This article discusses the basics that any trader should be aware of before risking any of their money in the market. There is no secret to trading success. It is a matter of having adequate preparation, sound principles and discipline. We have broken down the most important aspects of trading preparation and execution. Click here to read the full article.
The foreign exchange market is the largest market on the planet. It has increased in volume to around $3 trillion traded per day. The Forex market is the most liquid market in the world trading 24 hours, six days a week. In this article we give a brief introduction forex trading. Click Here to read the full article.
Reading charts across multiple time frames is one of the most basic trading rules yet so many traders overlook this when they sit down and start looking for trading opportunities. By looking at multiple time frames traders are able to see the bigger picture of what the market is doing and this helps to get an edge on the market. As with all trading theories, nothing is 100% however the trading game is about increasing the probability of success and looking at a chart in multiple time frames will help you to do this.
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The yen fell from the highs against the dollar after North Korea conducted its nuclear test. USDJPY moved towards secondary resistance before consolidating around the 95.21 level. EURJPY was little changed at 132.70 per euro. Japan is geographically close to North Korea; shock news that can unsettle the geopolitical outlook can create increased volatility in the short term – Another reason to always use a Stop-Loss! Long Term the outlook for yen is still bullish.
FX Trading Signal Outlook
Standard and Poor’s downgraded its view of the UK to “negative”; Government borrowing is at an all time high. The immediate reaction to this news saw the pound short however it has soon regained its strength and is heading towards to the 1.60 level. Lower credit ratings will ultimately lead to higher yields and on te basis of fundamentals the pound is undervalued: so long term pound we are long!
Trading is a game that takes time and dedication. The one thing you can guarantee is that you will make losses along the way. If you have what it takes to be a trader you will accept these as part of the game, the trick is to make them small enough that they don’t bother you. Let your profits run!! Everyone knows it but it’s so much easier to widen a stop-loss or not bother to use one in the hope that the market will turn. Don’t do it! The market does not give back kindly. You need t be disciplined and have the will to succeed. It’s the will that makes great traders – success takes perseverance. Never forget that!!
GBP gained again day again despite data showing deflation is still here and all the problems that are stacked on the UK Government. GBP/USD did fall to 1.5455 but the optimistic outlook helped push GBP/USD as high as 1.5525, its highest level this year.
EUR/JPY fell below 130.00 while USD/JPY dropped to 95.50 following Japanese data releases but both have since risen. So little changed at the end of the day suggesting the market is getting close to having as much risk as it would like at this time.
The market is acutely aware that the road ahead is likely to be a bumpy; increasingly the outlook is optimistic. Caution is advised as there are still plenty of challenges that need to be ironed out before we hit the home straight.
If you’re going trade, TRADE WITH REAL MONEY!!! Whatever your experience level you will make it as a successful paper trader. If you blow out the demo account, no problem just start out again fresh and new. The number one trait that you need to survive as a trader is discipline and money management. The feeling of anxiety, expectation and fear is something you will only really experience when you put your own hard earned money on the line. That’s not to say paper trading does not have its uses, where better place to start for someone completely new to trading. It’s a great place to learn the ropes and develop your strategies. If you want to see if you will really make it as a trader you will have to take the leap and trade for real. If you’re new to the game take lower risks and buy fewer contracts; being able to control your emotions in the real market will be your biggest test. No matter what your level of experience is ALWAYS USE A STOP-LOSS!!! Good Luck and Happy Trading.