Forex Learning

BunnyGirl Bunny Cross (BGX) Trading Framework

2008-05-30T10:49:00.002+07:00

BunnyGirl : Originator

BunnyGirl is a Forex day trader who frequents the MoneyTec.com and strategyBuilderFX.com trading forums. She was active from about November 2003 to April 2005 , though she recently added a new post as this document was being written. Her most remarkable accomplishment was starting the "wma cross" thread in April 2004. As of September 16, 2005, the thread has nearly 1000 replies, 125 pages, and 310,308 views, three times the views of the next most popular strategy thread.

BunnyGirl's influence on the Forex trader community is significant as she has a large number of successful traders who started by using her system. Her original strategy thread has spun off numerous related threads and has helped countless other traders formulate basic rules for MA crossing strategies.

BunnyGirl originally recommended trading 4 currency pairs – EURUSD, GBPUSD, USDCHF, EURJPY. These pairs were considered to be the ones most likely to respond to her methodology, based on her own back testing of BGX . However, as recently as April 2005, BunnyGirl had temporarily discontinued trading the cable, which had previously been her favorite.

BunnyGirl maintained that the best times to trade were the European session and the open of the US session. Specifically, she indicated that the best time for crosses was at the beginning of the European session after a flat Asian session. Additionally, she recommended observing "no touch" days. These are days where the daily or 4-hour bar does not touch the WMA5. She clarified that this was more relevant to the cable than the other

BunnyGirl uses 30 minute charts to determine crosses and 5 minute charts for exiting and scalping. She used daily and 4-hour charts to plot resistance points, fibs, and to check for no-touch bars.

Chart Setup
30 minute, candlestick
WMA 5
WMA 20
WMA 100
RSI

Go Long
WMA5 Crosses above WMA20
WMA5 and WMA20 above WM
RSI signals divergence or is ab

Go Short
WMA5 Crosses below WMA20
WMA5 and WMA20 below WMA100
RSI signals divergence or is below 50

Filters
Use a filter to eliminate frequent stops and catch the trend at the right time EURUSD: 25 points plus the bid/ask spread
Other recommended pairs: 30 points plus the bid/ask spread
These filters can and do change
Cancel the trade if the filter price has not been reached before 5 minutes remaining on the 30 minute bar.
Filters on other pairs can be determined

Orders
If bull cross, place a buy stop order at the filter+spread.
If a bear cross, place a sell stop order at the filter+sprea
When the filter price is reached and the order engaged, place a stop loss at about the original crossing. (Can go as much as pips away on the other side of the crossing

Stop Loss
5 pips beyond the cross (or bounce) price

Trading Around Daily Open
Daily Open = open price at 00:00 GMT
Make sure there is room enough for profit targets between filter (entry) price and daily open
If the cross is on one side of the daily open and the filter is on the other, than this is OK to trade.

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Basic Guide to Understanding Elliott Wave

2008-05-25T00:40:00.000+07:00

The Basics

Developed by Ralph Nelson Elliott in the 1930s, Elliott Wave Theory was originally designed to forecast stock price movement. Over time however, the theory has been applied to a variety of markets, particularly foreign exchange. It’s higher popularity in the foreign exchange market stems from the fact that 80% of the volume in the FX market is speculative. This is important since waves are based upon mass psychology. Elliott Wave Theory is now a very popular analytical strategy frequently used by the technicians of leading investment banks and intermarket players.

The Elliott Wave Theory is founded on the notion that markets are not perfectly efficient. As a result, prices from one moment to the next are not random but rather subject to changes in overall investor behavior—changes that can be predictable with an understanding of mass psychology.

Waves Within Waves

The primary reason why Elliott Wave Theory can be difficult to understand is because waves frequently occur at many different levels. In other words, there are minor waves within larger waves. That is why at many points in time, multiple correct wave interpretations usually exist. The major waves determine the direction of the trend, while the minor waves help to determine the minor trends. Used in conjunction, traders can apply Fibonacci ratios to Elliott Wave Theory to help determine when currencies will reach a top or bottom. It can also be used as a tool to identify points to trade within the trend or to participate in the shorter minor wave cycles. It is important for Elliott Wave traders to be aware of both the minor and the major waves that may exist. The following is an example of two minor waves within larger waves:

Minimize Forecasting Errors With Elliott Wave

Since many different waves can exist during the same time frame, increasing the risk of forecasting error, traders should follow certain rules to minimize risk. The most important of which is to follow the principle that the “the trend is your friend.” This means that it is more prudent to only look for opportunities sell into minor waves when the major wave is a downtrend and to buy when the major wave is an uptrend. More rules can be used though to determine levels for placing stop-loss orders or to exit the trade. Fibonacci ratios are one of the most useful ways of identifying possible peak or bottoms of wave cycles. A popular relationship that exists is that Wave 2 retraces 38% of Wave 1. 50% and 61.8% retracements are also frequently seen.

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Andrews' Pitchfork

2008-05-23T09:31:00.002+07:00

Overview

Andrews' Pitchfork is a method of channel identification in a trending market.
This technique, in effect, splits a major channel into two minor equidistant channels.
The lines in the Pitchfork tend to delineate lines of support and resistance.

Andrews' Pitchfork was developed by Dr. Alan Andrews, based on what he called his
"Action/Reaction" techniques. Originally called the "Median Line Study," this pattern
is based on a set of lines drawn from peaks and valleys on a price chart. When linked
together, the arrangement of lines closely resembles a farmer's pitchfork.
Dr. Andrews' median lines, and the pitchfork pattern, often indicate lines of support
or resistance where prices tend to stall out or reverse.

Interpretation

Andrews' Pitchfork is plotted on a price chart as follows:

First, identify a significant reversal point (high or low) and this becomes Pt. A.
Draw a line (shown in red) from this point to the next significant reversal point; at Pt. B.
Then plot a line from a significant point early in the trend (Pt. C) bisecting the first line (in red) half way between Pts. A and B. This is the Median Line or "handle" of the Pitchfork.
Now, draw two lines parallel to the Median Line, one starting from Pt. A and the other from Pt. B. These form the "tines" of the Pitchfork.
Presto! Andrews' Pitchfork.

This is a quick introduction to the Pitchfork technique; Dr. Andrews' price study methods were typically much more complex than what I've shown here. He also counted waves using what he called the "0-3/4 pivot count rule" and the "5 count probability rule.”

