The GOAL and MISSION of a Forex Trader

In order to become a successful forex trader you must understand your goal in foreign exchange trading. It is the mission of the trader to become a financially successful long-term trader. This
can be achieved when the trader adopts and accepts the rules of Successful Trading. The
trader must commit to live by the three disciplines that create the successful trader.

1. The trader must believe in The 10 Keys to Successful Trading and merge them into
   his personality. His success is dependent on creating a trading plan, and maintaining the
   discipline to TRADE THE PLAN!
2. The trader must commit himself to continued education and learn as much as he can
   about technical analysis and the psychology of successful trading. He must use logic, and
   not his emotions, in trading. The trader must learn to trade in control, not out of control!
3. The trader must map out a sound plan of equity management to insure a return on
   his investment. A successful plan is to trade no more than 20% of a margin account and
   risk no more than 5 to 10% of that account on any single trade.
   

Levels Of A Trader

• LEVEL ONE: Beginner Trader - To study and paper trade for a minimum of one month with imaginary money, gaining the experience required to establish a track record of
  profitable performance.
• LEVEL TWO: Advanced Beginner - To trade one or two lots with real money, working
  through emotions and establishing a track record of making money.
• LEVEL THREE: Competent Trader - To trade in control with equity management,
  achieving a financial return.
• LEVEL FOUR: Proficient Trader - To trade based on my belief, education, and
  experience and achieves a financial return.
• LEVEL FIVE: Expert Trader - To mechanically execute profitable trades with no emotion.

If you are new in Forex Trading I recommend you an interesting article called: Foreign Exchange Trading.

I also found a FREE Forex Book and you can download it here. Now, this is just a short guide, if you want a more professional guide with forex videos included then I recommend you Fast Forex Cash.

Don't forget to come back on this blog to see new interesting articles about forex trading.

About Foreign Exchange Technical Analysis

I will try to give you some interesting information about the Technical Analysis used in Foreign Exchange Trading.

First of all, this technique is about the price movements and finding the prevailing trend will help you become aware of the overall market direction and offer you better visibility, especially when shorter-term movements tend to give you wrong information about how market will evolve.

Technical analysis is being used for the prediction of market movements (meaning alterations in currencies prices, volumes and open interests) outgoing from the information obtained for the past and the main instruments of the technical analysis are different kinds of charts, which represent currencies price change during a certain time preceding exchange deals, as well as technical indicators.

Weekly and monthly charts are most ideally suited for identifying that longer-term trend. Once you have found the overall trend, you could select the trend of the time horizon in which you wish to trade. Thus, you could effectively buy on the dips during rising trends, and sell the rallies during downward trends.

Probably the most successful and most utilized means of making decisions and analyzing ForEx and commodities markets is Technical Analysis.

The difference between ForEx technical and ForEx fundamental analyses is that ForEx technical analysis ignores fundamental factors and is applied only to the price action of the market. In that fundamental data can often only provide a long-term forecast of exchange rate movements, ForEx technical analysis has become the primary tool to successfully analyze and trade shorter-term price movements, as well as to set profit targets and stop loss.

The latter are being obtained as a result of the mathematical processing of averaged and other characteristics of price movements.

The instruments of the technical analysis are universal and applicable to any ForEx sector, any currency and any time span.

Technical analysis is easy to compute what is important while the technical services are becoming increasingly sophisticated and reasonably priced. They are available to all the ForEx Traders independent on their trade plans, strategies applied and the time of position continuance.
Under contemporary conditions it is executed by means of computers, which is important to account that means of the electronic support become more and more sophisticated.

ForEx technical analysis primarily consists of a variety of ForEx technical studies, each of which can be interpreted to predict market direction or to generate buy and sell signals.

FOREX OR FUTURES - WHICH IS RIGHT FOR YOU?

The Foreign Exchange (FX) is one of the fastest-growing investment arenas today. Large institutional investors and hedge funds are big players in the forex market; and in the past three years, the Foreign Exchange market had an estimated 50 percent increase in volume. Some had credited this increase to the large activity created by the online currency trading for the retail
investor. The forex market is an over-the-counter market, which means that there is no main exchange or clearinghouse. This is contrary to the futures markets which offer futures trading in “open outcry” and electronic access; which is transparent pricing through a trading platform.

Trading the forex offers leverage, leverage that the individual controls. Through the use of margin, an individual investor has the choice to increase or decrease leverage through various means. Most currency firms offer 100 times leverage on a regular size account; compare this leverage to the leverage offered to the average equity investor, and you can see why many traders are more attracted to trading the forex. As mentioned previously, leverage in the forex market can also be customized to the individual trader, which means that a trader can choose to lower or eliminate leverage while trading foreign currencies.

Money Management

In a sense, every successful trader employs money management principles in the course of forex trading, even if only unconsciously.

The goal of this article is to facilitate a more conscious and rigorous adoption of these principles in everyday trading.

For many forex traders, the forex market is a game of balancing fear, greed and hope. When a trader is out of balance, he likely will lose money, and if he is out of control, he will lose balance. Well-designed money management concepts can help to keep the trader in control at all times.

