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Forex scalping requires a completely different mindset to other forms of day trading. Those who engage in Forex scalping normally make a number of trades a day taking somewhere between 5 to 10 pips from the market each time in many cases. Of course, the more trades that are made, the higher probability the scalper will have losses.
Hence the need to exercise discipline and not shoot at everything that moves. Look for only high probability trades. This however is easier said than done. That is why the following piece of information is critical in understanding market behavior from a Forex scalping point of view.
A Crucial Piece Of Information
The crucial piece of information we are referring to is this:
Somewhere between 60 - 80% of the time, the market is in consolidation.
This means that most of the time, the market is not making significant moves. It tends to range in a consolidation channel for hours at times before another significant move takes price to another level.
This market behavior pattern is ideal for Forex scalping once the trader fully understands it.
Develop Recognition Skills
Whenever the trader opens a chart, key support and resistance levels need to be identified. Previous highs and lows should jump out at the trader and be quickly recognized and identified.
To this end it helps to draw horizontal lines on the charting software to mark the top of a channel and the bottom of a channel on whichever time frame the trader is using.
The Key Forex Scalping Principle
The main principle that governs Forex scalping is the same principle that applies to all forms of day trading:
Sell The Rallies - Buy The Dips
Hence, when Forex scalping, the trader will look for ranges or consolidation channels where price is obviously moving (often within a 20, 30 or 40 pip range) and set an entry order to go long when price hits the bottom of the range, or an entry order to go short when price hits the top of the range.
There is always the possibility price will breakout at that point in which case it will be a losing trade. That's why it is important to maintain tight stops, perhaps no more than around 15 pips to keep the profit/loss ratio within reason.
Be Selective
To make Forex scalping trades higher probability it is important to select trades that have a number of elements going for them.
It is often not enough to just jump in on any range you see and enter an order to go long or short at the top or bottom of the range.
You want to look for ranges where the top or bottom coincides with other indicators. For example, the 200 EMA (Exponential Moving Average) is a very powerful indicator on the 4 hour, 1 hour, and 15 minute time frames. Seeing it is one of the most popular indicators of all time used by traders in the global market place, it pays to take notice of where price is in relation to the 200 EMA.
So if you see a trading range where the top or bottom also coincides with the 200 EMA on one of the higher time frames, zero in using the 5 minute chart, draw your horizontal lines to mark the range or consolidation channel, and choose a suitable order entry point. The 200 EMA provides a strong level of support or resistance, depending on which direction you are trading.
Likewise, if the top or bottom of the range is also lining up with a pivot level, or a Fibonacci retracement or extension level, you have added reasons to believe price is going to respect that level, at least for a while. You can then enter an order at the price point with reasonable certainty that you can grab 5 to 10 pips from the market, depending on the height or depth of the trading range.
Why Forex Scalping Methods Should Be Part Of Your Overall Strategy
This characteristic of market behavior, the fact price spends most of its time in trading ranges, makes Forex scalping a very profitable method once the trader has acquired experience and developed understanding and recognition skills.
Rather than waiting for the occasional significant price move, the trader who also has a Forex scalping strategy in his toolkit can utilize those long periods in the trading day when price doesn't go anywhere.
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Recently, more and more people are looking towards trading as a form of investment as well as a form of business. Forex Trading or Currency trading is fast becoming one of the most popular forms of investment trading today.
And with minimum start up capital required, the barriers to entry are fairly low and this has made it easier for the man in the street to start trading the Forex market.
However, unless you are a bank or large financial institution, you will require the services of a broker to be able to trade currencies.
Luckily, with an increase in the demand for FX Trading, there is a corresponding increase in the number of Forex brokers in the market.
However, with so many brokers to choose from, the problem facing most potential Forex traders is not how to trade but how to select a reliable broker to begin trading with.
Unfortunately, not all brokers in the market are the same. You will need to find a suitable broker that caters to your specific needs as a trader.
And from experience, this could be prove to be the tricky part as not all brokers offer the same services or have the same charges and policies. Slight differences in charges such as the pip spread will have a large impact on your profits' bottom line.
Seriously, if you wish to make a living as a Forex trader, you need to focus on the markets and not have to worry about questionable brokers. Therefore, choosing a reliable Forex currency trading broker should be one of the top priorities you need to do before you even start trading.
