The Best Currency Advice I Can Give You From 25 Years Trading Experience

I have been a trader for over 25 years and have seen most things booms, busts, extraordinary life changing events, the rise of the internet and here I am going to give new traders what I Consider the best currency advice I can in terms of getting started in the exciting world of forex trading...
The first bit of advice I would give you is, don't think currency trading is a walk in the park - its not.
The rewards of currency trading are high and it's important to get the right education and don't believe anyone who tells you that you can make easy money. Forget all the forex robots with there fake track records, or sure fire trading systems at the end of the day they won't help you.
Trading is a personal experience where you have to construct a forex trading strategy and apply it yourself with discipline.
You can get a lot of good education free online and you should approach the markets by using forex charts.
By trading with charts you can simply trade price changes as you see them on a chart and you can learn this skill in a few weeks and soon be making big profits for just 30 minutes work or less per day.
You only need a simple robust forex trading system and forget about anyone who tells you there is some hidden market order in terms of a scientific theory - there isn't and applying complicated theories is doomed to failure, as they have too many elements to break. Keep it simple and keep it robust. I have used the same system for over 25 years and NEVER changed it. Sure it's not perfect, no system is however it makes money and that at the end of the day is the aim of currency trading.
The real challenge of currency trading is maintaining discipline and my currency trading advice here would be - it sounds simple but it is actually very hard and most traders never master it.
If you are a currency trader you are going to have a strong of losses which will last for weeks ( even the best traders do), what you have to do is to keep executing your plan with discipline through this losing period, until you hit a home run which you will, if your forex trading strategy is soundly based. You have to lose to win and many people simply can't take this and throw in the towel.
They can't stay disciplined and if you cannot apply a system with discipline, you simply don't have one.
Currency trading is a unique challenge, anyone can learn to trade but most fail because they cannot accept responsibility, follow others, or get the wrong education.
If you take responsibility for your destiny and get a simple forex system, you understand and can apply with discipline; you can enjoy currency trading success.
The world of currency trading is one where you can enjoy success with a great second income, or even a life changing income, if you have the right education and a disciplined mindset.
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How To Do Currency Trading

I'm going to show you the necessary steps on how to do currency trading. I'll even share a little with you the things you will need to work on with your personality, so you can be the most efficient trader you can be.

• Find A Good Broker: You're going to need broker of some kind. There are a lot on the internet and some can be very poor quality. This means you're going to have to designate a specific period of time for research. Brokers are the ones that hold your money and make the trades (on your behalf), so you're going to want to have a good one to protect your money. The best place to get unbiased reviews are forex forums. You can search for them on Google. You will be able to find out which ones get poor ratings and which ones are excellent. You can also ask questions, if need be.
• Trade On The News: News effects currency. There is just no way around it. Economics isn't as simple as supply and demand because people control the supply and demand. People get emotional and the news has the ability to scare and excite people. Watch the news every morning before you start trading. You want to get the latest news, especially the political and economic news before you put your money on the table. Government policies and unemployment rates affect currency and you need to be able to identify that.
• Use Your Demo Account: Demo accounts come with your trading platform. They're away to make simulated trades in a real market environment. This is the best and safest way to practice. You can trade hundreds of times before you ever invest a penny of your own money. This can give you the added confidence and self-esteem to be a smart trader.

I'm currently giving a 7 day free forex training course. Newbies and experienced are all welcome. If you're interested in participating, check out the Casual Forex Trader.

Forex Trading Systems - 5 Key Points To Consider To Get The Best Currency Trading System For You

