Don't let any person or system tell you that forex is easy! I've just spent about 2 1/2 years struggling with the "highly rated" Trading Edge Strategy Software (TESS) Ultimate Forex Predictor system.
Now I know some people do well with it but for me, 30 months of effort, hundreds of hour recording and analsysis results and trying different models, charts and rules and settimgs...in the end, 50 points down...so the cost of TESS at about £2500 plus the IQ feed at $80 a month...ouch.
I'd also had a short go with GFS Forex Signals. That's one I might revisit and sign up to follow Utusk who seems very consistent. Tyically on the test I tried I went with a guy called Pips Rain. At that time he was 900 points up after 6 months or so with the proud record of never having had a losing week so far. First week, +50, nice. Second week.... lost 600 points. I look now a year later and he never came back from that. Forex is not easy!
So what now, well I'm looking at the Forex Net Trap that seems like a nice simple system that also has a 60 day money back g'tee. We shall see!
Monday 22 November 2010
Friday 4 April 2008
New blogs
A new bunch of sites I'm been working on that are now OK for public viewing! More work to do as ever but that's life!
They're all blog based so you can leave comments if you like. As long as they're constructive I'll approve them.
Nicksdogland - All about dogs. Articles on dog care, breeding and training, download product and for the US and Canada lots of products to buy from top pet shops online.
Xbox Doctor - Mainly focused of red light problems with articles on best Xbox games.
Best Career - Tips and ideas for CVs and job hunting. Before doing my own business I was good at job hopping...one reason to do my own business, it gets you down! Anyway, I got good at CVs so I've put that down on paper here. Plus download product including a members site that can help you get a job on oil rigs!
Your Laptop - I love laptops so I'm doing a site on them. One day I'll save up enough for a top range Apple! Focused on how to get cheap laptops and make batteries last longer.
Future Commodities - Making money from foxex and futures online. I'm a keen shares trader online and quite good at it (lomg term focus)...I'd do forex too but have always been a shockingly unlucky gambler. If you're a good/lucky gamble check forex out you could mint it!
Tuesday 15 January 2008
Using Forex Signals as Trading Tools
Prices in Forex markets are the most volatile of any trading instrument. They change farther and faster (on average) than stocks and bonds, though commodities can be pretty roller coaster, too. This presents non-full time investors with a dilemma: either sit by a computer monitor all day, looking for price movements in real time or potentially lose a lot of money. But there's a way out - Use signal services.
Forex signals are buy and sell indicators based on technical analysis. Technical analysis uses historical price and volume data to statistically analyze trends. The aim is to zero in, with a explicit probability, the odds of future price movements.
A signal may be as simple as 'Buy euros now at 1.1901'. Those signals are presented in any number of ways, by email, SMS text message to a mobile phone, IM message etc. Some are simply flashing text and/or icons on trading software. The software system incorporates built-in algorithmic rules that use the formulas of technical analysis, aggregates it with current market data and produces a signal.
For instance, one generally practiced technical indicator is something called MACD (Moving Average Convergence/Divergence). Without getting in particulars here, it uses the moving average - the change in an average price over time. A signal can be returned when the value of MACD crosses above (or below) a pre-determined threshold. Buy when it moves above the line, sell when it falls below.
For more on and a free course see Forex Master Trader
Forex signals are buy and sell indicators based on technical analysis. Technical analysis uses historical price and volume data to statistically analyze trends. The aim is to zero in, with a explicit probability, the odds of future price movements.
A signal may be as simple as 'Buy euros now at 1.1901'. Those signals are presented in any number of ways, by email, SMS text message to a mobile phone, IM message etc. Some are simply flashing text and/or icons on trading software. The software system incorporates built-in algorithmic rules that use the formulas of technical analysis, aggregates it with current market data and produces a signal.
For instance, one generally practiced technical indicator is something called MACD (Moving Average Convergence/Divergence). Without getting in particulars here, it uses the moving average - the change in an average price over time. A signal can be returned when the value of MACD crosses above (or below) a pre-determined threshold. Buy when it moves above the line, sell when it falls below.
For more on and a free course see Forex Master Trader
Tuesday 8 January 2008
How to read currency price listings
Forex trading is about selling one currency and buying another one at the same time. Forex (Foreign Exchange), uses language not employed elsewhere in the investing domain. Defining those terms by example goes a long way toward removing the scary exotic mystique.