There are actually several factors that make a foreign exchange broker a good one, and here's my top 10 tips for choosing good currency trading brokers.
1. Reputation
Reputation is important in this business as there are quite a number of "fly-by-night" operations out there in the market. Basically, the rule of thumb is to stick with the more established Forex currency trading brokers who have a good track record.
An important factor to note is that all of their business dealings must be verifiable. Do they have a legitimate office with many satisfied customers? Have they been in business for many years or did they just pop up overnight?
You can find out a great deal of information from unbiased review websites that talk about their experiences with brokers. If someone got ripped off before, you should probably steer clear.
Dependable brokers should be transparent in their dealings and operations. Relevant information about how they function must be readily available online so that potential traders can easily find out more about their reputation as well as performance.
2. Regulations
No matter which country you live in, always choose a Forex broker that is conducting business in a country where their activities are monitored by a regulatory authority. A reliable Forex broker must be regulated and accountable to the relevant authorities.
For example, the Swiss banking system is one of the most tightly-run ships in the world regulated by the Swiss Federal Department Of Finance, while US Forex trade brokers should be official members of the National Futures Association (NFA) and registered as a Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC).
In other words, they must adhere and conform to industry rules and regulations. The last thing you want is some unregulated broker in the middle of nowhere holding onto your money. If they go under, good luck ever getting your money back.
If a broker is not regulated by any monetary authority, it might be better to select another broker instead.
3. Differences In Pip Spread
Unlike stock brokers, currency trading brokers don't charge a fee or commission, instead they make their commission from the difference in the pip spread of the currency pair when you trade.
Unlike other financial markets, the currency market is not traded through a central exchange, the value of this spread is thus determined by the broker you are using instead.
Most Forex brokers publish live or delayed prices on their websites so that traders can compare spread differences and some brokers even offer a variable pip spread.
At first glance, the concept of a variable spread may appear tempting because of the volatility of the Forex Market. When the market is quiet, the spread is relatively small, but when the market really heats up, the spread difference might just widen large enough to wipe out your profits.
Unfortunately, many brokers out there are referred to as "bucket shops". They don't have your best interest in mind and some have been known to change the spreads around to their advantage.
The bottom line here is still to look for FX brokers with fixed and low pip spreads regardless of how the market moves.
4. Speed Of Execution
In my book, this is something most novice traders seldom notice when they sign up for a trading account.
Most brokers do publish live prices on their trading platform but the question here is how fast are they able to execute the order once you click the "Buy" or "Sell" button.
Speed of execution of the order is imperative especially if you are a scalper trading the 5 minute charts, can't possibly sit around waiting another 5 minutes just for the order to confirm right?
Luckily, the best solution to this problem is to open a demo account with the broker and given them a test drive. This will allow you to test trial their trading platform's speed of execution.
5. Minimum Trading Account Size
Nowadays, broker leverages are getting higher and higher to cater for the small retail trader who have limited capital but wants a piece of the Forex action.
Micro and Nano accounts are available but most brokers offer the 2 standard types of trading account sizes, namely the Standard and Mini account.
There key difference between a Standard and Mini account is that a Standard account trades in 100,000 units, while a mini account trades only a tenth of that size, or 10,000 units per lot.
In other words the mini account deals in one tenth the size of the regular account. This allows you to risk a tenth of what you would be risking in the regular account.
6. Margin & Leverage
Margin accounts constitutes the basis framework of Forex trading, so make sure you are fully aware the broker's margin terms before rushing to open a live trading account, the last thing you want to hear is a margin call from your broker.
Make sure you are fully aware of how your broker calculates the margin requirements and does it change according to the currency pair traded? Is it fixed or variable at different times of the day or week?
Do take note that some brokers offer different margin requirements for Standard and Mini accounts, so beware.
And when it comes to leverage, most traders are familiar with the 1:100 ratio, but are did you know that some currency trading brokers today even offer leverages of up to 1:400.
A word of caution if you are a novice trader, don't use too much leverage as this is one of the key reasons so many newbie traders get wiped out so fast. Remember, the key to winning the Forex game is to compound small and consistent profits.