There are lots of forex trading systems online and all promise to make you a lot of money, some can but most don't. This article is all about finding the best currency trading system for you...
Lets look at the points to consider in no particular order of importance, they ALL are!
1. Mechanical or Human Input
Some traders like a completely automated forex trading system, others like to have some manual input on the trading signals - the one you choose will simply depend on your trading personality.
2. Do You like Action or - are You More Patient?
If you are a patient trader, then a long term forex trading system will suit you. If you like short term trading, then you will be more attracted to swing trading - again this is simply personal preference.
3. Is the Track Record Realistic?
The first question you need to ask yourself is the track record real?
By this we mean has it been traded. 99% of forex trading systems we see on the net have not and simply make the track record up in hindsight and use this warning:
"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".
The system may work - but most simulations fail and really you best off with a real time track record.
4. Can You Stand the Peak to Valley Drawdown?
A track record can make profits but it will have drawdown so assume that you join on the worst possible day and check the worst drawdown.
Can you stand it in terms of size and time to recovery?
Always assume your worst drawdown is ahead of you.
5. Do You Have Confidence in the Logic?
You will never have the discipline to apply any currency trading system unless you understand and have confidence in the logic. Keep in mind, any forex trading system has loses, so you need the discipline to ride them out.
Make sure you take the time to learn the logic and have confidence in it, as without the discipline to follow your trading system - you don't have one!
The Myth and Reality
The above are basic questions you need to ask when considering buying any trading system.
There is a huge industry in forex robots and vendors promising you huge riches based upon a simulated track record but they normally always fail.
Be sensible and be realistic in terms of seeking out a trading system that's right for you in terms of - your personality, your tolerance of risk, your objectives and your understanding.
Spending some time and keeping your feet on the ground, will enable you to find a forex trading system that's just right for you and can lead you to currency trading success.
NEW! 2 X FREE ESSENTIAL TRADER PDFS
ESSENTIAL FOREX TRADING COURSE
For free 2 x trading Pdf's, with 50 of pages of essential info and more on Forex Trading Systems visit our website at: http://www.learncurrencytradingonline.com.

Get Rich With the Automated Forex Trading System

Foreign exchange, aka Forex, is a worldwide technological phenomenon in financial trading. Essentially Forex trading is defined by the exchange of one type of currency for another.
Incredibly, $3 trillion dollars are invested daily in the Forex market. Forex trading differs from the stock market in that investors must bid on scale and there are greater differences in the lower investment rankings. Anyone from multi-national financial conglomerates to the layman can bid and profit within Forex but naturally the highest financial rankings belong to the superpowers.
Of course, the higher ranks of trading in the Forex market are almost entirely reserved for big financial corporations like international banks. They offer the smallest difference for the bid you make and the price they are asked for. The smaller firms occupy the next few levels. These firms trade in small amounts and thus have less of an influence on the real rates as compared to the big financial corporations. These are followed by the central banks.
These banks concern themselves with manipulating real cash flow and controlling price inflation and other related measures. These central banks make use of foreign exchange as reserve funds. The hedge funds follow the central banks in this hierarchy and subsequently succeeded by the investment management funds. These operate at the level of mutual funds in the stock market.
Bottoming out in the pyramid are retail Forex traders, who participate indirectly in investing, and independent traders who rely heavily upon market trends rather than holding any market influence.
Several traders rely heavily upon Forex trading in order to predict financial trends and minimize losses. The software tracks market trends and enables investors to make informed decisions. Forex auto-trading is a smart move in preventing unpredictability in the foreign investment market.
In Forex trading it requires the ability to multi-task by following market trends while simultaneously maintaining continual market surveillance. Greater security and continual, 24-hour access make online trading especially appealing.
For traders in constant motion Forex trading can be done via mobile phones, an incredible boon in foreign exchange investing.
Current technology enhances trading options particularly when done via Forex auto-trading. Global trading through a laptop computer via internet connection is all that is needed for ongoing financial investing.
Richard U. Olson uses the incredibly accurate Forex Expert Advisor and he recommends it to make consistent profits in the Forex markets. Grab his FREE e-course on Forex Trading Tips to realize your financial dreams.

