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You can develop into a better and more profitable trader by applying some of the more important forex currency trading rules consistently with a suitable amount of discipline. The following are a few principles that can help improve your chances of success if they are understood, practiced, and implemented in your trading on a regular basis.

These rules have been learned in the trenches, mostly through testing and observing the common mistakes nearly every trader makes when starting out in the forex currency trading business.

Set Up and Implement Specific Goals/Objectives

Very few things are more important to your trading success than setting specific goals and objectives for what you are trying to achieve. The majority of forex traders who often find themselves on the losing end of a trade make the same common and recurring mistakes. Many of the missteps, by and large, are not directly related to the mechanics of trading.

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As a matter of fact, most forex traders don’t have a clear direction, never take the time to develop a sound business plan and lack a formal written strategy for putting a well thought out plan in place.

In order for any business to be successful it must have measurable goals that are both realistic and attainable. In forex currency trading, the primary goal is obviously to make money, but it’s important to have goals that are not strictly money related as well.

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Never lose sight of the fact that risk and reward are part-and-parcel to forex currency trading and high returns come with a price so don’t expect them without the willingness to plan for minor draw-downs in trading capital.

Your personal objectives and goals should be very specific to you, but they should also include the following characteristics if they are going to be useful. They must be measurable, assigned to a specific time frame and provide an ample return on the time investment made.

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As an example, here is a quick outline of a few specific goals.

1. Develop and test 2 new trading systems every year.
2. Plan to reduce the error rate installing the trading systems by 37% each year.
3. Achieve a 177% maximum return on capital in 12 month period.
4. During the year take 3 weeks off from trading.

Having a definite idea of what you want to accomplish in your trading and the exact time frame you want to achieve it, make your efforts more focused. In return you will have greater success.

In order to establish a track record of winning trades, you need to develop discipline and a personal forex currency trading system that makes sense for you.

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The term Forex is the short form of Foreign Exchange. Any type of financial instrument that is used to make payments between countries is taken to be foreign exchange. Electronic transactions, paper currency, checks and signed, written orders called bills of exchange are all instruments of foreign exchange.

Forex indicates increased or decreased value of an investment caused solely by currency movements. For instance finding US dollar weak or going down, an investor might purchase German money markets.

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There are quite a few forex indicators. For instance

1. Average Directional Movement Index (ADX)- ADX is used when we need to know the direction in which the market trend is going i.e. either downward or upward and how strong the trend is. When ADX readings over 25 indicate a trend with higher values indicating stronger trends.

2. Moving Average Convergence or Divergence (MACD)- MACD presents the momentum of the market and the liaison between two moving averages. When MACD crosses the signal line it shows a strong market.

3. Stochastic Oscillator- Stochastic Oscillator indicates the strength and weakness of a market by comparing a closing price range over a period of time. Stochastic reading above 80 depicts the currency is overbought while its reading below 20 indicates that the currency is oversold.

4. Relative Strength Indicator (RSI)- RSI or the Relative Strength Indicator is a scale of 100 that indicates the maximum and the minimum prices over a specified period. The price rising above 70 implies overbought while the price falling below 30 means oversold.

5. Moving Average- Moving average Forex indicator is the average price for a given time interval in relation to other prices during the similar time periods. For instance the closing prices over a 5-day period would have a moving average of the total of the five closing prices divided by five.

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6. Bollinger Bands- Bollinger bands comprise of a majority of a currency’s price. There are three lines in the bands out of which the upper and the lower lines stand for the price movement while the middle one represents the average price. When high volatility prevails in the market, greater distance is witnessed between the upper and the lower bands. The time when a band touches one, overbought and oversold conditions are depicted.

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Highest liquidity is observed in the forex market. The forex market absorbs trading volumes and per trade size higher than any other market. This liquidity and the freedom to enter and leave the market anytime attract investors to forex.

Forex market is known for its round the clock trading. When Asian market sleeps the European and American markets are awake and vice-versa. This enables the forex traders to take stands despite of time and place.

Another wonderful feature of forex is that in this trading a small margin deposit can control a much larger total contract value. 200:1 leverage makes forex traders buy or sell $100,000 worth of currencies with $500 margin deposit. Thus the traders often end up making hefty profits. Following the principle of ?buy low and sell high’ forex trading allows traders to generate outstanding profits.

Forex trading is quite cost-effective in the sense that there are much lower transaction costs than other investment products.