7. Rollover Rates
Rollover rates are charges that are incurred when traders move their positions to the following trading day.
If you are a scalper or a day trader, this rate might not affect your trading account but if you are a swing trader or a long term trader, this seemingly small figure might sometimes snowball if you are not aware.
That is why it is important to find out the minimum margin requirements to earn on an over-night position? Is it a mere 0.5% or a staggering 2%, go do the math.
8. Trading Platform
A good trading platform should not only show real live prices that allows traders to "Buy" or "Sell", but also a host of other features like charting and technical analysis tools.
Some platforms even offer more advanced functions like trailing stops, mobile trading and even the use of automated trading softwares called expert advisers.
Most brokers will have their own proprietary trading platform but many are using the Metatrader 4 platform as it is a fairly easy to use system that can cater to all levels of traders ranging from novices to experts.
In my book, the type of trading platform used can either make trading the Forex market a breeze or a real hassle, so make sure you get a feel of the platform by signing up for a demo account.
9. Technical Support
Typically, the type of support comes in the form of telephony or email support, and even "Live Chat" in some cases.
Since the Forex market is a global 24 hours market, likewise the corresponding support provided by the broker should be 24 hours around the clock as well.
Remember, it might be 3pm in the afternoon for you, but it could also be 3am in the morning for another trader across the globe, so ensure that there will be someone from the broker's office to pick up the call if something goes wrong.
A essential aspect of support that must be high-lited is the ability to close an "open" position over the telephone in the unfortunate event that your PC stalls or the internet connection fails, beware, anything can happen if Murphy's Law kicks in.
10. Additional Value Added Services
Most of the better Forex trade brokers offer great value added services in terms of free webinars, technical tools, e-books, articles and even daily market analysis and updates from their own panel of in house consultants.
This might just come in handy if you are the type of trader who trades fundamentals.
Well, that's my 2 cents worth when it comes to finding reliable Forex trade brokers, hope it provides you sufficient information for a good head start in all your Forex trading ventures.
Have a safe and profitable trading day ahead.
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Picking the right forex trading broker can be a tedious exercise for most traders. There are more than a hundred online brokers today and more are coming on board. Since the foreign exchange market is worth trillions of dollars, it offers lucrative opportunities for brokers to set up their firm online. The challenge is with too many choices, it is hard to decide which is best for you. This piece of information would provide you with the necessary tips to pick an ideal forex trading broker.
Since the foreign exchange market is decentralized, it can be hard to identify fraudulent practices by unscrupulous brokers. When finding a broker, do make sure to follow the following pointers and your chances of finding an honest and reliable forex trading broker are dramatically increased!
1. Always request for references that you can speak with.
2. Do a check with the local regulatory agencies and make sure that the forex trading broker is registered. For US-based brokers, see if they are registered as Futures Commission Merchants (FCM) with the Commodity Futures Trading Commission (CFTC) and registered with National Futures Association (NFA).
3. Compare the account details such as the minimum deposit required, leverage, spreads and so on. Ask them specifically are there any commissions chargeable, lot fees, etc. This is to ensure you do not incur hidden costs. Some sneaky traders deliberately give you an impression that they are the cheapest to use but in actual fact load you on hidden charges.
4. The trading platform needs to be user-friendly. Many traders especially first-timers find it challenging to navigate around the site just to make sense of the charts and currency prices. If there are demo accounts, try them.
5. REQUOTING. This is a big pitfall that many traders fell into before realizing. Low spreads and commissions do not mean much if the forex trading broker decides to "trick" you with requoting. Basically, what it means is that when you transact with a buy/sell call for a currency pair at a certain price, the broker requotes and charge you on the requoted price rather than what you see.
The difference in transacted prices can be as much as 9 pips and beyond. Be wary of those dealers that keep requoting when you are making huge gains! It is common to have occasional ones but when it happens way too often, you should smell a rat. Always choose one that have a "no requoting" policy.
Well, now you are in a better position to find an ideal broker to work with. Be adventurous and start your search now. While forex trading carries risks, it is also a place where people make their riches. Find out from my website which forex trading broker has consistently amazed their users with excellent service and a "no requoting" policy. Also pick up more powerful tips on currency trading
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10 pips per day or 20 pips per day, is this a lot or little?
