Do you need to know much before starting your trading for the day? Can you just trade the price action without knowing whats happening ‘out there’? Well I would recommend doing the 5 things below before you start.

1. Check all economic data. You don’t want to be caught out in an open trade if a major news event is scheduled which you don’t know about. Take a look at www.fxstreet.com as the data is updated almost immediately and will send you an alert as the results come in.

2. Check to see which currency pairs correlate with each other. This means you can watch certain pairs as they move – either in the same direction or in opposite directions. If you are short on one pair you may be able to trade a long position on its opposite pair. Check out www.tradeforexfromhome.com for a great correlation chart.

3. Decide in which direction the trend is moving. Pull out to the larger time frames to understand the general direction. This is because if the direction is generally South, then a move North might just be a short-term correction before the price continues down. If you are looking for a good move, then perhaps a move North will only be short-lived.

4. Make sure you have Pivot Points, Spuurt, Resistance levels added to your charts. To a certain extent you can add a setting to MetaTrader but if not then I would recommend www.actionforex.com This means you can anticipate potential stalling points as the market moves. Fibonacci, Elliott Wave etc are all good ways of anticipating market moves, pullbacks and reversals.

5. Read reports of general market sentiment so you can better understand market moves. Sign up to a few newsletters and read them before you start trading. Don’t take them literally but it will give you a good sense of potential areas of support/resistance which may help you make better trading decisions.

I guess the above is there so you can arm yourself with a general over view of the market without getting yourself involved with too much information. If you find out that general opinion is that the EURUSD has strong support at 1.3550 then if the price stalls around this area, you will know why!

For more of the same tips, advice, strategies etc head over to www.tradeforexfromhome.com

To Your Success!

Best wishes

Annabel

This new Forex training will guide you to the heart of profiting consistently from the Forex market. Fast downloads, easy access, quick strategies, what-to-do and what-not-to-do all available now – saving you time and money researching the information yourself.

I wonder how long it will take you to buy your copy? Click here for more information.

365 Expert Forex Trading Tips. What will you do with the extra time and money saved not having to research the information yourself ? Visit this Forex Training page for more details.

Let me know what you think. I would love to hear from you.

Hope the above links help you to great Forex success!

With best wishes

Annabel

I remember watching the credit cruch unfold and thinking how this could have happened. It was an unbelieveable string of events – I was horrified. So when I stumbled across this post on the New Economist blog it was an interesting read looking back.

Forex trading does ultimately depend on the price quoted for the currency but that price is dependant on many external factors such as economic and political stability.

The New Economist has links to many other sites including the BBC – good all round information. Here’s the link to the story I mentioned.

http://neweconomist.blogs.com

Let me know what you think…?

Best wishes

Annabel

Read this indepth article which sets up a Forex trading weekly review including expected results from countries which could have an impact on the Forex market.

Let me know what you think!

www.moneyshow.com

Best wishes and good trading

Annabel

A few traders have asked the common question – which hours are the best to trade? Having stumbled upon this post on the New Economist blog and thinking about my own trading hours, does London sill dominate Forex trading hours?

Thinking about the way the Forex market follows the financial markets around the globe as they close in one time zone and open in the other London would appear to be the best hours to trade the Forex market.

Not only that but this is backed up by the figures showing the amount of trading activity pre London stock market open but is the market most central on the financial globe.

Take a look at the link to the New Economist blog and let me know what you think.

neweconomist.blogs.com

What hours of the day (or night!) do you find best for Forex trading?

To Your Success!

Annabel

Having lost over 20% of its value since 2007 a welcome resurge has recently been seen in the Forex trading market. But how will the currency fair moving further into the year?

Alot depends on the strength of the economic recovery and ofcourse the looming general election in which we may see a change of government.

So how does that effect your Forex trading?

At the end of the day if the UK once more becomes a favourable place to invest, then it all looks good for the GBP to continue strengthening against the majors.

Take a look at the report below which has been written by the staff at www.actionforex.com

www.moneyshow.com

Enjoy the read.

To Your Success!

Best wishes

Annabel

But what should a Forex trading system contain? Should you use multiple time frames? Should you add the exact methods of trade entry and exit? What about position sizing?

Take a look at this video link. Its an interview with trader Robert Miner, the author of Dynamic Trading, who shares the main traits he feels most successful traders have in common.

Take a look and see if you fit the mould!!

Here’s the link: www.moneyshow.com

Enjoy – To Your Success!

Best wishes

Annabel

Forex Trader

OK so I finally figured out why my version of Forex trading software MetaTrader 4 was showing a different time to current GMT. After having a chat with other traders with a similar problem I thought I would share the solution with you.

Having said that, you might already know this!

When you download a version of MetaTrader, the software is affiliated with a broker who’s local time is shown on your chart’s time axis. So if you are in the UK and you happen to download MT4 or 5 with an affiliated broker from say the US, then the time shown will be in US local time and not in UK time.

Just so you know!

Its been bugging me for awhile but not affecting my trading as the prices are accurate – it’s  just not perfect – and I like to know why something isn’t right!

Let me know if you have had a similar problem with this or any other trading software.

Best wishes and good trading!

Annabel