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5, 13, 62 SIGNAL

2008-05-19T11:15:00.002+07:00

Since the dawn of time man has sought ways to more easily provide for himself and his family. And women too, of course! Evolution has always been an equal-opportunity extinction machine.

Somewhere along the way, humankind overcomplicated the struggle for survival. We invented jobs, and bosses, and weekly paychecks. Worse yet, we invented meetings, annual reviews, copy machines, bookkeeping, cubicles, and voice mail.

Then we invented Prosac and Lipitor and Viagra because, somewhere along the way, our bodies decided that if we didn’t give them a rest they would start shutting down essential functions.

Do you know that most forex traders spend their careers chasing after pips in the same way I chased after Carrie’s attention? She never gave it to me, unless (at the end) it was to blow me a teasing goodbye kiss. She had received all the benefit from my attention and never gave anything back except a blow to my self-esteem. Gosh, that sounds a lot like when I first traded currency – and the pips teased me until they simply moved away in the end, with a good-bye kiss.

Have you ever watched the market and wondered why the harder you tried, the more quickly the pips distanced themselves from you? I remember when I first started trading that the market would move away from me and I would begin to think: it’s moving. Why is it moving away from me? Couldn’t it just as easily move in my direction?

Until you’re no longer impressed with pips – no longer frightened by them, nor infatuated by them, not in love with them, no longer simply hating them – they won’t give you the time of day. The acquisition of pips is your only goal in the currency market. But pips are fickle and if you pursue them full of emotion, you’re going to get burned.

Do you have a plan for learning about pips, where they’re going, what they’re about to do, and then arm you with a strategy that once implemented, can take a lot of the emotion out of trading. Your goal will be to:

1. Enter positions as soon as a particular signal is given.
2. Exit the position as soon as a particular signal is given.

The payoff will be:

1. The emotion should be gone from the trading. You will enter and exit trades with discipline and focus.
2. You’ll get about 20 pips on the good trades. There will be many more good trades than bad ones.

The 5/13/62 strategy requires discipline. This is the most powerful personal characteristic you can acquire. Period. It will earn you more money and success than any other attitude or personality trait. If you’re low on discipline, please take the time to consider what I’m saying:

In trading, discipline simply means two things:

1. Enter a position as soon as a particular signal is given.
2. Exit the position as soon as a particular signal is given.

If you do not acquire discipline, this system will not work for you. No trading system will work for you. But this isn’t a book about discipline. In fact, this book assumes that you have discipline, or you’re willing to acquire in order to implement a profitable trading system.

Holidays and other bad days

Try not to trade on holidays, especially U.S. holidays. It’s best to stay out of the market on those days and catch up on time with your family, see a movie, adjust the metal rod that was placed in your back, insert a metal rod in your back, or fire up the barbie-q and roast some weenies. Or you can back test your strategies. It’s also best to never, ever, ever, enter a trade past 14:00 GMT on a Friday.

On holidays and late on Fridays, the market is unpredictable and might not move enough to give you any profit. Or it might move 50 points in one direction just for the heck of it, and then move back. Of course it might move a zillion pips, but that’s the exception rather than the rule. Then you’re stuck in what might become a losing position, but meanwhile, you’re losing money to premiums/interest paid to your broker. This is a good time to shove a metal rod into your spine.

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forex signal provider? which one?

2008-05-13T13:59:00.000+07:00

So you decided to make full time leaving from foreign exchange market? Or you are going to supplement your income from here? You have set up yourself with proper broker available. I believe you spent hundred of hours in front of PC trying to put together all maths and physics involving currency market. Now you watching business news in the morning paper and following CNBC channel to be on the top with latest information from exchange market. You trading your demo account trying to figure out how to make it all work? So? Does it? No?

Face the fact that in currency market all is possible and there is no golden rule to follow. There are so many aspects to consider that you will need at least another head to set this puzzle together.

But do not worry there is a hope that can make it work.

Signal solutions for forex trading. People who traded forex for a long time and developed their own systems to enter and exit with profit strategies. They will share this knowledge with you for varieties of prices from usd49 to usd499 a month for those precious information. Problem is which one will suit you best. Are they scams? How do I know?

For medium advanced forex trader is almost impossible to choose proper forex signal system, which is not a scam, or at least not profitable. There is bulk of forex signals providers out there. They all offer their signal solution to trade currency with success.

Advice is that you will have to establish what type of trader are you? Do you want to trade quickly or maybe over the days or weeks? What losses can you manage and how much money you want to invest.

As long as you know al that it is a time to pick up signal trade provider.

Few things worth researching are: performance, service offered and rewievs of the signal. Search on forum for another users of the product you are interested in and ask for comment. Every profitable system should be up on collective2 with real track performance. Look for service offered. You will quickly find out that only few offer free trail-option to try signals before you pay. Demand performance evidence.

But while doing all that hard work choosing your automat forex signal system remember that you will have to totally follow it without exceptions to make most out of it. Any even small innovation may have dramatic results in your own gains.

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Recommended Forex Trading Platforms

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Investing in Forex

2008-05-13T13:58:00.000+07:00

Investing in foreign currencies is a relatively new avenue of investing. There are considerably fewer people are aware of this market than there are people aware of several other avenues of investing. Trading foreign currency, also known as forex, is the most lucrative investment market that exists. There are several factors that make this true among which, successful forex traders earn realistic profits of one hundred plus percent each month. Compared to some of the better known investment markets such as corporate stocks, this is an unheard of return on investment. It's very necessary to mention here that a person who invests in forex must, without exception, make it a point to learn the detailed, but simple strategies and information surrounding the market. This very fact is what makes the difference between successful forex traders and other traders.

