Monthly Archives: February 2012

How to Become a Forex Trader

how to become a forex traderThere’s an old joke that applied to becoming a Forex trader, would go something like this: Q. “How do you become a millionaire trading Forex?” A. “Start out with $10 million and lose $9 million.”

The risk of losing money trading Forex is very real, regardless of the amount involved. Those accustomed to a steady income based on a salary or hourly wage have the hardest time adapting to this reality. Business owners and entrepreneurs are accustomed to the prospect of losing, but the rapidity at which profits or losses accrue in some instances can be equally intimidating.

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Currencies You Should Invest On

Every currency pair available to Forex traders has a personality. Different pairs have different spreads, different support and resistance levels, different reactions to news and different levels of volatility. The best currency pair for you to trade depends on your personality, your tolerance for risk and the type of trading you want to do. Since no currency pairs are the same, finding the best match between a trader and a currency pair sets the trader up for success. currencies you should invest on
The three most popular currency pairs are the USD/EUR, the GBP/USD and the USD/JPY. Their volatility, trading volume and low spreads make them the ideal pairs for beginners. Let’s take a look at some of their traits.

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What Does A Forex Broker Do?

What Does A Forex Broker Do It’s a good idea to understand what a forex broker does if you’re interested in getting involved in trading forex, or even if you simply want to gain a general understanding of how currency markets work.  After all, your forex broker is the embodiment of your access to the forex market, the sine qua non of your trading activities, and the one entity without whom your forex trading activities would, by definition, come to a complete halt. Viewed from this perspective and considering the extraordinary control that your forex broker thus wields over your trading activities, understanding what your broker does, how he does it and what motivates him to do it are very important matters indeed. Certainly, your grasp of the differences between forex brokers and the services they offer should play a role in your choice of the type and nature of forex brokerage with whom you will choose to work.

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Finding A Forex Broker

Finding A Forex BrokerFinding a Forex broker is perhaps the most challenging aspect involved in setting up an online trading business in the foreign exchange currency market (FOREX).

Most people considering trading Forex already possess a computer or other device for connecting to the Internet and an Internet connection.

Trading software and trading strategies are available from a multitude of sources, and in many cases, free to use providing that the trader has established a relationship with the provider of software and strategies.

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Forex Transaction Basics

Forex Transaction Basics When countries conduct business or engage in foreign trade by importing goods, they need to exchange their currency for the currency of the exporting country. Forex, otherwise known as currency trading, essentially revolves around placing bets on whether the currency of one country will increase or decrease in value compared to that of another. Since all transactions involve the exchange of currencies rather than commodities, the forex market is the largest and most liquid exchange in the world. It even dwarfs the stock and commodity markets in terms of volume and value.

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Currency Speculation in Emerging Markets

currency speculation in emerging marketsIf you’re an intermediate-level or expert currency trader, you may want to consider getting on board with currency speculation in emerging markets. While they tend to be less stable and more subject to extreme changes than the “superpower” currencies of the USD, EUR, JPY or GBP, they have nevertheless made many investors quite rich.

Buying and selling currencies in emerging markets requires an iron gut and an ability to make quick decisions about large sums of money. Emerging market funds have enjoyed returns as high as 200%, spurred largely by judicious purchases at times of high foreign investment and favorable trade agreements with superpower economies.

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Market Range vs At Best Orders

Market Range Vs. At Best OrdersMost forex traders, including Lucror FX, offer two types of forex orders: At Best and Market Range. Depending on your style of trading, what currency pair you’re trading, when you’re making your order and how much you’re buying or selling, you may want to use one or the other. In any case, as a forex trader, you should know about your two options and the pros and cons of each.

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Adding Fibonacci Levels

Adding Fibonacci LevelsFibonacci Levels are a keen analytical tool that use an elegant mathematical formula . They are used to predict cycles of expansion and contraction in markets.

All things that grow or decay follow predictable mathematical patterns. Businesses follow the same mathematical laws as all growing things.

The Fibonacci sequence is a mathematical restatement of a fundamental truth of life. Using simple addition, Leonard Fibonacci painted a mathematical picture of the way things tend to grow. The sequence begins simply:

1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144…

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Trading In Volatile Markets

The market can be a fickle place, and there is no doubt that it likes to shake out weak investors. Volatile markets can be a particularly difficult thing to navigate. Everyone is trying to figure out what the market is going to do next, and there are few who are actually able to figure it all out. Given this very real factor, it is important to know a few things to do in a volatile market that may not often be thought about.

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