And you know this... trading many times a day to take many small profits, that's the job of scalping Forex... but do it correctly to make it profitable, is the job of professional trader.
Actually, this expert activity to make fast money isn't easy (but fast) and is reserved to veteran trader because you have to be really concentrated and involved in your Forex day trading. That's the pros and cons of scalping Forex.
But once again, Internet has changed everything and the scalping method is not anymore reserved to veteran trader. You can place your trade at the right moment many times a day without being in front of your computer 24/24 hour and more important making more winning trades than losing trades.
Believe it or not, I can actively trade 24/24 hour, without missing any single opportunities in my currency pairs during the day but and that's the catch: I still have lots of free time.
Oh... and I'm working at home with full control of my scalping weapon "money machine' strategy without any kind of illegal things. To give you some of my result, when I've started to implement successfully this scalping Forex tactic, I've double my deposit in less than one month.
Is it interesting for your financial freedom? Make profitable scalping Forex 24/24 hours with full of free time to enjoy your family, your hobbies, your travels or your friends.
Of course, that's my personal point of view but maybe you prefer doing it like a top-notch and serious veteran trader who has no social life.
Reading every words of my article, you're realizing right now why scalping Forex is a fast money maker strategy.
How do I do it?
Some months ago, you will have to invest between $500 to $800 to buy any automated Forex trading system that do this scalping strategy correctly. But due to the popularity of the Forex marketplace, many Forex software were and are still developed and distributed today.
But I warn you only a few are really profitable and again, only a few have the scalping Forex strategy built-in.
The good part: it's much cheaper and much efficient than a $800 automated Forex trading system provided by big corporations. The worst part: it will be difficult for you to detect and identify then test every Forex software you've found on the internet.
Article Source: http://EzineArticles.com/?expert=Johnathan_Silverstone
Monday, August 3, 2009
Three Important Things before you get involved in world of Forex.
Probability of earning on Foreign Exchange Currency is based on the fact that every national currency is a good, as well as wheat or sugar, and a medium of exchange, as gold or silver. As the world is changing so fast, economic conditions of every country (production, inflation, unemployment etc) are getting more and more dependent on each other, as a result, the rate of a currency changes against other currencies. This is the main reason of the process of rate fluctuations.
There are 3 thing that newbies or the freshman in the world of forex to excellent in this fragile industry:
- First thing first, you must have a great teacher or more specific successful mentor. To guide you, to train you every time you get lost in direction and he will be there for you to take you be in the right pathway. Many traders and fall because there are doing this dangerous job by himself or by herself. Please, I am begging you. Find the mentor and ready to yourself to be coached and pay maximum effort. Don’t think about money first, Money will come later when you are excellent in this job.
- Secondly, please gain the maximum knowledge about this industry as much as you can. Why? Because the market are not as you expect, the market are always changing, day by day, every second, they never be the same, same as while you at sea. You are never come out at the same spot where you get in the sea. More you know, more u will success in this arena. Follow the global news of your favorites country currency because the bidder and asker are the human and they always affect by the news and the emotion. So you are.
- And the most important part. Choose the right system and stick with your system and never get lack of it. Many successful person use the one system and stick to the system. How to create the system? As usual trader will be playing around with demo account. Use it maximally to find your system. There many system out there. But there were no perfect system yet. Don’t play with your emotion. As many traders always said. Plan your trade and trade your plan.
May God Bless us all.
Saturday, August 1, 2009
Fundamental Forex For Newbies
Foreign Exchange market, abbreviated FOREX or FX, is the largest financial market in the world. Forex traders include many financial institutions, such as large banks or central banks, as well as governments, currency speculators, and multinational corporations. The average daily trade currently exceeds $3 trillion.
Although Foreign exchange trading can be confusing for newbie's, the market still lures many people in because it has numerous advantages when compared to other markets like stocks or commodities. Forex trading is somewhat different from stock exchange markets and there are opportunities for those who take part in it. Do not be tempted to jump into trading forex before you have a clear understanding of how the market works.
So how does the forex market work? Here are the key features of forex that differentiate it from other trading markets:
(1) Forex trading does not happen at one location but through use of the telephone and networks, although there some main trading centers in major cities all over the world. Foreign exchange brokers conduct business from their office via a microphone that is connected directly to a phone line. The brokers voice is continuously being transmitted to dealing banks' speakers. To have a better feel for how this is done, visit www.forexvoice.com and you will hear brokers calling the bid/ask prices. Currencies are quoted in pairs, for example EUR/USD. A trade in forex is equivalent to buying one currency while at the same time selling another. The sell quote is displayed on the left and is the price at which you can sell the base currency. The sell quote is also referred to as the market maker's bid price.
