What a Good Forex Training Program Should Include

What a Good Forex Training Program Should Include
Should new Forex traders take Forex trading courses or join a Forex training program? Definitely yes; by now you have probably heard that only 5% of traders achieve consistent profitable results when trading the Forex market. The main reason for this is the lack of education. Don’t get me wrong here, taking a Forex training program or a Forex trading course won’t guarantee profitable results, nothing can, but choosing the right Forex training program or Forex trading course will definitely put the odds in your favor.

Before spending any amount of money on any Forex trading course or Forex training program there are some important aspects you need to take in consideration. There are many training programs available, but not every one of them suits the needs of every trader.

The first thing you should be looking in a Forex training program is the content of the material. Unfortunately, most courses or training programs focus or spend most of the time on basic concepts. Though these basic concepts are important, spending most of the course on them won’t help the trader to make consistent results.
The following subjects are what I consider the most important aspects of trading and every training program or trading course should address:


Forex trading basics - Review basic concepts such as: margin, type of orders, a little background, bid/ask, rollover, etc. You need to make sure you understand every single concept to perfection.


Main drawbacks of Forex traders - Being aware of the common mistakes made by Forex traders and knowing how to handle them will prevent new traders from making those mistakes.

Technical and fundamental analysis - These are the two main approaches adopted by Forex traders. Knowing how to properly apply each concept will definitely put the odds in your favor.

The three pillars of Forex trading. I consider that these three subjects have the most impact on every trader trading account.

Forex trading system development - Having the right system is a must if you want to have consistent profitable results. Having a system that doesn’t fit you will cause a series of problems that will make your trading account vanish away (second guessing the system, not following your system, etc.)

Money management - This is considered by many successful traders to be the most important single aspect of trading. Money management helps to increase your profits geometrically and at the same time limit your losses (i.e. a good risk reward ratio of about 2:1 will make you money in a Forex trading system that is right only 38% of the time.)

Trading psychology - Being aware and knowing hot to handle the psychological barriers that affect every trader decision will put the odds in your favor.

Other important aspects every training program should include are:

Developing habits for success (such as discipline patience, taking responsibility of every action, commitment, etc.,) understanding and taking our trading as a business, risk and trade management.

Another important aspect you should take into consideration when choosing a Forex training program is the mechanics of it, getting to know how the training program works.

A good Forex course will have the following:

A live conference room, to apply everything learned under live market conditions.

One-on-one coaching, every trader has different needs and requires special attention. For instance a trader wanting to improve the system and requires individual feedback from the instructor about it.

Online trading course, a course that could be accessible through internet. A plus is a course where you are able to access the course at the convenient time for you, so you don’t have to change your lifestyle.

A forum, where members can talk just about everything related to the Forex market and the Forex training program.

Trading the Forex market is no easy task. It requires a lot of hard work. Making the right decision will definitely put the odds in your favor. Take your time when doing your diligence because it is a big and important step in a trader’s trading career.
What a Good Forex Training Program Should Include

Deadly Forex Mistakes That Assure Failure

Deadly Forex Mistakes That Assure Failure
Before venturing into your trading journey there are some things you need to be aware of, otherwise you could succeed on your trading adventure, and we don't want that to happen, do we? This Forex training guide will help you track the most costly mistakes Forex traders do.

First of all, make sure you don't have a trading system. Having a trading system might increase the odds of your success. If you have a system, you will have an objective way to get in and out the market. When traders create their trading systems they think objectively since there is no position to be taken at the moment. If there is no position to be taken, there is also no money at risk, if there is no money at risk, we do think objectively and are open to every possibility, thus we are able to find low risk trading opportunities. So make sure you don't have a system and trade based on a randomly approach.

If you have already created your system, then don't follow it, be undisciplined. If you follow your system, there is a possibility that you can profit from the Forex market based on the trading opportunities you have found. If you want to fail on your trading, be sure to be undisciplined.

Don't get educated. Most successful traders are very well educated in the market they trade (stocks, Forex, futures, etc.) If you get educated, you might acquire the knowledge and experience you require to master the Forex market. Don't read about the Forex market, don't enroll into Forex training programs and don't even look at historical charts.

Don't use any money management technique. The purpose of money management is to avoid the risk of ruin, but at the same time it helps you boost your profits, allowing them to grow geometrically. For instance, by using no money management techniques, there is a possibility that in loosing 10 trades in a row you could empty your trading account. On the other hand, by applying simple money management techniques you can avoid it. So make sure, if you want to fail, don't even consider money management.