A few additional points, which create such powerful leverage for investors within the forex market are: The amount of capital required to begin investing in the market is only three hundred dollars. For the most part, any other investment market is going to demand thousands of dollars of the investor in the beginning. Also, the market offers opportunities to profit regardless what the direction of the market may be; In most commonly known markets investors sit and wait for the market to begin an up trend before entering a trade. Even then, investors, as a rule must sit and wait some more to be able to exit the trade with a nice profit. Given that the forex market produces several up, down, and sideways trends in a single day, it can easily be seen that forex stands head and shoulders above other markets. Additionally there are trading strategies, which are taught that provide for compounded profits; these are profits on top of profits. In addition, free demo accounts are available within the industry of forex trading, which facilitate the sharpening of skills without the risk losing any capital. And the advantage regarding the time factor in trading foreign currency is a very attractive point for any investor. Compared to one of the most sought after avenues of investing, which often requires forty or more hours each week, namely in the real-estate market, the forex market requires a much smaller demand on the investor's time. Forex trading requires approximately ten to fifteen hours each week to earn a full time income. It's easy to see that the advantages and great leverage that exist in the forex market, make it among the most lucrative, time liberating, and easy to enter by far.

I hope this information gives you a clear understanding of how you can turn your investing into a true method of making your money work harder for you.

by Joe Clinton

Riding Forex Momentum for Winning Forex Trades

2008-05-13T13:56:00.000+07:00

Momentum is one of the major factors for professional Forex traders in deciding when to enter and exit the market. Momentum in the Forex market is the same basic concept as momentum in the real world: it's the perceived strength of a movement, whether that's upward or downward.

A great allegorical example of this is in the pro sports world. Take for an example two NFL football teams. Suppose you have two separate 10-6 football teams that look even on paper, but one team has lost 3 of their last 4, while the other team has won 7 straight games.

So which team would you bet on? If your answer wasn't the one professional NFL team that won 7 straight, don't get into sports gambling. The two teams may both be the same on the surface, but one team is definitely hot while the other team is very cold.

What's the difference between the two? They're both 10-6 commodities, but one appears strong RIGHT NOW! The other looks like it was strong, but is now extremely weak. The Forex is a particularly fluid market, which can make momentum all the more important. What a Forex currency pair is doing now, at this very moment, gives you some information on how that currency pair is doing and how it should be perceived.

Momentum is very much taken into consideration by technical traders, many of whom believe that momentum can be as accurate an indicator of a currency pair as the actual price itself. Many different indicators are designed to help a Forex trader detect patterns of momentum.

For Forex traders, there are several ways to measure momentum using technical analysis, and often this is where you will see moving averages and other technical tools. Technical analysis is meant to find the momentum because once you can see where the market's force is pushing, you know where to make your entry and how to watch out for your exit.

This isn't anything complicated. Momentum is the same concept whether you're making a bet with a buddy on tonight's football game, or the big stack at a poker table bullying everyone around after two monster hands. Momentum affects everything, and the Forex market is no exception.

Understanding the importance of momentum the same way that professional Forex traders do is one of the most important steps to raking in the profits on your own trades.

Source : http://www.tradeforex2000.info/forexarticledirectory

Forex scam

2008-05-13T13:47:00.001+07:00

A forex scam is any trading scheme used to defraud individual traders by convincing them that they can expect to gain a high profit by trading in the foreign exchange market. Currency trading "has become the fraud du jour," according to Michael Dunn of the U.S. Commodity Futures Trading Commission. But "the market has long been plagued by swindlers preying on the gullible," according to the New York Times. "The average individual foreign-exchange-trading victim loses about $15,000, according to CFTC records" according to The Wall Street Journal. The North American Securities Administrators Association says that "off-exchange forex trading by retail investors is at best extremely risky, and at worst, outright fraud."

In a typical case, investors may be promised tens of thousands of dollars in profits in just a few weeks or months, with an initial investment of only $5,000. Often, the investor’s money is never actually placed in the market through a legitimate dealer, but simply diverted – stolen – for the personal benefit of the con artists.

The forex market is a zero-sum game, meaning that whatever one trader gains, another loses, except that brokerage commissions and other transaction costs are subtracted from the results of all traders, technically making forex a "negative-sum" game.

These scams might include churning of customer accounts for the purpose of generating commissions, selling software that is supposed to guide the customer to large profits, improperly managed "managed accounts", false advertising, Ponzi schemes and outright fraud. It also refers to any retail forex broker who indicates that trading foreign exchange is a low risk, high profit investment.

The U.S. Commodity Futures Trading Commission (CFTC), which loosely regulates the foreign exchange market in the United States, has noted an increase in the amount of unscrupulous activity in the non-bank foreign exchange industry.

An official of the National Futures Association was quoted as saying, "Retail forex trading has increased dramatically over the past few years. Unfortunately, the amount of forex fraud has also increased dramatically..." Between 2001 and 2006 the U.S. Commodity Futures Trading Commission has prosecuted more than 80 cases involving the defrauding of more than 23,000 customers who lost $350 million. From 2001 to 2007, about 26,000 people lost $460 million in forex frauds. CNN quoted Godfried De Vidts, President of the Financial Markets Association, a European body, as saying, "Banks have a duty to protect their customers and they should make sure customers understand what they are doing. Now if people go online, on non-bank portals, how is this control being done?"

source : http://en.wikipedia.org/wiki/Forex_scams

Market participants

2008-05-13T13:45:00.001+07:00

According to the BIS study Triennial Central Bank Survey 2004

53% of transactions were strictly interdealer (ie interbank);
33% involved a dealer (ie a bank) and a fund manager or some other non-bank financial institution;
and only 14% were between a dealer and a non-financial company.

Banks

The interbank market caters for both the majority of commercial turnover and large amounts of speculative trading every day. A large bank may trade billions of dollars daily. Some of this trading is undertaken on behalf of customers, but much is conducted by proprietary desks, trading for the bank's own account.

Until recently, foreign exchange brokers did large amounts of business, facilitating interbank trading and matching anonymous counterparts for small fees. Today, however, much of this business has moved on to more efficient electronic systems, such as EBS, Reuters Dealing 3000 Matching (D2), the Chicago Mercantile Exchange, Bloomberg and TradeBook(R). The broker squawk box lets traders listen in on ongoing interbank trading and is heard in most trading rooms, but turnover is noticeably smaller than just a few years ago.

Commercial Companies

An important part of this market comes from the financial activities of companies seeking foreign exchange to pay for goods or services. Commercial companies often trade fairly small amounts compared to those of banks or speculators, and their trades often have little short term impact on market rates. Nevertheless, trade flows are an important factor in the long-term direction of a currency's exchange rate. Some multinational companies can have an unpredictable impact when very large positions are covered due to exposures that are not widely known by other market participants.

