Forex Tips ? 5 Simple Ones To Increase Your Profits

The forex tips below are all easy to do and all will help you achieve one aim increasing your overall profitability. So here are 5 forex tips for greater profits.

1. Use the Weekly Chart

I am amazed that most traders never bother looking at weekly charts but if you want to separate out ?the wood from the trees? the weekly chart gives you a much clearer perspective.

The big trends are clearly visible on the weekly chart and if you are long term trend follower, start with this chart first and you will have a clearer view of support and resistance levels and entry points.

2. Cut Your Trading Frequency

This Forex tip addresses a major problem that most novice traders have ? they trade too much.

They think they have to be in the market all the time and chase profits but the fact is, if you cut your trading frequency, you stand a better chance of success. Keep in mind; you only get paid for being right in forex trading – NOT for your effort and how often you trade!

By cutting your trading back, you can concentrate only on the high reward, high odds trades which give the best potential profits.I know traders who only trade a few times a year yet – they make between 120 ? 430%! Annually.

Their simply trading the cream of the trades and ignoring the low odds, high risk ones and there are plenty of those.

If you cut your trading, you will probably see your profits soar.

3. Risk More Per Trade

This is directly related to the above point.

If you have a high odds trade take this tip and risk more.

You will read a lot of nonsense on the net about risking 2% per trade and no more.

Well, that?s fine if you are trading 100k but if you?re a small potato trader, trading 10k or less, that?s a maximum of $200!

If you have a small account you need to load up and risk 10 -20% on the high odds trades. Keep in mind if you don?t risk much you won?t make much!

To make meaningful gains you have to take risks ? if you don?t like taking risks don?t trade forex.

4. Don?t Diversify

If you are trading a small account don?t diversify!

You need to load up as we have said above and concentrate on one trade only.

Diversification is simply another word for diluting profit potential and is something a small trader should not engage in.

5. Use an Account Profit Target

What s a realistic target to make per annum in forex trading?

You may have your own ideas – but if you made 100% that puts you up there with the best fund managers in the world.

You will often see people look at risk per trade but looking at your account overall and using a profit target is highly effective.

You will often see trades that give you big profits in short periods of time and if they are a substantial ? i.e. more than 25% of your 100% bank them.

Have a break and start again.

If you hit your profit target for the year early – decide whether you should trade again at all or at the very least give yourself a deserved break.

The tips above are really saying:

Focus only on the best trades with the best odds, load them up and have a target -if you do the above, chances are you will make bigger profits.

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The Key To Success In Online Forex Trading

In our highly connected world today, trading the foreign exchange (forex) market over the internet is one of the coolest ways in the world that I know of to make a living.

Anybody who tells you that forex trading is a quick and easy path to riches either A: is a total moron and is trying to make a quick buck selling erroneous information, or B: has a vested interest in seeing you fail as a trader.

However, anybody who tells you that it is impossible to make alot of money through forex trading is also sorely mistaken. Yes, it is possible to make a large, almost obsenely large, amount of money through trading the forex market using only a laptop, but it is not easy to get to a point where you can consistently place profitable trades.

I could go on and on about how sucessful forex trading takes time, education, emotional control, and experience, but there is one single thing that I have found is much more important than all of these things if you want to have a successful forex career. And that one thing is…

………. (Wait for it) ……….

Your MINDSET, and how you perceive trading the forex market.

This is the hardest part for most people to truly understand and use with their own trading, but if you can fully harness and implement the following information into your forex trading, you will experience unprecedented success and you will become one of those people who can travel anywhere in the world and answer to nobody.

(Just as a sidenote, if you do get to this point, I recommend checking out something called an ‘economic citizenship program,’ where you can become a citizen of a place like Panama by investing in certain organizations. You can get a new passport so that you can go anywhere in the world, anytime you want, and no longer answer to a draconian government that seeks hegemonic control over its citizens.)

The problem is… most people who have had difficulty with their forex trading view the market and their trading platform only as a way to make money, and they become emotionally attached to the money in their trading account and subsequently, each trade that they make with this money.

The key to success in online forex trading is to view your trading platform as a GAME that you play, where the objective is to collect or capture pips. The more pips you gather, the better you are at this forex game.

