Why Newbies Should Stay Away from Automated Forex Software - lmt forex trading system

Why Newbies Should Stay Away from Automated Forex Software ~ lmt forex trading system

Why Newbies Should Stay Away from Automated Forex Software

Exchanging the Forex business sector isnt a simple procedure. Youll need to take in a ton about central and specialized investigation and about different subtleties of exchanging and Forex market specifically. The robotized Forex programming wont help you at this. Its a fairly awful approach to learn, particularly on the off chance that you are new to Forex. The master counselor, regardless of the possibility that beneficial, ought to be designed sufficiently and advanced by new economic situations regularly. A Forex novice just isnt equipped for doing it without enough experience. 

Setting right info parameters relying upon the cash pair, time allotment and conditions you are exchanging on is critical. A Forex master counsel (robot) ought to have the capacity to work in 100% agreement with the business sector. Adding it to various sets will likewise require a tuning of the parameters however will prompt more picks up. 

For another dealer it generally gazes drawing in to set upward the Forex robot to exchange on all cash sets present in the stage, however the more matches it will exchange the more enhancement and adjusting it will require. Whats more, the Forex amateurs arent typically equipped for taking after such a large number of cash sets at once. Specialists suggest concentrating on one or a most extreme of two money sets at once to get all the more comprehension of how the Forex exchanging functions. 

Another issue is presented by the Forex intermediaries. Not all dealers actually acknowledge computerized Forex exchanging, while some of them essentially dont permit it and others constrain the usefulness offered by such programming. On the off chance that sooner or later you choose to begin exchanging with some robotized master counselor youll have to do a careful exploration on Forex agents, finding the one that will acknowledge Forex robot with its strategy for exchanging. 

Most of the Forex robots available is paid and is sold by the not really legitimate advertising individuals. They guarantee a considerable measure yet generally convey a bit (with a great deal of instances of a complete record equalization misfortune). Burning through cash on such Forex programming is an inside and out waste. In the event that you are certain that you have to get some robotized master counsel for money exchanging its generally better to choose a free one. Anyway, paid Forex robots are quite often in view of the free forms - their "creators" simply join a decent sounding name to it and a sticker price. 

On the off chance that you really choose to begin your robotized Forex exchanging - be it with a free robot or a paid one - its generally better to test it on a demo exchanging account first. With a demo account you dont lose genuine cash, however youll have the capacity to perceive how your Forex robot performs. In spite of the fact that the exchanging execution can be distinctive on genuine records of your facilitate, the demo exchanging will give you some essential clue on the matter. 

The last, yet not the slightest in its significance, issue of utilizing the computerized programming for Forex exchanging is that such projects ought to be running continually with no interferences. For that youll likely need a committed server called VPS in light of the fact that your home PC will presumably require rebooting and restarting every once in a while. VPS can be really costly furthermore require some experience to utilize. For another merchant it will be an exceptionally troublesome (or excessively costly) errand, making it impossible to set up a Forex VPS with a working master counselor running on it.

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THE POWER OF PRICE ACTION FOR DAY SWING TRADERS - mechanical forex trading system

THE POWER OF PRICE ACTION FOR DAY SWING TRADERS ~ mechanical forex trading system

The power of Price Action analysis is its capacity to predict the formation of major market patterns across all Time Frames. We can forecast movements that will take place the next day or even in the next few months and prepare our trading plans to take full advantage of them ahead of other traders.

On Monday August 10th last week, the EURO USD was expected to provide a Bull Candle to indicate a Rally to the Resistance of a Pennant that was being formed. This Rally would complete the Support boundary and the Pennant Consolidation itself. 

DAILY CHART- EURO USD  

A pair of Double Bottoms were already given in addition to the the break of the Downtrend Line. This suggested that another Bull Signal would be given/needed to confirm the start of the move to Resistance and that a potential trading opportunity to go long was near. Two days later, this took place...

DAILY CHART- EURO USD  

...a strong Bull Candle Signal that offered traders up to 100 Pips of potential gains on that day. Not only would they have been able to predict this movement a few days in advance, they would have also seen this pattern in its early stages months ago in June this year...

DAILY MARKET UPDATE OF JUNE 23, 2015

(Provided to Clients)  

As you can see, the bearish and bullish waves that were predicted have now taken place. Although the bearish wave was actually larger than expected, traders would still have expected this U-Turn and rally to take place to complete the Pennant and temporarily end USD gains.

With this strong Daily Candle now given, traders on the 4 Hour Chart or lower would have been entering to go long to take advantage of the expected rally higher. However, based on the 3-Wave Rule that the Methodology in the Manual explains, this would have been dangerous.