It might seem like not a whole lot at all. If you look at Forex market graphs you will see constant movement, and this movement is by far bigger than 10 pips or even 50 pips.
Very often the market moves by over 100 pips in one day. That's great, you might say, we should just get these 100 pips and rejoice at having the money in our account. But this is the difficult part, for if it were easy, everyone would have been getting this money using the forex strategies. Nobody would have undergone losses and everyone would have grown rich.
On the other hand, forex market doesn't only have the big moves, it also has many smaller ones. This may sound amazing, but these smaller moves are much easier to predict. To do that you just need to be attentive. And then the correctly developed forex strategy will keep helping us to generate the profit.
You can win a 100 pips in the market but you can also lose them. The market isn't all that stable. But if you manage to find the right points of entering the market you can have the profit of 10 to 30 pips as a guarantee.
So let's get back to our original question - 10 pips or 20 pips, is this a lot or little?
A guaranteed profit of 10 pips per day is a lot!!!
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One of my favorite indicators to trade the forex markets is the Signal Bars. It tells you at a glance the trends in multiple timeframes according to various technical indicators. Let me say right from the get go that I did not invent this, but I have put it to good use. The features and benefits, and how to best use them, are what I want to share in this article.
The Signal Bars indicator resides in a corner of your MT4 screen. I prefer the upper right because I have the chart shift moved to about one-third the way from the right towards the left, so the upper right corner remains uncluttered. The Signal Bars indicator consists of three horizontal rows of colored bars, green for up, red for down, orange for no clear direction - and these colors can be customized. The rows are divided into timeframes: M1, M5, M15, M30, H1, H4 and D1 - and these can likewise be customized. Each of the three rows represents a different technical indicator. The top row is the MACD with settings of 8/17/9. Middle row is an Exponential Moving Average (EMA) with a cross of the MA5 and MA9. Finally the bottom row is labeled STR and consists of Relative Strength Index (RSI) with a setting of 9, the Commodity Channel Index (CCI) with a setting of 13 and Stochastics set at 5/3/3 and all three of these indicators need to be in agreement before a signal is generated.
What I particularly find valuable is that without having to look at the lower timeframes, you can tell when the M1 and M5 are beginning to move in another direction. If you're trending down and that is about to reverse, you'll see a dull green first, then as the trend becomes stronger it turns to a bright green. Yes, there are shades of red and green to show the strength of the move. Very useful.
The Signal Bars can be configured to show different kinds of data. These three rows of bars are the essence of the indicator. You can also display a large-font current price of the pair -again in green or red depending whether the move is up or down- which is very handy. It can also display the current spread on the pair and how many pips it's moved up or down since the open.
Further, it can show the overall daily range and the average daily range. To see how these different configurations look, visit my blog where I show a few examples. Of all the indicators available, this Signals Bar is one of the most useful and handy available. A search of popular forex forums will likely turn up the most current version of this valuable tool.
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With the growing popularity of Forex as a method of investment in the market, many trading systems & software programs have popped up promising quick gains & easy profits. Although many of these systems are scams, fronts created with the sole purpose of taking your hard earned money & leaving you nothing to show for it, there are some which are legit, very profitable trading systems set up by experts in the field. Today we have a look at one of the most popular Forex systems available, Forex AutoMoney, to determine whether it's just another scam or if this software delivers the easy profits it promises.
The Signals
Forex AutoMoney is a software which provides automatic signals that tell traders when to buy a currency & when to sell. The signals are delivered via email, text message, a pop up software or other via another method which the trader is able to put in place. Forex Automoney offers several strategies(my personal favorite is the intraday strategy), when the signals are delivered depends on the trading strategy you've chosen to work with. Remarkably, the signals are very simple to follow, even for new traders. The software also provides trend charts for more advanced traders who are able to read such analysis.
Real Results Vs. Advertising
The website promises to send signals which indicate exactly when to buy/sell currencies in order to maximize profit potential, in reality this is not possible. Profit can never actually be maximized due to the nature of the Forex market, there's always the possibility of more profit, a wider spread or a larger trade. The website also states that "you can make ,500 a week!" this statement is absolutely true, however the amount of money a trader can actually make using the system varies greatly on the initial investment. For example, if a trader deposits 0 to start, it will be a long time before they can earn over two thousand dollars per week. On the other hand, if a trader makes an initial deposit of ,000, then earning ,500 per week based on the signals is very feasible and probable.
