Laptop Battery Being new to FOREX trading? Don't worry, getting started in
FOREX trading
is easy and you can always test your skills first in a demo
account before you
go 'live' with real money. To get started in FOREX trading, we
have
to get to know what FOREX is. For the inexperienced, FOREX trading
involves
buying and selling the different currencies of the world. A FOREX
deal is made
when one buys one currency and sells another at the same time. It
is always
traded in pairs, Euro/USD, CHF/USD, USD/JPY.you get 'short'
in a currency every time to buy another and the profit is made
when you buy-low
and sell-high.
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Thinkpad FOREX market is the largest trading market in the world. It
yields an average
turnover of $1.9 trillion daily and the figure is nearly 30 times
larger than
the total volume of equity trades in United States. FOREX trading
is very unique
as the trades are done between two counterparts via electronic
network or telephone
connections. There is no centralized location as stocks or
futures markets and
trades are done around the clock. Everyday FOREX trade begins when
the financial
centers in Sydney start their day, and moves around the globe to
Tokyo, London,
and then New York. Traders can always response to the market
regardless of the
local time.
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Microsoft Although FOREX trading involves such a big volume of trades
nowadays, it is
not made available for the publics until year 1998. In the past,
the FOREX market
was not offered to small speculators or individual traders due to
the large
minimum
business sizes and extremely
strict financial requirements. At that
time, only banks, big multi-national cooperation and major
currency dealers
were able to take advantage of the currency exchange market's
extraordinary
liquidity and strong trending nature of world's main currency
exchange rates.
Only until the late 90s, FOREX brokers are allowed to break huge
sized inter-bank
units into smaller units and offer these units to individual
traders like you
and me. Nowadays with the rapid growth of
Internet and communications
technology,
FOREX trading has become one of the hottest
make-money-at-home-businesses for
those who wish to avoid conventional 9-5 day job.
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Laptop Computers As a fact in FOREX trading, FOREX is mainly traded in large
international
bank. According to Wall Street Journal Europe, 73% of the trade
volume is covered
by the major ten. Deutsche Bank, topping the table, had covered
17% of the total
currency trades; followed by UBS in the second and Citi Group in
third; taking
12.5% and 7.5% of the market. Other large financial cooperation in
the list
is HSBC, Barclays, Merril Lynch, J. P. Morgan Chase, Coldman
Sachs, ABN Amro,
and Morgan Stanley. For market participants segment, approximately
half of the
transactions done were strictly between dealers (i.e. Bank, or
large currency
dealer); others are mainly between dealer and non-financial
institutions.
It comes with 2 DVDs (4 hours of live instructions), 12 computer CDs with core system strategies described there, "Trade Currencies Like the Big Dogs" manual (250+ pages), "Introduction to Forex Trading" guide (100+ pages) and quick start guide for trading Forex, 6 months of unlimited access to our member' extensive library of video tutorials (150+ hours), member forum, daily video trading examples, trading tips from other members, common questions and answers, daily pivot data for major currency pairs etc.
Laptop Computer To start trading on FOREX, one must first learn how to read
FOREX quotes. Foreign
exchange quotes are always listed in pairs (e.g. USD/JPY 109.2):
the first listed
currency is known as the base currency with a constant value of 1
unit; while
the currency listed in the second is known as counter. In our
given example,
USD/JPY 109.2 means a dollar of United States Dollar is equal to
109.2
Japanese
Yen. In other words, the quote shows the relative value of one
currency compare
to the other. It means the value USD had been increased when
USD/JPY quote goes
up
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Desktop Computer However, a two-sided quote (e.g. EUR/USD 1.2435/1.2440)
consisting of a 'bid'
and 'ask' is often seen. The 'bid' price is the price
at which you can sell the base currency; while the 'ask' price
is
where you can buy the base currency. The different of 'bid &
ask'
price is commonly known as 'spread'. In the example of EUR/USD
1.2435/1.2440,
this means you can buy 1 Euro Dollar with 1.2440 USD or sell 1
Euro 1.2435.
Currency brokers make their profit through these differences of
'bid &
ask' price and this is how they manage to provide their services
to individual
investors without charging them commission fees.
Notebooks You don't need much tools to trade in FOREX market. A computer
with Internet
access, a funded FOREX account with foreign currency exchange
broker, and a
trading system should be sufficient to get things started.
Lenovo To reduce the risks of losing money, some basic charting
knowledge is as well
recommended before you start trading FOREX. FOREX charts assist
the investor
by providing a visual representation of exchange rate
fluctuations. Many variables
affect currency exchange rates, such as interest rates, bank
policies, geopolitics,
and even the time of day may affect exchange rates. As stated by
expert FOREX
trader Peter Bain, charting is an essential tool in FOREX trading.
In his newsletter,
he reveals that daily charts, hourly charts, and 15-minute charts
are used while
trading in FOREX. As quoted from his informative newsletter --
"Daily
chart will help you define the overall trend from a position
trading point-of-view,
and the hourly (one hour) chart will give you a feel for the
intraday trend.
The 15-minute chart is used for entry and exit - with assistance
from
the five-minute chart, where price is moving quickly, and you need
to be closer
to the action."
Hard Drive Being one of the technical method, FOREX charting is based on
the principal
'history repeats itself'. FOREX traders who study charts
predict
the market future by evaluating past market performance. The time
frame used
for charting might differs for different traders, some analyze the
past one
week, some prefer six months analysis, and there are also traders
who analyze
the market for the past five to ten years before getting involved
in a FOREX
trade. A huge variety of FOREX charts are available in the market.
Some charting
methods are very simple, using a few FOREX indicators to show
trading direction;
other charts may include up to forty indicators and those are
mainly for advance
traders that are more skillful. MACD Divergence, RSI, RSI range,
and price are
some of the well-known indicators in charting.
Travelstar As the article is meant for FOREX rookies, you are probably one
of those who
are looking forward to get involved in the FOREX market. However,
there is no
shortcut to be success in FOREX trading. Trading in FOREX is not
as simple as
it seen from outside. Especially there's margin involved in FOREX
trading,
you might lose a lot of money in the beginning and learn your
lessons in a hard
way. Take all the time you need to learn this new trading skill
well -- practice
everything you learn with a demo account before you consider going
'live' with
your own money. Seminars, eBooks, Internet, papers, as well as
video courses
are all your needs to get involved. I wish you good luck and good
profit making
in your FOREX trades.
Gateway 'It's okay to be a newbie!'
Learn Forex
trading from scratch at www.golearnforex.net.
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