The chart below shows that the uptrend on this time frame was very strong and that a Bullish Signal was given at the Uptrend Line to indicate the continuation of this rally. This would have been a natural expectation since U-Turns at Trend Lines are common entry signals especially if they coincide with Support areas.

4 HOUR CHART UPTREND

Nevertheless, as pointed out to traders in the Daily Market Update, entry at this 4th Setup was risky and should not be done based on that 3-Wave Rule. And as can be seen in the chart below, this decision proved to be the right one...

4 HOUR CHART VOLATILITY AND TRADING LOSSES

This 3-Wave Rule is crucial to avoiding pullbacks and periods of volatility that lead to these unexpected reversals (Pages 35 & 36). It can be seen across all time frames with strong trends and explains a large part of why trends will either pause before continuing or change direction altogether. 

Another important Price Action pattern that will prevent these types of reversals affecting your trades relates to Breakout Setups & Signals. We will often see a strong breakout candle from a Consolidation Setup that appears to signal the start of a strong move and large gains for us. However, if this Consolidation is too weak, the trade will not be successful despite the strength of the Breakout Candle. An example of this took place on the USD CHF Daily Chart where a very strong Bull Candle appeared to promise hundreds of Pips of profit in the days ahead. Again, the danger of this trade was pointed out in the Daily Market Update when that signal appeared...

DAILY MARKET UPDATE - AUGUST 4, 2015

...a warning that proved correct a few days later...

USD CHF DAILY CHART - SHARP REVERSAL

This reversal took out several Long Positions that were gradually being opened after that initial Bull Candle Signal. A similar scenario was seen on the NZD USD which was breaking below its Counter Trend Line (CTL) on the Daily Chart to resume its Downtrend. Despite the strength of this CTL that was being broken, the candles themselves were too weak to justify entry..

NZD USD DAILY CHART BREAKOUT

Yet, on the 30 Minute Chart, this appeared to be a strong enough Downtrend that would have led many to open short positions...

30 MINUTE CHART DOWNTREND

Once more, the market had other ideas due to the weakness of the Daily Chart`s Signals and what normally follows...

DAILY MARKET UPDATE - AUGUST 10, 2015

NZD USD DAILY CHART PENNANT

30 MINUTE CHART REVERSAL

The failure of these last 2 setups to lead to breakouts highlights the importance of Section 5 in Part 1 of the Manual, applicable to both Trends and Consolidations...

With the power of this Price Action Trading Manual in your hands, you will sidestep these traps of the Currency Market and focus on the Setups that offer the greatest chance of profitability. You will be able to identify the strongest Setups and Signals that lead to large breakouts...

AUD NZD BREAKOUT SETUP

...setting profit targets that maximize on the Pips captured...

...exiting comfortably ahead of sharp market reversals...

...avoiding moments of regret from holding trades longer than we should...

As you go through the Manual and begin to apply it to your trading, you will be the one in control of the Forex Market. With the Daily Market Updates and Videos that provide in-depth analysis, forecasts and explanations of market moves based on the theories and techniques never before seen in this book, Profitability and Long-Term Wealth will be yours.

START TODAY

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Currency Exchange Terms Every Forex Trader Should KnowF - forex trading system fx preis levels v6

Currency Exchange Terms Every Forex Trader Should KnowF ~ forex trading system fx preis levels v6

by: Andrew Daigle


Before jumping into the forex market, you need to arm yourself with some terminology that will be used in any course or software on this subject. The following set of terms were put together with the idea of providing the novice forex trader with the fundamental concepts of the forex trading business. While they sound technical, most are easy to understand and apply.

Let us begin with the instruments that are traded in the forex markets. Currencies are traded in pairs so the instrument will always be in this double denomination. The reason for this is simple; the basis of forex currency trading is to exchange one currency for another. So if the pair is the Euro and the US Dollar, and the forex trader is taking a long position or buying the Euro in hopes that it will appreciate, effectively the trader is also selling US Dollars to buy the Euros. The most widely traded pairs are the Great Britain Pound and the US Dollar (indicated as GBP/USD), the Euro and the US Dollar (the EUR/USD pair), the Aussie Dollar and the US Dollar (AUD/USD pair), the USD and the Japanese Yen (USD/JPY pair), and the Canadian Dollar and the USD (USD/CAD pair). These pairs account for well over 80% of the total volume of the trading in the forex market. The advantage to trading in these currency pairs is that they are highly liquid and allow the investor to convert their portfolio to cash very quickly to realize a profit.

In every pair, the first currency is called the base currency, over which the second one is countered to imply the price of the pair, or commonly referred to as the "cross currency". The second is therefore called the quote currency and the pair price is recorded in terms of the units of the quote currency required to buy one unit of the base currency. Thus, assuming the price of the GBP/USD pair is 1.5, this implies that 1.5 USD will buy 1 GBP.

