Hi everyone, for this video outlook I concentrate on the USD YEN and Aussie Yen. The US Yen is at a critical decision point and how we move off these levels will dictate all our Yen related trading over the next 24 hours. I also take a brief look at oil. Good luck!! David Pegler
Tags: best forex trading, forex trading, automated forex, forex strategy, forex software, forex tips, forex platform, forex
Online forex trading, now in 2010, is starting to make a comeback in a big way. It can be seen in the increasing numbers of forex traders online, the expansion of online forex brokers, and the general wave of activity in the industry. Additionally, unemployment is finally levelling off as opposed to rapidly increasing, companies both public and private are showing a profit, and there is a significant increase in the number of mortgages being issued by the banks. So, in light of this upward positive movement, here are ten top tips for online forex trading in 2010 that, if abided by, will definitely ensure you make the most of your investment – however great or small it is.
1. Ensure you can afford to trade.
It seems obvious and yet so many online forex traders trade under the belief that they will be guaranteed a profit. With online forex trading – as with any activity that allows you to gain high profits in a relatively short space of time there is always a high risk involved. Although this risk can be managed by offsetting position when the market changes and placing a stop loss instruction, it does not rule out the possibility that you may lose some or all of your initial investment if you are not careful. Don’t count your chickens before they’re hatched: make sure you can afford to lose the money you trade with.
2. Decide whether to trade independently or use a professional online forex broker to manage your accounts.
Trading online can be done one of two ways: independently using a set of online tools or by utilizing an experienced and knowledgeable professional trader to manage your accounts. Unless you are a skilled trader (with years, not months, of experience) it is not advisable to manage your own accounts if starting with a large investment. Before you start up a portfolio, decide which of these two methods you would like to pursue.
3. Do your research.
If choosing an online forex broker, make sure you do your research. In addition to being experienced, look for a broker who is licensed, regulated, and provides security for your funds. Equally, if you wish to use certain features such as stop loss take profit, scalping, or hedging, then you need to check that your chosen forex broker allows these. For both scalping and hedging, a recent NFA ruling has meant that US brokers are not allowed to offer these strategies, so you would need to choose a broker from outside the US. Do not be tempted to use unregulated brokers just for these strategies as there are many regulated brokers outside of the US who can offer you this facility.
4. Be informed.
The markets are affected by every major world event whether it be political, economical, social, or environmental. Make sure you are up to date with market news and world news which provide unique trading opportunities as the market is affected. Learning to forecast how the market will react to a situation is an extremely valuable skill and one of the reasons why so many online forex traders use online forex brokers for their excellent market news, analysis and forecasts.
5. Know your trading platform.
The trading platform you use needs a number of features, indicators, analysis, and a high execution speed. Make sure if your chosen broker uses a custom platform that it offers everything you will need. Alternatively, you can go with a larger, more popular platform such as Metatrader 4 which has an excellent range of resources as well as a substantial support forum, in addition to all its features. If you think you might want to move into a different area to forex such as commodities, futures, or CFDs, then whether or not your platform can provide this functionality will also be an important factor in your decision.
6. Learn all you can.
Take advantage of analyses, tools, and charts wherever you can find them. Learn to correctly interpret GANN, Jackson Zone, and Fibonacci Studies and make the most of any resources your online forex broker may provide. In the world of online forex trading, knowledge is most definitely power.
7. Exploit the forums.
Connect with other traders to compare and review services and facilities, options and market activity. Though opinions will vary (and should mostly be taken with a pinch of salt), it is always beneficial to know what others think about various aspects of trading and adjust your own activity accordingly.
8. Practice! Practice! Practice!
Before spending a cent of your own money, practice with virtual money in a demo forex account, which will give you the opportunity to test trading strategies such as scalping and hedging. Once you are comfortable with your virtual activity then practice some more! You need to be 100% confident in your trading abilities when you go online and invest “real” money.
9. Start small.
Need it be said? Don’t spend all your money at once. Invest gradually. Start with small amounts, as all good online forex traders do.
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The US dollar found firmer footing against the European currencies during the New York session as American stock market indexes saw red from the get-go today.
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Hi everybody, I have covered the USD related pairs extensively over the last 3 weeks, I think its time we mix it up a bit and look at some Yen trades. In this video I analyze the USD Yen and Pound Yen, with the help of Fibonacci and multiple time frames I have constructed some very conservative trade plans. Good luck and enjoy!! David Pegler
Tags: forex strategy, forex software, automated forex, best forex trading, forex trading, forex platform, forex, forex tips
Pre-London today was spent climbing on many pairs very very slowly to the top of traps etc. Once we finally hit resistance the bottom fell out on quite a few pairings for the rest of the entire London session. In this video we highlight two such pairs in the EUR/USD and the GBP/USD, and how we built trade plans for a short on both of them after waiting for a proper pullback. In the EUR/USD’s case it was a perfect channel break/retest entry, and on Cable a picture perfect 38.2% Fibonacci retracement provided our chance to short. Nice moves on these two along with several Yen pairs tonight. FXBootcamp London Currency Coach- Christian Stephens
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The USD has been quite the bull lately and we have not yet seen any reason technically for that to cease. With the situation in Greece very tense, the Euro has shown even further weakness. With this Euro weakness and USD strength we again were looking to the EUR/USD for some further clues of continuation down. In this video I highlight how we built a trade plan starting at today’s London Session around a 40′ish pip hourly price trap, break, and then retest. Once the break occurs it was time for our favorite friend Mr. Fibonacci to step in, and sure enough he coughed up several opportunities to snag a nice EUR/USD short entry to start the day. While it took all night to really follow through, it completed its drop today of 120 pips or so from the Fib in dramatic fashion with China raising it’s reserve requirements unexpectedly, causing a strong push to the 1.3550 area which also happened to be our daily M1 reversal pivot point, Profit take time! Lovely trade. Have a fantastic weekend folks! FXBootcamp London Currency Coach- Christian Stephens
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As we exited pre-London and worked towards the open today we found ourselves trapped on quite a number of pairs, including all of the Yen pairs, AUD/USD, EUR/USD. While we went through many setups during today’s London in this video I focus on a break and retest of just one of these traps, the EUR/JPY. We had been scalping this pair through pre-London as the range between the top and bottom was still large enough to do this, but as London open neared this range became tighter in the Apex and a pop looked imminent. We we showing some MACD and Stochastic divergence hinting the break would be to the upside. Then it was just a matter of waiting for the break, drawing a Fibonacci retracement study, and pouncing on the retest/pullback entry. All of our entries on these breaks produced nice pips, yet none of them ultimately reached targets before retracing back past original entry. So as London finished we still have an inside day going into NY on several pairs. Take what you can get =) FXBootcamp London Currency Coach- Christian Stephens
Tags: automated forex, best forex trading, forex tips, forex platform, forex trading, forex strategy, forex software, forex
