 EMA forex trading package
Labels: 5 EMA forex trading system, 5 EMAs Forex Trading System, Adam Burgoyne, entry and exit, Forex day trading system, forex ema, forex Entry, forex technical indicators