Every pair is quoted in terms of a bid ask spread. The bid price is the rate at which your forex broker bids to buy the currency at, while the ask price is the rate the forex broker is asking to sell the currency to the forex trader. The bid price will always be less than the ask price and the forex trader will buy at the ask price and sell at the bid price. The bid ask price will be quoted as: GBP/USD 1.532/5, meaning the bid price is 1.532 and the ask price is 1.535.

A pip price interest point), as it is commonly called, is the smallest incremental change a currency pair will experience, for instance, a change in the GBP/USD price from 1.532 to 1.542 is a change of 10 pips. A trading margin is a deposit which is a minimum amount or a small percentage of your traded amount that you have to put up. The remaining amount is supplied by your broker. This amount can vary from 1% to 0.25%, also referred to as 100:1 and 400:1. Most often, forex brokers will offer 100:1 or 200:1 to most clients. This is risky but enables the trader to leverage a large amount that he or she would not otherwise have access to.

Finally, a margin call can happen when the forex trader allows the balance in the trading account to go below the margin deposit percentage agreed upon with the forex broker. The broker will automatically sell your long positions or buy your short positions and clear the entire trading account, returning the margin amount to the trader to protect the trader from losing more money than they have.
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Essential Trading Principles Every Trader Should Know Part 1 - yin yang forex trading system download

Essential Trading Principles Every Trader Should Know Part 1 ~ yin yang forex trading system download

Firstly, I would like to wish all visitors a Merry Christmas and Happy New Year! As the new year approaches, we would have made some resolutions to be achieved. And if profitable trading is one of your resolutions, then make sure you understand and acknowledge the following trading principles that I would like to share.

Over the many years of trading, I have found certain principles to be true. Understanding and using these basic principles provides an anchor of sanity when trading in a crazy world. Whenever I find myself under stress, questioning my judgement or my ability to trade successfully, I pull out these basic trading principles and review them.

Don’t Try to Predict the Future
I used to think that there were experts and geniuses out there who knew what was going to happen in the markets. I thought that these traders and market gurus were successful because they had figured out how to predict the markets. Of course, the obvious question is that if they were such good traders, and if they knew where the market was going, why were they teaching trading techniques, selling strategies and indicators, and writing newsletters? Why weren’t they rich? Why weren’t they flying to the seminars on their Lear Jets?

No One Knows Where The Market Is Going
It took me a long time to figure out that no one really understands why the market does what it does or where it’s going. It’s a delusion to think that you or any one else can know where the market is going. I have sat through hundreds of hours of seminars in which the presenter made it seem as if he or she had some secret method of divining where the markets were going. Either they were deluded or they were putting us on. I have seen many complex Fibonacci measuring methods for determining how high or low the market would move, how much a market would retrace its latest big move, and when to buy or sell based on this analysis. None has ever made consistent money for me.

No One Knows When The Market Will Move
It also has taken me a long time to understand that no one knows when the market will move. There are many individuals who write newsletters and/or books, or teach seminars, who will tell you that they know when the market will move. Most Elliott Wave practitioners, cycle experts, or Fibonacci time traders will try to predict when the market will move, presumably in the direction they have also predicted.

I personally have not been able to figure out how to know when the market is going to move. And you know what? When I tried to predict, I was usually wrong, and I invariably missed the big move I was anticipating, because “it wasn’t time.” It was when I finally concluded that I would never be able to predict when the market will move that I started to be more successful in my trading. My frustration level declined dramatically, and I was at peace knowing that it was OK not to be able to predict or understand the markets.

Market Experts Aren’t Magicians
Some of the experts that try to predict the markets actually make money trading the markets; however, they don’t make money because they have predicted the market correctly, they make money because they have traded the market correctly. There is a huge difference between trading correctly and making an accurate market prediction. In the final analysis, predicting the market is not what’s important. What is important is using sound trading practices. And if sound trading habits are all that is important, there is no reason to try to predict the markets in the first place. This is the reason strategy trading makes so much sense.

Successful Traders Have Trading Discipline
I have watched many market gurus continually make incorrect market predictions and still break even or make a little money because they have followed a disciplined approach to trading. It is these principles that make the money, not the prediction. To be a disciplined trader, you have to know how and why to enter the market, when to exit the market, and where to place your money management stops. You need to manage your risk and maximize your cash flow.

A sound trading strategy includes entries, exits, and stops as well as sound cash management strategies. Even the market gurus and famous traders don’t make money from their predictions, they make it from proper trading discipline. Over the years, they have learned the discipline to control their risk through money management. They have learned to take the trades as they come, and not forgo a trade because they are second-guessing their strategy or the market. These are the same practices that you must learn to include in your trading strategy.