The key is to realize that while all sites advertise, they generally make it sound like getting rich quick is simple, when in reality there are strings attached. This doesn't take away from the real profit potential though, it just puts it in perspective.
Scam or Legit?
This trading system can help traders execute profitable trades based on their signals. While it can be a money maker, a user has to have the right tools to be successful. Basic knowledge of the Forex market(following buy/sell signals), an account with a broker and an initial deposit are required in order to really earn from Forex AutoMoney Based upon our individual review and the reviews of others in the Forex market, we've concluded that this system is legit, but only if the right tools are incorporated into the trading process. To further solidify their position as a proven system, Forex Automoney has decided to allow traders to try their system for a trial period. The reason for this trial is to allow traders to try their system, determine if the signals work for them and, if the trader is making money, they will get hooked on the system.
Forex Automoney - Scam Or Legit Trading System?
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Forex Funnel is the newest in a long line of automated trading programs designed to make currency trading easier and more profitable for yourself. Now considered one of the best Forex trading programs, it is making some serious waves as of late.
When it comes to currency trading, most people will feel very nervous about jumping in. And they would be justified in feeling that way since the Forex market is notoriously complex and newbies can easily be burned.
Recent years have seen the release of software that can automate trading but doesn`t cost the bank. Forex Funnel is considered a rival to some of the best Forex trading programs available, that is surprising as it only costs a twentieth the amount that they do!
Automated trading software works by predicting profitable times to trade. The best Forex trading decisions can only be made by quick decisions, this is facilitated more so in computerized systems than anywhere else. Changes are measured in what`s known as pips, and no, it has nothing to do with the ones you find in fruit!
Released only a few months ago, Forex Funnel got me all excited. Having bought a copy i was eager to see how it performed. The same developers that are behind Forex Tracer are behind it, so i naturally expected some juicy profits. The main interface has been improved, a good start.
When you install Forex Funnel you will get that exciting money-making rush. While the thought of the best Forex trading deals making you millions are unavoidable, start on a no-risk demo account first, to get a feel for the market.
After trading for a day on a real account you should see results. If you invest only 0 you can see a profit of overnight! This is an exceptional return on you money. Bear in mind that the more you trade with the more you will profit when you win a trade.
Currency trading is difficult at best, but software like Forex Funnel makes it a lot easier. If you want to exercise the best Forex trading decisions automatically and you don`t know a lot about trading, then this is for you. But it always helps to read up on currency trading to get an idea, before you hop right in.
Best Forex Trading Software, Forex Funnel!
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Forex is a global and decentralized financial market for trading currency. Basically it trades in different types of currency and in doing so determines the relative value of one currency over another. For example Mr A trader in America trades ,000 and exchanges it for Euros. The exchange rate of US dollars to European Euro's is determined by the foreign exchange market, more commonly known as Forex. The goal of this article is to provide beginners with a brief explanation on simple Forex trading systems in the hopes of tickling the interest of more consumers to participate in Forex trading.
The first thing a consumer has to know about simple Forex trading system is to determine the type of market. Is the market a bullish, market or a bear market, meaning is it a rising market which will continue to rise or is it a falling market which may continue to decline.
Second, keep a close watch on your charts and look at the trending. Is there momentum, Is the momentum one that favors a rise or a fall? If you want to sell then it is best to look for a sudden spike from the market, refer to momentum indicators like RSI, MACD and stomachastic. Now while the price is still spiking up but the momentum starts to slow then it is time to sell. This is what is known as bearish divergence which is basically the time frame from which the price and demand is at its peak but is about to fall.
Third, always have stop loss protection in place, regardless of how good a time it is to sell or even buy. Basically a consumer/trader has to patiently wait for prices to plummet then while it is at a decline it is time to move your stop to break even. By doing this the consumer/trader is able to take profit by setting a downside target.