Central Banks

National central banks play an important role in the foreign exchange markets. They try to control the money supply, inflation, and/or interest rates and often have official or unofficial target rates for their currencies. They can use their often substantial foreign exchange reserves, to stabilize the market. Milton Friedman argued that the best stabilization strategy would be for central banks to buy when the exchange rate is too low, and to sell when the rate is too high - that is, to trade for a profit. Nevertheless, central banks do not go bankrupt if they make large losses, like other traders would, and there is no convincing evidence that they do make a profit trading.

The mere expectation or rumor of central bank intervention might be enough to stabilize a currency, but aggressive intervention might be used several times each year in countries with a dirty float currency regime. Central banks do not always achieve their objectives, however. The combined resources of the market can easily overwhelm any central bank. Several scenarios of this nature were seen in the 1992-93 ERM collapse, and in more recent times in South East Asia.

Investment Management Firms

Investment Management firms (who typically manage large accounts on behalf of customers such as pension funds, endowments etc.) use the Foreign exchange market to facilitate transactions in foreign securities. For example, an investment manager with an international equity portfolio will need to buy and sell foreign currencies in the spot market in order to pay for purchases of foreign equities. Since the forex transactions are secondary to the actual investment decision, they are not seen as speculative or aimed at profit-maximisation.

Some investment management firms also have more speculative specialist currency overlay units, which manage clients' currency exposures with the aim of generating profits as well as limiting risk. The number of this type of specialist is quite small, their large assets under management (AUM) can lead to large trades.

Hedge Funds

Hedge funds, such as George Soros's Quantum fund have gained a reputation for aggressive currency speculation since 1990. They control billions of dollars of equity and may borrow billions more, and thus may overwhelm intervention by central banks to support almost any currency, if the economic fundamentals are in the hedge funds' favor.

Retail Forex Brokers

Retail forex brokers or market makers handle a minute fraction of the total volume of the foreign exchange market. According to CNN, one retail broker estimates retail volume at $25-50 billion daily, [2]which is about 2% of the whole market. CNN also quotes an official of the National Futures Association "Retail forex trading has increased dramatically over the past few years. Unfortunately, the amount of forex fraud has also increased dramatically."

All firms offering foreign exchange trading online are either market makers or facilitate the placing of trades with market makers.

In the retail forex industry market makers often have two separate trading desks- one that actually trades foreign exchange (which determines the firm's own net position in the market, serving as both a proprietary trading desk and a means of offsetting client trades on the interbank market) and one used for off-exchange trading with retail customers (called the "dealing desk" or "trading desk").

Many retail FX market makers claim to "offset" clients' trades on the interbank market (that is, with other larger market makers), e.g. after buying from the client, they sell to a bank. Nevertheless, the large majority of retail currency speculators are novices and who lose money [3], so that the market makers would be giving up large profits by offsetting. Offsetting does occur, but only when the market maker judges its clients' net position as being very risky.

The dealing desk operates much like the currency exchange counter at a bank. Interbank exchange rates, which are displayed at the dealing desk, are adjusted to incorporate spreads (so that the market maker will make a profit) before they are displayed to retail customers. Prices shown by the market maker do not neccesarily reflect interbank market rates. Arbitrage opportunities may exist, but retail market makers are efficient at removing arbitrageurs from their systems or limiting their trades.

A limited number of retail forex brokers offer consumers direct access to the interbank forex market. But most do not because of the limited number of clearing banks willing to process small orders. More importantly, the dealing desk model can be far more profitable, as a large portion of retail traders' losses are directly turned into market maker profits. While the income of a marketmaker that offsets trades or a broker that facilitates transactions is limited to transaction fees (commissions), dealing desk brokers can generate income in a variety of ways because they not only control the trading process, they also control pricing which they can skew at any time to maximize profits.

The rules of the game in trading FX are highly disadvantageous for retail speculators. Most retail speculators in FX lack trading experience and and capital (account minimums at some firms are as low as 250-500 USD). Large minimum position sizes, which on most retail platforms ranges from $10,000 to $100,000, force small traders to take imprudently large positions using extremely high leverage. Professional forex traders rarely use more than 10:1 leverage, yet many retail Forex firms default client accounts to 100:1 or even 200:1, without disclosing that this is highly unusual for currency traders. This drastically increases the risk of a margin call (which, if the speculator's trade is not offset, is pure profit for the market maker).

According to the Wall Street Journal (Currency Markets Draw Speculation, Fraud July 26, 2005) "Even people running the trading shops warn clients against trying to time the market. 'If 15% of day traders are profitable,' says Drew Niv, chief executive of FXCM, 'I'd be surprised.' " [4]

In the US, "it is unlawful to offer foreign currency futures and option contracts to retail customers unless the offeror is a regulated financial entity" according to the Commodity Futures Trading Commission [5]. Legitimate retail brokers serving traders in the U.S. are most often registered with the CFTC as "futures commission merchants" (FCMs) and are members of the National Futures Association (NFA). Potential clients can check the broker's FCM status at the NFA. Retail forex brokers are much less regulated than stock brokers and there is no protection similar to that from the Securities Investor Protection Corporation. The CFTC has noted an increase in forex scams [6].

Reference:
Gregory J. Millman, Around the World on a Trillion Dollars a Day, Bantam Press, New York, 1995.

Lines of trends, support and resistance

2008-05-13T13:41:00.001+07:00

The trendline. A trendline is a main initial element for the price chart analysis. While the market moves in any direction not along a straight line but along a zigzag, the mutual placement of upper and bottom points of those zigzags permits to plot a line connecting the significant highs (peaks) or the significant lows (troughs) of an appropriate zigzag using technical tools of the computer program.

To draw a trendline only two points are necessary and the third one is the contact point confirmation. On a bullish trend chart it should be drawn using troughs, on a bearish using peaks. The trendline and a line which is about parallel to it and drawn on the opposite side (through peaks on a bullish trend and through troughs on a bearish) form the trade channel. Both lines are then channel's borders.

Lines of support and resistance. The upper and the bottom borders of trade channels are called accordingly support and resistance lines. The peaks represent the price levels at which the selling pressure exceeds the buying pressure. They are known as resistance levels. The troughs, on the other hand, represent the levels at which the selling pressure succumbs to the buying pressure. They are called support levels. In an uptrend, the consecutive support and resistance levels must exceed each other respectively. The reverse is true in a downtrend. Although minor exceptions are acceptable, these failures should be considered as warning signals for trend changing.

