When it comes to making a living online, there is currency trading, and then there is everything else. The forex market has a turnover of more than $3 trillion every day, that is more than all of the world’s equity markets mixed together. With the continual expansion of world trade, the volume of currencies having to be traded can only rise exponentially upward.
Unlike the chaotic stock and commodities markets, the currency exchange follows a predictable pattern. Currency pairs move in so called trends, lasting days, weeks, or months at a time. Identifying these trends and using simple mathematical tools to devise optimal exit and entry points is, while not simple, straightforward enough for a starter to grasp in a relatively brief time.
If a new trader focuses of 1 or 2 currency pairs, like the Euro/USD or the British Pound/Swiss Franc, then that trader can quickly build a strong background in those pairs, better permitting him to make the best possible trade decisions.
The key tool for new traders is technical analysis, which concerns studying charts and employing some straightforward calculations to figure out the next few days most likely highpoints and lowpoints. The most significant things to look out for in a currency pair is the resistance point, or the highest a stated pair has gone within a given time frame before dropping in value and the support point, which is the same thing apart from in the other direction. Knowing these can help a day trader avoid getting involved on the wrong side of a so called breakout, which is the dramatic rise or fall of a currency pair’s worth when it ”breaks out’ ‘ of its support or resistance points.
The life of a forex trader involves doing an hour or so of technical review every day before opening his position, and after paying close attention to fundamentals, which is currency movements based on macroeconomic events. Fore example, its a smart idea to keep the business reports channel on to get earliest possible warning that the central bank has just made a press release that would wipe out the trader’s positions if he did not reverse them fast!
Pete Gubbay is a seasoned Forex trader. He writes about foreign exchange trading frequently and maintains a question and answer style internet site dedicated to the subject called Forex Trading Q&A.On his site you’ll find answers to all of your forex currency trading questions.
Filed under Currency Trading by on Feb 2nd, 2012. Comment. 
If you have heard anything at all about the FX market, it’s probably that it is the largest financial market in the world, at least re daily trading volumes. To be sure, the forex market is unique in numerous respects. The volumes are, indeed, massive, which means that liquidity is ever present. It also operates fulltime six days each week, giving traders access to the market any time they need it.
Few trading limitations exist – no daily trading limits up or down, no restrictions on position sizes, and no requirements on selling a currency pair short.
Selling a currency pair short means you are expecting the price to decline. Due to the way currencies are quoted and because currency rates move up and back down all the time, going short is as common as being long.
The majority of the action occurs in the major currency pairs, which pit the U.S. Dollar (USD) against the currencies of the Eurozone (the European countries that have adopted the Euro dollar as their currency), Japan, Great Britain, and Switzerland. There’s also plenty of trading opportunities in the minor pairs, which see the U.S. Dollar traded against the Canadian, Australian, and New Zealand bucks. On top of that, there’s cross-currency trading, which without delay pits 2 non-USD currencies against each other, eg the Swiss franc against the Japanese yen. Altogether, there are anywhere from 15 to 20 different currency pairs, depending on which forex brokerage you deal with.
Most individual traders trade currencies thru the Web thru an agent. Online FOREX trading is typically done on a margin basis, which allows individual traders to trade in larger amounts by building on the amount of margin on deposit.
The leverage, or margin trading ratios, can be really high, sometimes as much as 200:1 or greater, meaning a margin deposit of $1,000 could control a position size of $200,000. But trading on margin carries its own rules and requirements and is the background against which all of your trading will happen. Leverage is a two-edged sabre, intensifying gains and losses equally, which makes risk administration the key to any successful trading system.
Before you ever begin trading, in any market, check you are only risking money that you can stand to lose, what’s commonly called risk capital. Risk management is the key to any satisfactory trading plan. Without a risk-aware strategy, margin trading can be a very short-lived endeavour. With a correct risk plan in place , you stand a much better chance of surviving losing trades and making winning ones.
Felix Richman is an FX trader and columnist on subjects like forex robots, plus well-liked FX software programs like FAP Turbo.
Filed under Currency Trading by on Feb 1st, 2012. Comment.
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Filed under Currency Trading by on Feb 1st, 2012. Comment.