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Forex Trading Articles

Currency Trading Mastery – 5 Tips to Master Your Emotions in Forex Trading

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Many people lost money in forex trading not because they do not have a good forex trading system, a forex strategy or a set of rules they do not follow, but it’s the psychology barrier that they have to get over it. They cannot beat their emotions and that caused them to make wrong decisions and lose their trading capital in a flash.

Forex trading psychology is the most important factor for trading success or failure, but it’s sad to say that many traders do not have that factor as priority and instead keep looking for better forex trading strategies.

1. Do what you are supposed to do. When the trend is weakening, you should take steps to protect your profits regardless of the forex systems that you are using. Remember that in forex trading, you should be thinking how to minimize losses first and not thinking how to win.

Even a breakeven trade is considered a successful trade because it’s not a loss. Likewise when the trend goes in your direction, you will want to set a higher level profit target and on the same time protect your floating profits.

2. You do not like, hate or fall in love with your trades. The currencies pairs are not your friends in the forex market and your only friend is forex trading psychology. Trading with a plan is the #1 forex tips because when a trader is already in a trade position, he/she tends to see the market differently from the first time of analysis. He hopes that the trade will move in favor of him and neglect the factors which may change the market conditions.

3. Increase your position size accordingly. Increase your position size when you have an increase of maybe 10% of your account, this is to build up your trading capital. Likewise, you should reduce the lot size that you are trading when your account have reduced by 10%.

4. Expect the unexpected. In forex trading, always be prepared for both good and bad things. Understand those events and be prepared, so that you can take necessary actions when it happens to you. A good forex trading psychology is where you can take into consideration things that are unpredictable in the forex market.

For example, if the trade is going in your direction, you must have a mental preparation that it can go against you anytime, so that you will not be surprised if that really happens.

5. Remain emotionally detached. A good forex strategy is that you don’t check how is your trade going on every now and then. If you keep watching it, you are going to make wrong decisions I can guarantee you! This is because greed and panic may happen and therefore you adjust the trade. Just leave it to the market to hit stop loss or profit target once you have traded.

Forex Trading Articles

Currency Trading Australia – Forex Trading Hours

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Currency Trading Australia

Foreign Exchange (FOREX) Trading is the buying and selling of international currencies. Because the trading parties can come from every corner of the globe, there are various time differences that need to be taken into consideration when you engage in trading.

The first trade market begins in Tokyo, Japan, at 7:00 pm Eastern Standard Time

(EST) followed by markets in Singapore and Hong Kong that both open at 9:00 pm EST. The Frankfurt market opens at 2:00 am EST, followed by London at 3:00 am EST, for the European market. By 4:00 am EST, the Asian market has closed and all trading stops in that area of the world. The European market on the other hand is in its busiest time.

The market in the United States of America starts in New York at 8:00 am EST. By this time, the European market is coming to a close. The market in Australia comes to life at around 5:00 pm EST, and by 7:00 pm, the Japan market starts up again in Tokyo, completing one trading day. Currency Trading Australia

This is why FOREX trading is a round the clock, 24-hours-a-day industry.

When looking for companies, or brokers, it is best to be able to look for those who have an international reach and have business hours covering the different time zones. Many companies have business hours starting from 2:30 pm EST on Sunday to 4:30 pm on Friday.

The availability of the company is important for you to be able to extend your influence in the markets from Sydney, Tokyo, Hong Kong, Singapore, Moscow, Frankfurt, London, New York and Los Angeles, and trading in currencies such as the Australian dollar, Yen, US dollar, and European Euro. You want to be able to take advantage of the high availability of the market and the always-liquid currencies. Currency Trading Australia

General Forex

Currency Trading Margin – Forex Margin Trading As a Method of Leverage

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Currency Trading Margin

A forex margin account is used by a forex trader when he wishes to invest into a position which requires a much higher financial investment than that which is currently available in the account of the trader. This is one of the unique advantages of the forex trade market wherein the traders are able to conduct transactions in currencies of worth which is much higher than the amount available in the forex account. Unlike the stock market and the equity market which offer little or no leverage to the trader, the forex market offers a leverage of 100:1 to its trader, implying that if a trader who has $1000 in his forex account decides to trade with a forex margin of 1% then he would be in a position to trade up to $100,000.