Forget about psychological issues. You need to get every trade to win. Successful traders know that they don't need to win every trade in order to profit from the market. This is one characteristic that is hard to understand and really apply. Why? Because we are taught, since kids, that any number below 70% is a bad number. In the Forex trading environment, this is not true.

Don't even consider using a Risk-reward (RR) ratio greater than 1-1. If you use a RR ratio of 1-2 (willing to make twice the amount risked in one trade) then you only need a system that is right around 50% to make money. If you use a RR ratio of 1-3 (willing to make three times the amount risked in one trade) then you will need a system that is right around 40% of the time to make money. So make sure to use a RR ratio below 1-1.

By applying every point outlined in this Forex training guide, you will almost assure your failure in your Forex trading journey. Do the opposite, and you will have the possibility to achieve what every trader is looking for: consistent profitable results.
Deadly Forex Mistakes That Assure Failure

Forex Broker: Choosing the right Forex Broker

Forex Broker: Choosing the right Forex Broker
Sometimes it's hard to make a decision on which Forex broker to open our trading account, there are just too many of them. Most of them have different features, capabilities, weaknesses and advantages, for this reason I have created a checklist that can help you decide the broker to use in your Forex adventure.
1. Is it regulated?

The first question you have to ask yourself is: is the broker I want to use Regulated ? There must be no doubt about this first point. All regulated brokers must submit financial reports to regulatory authorities, and when they fail to do it, authorities have the right to fine them or terminate their membership. This enforces Forex brokers to keep transparent financial reports.

The brokers must be regulated by their local regulatory authorities, for instance, for brokers based in the US , they must be regulated by the NFA (National Futures Association) and CFTC (Commodity Futures Trading Commission), Swiss based brokers must be regulated by the FDF (Swiss Federal Department of Finance) and so on.

Also when a Forex broker is regulated allows investors to dispute any resolution, increasing the investor protection.
2. Trading Conditions

This point refers to the features of the trading platform and the trading conditions with the chosen broker. Amongst the most important factors are:

Spread - Obviously the smaller the spread on currency pairs the better the conditions are for investors and traders.

Platform execution - Trading execution refers to how fast and consistent are the execution of trades. Some brokers guarantee fast and transparent executions during normal market conditions.

Fractional trading - Some brokers allow investors and traders to trade on a fractional basis, instead of trading full lots "100,000 units" or "300,000 units", they allow you to trade "163,345 units" or "325,911 units". This is very helpful for trades risking certain percentage of their balance on each trade.

Safety of funds - We need to make sure our trading funds are kept in a segregated account or at least insured.
Forex Broker: Choosing the right Forex Broker

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Forex Trading - How to Find Step By Step In Forex Trading

If you are seriously interested in making money in the forex market, then my opinions is to use automated systems, advanced forex forex working hard, and do the work for you 24 hours a day.

Most of us do not have much time for reading books on forex and study volumes on how to operate in Forex, then this is where automated Forex systems come to the rescue to operate Forex.

Some experts on Forex trading done by hand instead of using this type of technology that often tends to give them shame. However, those who need to generate hundreds of dollars without having to study a lot or having to lose all your money in Forex, are welcomed into the world of simplified automatic forex.

Did you know that the automated Forex generate can hundreds of dollars month after month? Why then, ashamed of using an automatic Forex?

Nor do I say that all automatic forex existing operating at 100%, but in my experience have I seen a system that has worked for many people. In short, the easiest way is to use a forex operate these systems automatically in this way to generate many dollars a month

Also another advantage of the automatic forex is that you can generate purchase orders and sales, much clearer than if the hand did. Honestly if someone is against the use of technology systems forex, you must admit that if a forex system you generate revenue from 30 to 40% per month would not be anything wrong!

Furthermore, by using an automatic system can be generating money while learning to operate forex in this way is much easier to learn, and learn that while the concepts and skills, rather than feel they are under pressure.

In summary: if you do not have much time to study how to operate technology and forex automated Forex systems can help you generate income with very low risk, we recommend that you only give this technology a chance to improve your economic and start generating money as quickly as possible.

The final question is how to operate forex? Well, I already know the answer after reading this article.

Forex vs. Equities

Forex market offers several advantages over Equity trading, such as:

24 hours open market
The biggest advantage of the Forex market over the Equity trading is that of a 24 hours open market. Active 5 days a week, Forex market gives its traders what Equity trading does not. Equity trading is restricted to regular business hours, making Forex, the only incessantly moving trading platform.
Being a 24 hour trading market, there is always some investors, somewhere in the world who are dynamically trading foreign currencies. This also enables these investors to react to any breaking news of the market, immediately.