Now this is easy to say, but it can be different when you are really at your computer making those trades. The one thing I must empahsize is that when you adopt this new mentality and you view forex as only a ‘pip collecting game,’ the biggest change that you make is that you are now completely emotionally detached from your trading. For this reason, you can view your winning or losing trades from an objective, outside perspective, and it will be easier for you to devise a winning strategy since you are no longer blinded by emotion.

—Exercises For Developing The Proper Forex Mindset—

There are two things that I recommend doing if you want to slowly change your perception to where forex trading is nothing more than a game where you win by getting pips (and few games in the world can be as profitable as this one).

First, I will introduce to you something that I call ‘risk capital.’ In short, risk capital is money that you would like to grow, but if you lost it then it would not have a big impact on your financial situation. You want to make sure that the only money that you ever put into a live trading account is risk capital, which is just extra disposable income that you do not need to pay the bills.

Second, you want to make extensive use of trading demo accounts. If you already have a broker or a trading platform that you prefer and are comfortable with, the best thing to do is to open at least one demo account with this same broker.

As you should see, trading your demo account will look and feel EXACTLY the same way as your live account will. The only difference it is not big deal if you lose money in your demo account, since it isn’t real. What you want to do is get to the same point after trading your demo account that you feel the same way about your live trading account, where it is no big deal if you lose money.

Spend enough time trading your demo account on the same platform that you trade your live account on, and your subconscious mind and a part of your brain called the visual cortex will begin to associate seeing this forex trading platform with ‘Oh, a demo account. No big deal, its just fake money after all.’

This is where you want to get, and it will become nothing more than a game for you. It just so happens, though, that this game will fund your next month long trip to Monaco, and will elevate you to the status of a High-Net Worth Individual (net worth exceeding $30 million USD) and beyond. I suppose it is ironic that the less you care about how much money you are making, the more you are actually positioned to make.


The Best Forex Trading Systems – Sometimes Less Is More

It can be very difficult trying to find a forex trading system that is able to generate consistent profits on a long-term basis. However an important point to make is that you don’t necessarily need to find a system that trades lots of positions every day in order to become a highly profitable forex trader.

You will often find that a system that identifies high probability trades just once or twice a week can be equally as profitable as a system that produces tens or even hundreds of trading positions every week. This is what I mean when I say that sometimes less is more.

It’s so much easier to become a consistent trader if you filter out all the trades to only include those that have the highest chance of success. Often this will involve trading the longer time frames because it’s hard to be confident about set-ups on the 1 or 5 minute charts, for example. You will often find that technical analysis works so much better trading the longer time frames such as the 1 hour and 4 hour charts, for instance, because they filter out a lot of the smaller random price moves that take place throughout the day.

I used to spend hours and hours testing different strategies on the 5 minute charts, but over the years I’ve come to realise that it’s so much easier just to focus on the 4 hour charts and daily charts because the trends are so much more clearer and easier to trade. Now I mainly trade my own unique system which generally tends to identify between 1 and 3 good set-ups every week, but these set-ups, when they do occur, are usually extremely profitable.

This is my preferred way of trading because it’s relatively stress-free. I know from experience that my system should remain profitable in the long-run and so I just need to sit back and wait for good set-ups to occur. This style of trading isn’t for everyone because you can go a few days without entering a single position, so boredom becomes a factor, but it tends to work well for me.

Anyway the point I want to get across is that you shouldn’t necessarily spend hours and hours focusing on finding a system that generates lots of short-term winning trades. If you expand your time frames and concentrate on the longer term charts, then you will often increase your success rate and generate bigger profits when you do find winning trades because you obviously get larger price moves on the longer time frames.

The Dollar is Still Dropping – Buying Gold is The Only Recession-proof Investment You Can Make!

In 2008, financial experts advised their clients to buy gold because the times would be tough. That time, those financial advisers may have been thought to be prophets of doom but with the downfall of dollar, to invest on gold was the best solution people might turn to. Gold prices have reached $1853.14 as of this writing and in spite of what the President Obama claims, this is a sign that the investors are not having a cool time with their trust in the stocks, bonds and other currencies.

The investors are putting where they know their money is going to be safe, and that is gold. You will be able to buy gold in alternative ways but the preferred way at the present time is buying it online. Some do not buy gold at all, instead they choose to sell them for they need the money that they can no longer access. The unemployment is plunging, the worth of the dollar is outrageous and the rest around the globe that relies on the US dollar is suffering alongside the Americans. What is ridiculous is that China seems to be in a better position than the US currently and what’s even worse, they don’t owe anyone money, instead, the US owes them.

