The name of the game is statistics, and the first rule is that you must be aware there is no such thing as a sure thing on the forex market. While you can never be 100% sure at any given time of the next move that will be made on the market as a whole, being able to read statistics and interpret them will place you ahead of the pack in regards to “guessing” what will happen next.

Forex trading is a lot like gambling. If you can keep track of the cards that have already been played, you are more informed, statistically, regarding what is likely to be dealt next, meaning you can place a bet with greater insight than someone who has no clue what has already been played. With the forex market, if you have information as to what has already occurred over the past few days, months, or even years, you are again placed in a better position to more logically conclude what will happen next. You simply learn the pattern and follow it to the end, reaping the financial rewards.

Charts And Chartists

Wait, did you think you were going to have to research and map out the market’s past all by yourself? Of course not! There are people who get paid to do that sort of work. They monitor the market hourly, daily, weekly, monthly, and yearly so that they can provide big-time traders with the same knowledge mentioned before. The more a trading company knows about the market, the more money they can make.

The best part of this is that you have access to the same information as these VIP clients. Chartists, who are essentially market analysts that publish their findings in easy to read charts, produce what is referred to as a candlestick charts. These charts are basically a combination of a line graph and a bar graph that show the trend of various stocks, indexes, or other interests over a specified period of time. Therefore, you can easily determine if the currency is on an uptrend or if it is taking a downturn, when the last major change occurred, and how long it is predicted that the currency pair will continue on the current path.

If your broker does not supply you with these charts, then you should easily be able to draw them yourself with the modern day charting software or trading platform that you get from your broker. These software platforms can draw most charts for you by entering a couple of parameters and viewing the result.

It is recommended however that you learn at least the basics of charting and statistics before you start trading live.

The EUR was assisted on its path downwards with comments from EU’s Juncker who commented that the EUR was overvalued and the dollar too weak. He announced that he would also be speaking to Chinese officials, with Trichet, on Nov 28.

US data was generally better than expected though, with the Philly Fed Index close to a 4-year high at 16.7 vs. 12.2 expected, and initial jobless claims steady at 505k, unchanged from the revised figure for last week. The Conference Board’s October leading economic indicators rose by 0.3% (with consensus +0.4% m-o-m) after a 1.0% rise in the previous month. It was the seventh straight month-on-month improvement and potentially a signal that that economic activity will continue to grow over the next few months.

Apart from the data, there was a slew of Fed-speak with the potential to influence markets. Fed’s Fisher noted that the US economy was “quite flaccid”, warning that Q3 GDP may be revised lower, while expressing the opinion that it would be some time before unemployment falls before 10%. Fed’s Plosser on the other hand was more confident in the US recovery and less concerned over a double dip risk, though reiterated that now was not the time to raise rates. He added that he doesn’t see inflation being an issue in the near term but a risk in the longer term. Plosser is noted as one of the more hawkish members of the board at present and combined with Fisher’s remarks suggests there is no urgency to tighten US rates. Both certainly appear not worried over inflation being an immediate threat.

The pending long weekend in Tokyo, and the US holiday later next week, gave Asia little incentive to trade during their session. The only excitement came when the BOJ left rates unchanged with a unanimous decision, which was widely expected, but again upgraded its assessment of the Japanese economy to a “pickup” in activity rather than a recovery. Otherwise, the BOJ announced it was keeping its very easy monetary conditions as it acknowledged there were still risks to the downside, even though they were diminishing slightly. On the inflation front, it kept its view on core inflation unchanged though expected the pace of falls to slow as higher oil prices influence.

Data releases for today are limited to German PPI during the European session while speeches from ECB’s Weber and Trichet may hit the wires. There is nothing slated for the North American session so it just remains for us to wish you a pleasant weekend.

Via Saxobank.

The platform was easy to use platform and eToro is an innovative Forex broker. It is perfectly suited to complete newbies or beginners and even seasoned experts may find it hard to recreate the excitement that eToro puts in to Forex trading.

Click here to visit eToro and open a free virtual or real money account!

eToro also run Championships for both virtual or real money accounts where you go head to head with other traders to win a share of a $10,000 jackpot. The next championship will start on November 1st so if you join eToro today you can get some useful practice in ready for the big kick off.

You will not find a more innovative, exciting way to trade the Forex, with free demo accounts and up to $200 free bonus on real accounts for a limited time there is no reason not to give eToro a try!

These videos revealed his recent Forex discovery that shows you how to manage risk first when placing a trade, then look for a profit as quickly as possible all according to your schedule.

If you have any interest in discovering how to finally become an independent trader in the Forex markets, where you always know what to do, no matter what happens.. get Forex income.

Based on the early feedback he’s been receiving from those lucky enough to see a preview copy, it looks like this may become a turning point in Forex trading. Why?

Bill does everything in his power to give you the “keys to the kingdom” where you can understand exactly what to do when you go to place a trade. There’s never any second wondering or guessing.

This is not for individuals who like to let others make their trading decisions. But it is for those who like to have full control of their destiny in the markets.

Bill designed this new method with you & your schedule in mind. These all about giving you the flexibility you need in your busy day to trade in as little as 20 minutes.. or even all day long if that’s what you have time for.

He’s only planning on releasing a limited amount of courses in the next week that show you how to find trade setups quickly, protect your position with a sort of “risk shield”, and then look for profit as fast as possible so you can move on to the next trade.

Here’s to start Forex step by step:

* Get started quickly and then place your first trade with as little as a $500 trading account when you use ‘mini lots’

* Trade in as little as 20 minutes by customizing your daily trading plan with the timeframes of your choice to fit your changing schedule

* Enjoy frequent and fast trades from start to finish by quickly identifying only the highest probability or lowest risk trades

* Triple your profit potential by simultaneously looking at the short, intermediate, and longer-term trends and then automatically using the dominant trend to virtually ensure your edge and give you the best chance for a successful Forex trade

* Practically ‘rub out’ account crippling losses by using simple yet profoundly powerful risk management rules. It’s like having a Forex ‘Risk Shield’ so you’re protected at all times

* Become an independent trader. Stop relying on so-called gurus, black box systems, or other gimmicks. Be totally confident when you know what to do every time, no matter what happens in the Forex markets

Now, it’s time to look for Forex broker..

Happy Trading!