The significance of trends is a function of time and volume. The longer the prices bounce off the support and resistance levels, the more significant the trend becomes. Trading volume is also very important, especially at the critical support and resistance levels. When the currency bounces off these levels under heavy volume, the significance of the trend increases.

The importance of support and resistance levels goes beyond their original functions. If these levels are convincingly penetrated, they tend to turn into just the opposite. A firm support level, once it is penetrated on heavy volume, will likely turn into a strong resistance level. Conversely, a strong resistance turns into a firm support after being penetrated. In general, to evaluate the reliability (that is the possibility of a break) of the trade channel borders taking a decision to close or to save an existing position one should govern himself with following rules:

A channel is the more reliable the longer it exists. Hence, the solidity of very old channels (e.g. existing more than 1 year) decreased sharply.
A channel is the more reliable the more is his width.
The resistance may be broken if it is bounced on the background of a growing volume.
A steep channel is less reliable in compare to a gentle one.
The support may be broken independent on the volume.

author : Tomas Anderson
Tomas Anderson is the editor of www.go-see.info - a free Article Directory, where anyone can submit articles or find free content for the website

What controls the market ?

2008-05-13T13:13:00.001+07:00

The primary causes of changes in currency rates are economical forces as well as political and psychological factors.

Basic parameters of economy such as inflation, interest rates, unemployment, and many others affect exchange rates constantly and dramatically. Government policy has drastic influence on the rates too. Competence of the government in maintaining the currency is conducive for its rate increase. Decreasing interest rates stimulates decreased demand for the currency and, thus, depresses its value in the exchange operations. A decision of the Central Bank of a country to buy or sell the currency may strengthen or undermine its rate significantly.

Expectations of change in the economic conditions may lead to sudden and drastic fluctuation of the currency rate. This is the key concept, because the foreign exchange market is often controlled by expectation of changes, rather than the changes themselves.

source : www.akmos.com

Activity of professional currency exchange managers, especially when caused by the interests of powerful financial consortia, is another important market force. In many cases, the managers may act independently and use the market as a unique instrument to achieve their goals of changing major rates. Most, if not all of them, could not care less about the adequacy of charts used for technical analysis. Though, as major levels of resistance and support are approached, the behavior of the market becomes more and more "technical", and the reactions of large number of traders often become similar and predictable. Such periods in the market may lead to dramatic rate fluctuations, because significant funds happen to be invested in similar positions.

WHAT IS FOREX ?

2008-05-13T13:11:00.001+07:00

Forex is an interbank market that was created in 1971 when international trade transitioned from fixed to floating exchange rates. Since then the rates of currencies relative to each other are determined by the most obvious means which is the exchange at a mutually agreed rate.

This market surpasses the others in its volume. For example, the daily turnover of world securities market is estimated at $300 billion, while Forex approaches 1 to 3 TRILLION US dollars in the same amount of time.

However, Forex is not a market in a traditional sense. It doesn't have a fixed location of the trading floor as, for example, futures market does. The trading is done over the telephone and at the computer terminals in hundreds of banks around the world simultaneously.

Futures and securities markets have one more significant feature distinguishing them from Forex, and at the same time restricting them. The trading is suspended at the end of each day and resumed only next morning. Thus, should certain significant developments occur in the USA, the opening of Russian market next morning could quite surprise you, if you're trading there.

Forex is open 24 hours a day, and the currency exchange operations are maintained throught working days of the week. Almost every time zone (London, New York, Tokyo, Hong Kong, Sydney) has dealers willing to quote currencies.

SOURCE : www.akmos.com

10 Tips for your success in Forex trading

2008-05-08T10:32:00.001+07:00

1. Implement a trading plan.

â€œIf you fail to plan, you plan to failâ€. A trading plan is especially crucial in Forex trading to stay â€˜in-controlâ€™ against the emotional stress in speculative situation. Often, your emotions will blind and lead you to the negative sides: greed causes you to over-ride on a win while fear causes you to cut short in your profits. Hence, a well organized operation has to be predetermined and strictly followed.

2. Trade within your means

If you cannot afford to lose, you cannot afford to win. Losing is a not a must but it is the natural in any trading market. Trading should be always done using excess money in your savings. Before you start to trade in Forex, we suggest you to put aside some of your income to set up your own investment funds and trade only using that funds.

3. Avoid emotion trading

If you do not have a trading plan, make one. If you have a trading plan, follows it strictly! Never ever attempt to hold your weakened position and hope the market will turn back in your favor direction. You might end up losing all your capital if you keep holding. Move on, stay within your trading plan, and admit your mistakes if things do not turn as you want.

4. Ride on a win and cut your losses

Forex trader should always ride till the market turns around whenever a profit is show; while during losing, never hesitate to admit your mistakes and exit the market. It is human nature to stay long on loses and satisfy with small profits â€“ this is why as we mentioned earlier that a strictly followed trading plan is a must-have.

5. Love the trends

Trends are your friends. Although currency values fluctuate but from the big picture it normally goes in a steady direction. If you are not sure on certain moves, the long term trend is always your primary reference. In long run, trading with the trends improves your odds in the Forex market.

6. Stop looking for leading indicators

There aren't any in the Forex market. While some firms make a lot of money selling software that predicts the future, the reality is that if those products really worked, they wouldn't be giving the secret away.

7. Avoid trading in a thin market

Trade on popular currency pairs and avoid thin market. The lack of public participation will cause difficulties in liquidate your positions. If you are beginners, we suggest the big five: USD/EUR, USD/JPY, USD/GBD, USD/CHF, and EUR/JPY.

8. Avoid trading in too many markets

Do not confuse yourself by overtrading in too many markets especially if you are a beginner. Go for the major currency pairs and drill down your studies in it.

9. Implement a proper trading system

There is hundreds of trading systems available on line. Pick one that you are most comfortable with and stick with it. Stay organized in your trades and fully utilized stop-loss or limit functions in your trades.

10. Keep learning

The best investment is always the investment on your brain. Without a doubt, Forex trading needs much more than just a few guidelines or tips to be successful. Experience, knowledge, capital, fortitude, and even some help of luck are all crucial in oneâ€™s success in the FX market. if you lose in a trade, do not lose the experience in it. Learn from your mistakes and regain your position in the next trade.

source : auto trading fx

What Does The Best Forex Software Trading Have?