The pawnbrokers are actually buying gold, wherever they could access them. Investors are turning their investments and money into gold because they know it is safe and unwavering. And where will this drive the gold prices, further up, unfortunately. But fact is, those who can afford to buy gold online or from other sources are only those who have extra cash or people who can afford to invest on them. Sadly, they only form part of a big population who are left no other choice but to sell whatever amount of gold they’ve got with them. If you’ve got the money, investing in gold is the best you can do to keep it safe from the consequences of recession.

Otherwise, you would be like what most are doing; selling off the gold in their possession and it’s not getting any better. With the downgrading of the US from a triple A country to a double A, is it any wonder how the dollar is dropping and continues to fall? Is it any wonder that the gold prices are steadily increasing by the day? If you have money set aside, yes, it is the time to buy. If you won’t, you already know what is best for you.

Take Advantage Of The Best Forex Trading Hours

The Forex Market is open 24 hours a day and initially this is exciting to new traders who enjoy the freedom of being able to trade at any hour. However, success in this market depends significantly on when you decide to trade. Picking the right hours to do business will greatly increase your earnings. Understanding when the best trading hours are will help you get the most out of your time.

The best Forex trading hours to take advantage of this market is when there is a lot of activity. Trading during the hours when the market is most active will allow you to take advantage of the active currency moving ensuring higher profits. If you find yourself logged on when the market is slow and calm, it is best to just come back later and not waste your time.

The Forex Market trading hours are as follows: New York opens at 8:00 am to 5:00 pm EST (EDT), Tokyo opens at 7:00 pm to 4:00 am EST (EDT), Sydney opens at 5:00 pm to 2:00 am EST (EDT), and London opens at 3:00 am to 12:00 noon EST (EDT). There are specific times when these sessions overlap such as New York and London-8:00am-12:00 noon EST, Sydney / Tokyo-7:00pm -2:00am EST, and London / Tokyo-3:00 am-4:00am EST. During these overlapping hours traders will experience a higher volume of activity and the best chances to succeed in the foreign currency exchange market.

There is software available to make it easier to monitor the trading sessions from anywhere in the world. Traders can download programs that can be aligned to Eastern Standard Time and also programs aligned with most North American and European county time zones as well. These programs allow traders to follow market sessions with ease.

There is some good advice for new traders to take advantage of. First, it is always best to do thorough analysis and to study the market before doing any trades. By doing these things first you are taking gamble out trading and ensuring a greater chance of success. It is also advisable to spend at least 2 months practicing the demo before investing any real money into this market. 90 percent of beginners fail because they lack the experience, knowledge, and discipline. Taking advantage of the demo programs available will help you hone these necessary skills. Another good piece of advice is to never risk more than 2 to 3 percent of your total trading account. It is best to keep your emotions down and trade in a calm state of mind. Remember that the difference between successful and unsuccessful traders is the ability to weather through down markets. Doing some basic research and taking the time to hone your skills will ensure a greater chance of success trading on the Forex Market.

Forex Trading Platforms are Helpful for Planned Investments With Long Term Benefits

Unlike the stock markets where shares of various companies can be bought and sold in the open market floor, the forex trading is done only through the internet portals. These are the forex trading platforms, where people need to register themselves first and then go for the trading. Millions of people are doing this so that they can put their money in different pairs of currencies.

People can become members in the different platforms and take advantage of these to put out their money. But doing so will require utmost care and attention, so that they are not amidst losses continuously. One cannot deny the fact that the volatility of the foreign currency exchange market is such that the losses can be common. But the target of the investors should be to get the profits at the end of a certain period of time. This is what counts in the long run and this is what the investors should target at the end of the specified time.

Many people are therefore becoming members of the forex trading platforms and taking advantage of the different forex trading strategies that are being provided. Such an investment pattern requires proper planning and strategy to work out the profits. The rise and fall in the values of individual currencies and their ratios are required to be known. The strategies are important because they help in the understanding of the different values and their changes. If they are aware of the values, they will be able to get their forex trading strategies right, thereby increasing the probability to better their profit margins.

To aid in the investments of people, the platforms also provide the forex trading software, which are incorporated in the website itself. While logged in the account, people can take the help of the software and get to know the indicators. Forex indicators are kind of signals which will tell people to invest at a certain value of the currency pairs. There are also the facilities of automated forex trading so that people are now free to do their work. This system of trading helps in making the strike at the call and put values as ordered or set by the customers.