Trading FOREX involves three interrelated, yet somewhat separate operations:

1. Analysis of when and at what price level a market will top and bottom.
2. Market Entry and Exit – the actual buying and selling (or trading) once the decision has been made.
3. Money Management, perhaps most aptly called the art of survival.

Most forex traders spend 99% of their time on analysis and the buying and selling of currency pairs. Many of these traders ultimately join the legions of ex-forex traders because they ignored the most important aspect of speculation – money management.

You can be a good analyst and lose money trading due to poor money management. But, if you have sound, market-proven money management concepts, and the discipline to follow them, you will never lose all of your money.

There is no guarantee that you will make money using these money management rules, but you will never lose the farm.

Before entering the market, determine a stop/loss as a profit objective Many traders often enter the market with a price objective, but without a clearly defined protective stop. When the market moves against them they are often forced out of the size of their margin call. They lose control, and the results are often disastrous. What should have been a relatively small loss becomes an extremely large loss.

With a pre-determined price objective and a pre-determined stop/loss, you know where you will get out if you are wrong and where you will get out if you are right. You have control.

The stop/loss must be in the market, not in your mind.

If you have been stopped out only to have the market make the move without you, the problem was how you determined where to place your stop, not whether to use stops.

Never risk more than 10% of equity on any single trade. If possible, risk 5% or less. Never risk more than 20% in any one complex.

If you are like most traders, you always figure how much you could make. The question of how much you could lose if you are wrong is never quantified.

You are out of control.

The most important question in trading leveraged markets is – How much of your equity is at risk? On any given day, for any given trade you must know how much you will lose if the market goes against you. You can maintain control by never risking more than 10% in any one trade, and by adjusting stops so you are never risking more than a maximum of 20% of open equity at any time.

Forex Broker

The Forex Yard is a great platform to start with investment for a beginner or an expert. The minimum deposit for Forex yard is as low as $100; the pip spread value is as low as 4-5. Forex Yard is a reliable and competitive agent that does provide with user friendly trading software that can be exclusively used for Forex.

Forex Yard provides with a reasonably good leverage, low pip spreads, explicit client support, and user friendly software. The highlight of Forex Yard is the loss protection feature.

With regards to the account package Forex Yard does offer need appropriate solutions:

They offer a free practice account for the beginner. Regular $100 investors will benefit from the mini account. Experienced investors that are working with Forex Yard with receive a pro account package. The deposit options for Forex Yard is pretty liberal in that you can invest even with your credit card or online Paypal account. In addition to all this, the investor gets a guaranteed fixed spread, which makes the deal pretty much reliable.

The flexibility in deposits, the account packages, and the guaranteed spread limits offered to the investors is the major reason for the current growth of Forex Yard. The most attractive marketing strategy of Forex Yard is that they also operate on a negative balance security.

In cases where you are going to have your funds run to a bare minimum, then all your investments and trades will be closed mechanically. This option limits your risk process by not letting you to risk more than the balance you have in your account. Even if you lose, you will be losing within your existing balance limit and not beyond. Forex Yard review given by the existing users has marked it as one of their best Forex agents. Most of the Forex Yard Review highlights the point that the pips and spreads are pretty competitive and the 200:1 leverage is also pretty generous.

Top rated Forex Yard review from most users has the recommendation for fresh investors to sign up for the demo account and work with it until they are comfortable with the process. The next famous Forex Yard review from most users has the opinion that the users should subscribe to the news reviews and signal information and get used to making their decisions based on it and then slowly they have to graduate to pro accounts, because demo account is not the place where one can make money.

Our Forex Yard Findings:

The first thing that we discovered about this platform is the fact that it is not only user friendly for those who are just starting out trading in Forex, it is also excellent for those who are already doing it and have been doing so for quite some time.

As a matter of fact, it had all the tutorials that were needed in order for us to walk step-by-step through the entire process of trading and in our independent testing, we were able to do so successfully.

It is also a platform that will grow with you nicely, especially considering the fact that it has some advanced tools that will keep you working, long after you have left the beginner stage.

Getting Started with Forex Yard

Getting started with Forex Yard is also an easy thing, especially with the number of different ways that you have of making your initial deposit. Not only that, the initial deposit requirement is rather small and you can start out with a test account in order to make sure that everything is working well for you. This is one of the criteria that we always look for whenever we are testing out a new platform, the fact that it allows a person to test whether they are going to be successful with it or not. It’s a good idea for you to make sure these things before you put your hard-earned money on the line.

For those of you that are impatient and would like to get started right away, you can begin trading immediately upon making your deposit. Of course, if you use a bank check you’re going to need to wait for the check to clear but as long as you are using a credit card to fund your account, those funds will be immediately available. Since they also have a bank wire option available, many people find it convenient to use this in order to fund their account on a regular basis.

Forex Yard - Excellent Customer Service

One of our favorite things about our account at Forex Yard is the fact that the customer service really seems to be on the ball. Since trading in Forex is a 24 hour a day possibility, you don’t want to be left out in the middle of the night because of limited support hours.

They are available via e-mail, online chat and you can even pick up the phone and talk to somebody if necessary.

Whenever you are making your choice for which platform you are going to use to trade on the Forex market, we suggest you take a long, hard look at Forex Yard.

They are one of our platforms of choice and one of the highest rated platforms
on our website.

Full Story- Forex Yard Review

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