Forex Trading Style- 7 Essential Indicators You Need

When developing your own forex trading style, there is a danger in becoming fascinated with indicators. The newer trader experiments with one, finds it doesn't work so well, then switches to another, then another, etc.
The list below highlights 7 key indicators that can be woven into your forex trading style. You may not need to go any further than this. Stick with the 7, practice them, get to know them inside out, and get the satisfaction of developing your own successful forex trading style.
#1: Candlesticks
Watch for a hammer, doji, head and shoulders pattern, 1-2-3 formation, double top or bottom.
#2: Trendlines
Draw common sense trendlines across the highs in a downtrend or lows in an uptrend. Watch for price to break the trendline and come back and test it.
#3: MACD
Watch for a difference between the highs and lows of MACD and price. When there is divergence watch closely for a good entry point once price has shifted in the direction of the divergence.
#4: 200 EMA
This indicator is an all time favorite for traders across the board. On higher time frames (1 hour, 4 hour, daily) take note whether price is above or below the 200 EMA to give you the sense of price direction.
#5: Pivot points
Take note of previous support and resistance lines as price will come back to retest these levels time and time again.
#6: Fibonacci
Learn how to use this tool well and take particular note of the 50 and 62 retracement levels, especially when they coincide with trendlines or previous support/resistance.
#7 Price Itself
Let price prove to you where it wants to go by setting entry orders rather than market orders when entering a trade. By setting an entry order, price has to reach the target you specify before pulling you into the trade.
Using Technical Indicators
It is important to acknowledge the probability that no indicator on its own is a good enough reason for entering or exiting a trade.
Your individual Forex trading style will evolve in time as you become familiar with the key indicators and probably rely heavily on just 2 or 3 out of the 7. However, it is crucial to get a combination factor when considering a trade. Ask questions such as:

• While one indicator may show a clear signal, how do the other indicators line up?
• Is that one signal running against the general conclusion drawn from the other indicators?

This is where your skill as a trader comes in as you assess the clues the indicators give and make a decision based on your perception and experience in the market.
Only time and practice can give you that. Once you are familiar with the top 7 indicators, spend most of your time and energy on developing the emotional and mental disciplines necessary for successful trading. This will eventually make up the most important part of your Forex trading style.
Click here to see how indicator #3, MACD, can help you avoid much anxiety:
http://www.vitalstop.com/Forex/macd.html
Click here to learn how to use indicator #4, the 200 EMA, in a simple yet powerful way:
http://www.vitalstop.com/Forex/Advisor/200EMA-forex-strategy.htm
For the best free economic calendars plus a free pivot point calculator and Fibonacci calculator click here:
http://www.vitalstop.com/Forex/tools.html

What All Forex Traders Need to Know About the Major Currency Pairs

In Forex trading, a group of currency pairs known as "the major currency pairs" constitute over 85% of daily foreign exchange volume. Because there is so much volume for these currency pairs, they are generally regarded as safer to trade; their massive volume ensures that it is relatively easy to find a buyer or seller to take the other side of your trade.
The major currency pairs are outlined below. It is worth noting that the US dollar is a part of all major currency pairs, a fact resulting largely from the US dollar's role as the world's reserve currency. Should the US dollar lose its status as the world's reserve currency, the major currency pairs may lose their significance for traders - or, alternatively, a new group of currency pairs may earn the title of "major currency pairs."
Euro/US dollar. The Euro/US dollar (EURUSD) currency pair is the most active currency pair traded in the Forex market. The fact that the Euro is used by many European countries, coupled with the US dollar's role as the world's reserve currency, create this scenario. Since the Euro's inception in 1999, the currency has risen sharply against the US dollar.
British pound/US dollar. The British pound/US dollar (GBPUSD) is another actively traded pair, a result of the pound's high interest rate (which incentivizes buying of the currency). The stability of both currencies also makes it appealing to traders seeking less volatile assets to invest in.
US dollar/Swiss franc. The US dollar/Swiss franc (USDCHF) is a major currency pair that tends to enjoy greater trading activity during times of greater geopolitical risk. This stems from the fact that the Swiss franc has historically been regarded as a safe haven currency, due to the fact that it previously had a legal requirement that a minimum of 40% of its value be backed by gold reserves. Though this legal requirement was terminated on May 1, 2000, market activity still tends to regarding the Swiss franc as a safe haven currency, as buyers still flock to it during times of increased geopolitical risk.
US dollar/Japanese yen. The US dollar/Japanese yen (USDJPY) is the only major currency pair that involves an Asian currency. Japan has historically had an export-driven economy, and thus the Bank of Japan - the central bank that regulates the value of the yen - has intervened to ensure that the yen remains weak, and thus conducive to sustaining an economy of exports.
As the major currency pairs constitute the vast majority of Forex trading, they are important for all traders to be aware of.
Simon Parth has been an active Forex trader since 2002. He is the co-founder of InformedTrades.com, a community dedicated to creating a comprehensive free online school for traders.