Forex margin trading is usually carried out through the broker and in order to indulge in this form of trade one needs to entail the services of a forex broker who offers margin trading as a part of a bigger package deal. This is owing to the fact that the concept of trading on forex margin is based on acquiring a short term loan from the broker for the purpose of indulging in trade and in return paying him a certain percentage of profits. Therefore, one first needs to open an account with the broker, deposit a certain amount of finances in it and then use forex margin trading to gain leverage and make a foray into the actual forex market. Currency Trading Margin

Although forex margin trading is considered to be an advantage of forex trading, a word of caution here would be pertaining to the proverbial two sides of the same coin. This implies that a forex trader might well be aware of the fact that if he can use the leverage option effectively, he stands to make phenomenal profits but at the same time if his investments turn out to be loss making then the extent of financial losses which would be incurred would also be manifold. This is evident from the fact that there are many people who complain of having lost out heavily due to forex trading and this is usually the case when people are misinformed about the market and make an educated use of the forex margin option. Currency Trading Margin

Forex Trading Articles

Automated Currency Trading Software – Gearing Up For Automated Forex Trading Software

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Automated Currency Trading Software

There are just times when we feel as if we can achieve more than what we are already getting presently. This applies to many people especially when it comes to money. Many of us see the need to earn more and many of us actually believe in the fact that we can possibly do it. For this reason, many are trying out new arenas where we can invest our money in. The forex market may be an old arena but using an automated forex trading software can be a new method by which we can reach this goal, If you want to earn extra money by investing in a tried and tested arena, then there is no better way than to use an automated forex trading software.

To test if you are indeed geared for auto forex trading, then consider these points:

1. Earning money from a solid source.

While the currencies market is highly active and fluid, you can expect it to be solid in the sense that it has been around for decades as a source of income for the financially wise. Big investors like banks and even governments have made profits using the forex market and now, there is no reason why you should not benefit from it as well. Automated Currency Trading Software

2. Earning money automatically.

You can earn money automatically using an auto trading system. This means that you do not have to trade manually nor do you have to monitor the forex market at all times. With a useful auto software, you can preset your conditions and have your software do all the job for you.

3. Earning money easily.

You do not have to spend years learning the ins and outs of foreign currency trading. With a reliable automated forex trading software, you can learn only the basics and still have the advantage of making good trades and earning money from it easily and conveniently. Automated Currency Trading Software

Forex Trading Articles

Forex Currency Trading Tools – Mobile Forex Trading Platform Gives Access to Financial Markets and Tools Anywhere

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Forex Currency Trading Tools

With foreign exchange being the most fluid market in the world, mobile Forex trading is nothing less than a necessity. Currency trading is part of a 24-hour marketplace where opportunities for earning may arise any time of day. Thanks to the cutting-edge technologies offered by some Forex trading firms, it has now become possible to trade and perform other operations through a Web-enabled mobile device such as a PDA.

Access to the Internet is practically ubiquitous in the modern world; when coupled with mobile trading software, the Web becomes a powerful tool that gives traders round-the-clock access to foreign exchange and other financial markets. Apart from viewing current market prices, the software also enables traders to conduct a technical analysis through advanced trading tools. Various technical indicators may be available, such as moving averages and Bollinger Bands. Forex Currency Trading Tools

Functioning like its desktop-based counterpart, the platform for mobile Forex trading also allows traders to view their real-time account summary as well as their account history. In addition, traders are also given access to financial market news, allowing them to anticipate currency pricing fluctuations and take the necessary steps to earn from such changes.

A robust mobile trading program also comes complete with features that enhance user experience. It is equipped with sound alerts, notifying traders about changes in the market and eliminating the need to constantly keep an eye out for currency movements. Users may also change the language of the software interface as needed, and replace other features available from their default settings as well for a much more personalized experience. Forex Currency Trading Tools