Currency dealing is always done in pairs. In other investments, such as shares, money is paid for a "physical" product (a percent of ownership, a promise to pay interest etc)
In Forex, money is traded for money. Euros are traded for dollars, dollars for yen, yen for euros etc. There are loads of trading currency pairs that take part in the currency exchange markets.
The primary players are US Dollar (USD), Euro (EUR), Australian Dollar (AUD), British Pound (GBP), Canadian Dollar (CAD), Japanese Yen (JPY) and Swiss Franc (CHF). Most daily deals involve trading in these currencies.
When reading quotes, you'll see prices listed as:
Name Bid Ask Change % Change High Low Time
EUR/USD 1.1901 1.1903 -0.0091 -0.76% 1.2024 1.1891 15:26
The currency listed on the left is called the 'base currency' (EUR) and the second is the 'quote currency' (USD).
The 'bid' is the price at which brokers are willing to buy the base currency. The 'ask' price is that at which brokers are willing to sell the base currency. The quotes are always listed from the brokers' standpoint. So if you want to buy the base currency the ask price applies. If you want to sell the base currency the bid price applies.
EUR/USD 1.1901/03 means
The difference between bid price and ask price at a single specific time is called 'the spread'. The spread is measured in pips (price interest points). The 'pip' is the smallest increment by which the price changes.
If the bid price of the EUR/USD pair changes from, say, 1.1901 to 1.1902 that's a single pip. That's a (bid or ask) price at two different times. Remember not to mix up this difference with the spread, which is a difference between the bid and ask price at a single, specific time.
For more Forex tips grab your free report 10 Reasons Why You Must Consider Online Forex Trading including sections on Mastering Perfect Trade, selecting a Forex Broker, mini accounts essentials and Forex Trading Strategies. Go to Forex Master Trader
Currency dealing is always done in pairs. In other investments, such as shares, money is paid for a "physical" product (a percent of ownership, a promise to pay interest etc)
In Forex, money is traded for money. Euros are traded for dollars, dollars for yen, yen for euros etc. There are loads of trading currency pairs that take part in the currency exchange markets.
The primary players are US Dollar (USD), Euro (EUR), Australian Dollar (AUD), British Pound (GBP), Canadian Dollar (CAD), Japanese Yen (JPY) and Swiss Franc (CHF). Most daily deals involve trading in these currencies.
When reading quotes, you'll see prices listed as:
Name Bid Ask Change % Change High Low Time
EUR/USD 1.1901 1.1903 -0.0091 -0.76% 1.2024 1.1891 15:26
The currency listed on the left is called the 'base currency' (EUR) and the second is the 'quote currency' (USD).
The 'bid' is the price at which brokers are willing to buy the base currency. The 'ask' price is that at which brokers are willing to sell the base currency. The quotes are always listed from the brokers' standpoint. So if you want to buy the base currency the ask price applies. If you want to sell the base currency the bid price applies.
EUR/USD 1.1901/03 means
- If you buy 1 EUR you will pay 1.1903 USD
- If you sell 1 EUR you will receive 1.1901 USD
The difference between bid price and ask price at a single specific time is called 'the spread'. The spread is measured in pips (price interest points). The 'pip' is the smallest increment by which the price changes.
If the bid price of the EUR/USD pair changes from, say, 1.1901 to 1.1902 that's a single pip. That's a (bid or ask) price at two different times. Remember not to mix up this difference with the spread, which is a difference between the bid and ask price at a single, specific time.
For more Forex tips grab your free report 10 Reasons Why You Must Consider Online Forex Trading including sections on Mastering Perfect Trade, selecting a Forex Broker, mini accounts essentials and Forex Trading Strategies. Go to Forex Master Trader
Forex website links
These links are to some new sites of mine. They're all about trading forex (currency) options and futures online.
They all have the same front page which is for a really good course you can buy on the subject that also offers a free basic guide.
To see site inner content go to the bottom left of page and click on the site map link.
They're what are known as portal sites whcích means some limited content with links or adverts going out to more specific sites on the subject of each page.
http://www.forex-master-trader.info
http://www.forex-tradingsystem.info
http://www.forexsoftware-trader.info
http://www.forex-platform-pro.info
http://www.futuresmarketmaker.info
http://www.greatoptionstrader.info
http://www.bestfuturesbroker.info
http://www.thefuturescharts.info
http://www.internetfuturescenter.info
http://www.thecommoditybrokernet.info
http://www.bestcommoditytraderguide.info
http://www.netcommoditybroker.info
http://www.fxtradersite.info
http://www.currencytradersite.info
http://www.forexsystemworld.info
http://www.greatforexsystem.info
http://www.onlinefuturesworld.info
They all have the same front page which is for a really good course you can buy on the subject that also offers a free basic guide.