2008-05-08T10:27:00.000+07:00

Interested in earning more money with a very low start-up capital?The best forex software trading should allow you to earn a living from your trades.From all the currency traders in the world only 50% are actually making money so it's a big chance to lose money if you don't have a big experience in forex trading.

What should you look for when choosing the best forex software trading from all the solutions that are available for traders?

The most important part is that the software should be developed by economic and mathematics experts. This way you will be sure that the software is a pro and will not have any bugs that could blow your profits.

Also a few trading software developers include a option in the software to test it without risking any capital , so you will test the software to be sure that it is what you wanted and paid for.

The best forex software trading support all financial markets and it doesn't limit you just to the important currencies like Euro, Dollar and Pound.

-Foreign exchange trading signals. I know traders that pay hundreds of dollars every month for forex signals. Be sure to use a software that doesn't have any fee for forex trading signals.

Also another criteria that you should use to select the best forex program is that the software should be easy to understand and use, by newbies and experts and you could also search for software with 24 hours a day experts support.

Why should you use a software?

Because you will be able to make money on every opportunity, no matter if you sleep or work at your job and it will allow you more free time while you still make money from trading.

Do you want a forex trading software that gives you all you need? Read Here a Review based on opinions of hundreds of satisfied customers.Some of them even earn 3000$ a month with only 500$ invested.

Best forex software reviewed here

Article Source: http://EzineArticles.com/?expert=Nicusor_Valentin_Prefac

Forex Scalping - How to Find a Winning Forex Scalping System

2008-05-08T10:24:00.000+07:00

Forex scalping is a short term method of day trading and forex scalpers are looking to take small profits regularly by timing moves on hourly charts. The idea is to only take small profits but get lots of them, to build profits over time and earn a big consistent income. There are lots of forex scalping systems for sale but how do you pick a winner?

The first thing you need to do, is look at the track record of the scalping system presented to you and check for a disclaimer. If you see the one below ( or one with a similar wording), you need to forget the system and look at others. Here it is read it carefully:

"CFTC RULE 4.41 - Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown".

Basically, the above means the forex scalping system has not been traded and the vendor has simulated the track record in hindsight. A disclaimer like this, tells you nothing about the profitability of the system, as of course if we all knew tomorrow's price today, we would ALL be rich!

Making money in hindsight is easy, but we don't have that advantage in the real world.

Now you may be thinking well that's obvious enough - I Will just find a real time track record of forex scalping profits.

Get ready for a long search then! Why?

Well I have been searching for 25 years and not found a real time track record and the reason is:

Forex scalping doesn't work over the long term, because the logic it is based upon is fundamentally flawed.

The logic is, you can predict where prices will go in just a few hours - but of course you can't do this.

Volatility in short time frames is simply random.

Volatility can go anywhere in a few hours (and does) so, all that happens is stops get hit and you end up with lots of small losses. Because you are not running profits to cover them, you are simply destined to lose.

You can't win long term, as even if you are lucky - luck doesn't last forever!

Vendors know it's a good and appealing story - but that's all it is.

You never see a real time track record of gains and you have to wonder why a vendor if he really

Article Source: http://EzineArticles.com/?expert=Monica_Hendrix

Forex Signal Trading System - Make Serious Money With Forex

2008-05-08T10:22:00.000+07:00

Are you searching for a forex signal trading system?Here's what you should know if you want your own forex signal trading system and make money automatically trading currencies. Every day 3 trillion $ are traded worldwide every day, and if you want to take a very very small share you should know how to do it and do it the right way.Every day people make money trading currencies, but some of them use a secret tool, and don't like to brag about this.

Here's the secret and what I suggest you to use if you want to make up to 3000$ or more with your trades. Buy a forex trading software and you will be able to make money with every opportunity available on the market.So let me give you an example: You have 5000 yens in your account and you want to trade them.It's 2 Am in the morning and as any normal being you sleep in your comfy bed.At 2:10 Am the yens increase with 10% and you could make pretty money if you trade them but you can't because you sleep. That sucks, unless you have a software that makes most of the work for you.

The software will also provide a profitable forex signal trading system, without paying any monthly subscription and it will make the transactions with the purpose of making you money. Some software providers also offer you 24 hours support from forex trading experts .

So if so many people are making money with currency trading software, which allows them to take every opportunity available on the market and provides buy-sell signals, why shouldn't you do the same?

Article Source: http://EzineArticles.com/?expert=Nicusor_Valentin_Prefac

Automatic Forex Day Trading Systems Solutions

2008-05-08T10:19:00.001+07:00

The best automatic forex day trading systems that you can use to make money with currency trading are forex trading software.

If you want to spend less time researching, to reduce the risk of losing money and increase the chances to make a living from foreign exchange currencies trading automatically then a forex trading software is the way to go.

What should you know about currency trading software or automatic forex day trading systems?

The benefits are

-will reduce the risks of losing money on your trades, so you will feel confident on your trades.
-you will make profit on every opportunity, even if you sleep, eat, or drive to work.
-all the calculations are made automatically by the software and you don't have to spend time calculating the earnings, the risks, etc..
-it can be used with any level of forex trading knowledge, because the best software systems providers also give 24 hours support,a guide to learn currency trading and a proven winning system.
-the software is developed usually by economic and mathematical experts, experts that have experience in foreign exchange currency trading and make money with their trades.
-with some software solutions you can test the market without risking a dime
-you don't have to pay monthly subscriptions to receive foreign exchange trading signals, because the software can help you with this without paying any monthly subscription
-all the financial markets are in one place and you don't need multiple services or subscriptions to trade different, multiple currencies.

What are the disadvantages of using a automatic forex trading system? The only thing that is a disadvantage is that you must pay a small amount to receive a efficient , quality software.

Article Source: http://EzineArticles.com/?expert=Nicusor_Valentin_Prefac

Trading with an Auto Forex System for Faster Profits

2008-05-08T10:16:00.001+07:00

Auto forex system trading is the perfect strategy for investors or brokers who either do not have time to watch the market closely or trying to diversify the portfolio. It is like having a professional to trade your account for you, taking care of your profits.

Automated systems replace the need for manually buying or selling the currencies. With auto forex system trading, you can continue to focus on your own trading strategies and can take benefits of other strategies as well.