(2) Forex is extremely liquidity. The large number of traders on the forex market and their diversity makes forex unique. The exchange rates, which represent the basis of the forex market, can be influenced by a great variety of factors, hence the opportunity for speculations that exists on this market more than on any other financial market. Although the forex market has low margins of profit by comparison to other fixed income markets, its large trading volumes allow for profits to be considerably high.
(3) Forex trading hours and the geographical dispersion are unique. Forex trades virtually for 24 hours each day from 5pm EST on Sunday until 4pm EST Friday. A trader can choose to trade whenever it is convenient for him or her. You even have the possibility of using auto-trading on many trading platforms.
(4) Another characteristic specific to the forex market is that it lacks a central regulatory agency. There are some countries that regulate their dealers. You should only do business with regulated dealers. Otherwise, you may wake up one day and find out that your dealer has gone under taking your account with it!
(5) Forex provides the opportunity to trade with leverage, hence higher profit or loss. In the stock market, you could use margin to achieve a leverage of 2:1, while in forex market leverage of 100:1 or 500:1 are available.
(6) You can open an account with as little as $25 to start trading with. With most brokers/dealers, you can open a demo account and practice for as long as you like without paying a dime.
(7) There are free real time quotes and sophisticated charting programs for forex. An excellent example is Metatrader that you can download for free with tons of technical analysis and expert advisors to show you how to trade forex.
Just as in any other market, trading forex along with its exclusively high profit potential, carries a high risk that must be understood. It is possible to gain success only after good training including a familiarization with the structure and kinds of forex, the principles of currencies price formation, the factors affecting prices alterations, trading risks levels, and money management. You also need sources of information necessary to account for all these factors. You need techniques to analyze or predict market movements as well as trading tools and rules. In future articles we will discuss some of the pitfalls beginners should look out for before starting forex trading.
Although Foreign exchange trading can be confusing for newbie's, the market still lures many people in because it has numerous advantages when compared to other markets like stocks or commodities. Forex trading is somewhat different from stock exchange markets and there are opportunities for those who take part in it. Do not be tempted to jump into trading forex before you have a clear understanding of how the market works.
So how does the forex market work? Here are the key features of forex that differentiate it from other trading markets:
(1) Forex trading does not happen at one location but through use of the telephone and networks, although there some main trading centers in major cities all over the world. Foreign exchange brokers conduct business from their office via a microphone that is connected directly to a phone line. The brokers voice is continuously being transmitted to dealing banks' speakers. To have a better feel for how this is done, visit www.forexvoice.com and you will hear brokers calling the bid/ask prices. Currencies are quoted in pairs, for example EUR/USD. A trade in forex is equivalent to buying one currency while at the same time selling another. The sell quote is displayed on the left and is the price at which you can sell the base currency. The sell quote is also referred to as the market maker's bid price.
(2) Forex is extremely liquidity. The large number of traders on the forex market and their diversity makes forex unique. The exchange rates, which represent the basis of the forex market, can be influenced by a great variety of factors, hence the opportunity for speculations that exists on this market more than on any other financial market. Although the forex market has low margins of profit by comparison to other fixed income markets, its large trading volumes allow for profits to be considerably high.
(3) Forex trading hours and the geographical dispersion are unique. Forex trades virtually for 24 hours each day from 5pm EST on Sunday until 4pm EST Friday. A trader can choose to trade whenever it is convenient for him or her. You even have the possibility of using auto-trading on many trading platforms.
(4) Another characteristic specific to the forex market is that it lacks a central regulatory agency. There are some countries that regulate their dealers. You should only do business with regulated dealers. Otherwise, you may wake up one day and find out that your dealer has gone under taking your account with it!
(5) Forex provides the opportunity to trade with leverage, hence higher profit or loss. In the stock market, you could use margin to achieve a leverage of 2:1, while in forex market leverage of 100:1 or 500:1 are available.
(6) You can open an account with as little as $25 to start trading with. With most brokers/dealers, you can open a demo account and practice for as long as you like without paying a dime.
(7) There are free real time quotes and sophisticated charting programs for forex. An excellent example is Metatrader that you can download for free with tons of technical analysis and expert advisors to show you how to trade forex.
Just as in any other market, trading forex along with its exclusively high profit potential, carries a high risk that must be understood. It is possible to gain success only after good training including a familiarization with the structure and kinds of forex, the principles of currencies price formation, the factors affecting prices alterations, trading risks levels, and money management. You also need sources of information necessary to account for all these factors. You need techniques to analyze or predict market movements as well as trading tools and rules. In future articles we will discuss some of the pitfalls beginners should look out for before starting forex trading.
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