May 27

I thought I should compile a list of resources that you can use to help yourself learn more about forex. Well, of course this site is designed for that purpose, but sometimes you need a different perspective when it comes to this stuff. Here are the top 10 sites that I use to help me learn forex and stay up to date on things.

1. Forex Street

I like this site for two main reasons; first, it keeps up to date with a lot of talk on daily events inside the market, so you can learn by simply observing what is going on. Secondly, it also contains a learning section that you can dissect and learn everything you need to know.

2. Daily FX

This site does a lot of analysis work that I find quite useful and you should too. You can also check out their forum, where you can ask questions and read other people’s questions.

3. GFT Forex

The cool thing about this site is that they have broke it down into three different sections; new traders, active traders and professional traders. This way you can always stay with the right information and not get overwhelmed.

4. Forex Factory

This is mainly a site built on a forum and there is nothing wrong with that. Forums (especially an active one like this) help to create a community and friendship. Sometimes you won’t know what to do and just asking helps.

5. Babypips

This is a great site for newbies. The articles are all very easy to understand and there is even a forum for you to learn in. Check out this article on the US Canadian dollars. It’s exactly what I was talking about earlier in this post.

6. Action Forex

This site I go for information on news related forex, but it does have some indepth analysis that you might find useful.

7. Forex News

This is purely a forex news site and it keeps a lot of the statistics out there for you to see, so definitely a plus in my book.

8. CMS Forex

This site has a nice little course that you can go through to learn all about how to trade as a completely new person to foreign exchange.

9. Forex TV

I know that some of you don’t like to read all the time, so here is forex tv. All you have to do is put on the videos and watch. Doesn’t get any easier than this.

10. Forex Markets

This is a very interesting site because it has tools that you can take advantage of for your forex trading. Might be worth it to take a peak around and see what you might be able to use.

May 25

Practice Forex Trading
icon1 Tyler | icon2 advice | icon4 May 25th, 2009| icon3No Comments »

I thought it was about time that I did a good post on how to properly practice forex trading and doing it in such away that it enhances your real trading. Everyone knows of the demo accounts where you can run simulations in the market and test out how things work. It seems like the perfect device that will let you learn everything you need to know without investing a penny. I’ve seen people follow this simple philosophy only to lose all their money when they got into the real market.

The Demo Software is “OK”

It is important to note that the demo software is just okay. It can help in a lot of ways if you know how to use it properly. If you treat it as nothing more than how things will be in the real market, than you’re going to have the floor wiped with you.

The forex demo software typically uses old data for you to run your tests on and that’s fine, but you have to remember that it is OLD DATA. People assume that if a trading strategy worked in the past, than it will work in the future. Maybe, I don’t know. The demo software isn’t going to let you know.

Take all this economic mess we’re in. Things have been pretty erratic with a lot of the foreign exchange. We’ve seen very rapid movements in currencies we never seen move like this before and it is sort of scary. When you use your demo software to test on old data, you’re not going to know if it will work today.

It’s also important to note that information in the old days could alter the data. Who knows if the demo account has a Federal Reserve interest rate change right in the middle of your testing. This could turn a bad trade positive and you would be fooled.

Look, the point I’m trying to make is that when you practice forex trading you’re going to have to realize what you’re doing. It’s old data that may or may not work. Things might come out distorted. There are specific things that you can learn by using a demo software, but you have to be well aware of the learning capabilities.

May 20

I have to talk to you about the Canadian dollar because it has been on the move for sometime now. I think that it has been up 6 weeks (or something along those lines). This is something you can start leveraging and making some money with. Understanding the Canadian currency is very important to profiting from it.

What you may not realize is that Canada is a huge oil country. As of 10 years ago it wasn’t that big of a deal, but recently the oil sands have become legit oil because technology has advanced to the point that they can profitably extract it. That puts their oil reserves at 2nd in the world behind Saudi Arabia.

Over the last few months, oil has been on a strong move up and at the time of writing this post is above $60. If you take a look at a graph over the last 5 years of the Canadian dollar and the price of oil, you’ll see that they virtually follow the same moves.

Due to the negligent policies by Washington, I expect to see a continued increase in the price of oil and a devaluing of the US currency. But with every problem like this, there is opportunity to profit. It’s time to start moving money into the Canadian currency because it will soon be up to parity with the US dollar and I wouldn’t be surprised if it surpasses the value of the US currency.

On a side note, investing in the TSX (Toronto Stock Exchange) is probably a good idea since you can make a return on Canadian priced stock that will probably double in value when the economy improves. Now that’s leverage.