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One of the big reasons that forex trading is an entirely different animal than stock trading or futures trading is leverage. Forex trading leverage can be enormous, as high as 400:1, and in most cases you get to choose the amount of leverage or gearing you want to trade with.

Super high leverage is a selling point for many online forex brokers. How many times have you seen the tout ?control $100,000 of euro for $250′? Those numbers are correct, and, yes, the profit potential of super high leverage is compelling.

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This article neither encourages nor discourages forex trading at super high leverage. That’s a personal decision, but a decision that can only be made sensibly with a professional understanding of all the implications of leverage and what they mean to your chances of prospering at forex trading. It’s probably fair to say that unless you have a professional understanding of leverage that your chance of even surviving at forex trading is slim to none.

One of the fundamental terms of forex trading is PIP. You will see that XYZ Broker charges 3 PIP per deal, or that the XY currency pair has an average daily range of 100 PIP. We all know that the value of a PIP is a variable that differs with each currency pair, but did you know that the value of a PIP also varies with the current price of the base currency, and with the gearing on your account?

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For example, with EUR/USD at 1.2723 and leverage at 100:1 the amount of a PIP is $7.86. At 200:1 leverage the PIP value doubles to $15.72. For forex traders with different gearing a 100 PIP move means entirely different things to their account equity.

Here’s a new way to look at leverage with the “K Factor”. The three most common leverage ratios available from online forex brokers are 50:1, 100:1 and 200:1. The K Factor for the 100:1 leverage ratio is 1. The K Factor for the leverage ratio of 50:1 is .50, and the K Factor for the leverage ratio of 200:1 is 2.

How can you use the K Factor?

There are three ways to use the K Factor. The first is using the K Factor to calculate the value of a PIP for the currency pair you are trading.

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Since 100,000 individual currency units (usually dollars or euros) is the normal size of a single lot you can calculate the value of a PIP with this formula:

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(100,000/current price with no decimal) * K Factor = PIP

Here’s an example: The EUR/USD current price is 1.2723 and your leverage is 100:1. With these facts the formula is:

(100000/12723) * 1 = 7.86.

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The value of a PIP is $7.86. If your forex broker executes your trade at a spread of 4 PIPs you are paying $31.44 for executing the trade whatever euphemism the broker happens to be using for ?commission’. If your leverage or gearing is 200:1 that execution will cost you $62.88.

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The second way you can use PIP and the K Factor is to quickly determine the potential profit in a trade, or to know to a certainty the actual dollar risk in a stop-loss setting.

For example, if you go long the EUR/USD at 1.2723 and anticipate a move to 1.2850 what profit can you anticipate at 100:1 gearing?

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12850 – 12723 = 127 PIP * 7.86 = $998.22 – execution cost.

If you objectively set your stop loss at 1.2715 what amount are you risking in this trade?

12723 – 12715 = 8 PIP * 7.86 = $62.88 + execution cost.

The third way to use the K Factor is to avoid what the forex brokers call the “safety net”, and what I call “kill but do not dismember.”

Margin is not a down payment. It’s cash-on-hand, your cash, that the broker uses to protect its own capital account from your mistakes. That’s all well and good because the global forex market will continue to work only if all participating brokers have adequate capital to meet their customers’ settlement obligations.

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If losses from current open positions cause the equity in your account to fall below that required to maintain the total number of open positions, the broker’s trading platform will immediately close all your open positions, even when the unrealized loss on any individual position is quite small. Your loss is the aggregate number of PIP per position * K Factor + execution costs. In almost every case that’s just about everything in your account. This is the broker’s safety net because you will not lose more cash than you had in your account (as can and does happen with commodities futures accounts.)

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The formula is:

(Starting Balance – Open Position Losses) / (($1,000/K Factor)* No. Open Positions) -1 < 10% = Kill But Do Not Dismember.

Most if not all broker platforms keep a running balance of your available margin to help you avoid this fatal situation. If you intend to trade multiple positions and fade into suspected price turning points you should consider setting up this formula in a spreadsheet so that you get an early warning long before the situation goes critical.

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Mini accounts are based on 10,000 individual currency units with different margin requirements so make the necessary adjustment in the above formulas before doing the calculations.

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(c) 2006 by Peter Amaral. Peter is the creator of the http://www.tradingfives.com website and author of several easy-reading ebooks on the exotic trading techniques of the legendary master traders like JM Hurst and WD Gann. Much of the information about stock, futures and forex trading on Tradingfives is unique and not available anywhere else.