8 Tips on How to Make Money With Forex

Here I would like to discuss what are the 8 tips to help you make money with Forex.
1. First issue is tying to trade when there are news announcements without proper knowledge you will lose but that doesn't mean that you can't learn. Once you learn you will succeed.
2. Trying to trade without doing your homework because trading forex you cannot just jump in.
3. Using a demo account. This tool you can use it to actually get a real idea, without having to risk your money. Learning your trading platform, and testing your strategies. When testing your strategy your gain more confident enough to use your real money.
4. You need to learn how to control your emotions: If you don't you could lose some great trades so learning how to control them you could be very successful.
5. You need to learn how to gain confidence in trading and develop that into a strong level that would make your trading decisions successful.
6. A strong knowledge of different indicators and to learn from them and which ones would be helpful towards your trading career.
7. Knowing when to enter into a trade and not too. Very important.
8. Acknowledging when you need help even; top traders are always learning different methods of forex trading; and that's why they succeed.
One of the most important things in trading is to develop a daily routine and a trading style that will come in time. Also note that learning to trade is to recognize the skills you need to develop and then stay focused on that development and maintain a positive outlook on your trading.
So why not start your forex trading career, here you could find more tips at http://www.squidoo.com/successfulwithforextrading

Pivot Point Trading- 7 Guidelines For Success

What do we mean by pivot point trading? It simply means that Forex traders take into account pivot points calculated from the previous day's trading range and use them as reference points to identify support and resistance levels.
Taking the high, low, close and open values of the previous day's price action, strategic levels can be identified which may or may not have an influence on price action. Pivot point trading puts emphasis on these levels, and uses them to guide entry and exit points for trades.
However, as with any technical indicator, there are limitations and pivot point trading, to be high probability, needs to stay within certain parameters. The following 7 guidelines can help pivot point trading be more profitable:
No. 1
Pivot points should not be used as a standalone indicator. Do not enter or exit trades purely on the basis of pivot points. Use them in conjunction with other indicators such as candle patterns, Fibonacci levels, MACD, and moving averages to identify and confirm key levels of support and resistance which may provide trading opportunities.
No. 2
While some traders living in various parts of the world may calculate their pivot points according to the time zone in which they live, a fairly safe standard for calculating the levels of pivot point trading is to use GMT (Greenwich Meantime).
Midnight GMT is a very quiet time in the market with very little volatility and provides a good opportunity to calculate more accurate pivot levels going from midnight GMT to midnight GMT the following day.
No. 3
It is good to understand what is going on behind the scenes when it comes to pivot point trading. Rather than just staring at candles on a chart, understand what they actually represent.
Thousands of traders around the world, some working for large institutions and handling millions or even billions of dollars worth of currency, are taking positions according to previously established highs and lows in the market.
Pivot points draw attention to these key levels which will often be strongly defended by traders who have a lot at stake. This is the reason pivot point trading can be so successful, once a trader understands underlying reasons for price action.
No. 4
It is good to calculate mid levels in addition to the S1, S2, R1, and R2 pivot levels. Sometimes there is a significant gap between these levels and calculating a mid point gives another point of reference. Price will often be seen respecting M1, M2, M3, or M4.
To calculate mid levels, simply subtract the level below from the level above and divide by 2. (see the resource box for a free pivot point calculator)
No. 5
Pivot point trading can be a useful strategy for entering and exiting trades at the right time. A pivot point can provide a key level of support or resistance where price is likely to bounce for a 10-20 pip profit.
Or in the case of a trend, price may retrace to a pivot level before continuing its run. The retracement point at the pivot level would be a good place to put an entry order to be taken in when price comes back to retest at the pivot level.
No. 6
The Euro - US dollar pair often puts in a daily average of between 75 and 100 pips. Watch for specific behavior around the time of the London market open. Price will often come back to test a level which is a pivot point and form a distinctive candle pattern such as tweezers, or a hanging man, and then reverse and go on its 75-100 pip run for the day.
If price comes back to the M1 level check your other indicators to see if they confirm this would be a good level to go long. Likewise, if price, just around London open, tests the M4 level, check your other indicators to see if this would be a good place to go short. You may be able to get a slice of the 75-100 pip run for the day.
No. 7
Pivot point trading helps mentally in establishing the buy zone and the sell zone. Traditionally, anything above the Central Pivot Point is a Sell area, and everything below the Central Pivot Point is a Buy area.
If you go contrary to that, make sure you double check your analysis and have very good reasons for doing otherwise.
Pivot point trading is just one of an arsenal of weapons available to Forex market participants. However, it must be stated that many successful traders use just a handful of tools that become their favorites. After all, too many indicators can lead to decision paralysis.
For many traders, pivot points are a key element in their overall trading strategy. Use the 7 guidelines above to use them safely and responsibly.
For a free pivot point calculator, Fibonacci calculator and the best free economic calendars click here:
http://www.vitalstop.com/Forex/tools.html
Click here to learn how to use another indicator, the 200 EMA, in a simple yet powerful way:
http://www.vitalstop.com/Forex/Advisor/200EMA-forex-strategy.htm
Do you know the important lesson Mohammed Ali teaches us about Forex trading? Read it here:
http://www.vitalstop.com/Forex/Advisor/forex-online-trading-mohammed-ali.htm