May 11

failure
I thought I’d talk about the top 5 reasons that you are failing at forex. There are a lot of people with the best intentions that are failing. It’s really sad. I see more and more people being laid off in this economy turning to forex to help supplement their income. They end up losing even more money and fall into a deeper trap. Here are the top 5 reasons that you are failing at forex.

1. You Don’t Understand the Fundamentals

I think people run into this business with the wrong frame of mind. If you were to learn a sport like hockey, you’d want to learn how to skate before you tried to score goals. The same thing applies with forex. I see people trying to make big money, but they don’t understand the fundamentals of protecting your money, assessing risk, stop-loss points, and sometimes even properly reading a candlestick graph. If you can’t read a candlestick graph than you are going to be in a world of hurt.

2. You Play With Too Much Money

When you deposit money into a broker account you’re going to notice that you can play with a lot more money than you put in. The deal is that you can play with the extra money as long as you make money. If you put in $100, you can’t lose more than a hundred even if you’re allowed to trade $10k. That’s how brokers protect themselves. Once your loss comes close to a hundred, your positions will be sold and you’ll be finished trading.

Only play with 10-20% of what you have available. A small fluctuation in $10k will eat up your $100 in a minute, but if you’re only playing with a $1000, you don’t have to worry about such things.

3. You’re Far Too Emotional

Emotions are the worst thing to act on when it comes to forex. We’re talking about money here and the only thing that you should act on is logic. The fact is that you’re going to have a real tough time if you can’t control your emotions. If you get a ‘gut feeling’ about something, don’t act unless you have evidence. If you experience a loss, walk away. You can lose a lot of money when you’re upset about a loss. Typically after someone loses, they try to win back what they lost… losing even more.

4. You’re Using The Wrong Broker

Everyone seems to start out with brokers that have been recommended to them. That is completely fair, but you need a broker that is going to meet your needs. As you develop as a trader you’re going to find that you have certain needs your broker can’t meet. You’d be surprised how many brokers don’t even have a toll free number you can call for support. Imagine there being a problem with your account, which is full of your money, and there is no one to call for help. You just have to wait for an email.

5. You Don’t Have Software Working For You

It is how the pros do it, so you might as well emulate their example. I’m not saying that trading software is going to make you any better, but it gives you the means to improve. It has the ability to identify potential profits. That’s big. I find that people who start out really don’t know where to look. The software will help you along in that manner. You can learn more about that here.

Jan 7

Trading isn’t easy for most people, that is why I’m offering my free forex trading stratigies. These should help you make competent choices, so that you can earn more money in the long run. That’s the key of the strategies. I also want to emphasize that you also need to learn how to protect yourself from loss. It’s tough for people that can make profitable trades, but end up losing because they had a few bad ones that ate up all their money.

1. 10 Minute Forex Wealth Builder

It’s time to get a wealth strategy created. You have to think long term and most people can’t do it on their own. Wealth can be created by looking at historical market references and correlating the data with today’s live data. That seems complicated because it is. The great thing is that you can achieve this strategy by using the 10 minute forex wealth builder software. It really is that easy.

2. Cracking The Forex Code

There is a very simple code to trading forex. By cracking this code, it will enable you to be a profitable trader. My best free forex trading strategy is to be smart and learn this code. Over 95% of traders are losing money, so that means the small 5% know the code and are making all the profits. Take the time and Crack the Code.

3. Forex Tracing

Tracing your forex graphs is important for any successful trader and you can get software that will do this for you and report the results to you. That makes it much easier to do as well as keeping your time in check, so you can do more important things.

These are my free forex trading stratigies that can help you be successful with trading. All it requires you to do is work at it and use the above tips I’ve listed for you. These are the strategies that work.

Aug 4

I wanted to talk to you about how trading in the forex market is easy and everyone out there can achieve great success and profits in this market. You have to be smart, but more of a street smart to be successful in this market. I like to think of this as easy, as in driving a car. Once you’ve done it for a bit, you don’t have to think about it, but as a 16 year old going to learn it, it looks quite intimidating. If you’re willing to sit down, do the necessary learning and practice you’ll do excellent in this market.

I think trading in the forex market requires a great deal of care for protecting your money and profits. I don’t really see the point of making money if you don’t know how to protect it from loss. That’s why you should cut your losses. It seems like bit of a cliche and you probably think it’s easy, but it isn’t. When you’re in the heat of a moment, you’re not likely to drop a trade. You’ll have your ego invested in it. You have to just drop it because it will work out for you in the long run.

It’s also important to have a degree of confidence or pretend confidence if you’re not there yet. You obviously can’t immediately dump a trade 15 seconds after you make it because it went down slightly. You need to allow your trades to perform, which requires a reasonable amount of time. Have the confidence to do that and after such a time, than drop it.