To see site inner content go to the bottom left of page and click on the site map link.
They're what are known as portal sites whcích means some limited content with links or adverts going out to more specific sites on the subject of each page.
http://www.forex-master-trader.info
http://www.forex-tradingsystem.info
http://www.forexsoftware-trader.info
http://www.forex-platform-pro.info
http://www.futuresmarketmaker.info
http://www.greatoptionstrader.info
http://www.bestfuturesbroker.info
http://www.thefuturescharts.info
http://www.internetfuturescenter.info
http://www.thecommoditybrokernet.info
http://www.bestcommoditytraderguide.info
http://www.netcommoditybroker.info
http://www.fxtradersite.info
http://www.currencytradersite.info
http://www.forexsystemworld.info
http://www.greatforexsystem.info
http://www.onlinefuturesworld.info
Choosing a Forex Broker
Choosing a good Forex broker can be as complicated. Here are some tips to keep in mind to make your research easier.
In the U.S., any worthwhile Forex broker will be registered as a Futures Commercial Merchant (FCM) with the CFTC (Commodities Futures Trading Commission).
Forex accounts are not FDIC insured, so you can’t expect the government to reimburse you if the market turns sharply downward. Large institutions, with capital to withstand downturns and en masse withdrawals are crucial to your financial peace of mind.
Forex is a 24 hours a day business so whether your broker resides in the same country or not, you want one who will pick up the phone when you call – anytime.
Regardless of the Internet it is still a phone heavy business. Getting a broker on the phone at anytime can mean the difference between profit and loss.
Research the firm's spreads. A spread is the difference between the bid and ask price - what the broker pays to buy versus the amount they sell a currency for.
Some brokers offer fixed spreads on all trades, which gives predictability. But that may not suit your trading style or budget, since they tend to be larger than variable spreads.
Any broker offers a standard account to a qualified client. Standard accounts trade currency in standard lots of 100,000 units. You can't buy 100 euros for $150, you have to buy 100,000 euros.
Since that's a very large investment brokers offer leverage. In other words you put in, say 1% of the total, the broker puts up the rest. That has huge profit (or loss) potential, but it entails significant risk. So be aware of a broker's margin call policy.
Many brokers offer some form of 'mini' account. They trade in smaller units, e.g., 10,000. This lowers the investment required from, say $2,500 to only $250.
Forex is very complex so you'll want a broker with software that provides you with lots of technical and fundamental analysis information at your fingertips.
Make sure they offer a trial account and that you can make paper or test trades. Very important if you are new.
For more Forex tips grab your free report 10 Reasons Why You Must Consider Online Forex Trading including a section on selecting a Forex Broker see The Futures Charts
In the U.S., any worthwhile Forex broker will be registered as a Futures Commercial Merchant (FCM) with the CFTC (Commodities Futures Trading Commission).
Forex accounts are not FDIC insured, so you can’t expect the government to reimburse you if the market turns sharply downward. Large institutions, with capital to withstand downturns and en masse withdrawals are crucial to your financial peace of mind.
Forex is a 24 hours a day business so whether your broker resides in the same country or not, you want one who will pick up the phone when you call – anytime.
Regardless of the Internet it is still a phone heavy business. Getting a broker on the phone at anytime can mean the difference between profit and loss.
Research the firm's spreads. A spread is the difference between the bid and ask price - what the broker pays to buy versus the amount they sell a currency for.
Some brokers offer fixed spreads on all trades, which gives predictability. But that may not suit your trading style or budget, since they tend to be larger than variable spreads.
Any broker offers a standard account to a qualified client. Standard accounts trade currency in standard lots of 100,000 units. You can't buy 100 euros for $150, you have to buy 100,000 euros.
Since that's a very large investment brokers offer leverage. In other words you put in, say 1% of the total, the broker puts up the rest. That has huge profit (or loss) potential, but it entails significant risk. So be aware of a broker's margin call policy.
Many brokers offer some form of 'mini' account. They trade in smaller units, e.g., 10,000. This lowers the investment required from, say $2,500 to only $250.
Forex is very complex so you'll want a broker with software that provides you with lots of technical and fundamental analysis information at your fingertips.
Make sure they offer a trial account and that you can make paper or test trades. Very important if you are new.
For more Forex tips grab your free report 10 Reasons Why You Must Consider Online Forex Trading including a section on selecting a Forex Broker see The Futures Charts
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