My Currency Trading Lessons

I wanted to take the time to share some of my currency trading lessons that I've learned over the years of trading. Often these lessons came at a price of losing some money. Every form of temporary failure I experienced, I learned a new lesson and grew a little as a trader. Things are much more profitable now and the lessons are much further apart, so I thought I'd share a little about what I learned.
When I first started out, I was always looking for a good buy. I was checking out to see what was cheap and affordable for me. There is one distinct issue with this philosophy; the buying price doesn't matter. The only thing that matters is how much you're going to sell it for in the future. When get off the "cheap" band wagon and start looking at trades by the potential exit point, you really to notice a big difference in the money you make.
Just because something is cheap now, doesn't mean it's going to give you a return anytime soon. You have to always be focused on what is on it's way up and buy into that. Exits are all that count because you don't see a penny of profit, until they're sold.
I think having software can really help you effectively compete against firms and businesses. They all have employees watching the market all the time and you don't have that ability. What you can do is get a trading software that can buy and sell automatically based on smart analysis.
Street Smart Forex is an excellent automated software tool that does analysis with a street smart edge. This will give your competition and run for their money.
Learn more at the Street Smart Forex Review.

Don't Lose Money Enrolling in an E-Currency Trading System

Every day brings a new and more exciting way to make money online. If you believe the dozens of advertisements that bombard us everyday, all of us should be millionaires. Why aren't we? Because 95% of the offers to make you rich are pure nonsense.
The latest scheme involves an old idea made new again. In the late 1990's millions of people lost billions of dollars when they discovered the lure of fast, easy profits from day trading. The rebirth of that idea is E-currency trading. Quickly becoming the darling of the online scammers, there are multiple sites offering the perfect trading system to make you rich while you sleep. These schemes are also called Forex trading systems. Forex, of course, stands for trading in foreign currencies.
E-currency trading is not new. It is however, enjoying a new popularity as more and more programs are being offered for sale. These programs, which range in price from $300 to $800, promise to train the investor to make high profits by trading in the foreign exchange markets. As with most other scams, there is always some expert who will tell you which program is the real deal. Don't believe any of them!
According to the Wall Street Journal, the average individual who purchases one of these systems, loses about $15,000. A typical program promises that if you will invest $200 to $5000 in the system, you will make thousands of dollars in profit in just a few weeks. Of course, the more money you invest the faster you will become rich. It's not going to happen.
Prior to the availability of the internet as a trading portal, individuals could only trade in currency through banks or reputable brokerage firms. But with the use of the internet by individual to trade, there is very little control by government regulators. The U.S. Commodity Futures Trading Commission is charged with the responsibility of regulating the currency trading industry. But it is difficult for them to find the online sites that are responsible for the majority of the fraud and responsible for the losses suffered by individual investors. In the last 5 years, the Commission has prosecuted about 80 cases on behalf of about 23,000 individual investors. Those investors lost over 350 million dollars.
Some of the so-called experts will tell you that there is an even better system for making money than an E-currency program. They will encourage you to join an arbitrage trading program. The wonderful difference is that you can buy this program for a mere $139.
Arbitrage is simply a financial word which means taking advantage of a price differential between two or more markets. E-currency trading is simply arbitrage of currency markets. They are the same thing. The scammers will tell you that arbitrage trading has been around forever, as if that makes it safe.