Even in the absence of the investors, the automated forex trading would be working in the background in order to carry out the investments. To bring in more customers, the forex trading software and automated forex trading have helped a lot. It not only gives an assurance to the customers but is also able to draw more investors to the platforms due to the certainty of long term profits.

Forex affiliate programs are also being provided by the brokers so that people can become affiliate partners and draw more customers through their portals. By having such facilities in forex, people are able to understand the intricacies of such a volatile trade market. With constant attention and practice of these facilities, people become confident to take risks. This allows them to earn profits gradually and after a period of time, they are so well versed that they can know when to make a call or put by using their money.

Forex Alerts Are A Handy Way Of Staying On Top Of The Market

Because currency exchange covers the entire world and all 24 time zones, forex is a 24-hour-a-day market. This is good in that it results in billions upon billions of dollars of transactions per day. But it also means that forex traders have a constant influx of information to keep track of, unlike the stock market, where once trading closes at 5 p.m., that?s it. So how do forex traders stay on top of things? Most of them use forex alerts of some kind.

Forex alerts are available from many online forex brokers and other companies. A forex alert is simply a message sent to the user informing him of the latest developments in the forex market, often recommending action of some kind. These alerts can be sent via e-mail or cell phone text message.

The idea behind them is that no one can follow all the markets all the time. Even if you limit yourself to just the ?majors? — U.S., Eurozone, Great Britain, Australia, Japan and Switzerland — that?s still 15 currency pairs to keep an eye on. What?s more, sometimes things are steady for long periods of time, while other periods are marked by great activity.

The sites that offer forex alerts go about it in one of two ways. Some simply send out alerts every 24 hours, offering the latest info on the forex market. Others send alerts only when something crucial happens. These systems use formulas of their own to determine what constitutes ?something crucial,? and they may charge a lot more for their more specific alerts. And of course it?s still up to the individual trader to act on or disregard the information send to him in the alerts.

Some brokers include forex alerts as part of their service, while others charge for them. Some are part of a wider alert program that also handles your stocks and bonds. You can tailor the type of alerts you get based on whether you?re a conservative or aggressive trader, and how actively you plan to trade.

Serious traders who use forex alerts swear by them. No system is perfect, of course, and a smart trader will always do a little browsing on his own to make sure his latest alert didn?t miss anything. But alerts are an invaluable way for busy investors to go about their daily lives without having to constantly watch the forex rates.

Day Trade Forex Live

Do you want to learn how to day trade the forex market? Well, this is a skill that you will need to learn from a professional trader and market analyst who has years of experience profitably day trading the forex market. A great website that teaches you how to day trade forex live will offer its services during the most lucrative trading sessions which occur during the London market hours and the New York market hours. Major economic news releases can greatly influence daily fluctuations in the forex market. A quality forex day trading website will offer up to the minute information on current economic news releases including the actual numbers as they are released and any trade setups that occur as a result.

A proper website dedicated to teaching you how to profitably day trade forex live will include a community of close knit forex day traders that can bounce ideas and trading setups off of one another, this is in addition to the learning from a head trader(s) who should have years of experience day trading the forex market. Day trading forex can be a very stimulating and rewarding experience; it can also be a lonely experience if you do not utilize the services of a professional forex day trading site where a community of members, led by a professional forex day trader, all work together helping each other to achieve one common goal.

The senior or ?head? trader at the best instructional website that teaches you how to day trade forex live, will have years of profitable day trading experience under his or her belt. You should expect to learn the exact trading methods of the senior trader as well as all the strategies he or she implements on an intra-day basis in the forex market. These strategies include tools that are necessary to become a successful forex day trader on your own. Learning from the senior or head trader on a high quality educational site teaching you to day trade forex live, should take place in the context of a ?live trading room? where trade setups are called live before they unfold. Many websites give you after the fact trade setups that won?t really help you much in the real-time, fast moving world of forex day trading live.

The main goal of any legitimate website designed to teach you how to become a forex day trader should ultimately be to teach you how to successfully trade on your own. Instead of just hand feeding you trading signals every day, a quality website designed for learning to day trade forex live, will teach you how to implement quality forex trading signals on your own and hence teach you a useful and relevant skill that you can use in any financial market. Any scammer website can just give you day trading signals every day, but a genuine and honest website designed to teach people how to day trade forex live will put on-going education at the forefront of their services so that you can eventually remove the crutch and day trade forex live on your own.