The Secret Forex Code is all you need to get started. It is an informative course with all the tools necessary to get started; such as automated software.

Learn more at the Secret Forex Code Review.

Jul 31

I’m sure you’re wondering, how do foreign exchange traders make money online? Well, with the rapid growth of the internet, brokers have went from physical locations into online systems. This way you can make trades right over the internet in real time, without having to worry about moving money around. The profit comes, not from buying and hoping the currency goes up, but by the difference in rates of change between currency. This makes the foreign exchange market a recession free market.

You need to find a good online broker. If you don’t have a good one than you’re going to end up getting poor service. It’s extremely easy for someone to make a webpage, so it’s hard to tell if a broker is a reputable business or something a person set up in their basement. The key is to goto a forex forum and read threads. Brokers are a hot topic, so you’ll find out which one is the best in a relatively short period of time.

Another important aspect is having software to help you trade. Since this is a global market, that means the doors are open 24hrs a day. Obviously, you’re going to have to sleep at some point and you need something to watch over the market. This is what software can do for you.

The Secret Forex Code is an excellent software tool that is used by a small minority of profitable traders. It comes with educational material too, so you can learn how to properly trade.

Check out the Secret Forex Code Review.

Jul 29

I’m going to take the time to talk to you about investing in the forex market. There is huge sums of money to be made in this global market. A lot of people are intimidated by the fact that there is over three trillion dollars a day moving around, but it also attracts a lot of people looking to make a fast buck. These fast profit seekers end up losing money as fast as they intended to earn it. Investing in the forex market can be the most profitable thing you do and it can also cause losses if you’re not prepared to trade. I’m going to share a little of what I’ve learned during my time trading.

One of the most important skills I learned in investing, in any market, is cutting your losses. Bad trades have a way of sucking more and more money away from you. All markets fluctuate, but there’s a difference between having a rocky time and a going down with the boat. I find it is almost always best to cut my losses, get my remaining money back and put it into another profitable trade. I follow this perfectly when investing in the forex market.

Another important aspect of investing in the forex market is sticking to one strategy. I see people and they’re always looking for a new strategy that is going to work. That isn’t smart thinking. You should stick to one strategy and let it work out.

Lastly, get yourself automated trading software because it can watch the market when you can’t. I use the 10 Minute Forex Wealth Builder because it’s the easiest to manage. This is a 24hr market, so you’re going to have to sleep sometime and it’s nice to have something watching over your trades.

Learn more about the 10 Minute Forex Wealth Builder.

Jul 28

I’m going to show you a little about investing in foreign currency. There is a huge potential to make good income in this market. It is estimated that on any given day, there is three trillion dollars being moved around. Getting your hands on a sliver of that would be a lot of money. This excites a lot of new people to join this market and make a fast buck. Even though most trading going on is simple day trading and a day trader can make a lot of money, there is also a lot of money to be lost. I want to share with you a little of what I’ve learned with my years of trading that should help you.

I think the most important part of investing in foreign currency is making sure that you’re thinking logically and not emotionally. Emotions have a real way of messing things up. You’ll notice you get these “gut” feelings about a trade or you have a bad trade but you don’t want to let it go. All these are poor moves. You have to look at the FACTS and make a logical decision from them. Emotions just get you into trouble.

Having automated trading software is an important part of being profitable in this market. Investing in foreign currency is a 24hr a day market. That means you’re eventually going to have to sleep with money on the table. Using software like Forex Factor X, you can have it protected during the times you’re away from the computer. The software will make the most profitable decision possible, if it is forced to act.

Learn more about Forex Factor X.

Jul 24

Start a Forex Business
icon1 Tyler | icon2 advice | icon4 Jul 24th, 2008| icon3No Comments »

To start a forex business, you’re going to be required to know a few things. There is a huge opportunity for people to get started right from the comfort of their own home. It’s not like you need much to get started, just a computer and internet connection. There is also a few other things like registering the business to keep it legal like an LLC or sole proprietor.

When you’re legal with the government, the next step is to get yourself a competent broker. I use the term competent because there are a lot of poor brokers out there and because you’ll be looking on the internet, it is possible that you could run into a flat out scam. The internet is a free place for people to come and make a website, which makes it difficult to tell which broker’s website is legit or an operation run out of a basement. I found the best way of finding a good broker is to hang out at forex forums and read the broker topics. You’ll learn a lot about which are good, bad and scams.

To compete against big banks and other firms, you’re going to need software to help watch the market for you. Automated software can be very helpful at finding profitable trades when you’re not in front of the computer.

Forex Tracer is the best automated software tool on the market. It is a 24hr automated tracing machine that will find the most profitable trades possible.

Learn more at the Forex Tracer Review.

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