Fourth, watch for trend reversals. Basically when a rise or spike in the market ends and starts to plummet there will almost always be a short burst or spike upwards. This usually lasts a day or a week at most. That is the time a consumer/trader should watch the market very keenly and time unload within those short spikes. Now if the consumer/trader is lucky enough he or she may even time it to coincide with a new trend which can last at least a week and at most a month.
These are just some of the many simple Forex trading systems which can be learned by consumers thru proper reading materials, careful supervision, and a lot of patience.
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When looking for the best, free expert advisor for Forex trading, you're most likely to go searching the internet. The first things you'll find are websites that have flashy graphics and impressive stats. You may find yourself drawn to these sites. Be careful of the "Holy Grail" disease.
I can tell you where to find the best and free expert advisor for your MetaTrader 4 program, but I'm not sure you're going to like the answer. Here's where you find it. Search Google for "expert advisor generator".
Yes, you are going to make your own expert advisor. That's not what you had in mind? You don't think you can make a good expert advisor? You are thinking you can't make one as good as one of those "flashy ones"? You'd rather spend a lot of money (and feel great disappointment when it didn't work as promised)?
Honestly, you're quite capable of putting together something that will service you. A free expert advisor generator will let you put together everything you need for a working EA. You tell it the buy logic and sell logic. You tell it how to sell and exit a trade. It can be based on just about anything such as price action, moving averages, Bollinger bands, etc.
With this newly made (and completely unique) EA, you can go now and test it and tweak it, and you will learn so much as you build a winning Forex trading system. Now I know this is not what you had in mind. You probably weren't thinking you wanted to do a lot of work. Let me be very blunt with you. If you want to have success in Forex trading, there is no shortcut.
You have to put in the work to achieve the results. Anyone who tells you otherwise is lying to you so he can take your money.
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There are a lot of Forex trading courses online that promise to teach you everything you need to know to jump into the market with confidence. If you are new to Forex, though, how can you tell which ones will truly provide you with the solid Forex trading education you need?
A reputable course should training material on all the fundamental concepts for beginners, including:
*Exchange rates
*Fixed rates versus floating rates
*Currency pairs
*Bid Prices versus Ask Prices
*Spreads
*Lot Sizes
*Margins, Margin Calls and Leverage
*Pips Values and their role in calculating profit and loss
*How to evaluate leading economic indicators
*How to read Forex signals and charts
This is just the bare minimum. A really good course should also walk you through a variety of trading examples, and show you how to perform 'test trades' yourself using a demo account with a reputable broker.
Another thing you can do to help speed your learning process is to immerse yourself in the literature of the market. There are scores of books and magazines available on the subject both online and off. You might want to have a look at the free, online magazine called Currency Trader http://www.currencytradermag.com
Finally, consider enhancing your knowledge of other financial marketplaces. You will find some concepts and terms repeated when reading about how to trade on the Stock Market, or how things like interest rates fluctuate for bonds, bills and other instruments.
This is especially useful if you feel more comfortable in one area of financial knowledge than other because you will be able to see some related concepts from Forex in a context with which you are already familiar.
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Unfortunately on the market of currency trading even Forex brokers can be your enemy and the enemy of your Forex investment. Nothing personal - they really don't have anything against you because of your age, sex, race or whatever. The problem is that when Forex traders lose - Forex brokers ... win.
And do not fool yourself thinking that reputable Forex broker is not going to do that, because they are for years on the market. You might be surprised to find out that some of the top reputable Forex brokers are doing it.
In this article we will not be mentioning any brands, so that this article remains unbiased in the eyes of the readers. But you will read how to find out if your Forex broker is trading against you or this is just a paranoia.
For you to understand how one of the most traditional schemes of trading against traders works, you need to know one important thing.
Forex brokers have the right and technological possibility to show you NOT THE REAL QUOTES that are taking place right now on the interbank currency market, but to show you THEIR OWN QUOTES. If you read your terms of service most likely you will find a chapter which explains that the broker is held harmless of any claims about not showing you the real interbank quote.
This gives any Forex broker a technological possibility to trade against you. Let's say you are using a specific Forex trading strategy and you are putting a stop loss or take profit at a certain level. When the broker (or its software, because this cheating scheme can be easily programmed) "sees" that you are 10 pips to reach the price when you take the profit, they suddenly start showing the quote which has nothing to do with the real quote on the market. And this price goes exactly against your strategy.
