Forex Guide: Things That Every Beginner Traders Should Know Before They Start Trading in Forex

February 3, 2013 by  
Filed under Forex Trading Strategies

It’s a fact that forex trading became a highly preferable investment method in the last decade. Combined with the internet as a global 24/7 network forex is reachable to everyone. I’ll not give you about the basic explanation of forex trading in this article. I’m sure that i don’t have to tell what forex trading is. People which familiar or have an interest in an investment know forex already. Don’t they?

Forex trading is basically just an investment

As any other investment, there are always benefits and risks beyond forex trading. Many people/organization, especially forex brokers, its affiliate and those who earn their income by providing some forex related services says that forex trading have so much advantages compared to other investments; Forex is easy, with its non-stop 24 hours market, its wide range adjustable leverage, its automated trading platform, its offered better opportunity for income resource, and many more — you name it as much as you want to…

Blinded by its ‘beautiful dream imagination’, many small/personal traders, especially for the new ones forgot that forex trading is basically still an investment program. Traders should never have a thought that forex trading is an income resource.

Common Beginner Traders Scenario

Beginner forex traders are usually follow the trend of forex trading without preparing and providing them self with an adequate understanding about what’s inside forex trading. Their common scenarios are:

1. Know about forex trading

2. Have an interest in forex trading

3. Looking for an easy and profitable forex services

(Usually by looking for some services with less margin, high leverage, automated trading platform, and less risk? – which is too good to be true)

4. Start gambling with their trades

5. Unable to achieve profits as what their imagination

6. Repeating scenarios 3, 4 and 5

7. Repeating scenarios 3, 4 and 5 again… and again…

8. Realizing that they are loosing too much or that their imagination along these days/weeks/months is wrong (i doubt that it would reach years)

9. Give up and quit their trading for good.

Where did they do wrong in above scenario? Is that wrong to always searching for a better service to back up our trade? In my point of view, there are no mistakes in that scenario at all. But it’s just incomplete, and that’s the most dangerous mistakes made by most beginner traders.

How to Overcome Traders Mistakes and Begin to Make Some Profits in Forex

The facts are, there are just 5% of forex traders which successes with their trading. To become as they are, we should insert step 2.5 in scenario above. This step will simplify above scenarios by eliminating the fourth and eighth and changing ninth step became TRADERS GOAL ACHIEVED.

2.5 Preparing yourself with a solid basic knowledge of forex trading

– Know about the fundamental of forex trading

– Learn about what and how forex market really is

– Train yourself to getting familiar with the technical analysis in forex trading

– Learn how psychological factor affecting in the trading and define our best trading personality

– Be aware in our risk and money management

– Develop your most effective unique trading system based on your knowledge.

We should keep in mind deeply that forex trading is an investment. There is no way that we could be a master in some investment that we’ve just dive in to for days or weeks. We have to do it by the right way, and don’t forget to eliminate your rush in the goal achievement. You will surely find your best trading system that suits you, I guarantee that. But it would cost you some time for several trial and error system testing while you developing your experience in forex trading.

By using an analogical approach as a computer, forex broker is the application programs and operating system. We do need them to make sure that all we need its done, served and executed properly. But, how good the computerization execution speed and its performance are depends on the basic computer specification, which analogically as you.

How to Get Yourself Completely Forex Prepared

Learning and education materials are world widely spreading around us.

1. The first and the most value added a resource of forex trading is through book reading. Forex and investing categorized books are availabe in countless numbers in many bookstore and online bookstore. You should pick some of them to educate yourself with valuable knowledge of the theory beyond forex trading.

2. Try to get into some traders forum to know more about forex trading and the markets. Forex forum also a place to give you an information for forecasting the crowd psychological factor to forecast the currency price movement by examining on how do other traders react in some financial forex related world events.

3. Get a forex course. An expert forex traders or forex broker are offering this kind of forex educational method. The course are usually about the basic knowledge of forex, technical analysis technique usage and its tools, an expert trading advice or maybe in how to develop a particular tested forex trading system which profitable (if done right and backed by your forex basic knowledge).

4. Forex magazine subscription. Some forex magazines are published weekly, monthly and others might be yearly. These materials usually give you information about the updated forex market behavior overview and analysis which can be use for the input of the fundamental analysis of your forex trading..

Daily Do Your Fundamental Analysis Before You Start Trading With Forex Trading Software!

December 28, 2011 by  
Filed under Forex Trading Software

If you want make more profits using forex software, you always need to do your fundamental analysis. If you do your fundamental analysis then you will clearly know when to use the forex trading software. Just by plugging in and turning on your forex trading software will never make you profits and there are even more chances that you loose at the end of the day.

Yes, it is possible! It is possible only if you know when to use it.

Trading with forex software is not at all a big deal. You can make profits, but you cannot make your money double as the forex software providers say, if you do not know when to use forex trading software. If you want to make your money double, you should really know when to use the forex software system. So, when and what is the right time to use automated forex system?

