Tag Archives: forex broker

Spot Forex Trading – Effective Use of Price Alarms

The spot forex is a support and resistance market. Whatever forex tools and forex indicators you are using to trade the spot forex market, the experience can be greatly enhanced by understanding near term forex support and resistance along with longer term forex support and resistance numbers for the currency pairs of interest.

Every spot forex trader and the major forex trading institutions are watching critical areas of support and resistance on the various currency pairs. If any major currency pair breaks through a critical support or resistance number it makes news everywhere on the forex newswires and  on national and global news shows.

Support and resistance numbers on the forex are somewhat repetitive, the major support and resistance numbers on the forex tend to repeat themselves over time as the currency pairs range or trend up and down.

Monitoring the critical areas of short term or long term support and resistance on the spot forex is easy using price alarms. You can use desktop alarms, alarms to wireless devices, or email alerts when prices are breached. Make sure your forex broker gives you the ability to set price alarms and alerts. They should also provide free forex price alarms or alerts on their forex trading platforms.

Forex price alarms can be used for the various needs of a forex trader.

If a currency pair is currently trending price alarms can be used to notify a forex trader when the trend is resuming so you can intercept the price movement.  Another use of forex price alarms is to set price alarms at specific support or resistance prices where the indicators can be reevaluated for profit taking.  This assists with forex money management and on exiting forex trades.

Another use of forex price alarms is for setting price alarms where double tops and double bottoms can occur, the double tops and double bottoms occur frequently on the spot forex and can represent entry points into complete currency pair reversals after large sell-offs or up cycles.

Price alarms can also be set to alert a trader when a currency pair going in your favor so you can reset your stops up or down to improve your forex money management or entry management. Price alarms can also be set at the same price (execution price) of your partial limit orders or entry orders to notify the forex trader that an order was executed.

Also if a currency pair is not trending but trading in a narrow range a forex straddle alarm can be used to assist in to determining a breakout of the current price range.

In conclusion the spot forex market knows where these critical short term and long term support and resistance numbers are, the other forex traders know where these numbers are, and the institutions also know, this means you should know too, don’t waste time staring at the forex all night. Monitor the market with forex price alarms and go on about your business, get a lot more sleep and still be in the know as to when your favorite currency pairs are moving.

A Forex Broker Is Your Best Friend

If you traded in the Forex market before or if you’re still trading now, you may have heard the term Forex broker a lot of times. However, as an individual trader, you may want to know what is a Forex broker and what they do.

Forex brokers are individuals or companies that assist individual traders and companies when they are trading in the Forex market. These individuals can really give you that extra edge you need in order to be successful in the Forex market. Although they will be trading your funded account, all the decisions are still yours to make if you want to.

Forex brokers are there to assist you with your trading needs in exchange for a small commission from what you earn. Here are some of the services that a Forex broker can give you:

eToro

eToro is a Forex broker that offers a true revolution in Forex trading, when it comes to their trading platform. eToro’s game-like experience just might be the most novice-friendly FOREX learning tool on the market today. eToro makes learning and mastering your FOREX trading skills an incredibly fun experience with a graphical user interface like no other FOREX platform, while offering

Forexyard

ForexYard is a retail forex broker that was established in 2004 and based in Cyprus.  They offer a dealing desk brokerage, meaning they take the other side of your trades.  Twenty-seven different currency pairs are offered as well as 3 commodities:  gold, silver, and oil.  ForexYard offers very competitive fixed spreads.  With the option of a web-based or downloaded trade platform, good customer service, flexible margin trading, and some additional features not offered at other retail brokers, this broker is recommended for experienced and especially beginning traders in the forex markets.