Higher trading volume
Also, the trading volume in the Equity trading or the major stock exchanges is often 100 times lesser than foreign exchange market. Furthermore, majority traders are willing to buy and sell currencies because of the need of various countries, which want to continue to trade goods with each other.

No commission and transaction fees
Forex serves as a more cost-efficient trade as compared to Equity trading, especially in terms of both commissions and transaction fees. Most of the sites dealing with Forex trading do not charge its investors or traders with any commissions or fees, while offering them, access to all the significant market information required for trading purposes. But in case of Equity trading, commissions range from $5 to $100 or more per trade in case of full service brokers.

Price stability through superior liquidity
The trading volume of the Forex market being 100 times more than the New York Stock Exchange, there are always dealers willing to buy or sell currencies here. The superior liquidity of the major currencies also helps ensure price stability in the Forex market. But this cannot be the case with the Equity trading which has a lower trade volume. This can therefore put the investors of the stock market to liquidity risk, resulting in larger price movements.

Higher leverage
Forex market offers higher leverage as compared to all the major stock exchange trade markets. While the commonly available leverage from the online Forex dealers is 100:1, the leverage offered by the Equity brokers is as low as 2:1 margin. Such high leverage enables the Forex traders to trade much larger sum of currency than they have deposited. Also that depends on the types of Forex brokers one considers for trading.

Profit Potential
Forex market enables its investors to trade on the upward as well as the downward trends of the market, giving them the facility to buy and sell currencies. This serves as another major advantage of Forex market over Equity trading. This is because in the equity market, it is more difficult to trade during downward trend of the market, due to some market policies. There are a certain risk aspects as well, Read more about Risks in Forex

Forex vs. Futures

Being the largest financial market in the world, Foreign Exchange market deals in the business of trading of the world's various currencies, with more than $1.5 trillion changing hands every day. Futures, on the other hand, deals in contracts to buy or sell a foreign currency on a specific date in the future, the price for which is set today.

In other words, futures are the same as forward exchange deals, which are tailor made to the customer requirements and needs for the amount of funds and due date of deal.

There are plenty benefits of Forex over currency futures trading, especially with the difference between the two regarding their target audience, transactions fees and liquidity, as given below:

24-Hour Market
Currency market is a 24-hour market, unlike most of the futures exchanges, allowing its traders to react to the immediate news happenings by trading immediately. This facility cannot be availed with the futures market which only operates during business hours and not for 24 hours a day.

Superior liquidity
Forex markets hold unmatched liquidity as compared to currency futures. Especially with $1.5 trillion changing hands daily, Forex is the largest and most liquid market in the world. It can absorb a large trading volume and the transaction sizes are huge too, in comparison to any other market. Futures market, on the other hand, is a $30 billion market per day which provides only limited liquidity with a lesser trading volume.

Forex uses simple and easy price quotes
While the currency futures trading and price quotes have added complications of time factor and interest rates between various currencies, the Forex markets require no such adjustments of future calculations and consideration for the interest rate of future deals.

Forex trading is commission free
Futures trading contracts get along with them, trading costs, exchange fees and clearance fees which eat up most of the trader's profits. But this is not the case with Forex trading because here, the trader deals directly with the market through online exchange, thus saving the brokerage fees. Although, there is always an initiating cost to any trading being done, which is revealed in the bid/ask spread, present in all types of trading, be it Forex, Futures or Equities.

High execution quality and speed
It is only with Forex trading that a trader can experience high execution quality and speed because of its high trading ratio as compared to any other market. The reason why futures market does not offer rapid execution or price is due to the lesser volume of trading and liquidity and definitely due to uncertainty during normal market conditions, as the trading prices on market orders is far from certain. Read as to what makes the Forex currency to move.

How to trade Forex

STEP 1:

The step 1 defines certain concepts and terms of Forex Trading-

Quotes are a vital part of the foreign exchange trading, as Forex trading is done in terms of quotes. Therefore, comprehending these quotes is the first important step.

Firstly, in a Forex quote, the currency listed first is known as the Base currency. For example, we have EUR/USD. Here, EUR is the Base currency.
Secondly, the base currency has always the value 1. In other words, the rate of other currency is calculated against 1 pt of the Base currency. For example, we have EUR/USD where EUR is the Base currency. Then 1 EUR = 1.2323 USD or the value of one currency against the other in the pair.
Thirdly, when dealing in terms of quotes, prices are expressed in terms of Pips. Pips can be defined as “percentage in points” and are mostly the fourth decimal point i.e. 1/100th of 1%.