The answer is Fundamental analysis! To make your money double with forex trading software, you should know what fundamental analysis is and should also know how to use fundamental analysis with forex trading software.

Fundamental analysis is nothing but analyzing the economical conditions of a country with respect to the other country. Let us say that you are trading with EUR/USD. Then you need to analyze the economical conditions of America with respect to Europe. There are many factors which affect the economical conditions of a country. So, you need to consider each and every factor that affects the economical conditions.

The economical conditions of a country will never oscillate rapidly. The economical conditions of a country either appreciate or depreciate at a very slow pace. Fundamental analysis is really easier compared to the technical analysis. You just need to spare some time to do your fundamental analysis.

It is a must that every one needs to analyze the economical conditions of a country before they start trading. Fundamental analysis is always important whether you trade manually or you trade with forex system software.

If you want to make more profits using forex software, you need to do your fundamental analysis. If you do your fundamental analysis, then you will clearly know when to use the forex trading system. There are many chances to loose in trading by just plug and playing the forex trading software. And you can never make the profits.

To find out when to use automated forex trading software, you need to do your fundamental analysis. Plug in your forex trading software and let it trade for you, if your fundamental analysis gives you a good sign. Do not trade, if your fundamental analysis gives you a bad sign. Wait until your analysis gives you a good sign and then start trading with forex trading software. You will then surely make huge profits with automated forex software systems and can even double your money in a month.

In trading, both the fundamental analysis and technical analysis play a major role. Fundamental analysis and technical analysis are like the two sides of a coin. If you want to be successful in trading, you need to take care of both fundamental analysis and technical analysis. Any forex software system takes care of the technical analysis but they cannot take care of fundamental analysis. So fundamental analysis has to be taken care of by you and technical analysis will be taken care of by forex trading software system.

There are many traders who lost their money in trading by just using forex system software. A lot of analysis has been done, and it has been found that those traders who lost in trading, even after using forex trading software, lost because they never took care of the fundamental analysis which is a must in trading to make profits. They simply turned on their forex trading software and started trading. They have finally ended up with loss. Just by turning on the forex system and make them trade for you all the time will never make profits. If your fundamental analysis gives a good sign and if you turn on your forex trading system, you can really make good profits. There is no need to make the forex system software trade for you round the clock.


Reading Forex Software Review before Getting Forex Trading Software Online

August 16, 2010 by  
Filed under Forex Trading Software

Article by vikram kuamr

Smart Forex Live is an online company that provides forex software review and forex trading software online. These reviews provide plenty of information regarding forex software to enable even the most inexperienced forex trader to use good judgment in purchasing forex software. The language used in the reviews is easily understandable, with little technical words. The forex software is evaluated based on its capacities and its shortcomings. The principles behind the forex software are explained. The common problems and concerns are discussed. The honesty and integrity contained in Smart Forex Live’s forex software review and forex trading software online make for very reliable opinions, which is rare in the Internet where scams are lurking in every corner. At present, Smart Forex Live provides forex software review for six products namely, the Forex Killer, the Forex Trading Machine, the 5EMAS Forex Trading System, the Profitable Trend Forex System, the Easy Forex Trading Platform, and the FX Instructor.

First on the forex trading software online is the Forex Killer. It is ranked on top of the rest of the forex software for its dependability and reliability. It is a solid product that any trader can use – from beginners who are learning the ropes of international forex trading to experienced traders who wish to customize their forex software. The review covers areas such as the advantages of Forex Killer over its competitors, the risks involved in using the product, and its limitations. If this were any other company providing forex software review, the risks and shortcomings would not have been advertised. However, Smart Forex Live is neither advertising nor marketing subsidiary of any forex software manufacturer, so describing software limitations is not an issue.

Second on the forex trading software online is the Forex Trading Machine. The review is likewise favorable, with a few limitations thrown in. The fact that forex trading using the Forex Trading Machine still demands interest on the trader’s part is emphasized. With all three principles behind the Forex Trading Machine discussed, the reader can compare the trading machine’s advantages over other machines. Third is the 5EMAS Forex Trading System, which is designed for persons who seriously want to learn about forex trading. Again, though the benefits of the software are spelled out, common concerns are likewise described. This way, the reader will not get the impression that the 5EMAS Forex Trading System is perfect, only to be disappointed later on. Fourth on the forex trading software online is the Profitable Trend Forex System, a trend analysis software that provides for special instructions and support to use it. As with the first 3 reviews, the cons are described. The fifth software reviewed is the Easy Forex Trading Platform, a web based software. Again, shortcomings are discussed lest readers think that forex trading is made easier than kindergarten with Easy Forex Trading Platform. Last of the forex trading software online is the FX Instructor, an educational tool in forex trading. All these forex software review have common threads – the actual use of the software by the reviewer and the actual description of the effectiveness and limitations of the forex software. Unlike other forex software review, Smart Forex Live can tell you the truth behind the marketing hype.

About the Author

If you are looking for forex trading software online, you can at least consult with a forex software review to know what other traders think of the software.