You compare it with the quotes of other top brokers, and you see that only your broker has "altered" the quote -other top brokers showed true quote and with that true quote you are making nice money.
When you see such strange changes in the quotes (compared to the quotes of the other brokers) and you see that this goes against your stop losses or take profit orders - this is a sign that the broker is trading about you.
You have a solution - ask your broker to send you the so-called tick by tick history. This is the real info that broker cannot amend. If after that the broker starts dodging, its support leaves the live chat, and other stupidity is taking place, then congratulations - you have spotted a cheater who trades against you.
And, once again, even some top brokers with YEARS of reputation can be doing that.
So, if you a really taking care of your Forex investment and do not want to face problems with the broker trading against you - make sure to test a broker with small sums for a long time, before you invest bigger sums of money.
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Using renko charts to trade forex has been regularly discussed on forums over the last few years. They're similar to bar charts, the primary difference being that they are not based on time.
On a traditional price chart, an hour candle will form every hour, regardless of how far price travels. On a renko chart, a new bar will only form when price moves a predefined amount. As an example, if a trader inputs a setting of 40 pips per bar, then a new bar will only form every time price travels 40 pips.
The primary benefit of using renko charts is that they eliminate a lot of "noise." They are able to display trends more clearly by eliminating the traditional bars that form on a time basis. In this way a trader can spot emerging trends without having to strain his eyes, or his brain. When a new bar forms below or above the previous price pullback, it could potentially indicate a continuation in trend.
As beneficial as these charts may seem, a trader is still required to know some technical analysis basics. Surprisingly, renko bars exhibit similar characteristics to regular price bars. Having a knowledge base of price patterns, support and resistance lines, and trend channels can be beneficial when trading renko bars. The more experience a trader has with technical analysis, the more they will be able to truly reap the benefits of renko charts.
Having a solid trading strategy still applies. Using renko charts will not spare you the need to protect your account from risk, and from having to make good trading decisions. It is critical for a trader to utilize a profitable forex trading strategy in order to make money. Having smoother looking charts can ease some rough spots, but only to a point. Getting situated with the right money management techniques, and trading strategy will fill in the rest of the blanks.
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The methodology for forecasting and trading of these trends is simple and straightforward: to monitor economic calendars and trade news.
Complicated formulas and technical indicators Forex Trading
Tired of complicated formulas proprietary Forex trading and the endless stream of technical indicators, no one seems to understand? Certainly they are not alone. The foreign exchange market, in its simplest form, is actually quite simple. It is not magic wands, potions existor a secret handshake. You do not need an economist, political scientist or a mathematician to understand. There is no Holy Grail of Forex trading. However, there is a better way. Fortunately, there is also the basic elementary form of trading on the Foreign Exchange. If the economy of a country is in a growth trend, the obvious conclusion that their money grow in strength compared to a country whose economy remains constant or declining. The methodology for forecasting and trading in theseTrends is simple and straightforward: to monitor economic calendars and trade news.
The trade is risky business news?
While some of this is too risky, the facts simply do not support their fears. Press releases consistently produce some 30-50 pip moves in a direction expected. Know and follow a good strategy is essential for success in trading on Forex News.
Press releases constantly move the market after their release.
We speakpress releases, which is devoted directly from other government agencies and research departments devoted to the study and monitoring of economic development. It 'important to know and how many press releases usually move the market. Not all versions are equal. Some are very consistent and predictable. These A-list press releases offer rewarding opportunities for trade, provided
Before You know the expected number;
According know how much deviation is necessary to move the marketenough to make a profit;
Third You know how the market will react when a number comes out higher or lower than expected.
Easy as one, two, three ... It may not be aware of these three factors is as difficult or mysterious as it may seem. Number one is in the care of their press releases. The number two can be determined by trial and error to learn from a personal or market Verified connoisseurs like Dustin Pass, whose extensive research and has spent time working in the business newsis a recognized authority. The number three is much less difficult an obstacle, as it seems. If the numbers do not meet expectations when they are higher or lower, they will influence each release so special. In the second part we will construct the A-List and B-list press releases, talk about their change requests, and explain how deviations affect the numbers in each.
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Forex Bond