Is Financial News Important In Forex Trade?

If you want to be a Forex trader you need to know about the financial world and what is happening there round the clock. Well, it is not limited to the financial world alone. Updates about the economical statistics and the political world are equally important. The Forex market is easily swayed by the major global news. Technical analysis is needed if you want to be triumphant. You will not get a single penny without that. But global financial news can help you reap huge profits and can save you from catastrophic losses. ?

Banks have a major effect on the currency pairs. The fall in interest rates or increase in increase rates have an instant effect on Forex trade. ?

Financial Calendar:?
Look at the financial calendar and be among the leaders. You cannot be successful in Forex trading if you do not know what is happening around you. Websites do have a lot of information about the financial events. But it is not possible to go through every website to find out what you are looking for. So just have a glance at the financial calendar and you will get to know about the upcoming occurrences and financial incidents. ?

US dollar:?
If the US dollar is affected then the Forex market will definitely be affected. Small things in the US market can shake the Forex market. The insurance sector and the mortgage sector also have an indirect influence on the foreign exchange market and also on the Forex market. Such factors dictate future values which again affect the value of dollar. Once the dollar is affected, you can be sure that the Forex market will be affected too. ?

Watch out for news in US that affect your currency pair. Maybe you are dealing in Euro and USD then you cannot remain aloof to the occurrences in Europe and USA. Even drastic changes in other countries which have a powerful trade network will affect Euro and USD eventually. But if you already get to know about it, you may take preventive measures before any mishap. ?

Major financial statements like the country?s GDP that is Gross Domestic product and other things influence the forex trade. Impending issues like unemployment, Trade deficits and inflation can devastate your trade. So keep an eye on these reports and analysis. It is very important to keep record of events in your country as well as other countries. Well, don?t panic. You do not need to track down the events of all the countries. But do know about the current situations of those countries in which you deal with their currencies.

Do not depend on local media and newspapers. You won?t get anything substantial. This is discrete international news which can be got in the internet or in some special publications or journals. ?
Forex trading is a good medium of investment. But you should know the procedures and tips to do it. If you are a person who gets disgusted even at the mention of statistical figures then you need to rethink your investment. It doesn?t work for everyone.

Fap Turbo – How Does It Work?

For many people trading on the foreign exchange is a complete mystery. Beyond that they don’t even know where to begin when it comes to selecting a software for trading, such as FAP Turbo. They jump around from technique to technique or software to software not really knowing what they’re doing. The plain truth is that to get better at trading, you need to know how it works and what you’re doing. We want to give you a helping hand with a few tips about FAP Turbo.

You’ve no doubt heard about it, the software is generating huge amounts of buzz in the forex industry. It is of course, FAP Turbo and its the latest in the line of Automated Forex robots that actually trade the market for you. All you really have to do is plug the software into your MetaTrader4 and it takes all of the guess work out of trading. In fact, it takes all of the work out of trading entirely. If you so desire, you don’t even have to look at the screen (although I advise doing this for a while at least until you understand the basics). Now, lets take a deeper look at it and find out exactly WHAT is going on.

The workings of the software are actually quite simple, yet the analyzing quite complex. You see, not a lot of people will tell you this but software of this kind is actually quite basic in nature. You heard that right, there isn’t a lot to it and they are all built using the same programming language. What is complicated is the algorithm and analyzing. This is really what you’re paying for. Experts in the field have devised methods of trading that yield good results, and they port this technique directly into the software for you.

All that is involved for you is to install the software on your computer, hook it up with MetaTrader4 and then just sit back and watch. The software works by analyzing the market and placing trades and pulling out when it deems necessary. For example, you might select to trade the EUR/USD pair and set FAP Turbo on its merry way. It will then analyze the market, decide on the appropriate course of action and then through your computer place the trades. It couldn’t be simpler.

The fact that the software does everything for you is a huge benefit because:
* You don’t need to pay large amounts of money for companies to give you the signals, the software takes care of that.
* There’s no need to wait around all day waiting for signals that may never come. Let the FAP Turbo system do the analyzing for you
* You don’t need to learn anything about trends and analyzing