Also used while trading through quotes, are two significant terms known as Bid and Ask. These two terms are responsible for making trading quote, a two-sided quote.
Bid can be defined as ''The price at which the base currency is sold concurrently buying the counter currency. Ask can be defined as “The price at which the base currency can be bought concurrently selling the counter currency''

STEP 2:

Step 2 illustrates the other key features of Forex trading which are namely, the leverage and the Margin. These two are immensely important in attracting the interest of the traders as they enhance the trading power of the investors.

The leverage is the ratio of the deposited amount to the amount that can be traded. Leverage enables the investors to deposit a small amount of money but still trade for a much larger amount. This way, investors can trade easily, utilizing less money to deal.

Margin, therefore, is the minimum amount required to be deposited before an investor starts trading. This can also be known as the initial amount with which the Forex trading account can be opened.

A detailed Example below illustrates exactly how Forex trading is done-
Supposing the current bid/ask price for EUR/USD is going by the rate of 1.5027/30, giving you the option to buy 1 euro with 1.5030 US dollars or sell 1 Euro for 1.5027 US dollars. Now, if you feel that the Euro is underrated against the US dollar, you would opt on buying Euros, selling your dollars at the same time. So you buy 100,000 euros by paying 150,300 dollars. You can then start analyzing the market, waiting for the exchange rates to rise.
As predicted, the rates begin to rise and then you decide a favorable rate at which you plan to sell your Euros to get a hefty profit. Supposing the Euro rises to 1.5090/93. Now, to realize your profits, you sell 100,000 euros at the current rate of 1.5090, and receive $150,900.
You bought 100k Euros at 1.5030, paying $150,300. You sold 100k Euros at 1.5090, receiving $150900. That's a difference of $600 or in other words, you successfully earned a profit of $600.
Return on Investment = $600

Always learn a lesson from the Forex Indicators, keep a watch, think long term and then take a step.

STEP 3:

MarketForex does e-trading using high end MarketForex softwares. Easily accessible and user friendly, they have a simple operating process. For instance, the currency pair to be bought or sold can simply be dealt with, by clicking on the sell or the buy key, placed in front of that currency.
After the deal to be done is selected, a quote is then displayed by the software, making it easier for the user to keep track of the records. Also, MarketForex software provides some attractive powerful features such as account details of the holder, like balance, leverage and margins, along with stop/limit orders.
The trader also has the option of selecting various other currency pairs for trading purposes. Before investing always analyse the forex market with various types of forex analysis.

Analysis Stages In Forex.

• Forex Analysis - Stage 1
• Forex Analysis - Stage 2
• Forex Analysis - Stage 3
• Forex Analysis - Stage 4
• Forex Analysis - Stage 5
• Forex Analysis - Stage 6

Foreign exchange rates in Hong Kong -- Jan. 1

HONG KONG, Jan 01, 2010 (Xinhua via COMTEX) --

The following are foreign exchange rates against the Hong Kong dollar released by the Bank of China (Hong Kong) Limited on Friday:

Buying Selling

Japanese yen 832.10 835.35

Swiss franc 747.95 750.75

British pound 1,251.55 1,256.70

Trading Conditions

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Our Dealing Desk performs the following functions:

Prices

We quote the major currency pairs with a fifth digit, allowing clients to profit from smaller price movements. We monitor the prices we provide, compare them with the rest of the market participants and ensure that they are always competitive.

Spreads

We make every effort to keep spreads as low as possible. With our low pips, we believe we offer a highly competitive service to traders. Under normal trading conditions, spreads start from 0.5 pips EUR/GBP, 0.8 pips EUR/USD, and 0.8 pips GBP/USD.

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Systems Operations

Our clients are assured by the highest-quality support we give them through our leading-edge operations and our best-in-class technologies, platforms and accounts. Our Systems Operations team is responsible for all updates and upgrades of the Trading Systems and for informing our clients of any new available versions.

Forex reserves climb to $13.9676 bln

Updated at: 1754 PST, Thursday, December 31, 2009
KARACHI: The foreign exchange reserves of the country have risen to 13.9676 billion dollars, showing an increase of 244.4 million dollars in the week ended December 26, said a statement of State Bank of Pakistan.

According to breakup, the reserves held by the SBP amount to 10.2946 billion dollars while those with the commercial banks stand at 3.6703 billion dollars.

The reason for the rise in the country’s foreign exchange reserves is the financial assistance of 200 million dollars received from Saudi Arabia.

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