Forex system trading can be of different types. The systems are based on software and algorithms to generate trading signals. Different automated trading platforms use varied software to generate the trading signals. You can run the system from your own desktop or can leave the trading completely to professionals through your managed accounts.

The system is configured to automatically open and close positions at specified parameters. As the forex markets in different countries operate in different time zones, the trading practically continues round the clock. With a managed account in your auto forex system trading, whenever a trade signal is generated, your order will be placed into your account while you are away working or sleeping.

Automated forex system trading is free of the traders' emotion. As the operations are strictly software driven, you need to concentrate on the strategic decisions, which will be executed automatically. As the automated trading platforms have proper risk management features, your trades will be secured and safe.

Many online brokers offer trading platforms for free. You can download the system in your desktop. For a subscription or with the spread, the online broker can manage your investment.

If you purchase an automated forex trading system, the vendor may offer you free trading alert services when you can receive signals whenever a trade is identified. In many trading platforms, your order can be placed automatically, whenever a signal is generated and, therefore, you never miss a trading opportunity and save your time as well.

To take the maximum advantage of the system, you need planning and self-preparation. Always determine beforehand how much of your trading capital you will risk. Work on a demo account for few months before choosing the platform.

You must also monitor how your accounts are doing on a regular basis. A successful auto forex trading system should be based on low leverage and multiple entry. Always ask for the history and record of past performance of the platform. The trading platform should be simple enough for you to operate.

Article Source: http://EzineArticles.com/?expert=Paul_Bryan

Rules about Bollinger bands

2008-05-03T10:42:00.002+07:00

15 Rules about Bollinger bands

1. Bollinger bands provide a relative definition of high and low.

2. That relative definition can be used to compare price action and indicator to arrive at rigorous buy and sell decisions.

3. Indicators can be derived from momentum, volume, sentiment, open interest, inter-market data, etc.

4. Volatility and trend have already been deployed in the construction of Bollinger bands, so their use for confirmation of price action is not recommended.

5. Avoid colinearity. The indicators used for confirmation should not be directly related to one another. Two indicators from the same category do not increase confirmation.

6. Bollinger bands can also be used to clarify pure price patterns.

7. Rice can, and does, walk up the upper Bollinger band and down the lower Bollinger band.

8. Closes outside the Bollinger bands can be continuation signals, not reversal signals.

9. The default parameters of 20 periods for the moving average and standard deviation calculations, and two standard deviations for the bandwidth are just that, defaults. The actual parameters needed for any given market/task may be different.

10. The average deployed should not be the best one for crossovers. Rather, it should be descriptive of the intermediate-term trend.

11. If the average is lengthened the number of standard deviations needs to be increased simultaneously.

12. Bollinger bands are based upon a simple moving average. This is because a simple moving average is used in the standard deviation calculation and we wish to be logically consistent.

13. Be careful about making statistical assumptions based on the use of the Standard deviation calculation in the construction of the bands. The sample size in most deployments of Bollinger bands is too small for statistical significance and the distributions involved are rarely normal.

14. Indicators can be normalized with %b, eliminating fixed thresholds in the process.

15.Tags of the bands are just that, tags not signals. A tag of the Upper Bollinger Band is NOT in-and-of-itself a sell signal.

pick from : fxarticle

Learning Forex: Pips, Volume

2008-05-03T10:36:00.002+07:00

As you enter the world of Forex you will find yourself learning and using many new concepts that you may not have used or heard before.

Three of this important concepts that you must understand are what Pips are, What Volume is and what you do when Buying and Selling Short. They may look more like four concepts but Buying and Selling are like the two faces on the same coin so we can consider them as a single concept.

Lets first introduce what Pips are.

Maybe you have heard or read already how many pips a day you can make using some trading system. In short, currency pairs prices will go out to 4 significant digits. For example; if one currency pair is trading for 1.3451 then an increase to 1.3452 would be a one pip increase in the price of this particular currency. This is an increase of one hundredth of a percent of the value of the currency pair you are trading. And depending the type of account you have, regular or mini, each pip will have a value of $10 or $1. So if you make 10 pips a day with a regular account you would have made $100 and with a mini-account $10.

Now we can talk about the Volume;

trading Volume is a quantity that tells traders how much money is being traded at one particular moment. And the forex market is known by its high volume of trading during most of the time markets are open. Some times there can be spikes in the volume during some type of news breaks and during the time New York stock exchange is open. The volume of transactions in Forex, even in a slow day, will always be much higher than the volume traded in other large exchanges at their full capacity.

Now maybe the most obvious of the concepts.

Buying refers to the acquisition of a particular currency pair to open a trade. Selling short refers to the selling of a particular currency to open a trade. When you Buy, you are expecting the price of the currency pair to increase with time, i.e., you buy cheap to sell high. In the case of Selling short, it looks a bit more complicated. Here the way to make money is to initially sell a currency pair that you think will lose value in a given period of time and then, once it happened, you will buy it back at the new price but now you can sell it at the previous greater price the currency had when you opened the trade, so you earn the difference in prices. I know it seems kind of tricky, but once you are in front of your trading station it will look much simpler.

Understand well these three concepts and you will start with solid steps you trading career.

by : Financial News

How To Trade Forex: Using Margin, Learn Hedging

2008-05-03T10:26:00.001+07:00

Hedging, Using Margin

A good rule of thumb for either a mini-account or standard forex account, is to limit your margin usage for each trade to 5% - 10% of your usable margin.

As an example, if your usable margin is $5000, to trade safely, limit your margin usage for each trade to a maximum of $250. This means trading only 1 full lot for each trade. This is assuming that you are trading in a CMS Universal account with 400:1 margin. Your use of margin is increased with a smaller ratio, as most other brokerages only offer a smaller ratio, normally 200:1 or even 100:1.

As your account grows and your usable margin grows, you can increase your margin usage and trade bigger mini or full lot sizes. If you lose money and your account shrinks, drop your margin usage back down to smaller sizes. You need to learn to keep your eye on your usable margin, especially if you�ve suffered some losses.

Protect your usable Margin by not having more than 2 open hedged or unhedged position at any one time. Your usable margin & equity will get eaten up by un-hedged open positions that go bad in the wrong direction...this is a really good reason why you want to use stops, and if you hedge, hedge tightly.