It has been around for years because banks and investment companies have professional traders who devote their full attention to trading foreign currencies. A few experts can arbitrage the foreign currency market for large gains. The individual is always under capitalized and could never compete with large financial institutions doing the same kind of trading.
The simple fact is that if you want to try E-currency trading or foreign exchange arbitrage, understand that it is a very high risk strategy. The only funds you should ever use for this kind of investment are funds that you can afford to lose.
There is one more consideration. Many of the early guru's of Forex or E-currency trading have been prosecuted and even gone to jail. If you are invited to join such a program and offered the opportunity to enroll others in the program, you may be putting yourself at risk of prosecution for fraud. Today I counted more than two dozen different Forex or E-currency trading sites to entice individual investors. Do yourself a favor. Stay very far away from all of them.
Sheila Guilloton is the owner of Prestige Planners and studies and reports on internet scams. Read more at http://www.PrestigeBusiness.homebiztruth.com

Currency Trading Basics - A Simple, Timeless Method For Huge Gains

Here we are going to look at currency trading basics from the standpoint of getting a currency trading system for profits. The one enclosed is simple to understand and will enable you to seek huge gains.
Here we are going to look at a long term breakout method for profits and how to make it part of your forex trading strategy for success.
What is a breakout?
It's simply a break to new chart highs or lows and if you look at a forex chart, you will see that most major moves start from these breaks.
Why Most Traders Can't Trade Them
Breakouts work yet most forex traders can't trade them because they think they have missed a bit of the move and want a better entry price but if the break is valid they wait in vain, as the trade sails over the horizon piling up huge profits and there not in!
The fact that most traders cant trade breakouts is the reason they are so profitable, so trade breakouts and get in the winning minority.
While these breaks can sometimes be hard to take, if the support or resistance is valid, the odds favour a big move - but not all breakouts are created equal.
Let's look at the definition of a valid breakout.
The Best Breakouts
Generally, the more tests the better, the more time frames the better and the wider they are apart, the better.
The minimum you should look for is 3 tests in at least 2 different time frames.
Patience is the Key!
Be patient and wait for the big breaks the market considers valid and you will be well rewarded.
I know a few traders who trade less than once a month yet, make triple digit annual gains from breakouts.
Confirm the Move
When the break occurs check price velocity or momentum is accelerating through the break and here you need some momentum oscillators to help you7 1 or 2 is fine and we find the stochastic and RSI, great indicators to use.
We don't have time to go into them here check our other articles.
Stop and Profit
Stops are easy - right under the breakout point. Now the key with trading breakouts is not to trail your stop to soon. Wait until the move is well underway and trail your stop well behind normal price volatility, so you don't get stopped out to soon.
It doesn't matter if you give a bit back at the end of the trend (you don't know when it's going to finish anyway) so don't try! If you caught 50% of every major trend though, you would be very rich.
Does the above sound simple?
It is.
Does it make money?
Yes and it will always make money as long as markets trend breakouts will occur and if you are selective on the ones you choose and confirm the moves, you could enjoy spectacular currency trading success.
You can learn and be up and running with a breakout strategy in about a week and seeking big profits.
NEW! 2 X FREE ESSENTIAL TRADER PDFS
ESSENTIAL FOREX TRADING COURSE
For free 2 x trading Pdf's, with 50 of pages of essential info and a Currency Trading Basics visit our website at: http://www.learncurrencytradingonline.com.