IMPORTANT: Don't just keep putting on positions because you think it's a good opportunity. First sell a position and book some usable margin before you put on another position.

NOTE: Hedging does not use up more margin! Use it to protect your equity & usable margin, esp. in an emergency situation!

If you break the hedging rules, and your positions go against you and you aren't properly hedged with stop losses, you'll quickly see your usable margin degrade. If it degrades enough so that your usable margin goes into the negative, you'll get a margin call. This means that the operators will automatically start selling some of your lots in your oldest losing positions in order to beef up your usable margin. This makes your unrealized loss become a realized loss...and the money is gone from your account.

If you lose too much useable margin, they won't even let you trade in your account, the message they'll give you when you try to put on a new trade is, 'Account in Untradeable Condition'.

If this happens, you might have an open position that needs to be hedged immediately or you might need to sell an old position. Or you might need to deposit more money into your account. Then you can start trading smaller lots to win back some usable margin.

You can lose your entire account balance if you're not careful. One other good thing about forex trading is that you will never lose more money than is in your account, you won't have to sell your house if you get a margin call! Stick to the rules above and this won't happen to you. You'll make more money than you thought possible and without the stress of loss.

by : Financial News

How To Increase Forex Profits 100% in 10 Minutes

2008-05-03T10:19:00.001+07:00

This simple exercise will increase Forex profits 100% and works for 99% of all short-term FX traders - stop trading so much - widen out your stops - widen out your profit targets - and only trade in the direction of the trend indicated by 4 hour chart.

1) Stop trading so much

Sure there are no commissions but the spreads are HUGE and believe it or not (well you'll believe it after you do the simple exercise below) the spreads are reducing your profits 100%!

2) Widen out your stops

Initial stop loss should be a minimum of 23 points; I use between 23 and 35 point stop losses for short-term trading.

3) Widen out your profit targets

Unless you think a trade can make you 100 points or more don't do it.

4) Only trade in the direction of the 4 hour chart

The real money is made in the direction of the trend

Simple exercise

1) Download all your trades for the year into an excel spreadsheet (if you don't know how to do this ask your broker for help).

2) Determine the dollar value of the spread for each trade.

3) Sum up the total dollar value of all spreads for all trades and add this number it to your current account balance; this is your spread adjusted account balance.

4) Take your spread adjusted current account balance and divide it by your opening balance at beginning of year; the result will be a percentage change.

5) Take your actual current account balance and divide it by your opening balance at beginning of year; the result will be a percentage change.

6) Subtract your spread adjusted year to date percentage change from your actual year to date percentage change.

7) That number should be 100% or more

8) Take the necessary steps as outlined above (1 to 4) and improve your results 100%

Author : Jimmy Young

Ava FX

2008-05-02T01:31:00.003+07:00

COMPANY PROFILE

Ava FX was founded to provide the best possible FX trading experience for the online trader. Ava FX is backed by a large financial conglomerate with over $16 billion in assets under management and rated “AA” by a S&P affiliate rating agency.

Ava FX provides a new breed of service to the retail online trader. Unlike most FX companies, which were founded by bankers, Ava's founders come from the marketing side of the online retail FX world, and appreciate the special requirements of the retail trader.

Ava FX has strong relationships with the world’s leading banks and financial institutions allowing it to provide the most competitive, reliable and robust streaming rates to its customers. Ava FX is committed to provide commission-free, honest spreads and quotes to its global customer base. we trade off-exchange forex transactions.

With a strong grounding in the latest Internet technology, Ava has developed and licensed systems that were specially created to provide the retail customer with a simple yet functionally rich trading environment.

Ava FX is especially proud of its multi-lingual 24-hour customer support, center which is the nerve center of the operation. Founded and operated to provide the Ava client with the most personalized and effective service available, the support center utilizes proprietary state-of-the-art support systems.

copy from about avafx

Marketiva Chat Channels

2008-05-02T01:26:00.000+07:00

This FAQ section answers your questions on how to use chat channels.

1. How do I join a chat channel?
If you wish to see all the discussion groups in Streamster, please click the button located at the top of the [Discussions] window :-)

2. Why chat flashes and how to save or clear content?
When channel name flashes, it means there is a new and unseen chat content in that chat channel. If you want to save text from a chat channel, simply click on the button and browse to a location where you want to save a log file. If you want to clear text from a chat channel, simply click on the button and the chat content will be deleted.

3. How to setup Chinese and Arabic letters?
If you want to see Chinese and Arabic letters in the chat instead or replacement squares, you need to open [Control Panel] and go to the [Regional and Language Options]. Select [Languages] tab and click on [Install files for East-Asian languages].

4. Are there limitations in chat I should be aware of?
Please note that typing in all uppercase letters, repeating question or exclamation marks is considered yelling in chat and is disruptive to the normal flow of chat. We do not allow chat participants to advertise products or services, or to ridicule services provided by us or other companies. Internet links pointing to external sites are allowed only if they have strictly educational purposes. No personal contact information, including e-mail addresses and instant messaging handles, are allowed to be sent in the chat channels. Anyone cursing or swearing will not be tolerated. All problems and issues will be addressed in a civil manner on our support channel.

Trading Platform Basics

2008-05-02T01:18:00.002+07:00

This FAQ section explains basic application usage and necessary setups required for trading with Marketiva.

1. Where can I see your software?
Please visit our slideshow at slide page to preview our software platform.

2. Can I trade through your web site?
In order to trade at Marketiva you have to download and install the Streamster application. There are no other ways to trade. To get the Streamster, please go to download page.

3. Where can I download the Streamster?
Streamster is an application you need to download and install on your computer in order to use our services. When you download it from download page you need to install the application on your local computer and run it to access our services.

4. What Operating System do I need?
We currently directly support Windows 98 / Me / 2000 / XP / Vista. There is a development version that can work through Wine simulator on Linux and some other Unix operating systems, but we do not have a release version at this moment. If you have Mac OS, you may use PC simulator.

5. How secure is your software?
Streamster uses industry-standard 128-bit SSL (Secure Sockets Layer) to encrypt the communication between you and the Streamster Server. Streamster protects your privacy by encrypting any and all data received and sent between Streamster and the Streamster Server, and by verifying the identity of the Streamster Server prior to any communication.

6. Where can I find more help on your platform?
To read more details about Streamster, please go to streamster help page.