Successful Traders Profit From Sound Money Management and Risk Control
Sound money management and risk control are the keys to being a profitable trader. I will say over and over again, it is not the prediction or the latest and greatest indicator that makes the profit in trading, it is how you apply sound trading discipline with superior cash management and risk control that makes the difference between success and failure. The key to profits in trading is not in the prediction or the indicator, but how well the trading strategy is designed and executed.

The ability to achieve risk control and cash management will make the difference between a successful trader and an unsuccessful trader. If you ever have the opportunity to watch a successful trader, you will see that they don’t worry about where the market is going or about predicting when the next big move will take place. They aren’t looking to tweak their indicator. They are worried about their risk on each trade. Is the trade being executed correctly? How much of their total account is at risk? Are the stops in the right place? And so on.

Successful Traders Do Not Have Superior Performance Numbers
If you want to have some fun, look at the performance of a successful market expert, one who is known for his or her market predictions and trading expertise. You will find that their performance numbers really aren’t any better than an average trading strategy. The percentage of profitable trades, the return on the account, average profit to average loss, number of losing trades in a row…all of these trading parameters are within the average trading strategy performance parameters.

Why is this? Because you can’t predict where the market will go and when it will move. But if you use correct strategic trading disciplines, you will make money whether you try to predict the market or just trade a good strategy. You might as well save yourself a lot of time, energy, and mental anguish and trade a good strategy.

Be In Harmony with the Market
We make money trading when we are in harmony with the market. We are long when the market is going up, and short (or out of) the market when it is going down. If we bring an opinion with us while trading, we will end up fighting the market. We keep trying to go long as the market is declining, or we keep shorting a market that it is in a bull phase.

Never Fight The Market
Fighting the market is not good for two reasons. First, we lose money. How much we lose depends on how well we are managing our money and controlling our risk. Second, fighting the market affects our judgment, and causes us to try to confirm that our judgment is correct, or persist in fighting a trend so that we will eventually prove to be correct. We figure that if we persist long enough, no matter how long it takes, we will eventually be right. Even if you ultimately make money fighting the market, it is not worth the price you have to pay, both financially and with peace of mind.

Let The Market Tell You What To Do And When
The correct attitude for successful trading is to let the market tell you what to do. If the market says to go long, buy, and if it starts to go down, sell. This sounds easy but it is much more difficult than you think. We always like to believe that we can be in control. We want to be in control of our trading and of the market. If you accept the notion right now that you cannot control the market, that all you can control is your execution of trades, you will take a great step toward being a successful trader.

Instead of trying to control the market, let the market tell you what to do. Let the market and your strategy take you long rather than you personally trying to predict or decide when to go long. Let your strategy take you out or get you short. Once you realize that you can’t understand the market, and that you can’t predict when the market will move, you will move into that detached state of mind where you let the market take you where it will when it wants to.

The Market Gives And Takes Away
To remove your personal biases and let the market tell you what to do is to give up control, to give up the notion that you are actually in charge of how much money you make. For profitable trading, you need to move into the mental state of letting the market determine the profits, not you. It won’t be whether you predict the market correctly that determines the profits, but whether your strategy is in a profitable mode or drawdown mode as determined by the market.

So, let the markets tell you what to do based on your strategy. Let it get you long and put you short. Let the market determine how much money you are going to make. Trade your strategy and let the market do the rest. And know that the market gives money and the market takes away money. Your goal should be to develop a strategy that gives you more money than it takes away.
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SHOULD YOU DAY TRADE OR SWING TRADE - mbfx forex trading system

SHOULD YOU DAY TRADE OR SWING TRADE ~ mbfx forex trading system

The Forex Market is one of the most attractive Financial Markets that has the potential to provide traders with a real source of Long-Term Wealth. Turning this dream into a reality is the goal of all Retail Traders and with the vast range of trading techniques that are available to us, it is only a matter of time before this goal is realized. Nevertheless, before this can take place, we will first have to make a very important decision. Will I dedicate my life to being a Day Trader or a Swing Trader?

At first, this decision might appear to be a very easy one to make. After all, the time and dedication that goes into finding the right technique and practicing it several times appears to be the most difficult hurdle to overcome. However, I believe that the decision to trade the markets daily or on a weekly basis will determine your choice of methodologies and ultimately your rate of returns and profitability.

Day Trading is the most widely used approach to trading this challenging market. It involves targeting the daily price movements of exchange rates on the smaller time frames using various Statistical Indicators and Price Action strategies. Since some of the most liquid Currency Pairs can move by up to 100 Pips within a few hours, traders can be very successful if they can capture most of these each day. Despite this potential for large gains in a very short period of time, however, there are a few drawbacks that can adversely affect profitability.

Many of these daily movements can be quite erratic. A rally in the EURO USD by 30 Pips might appear to be the direction to trade for the day. However, within a few minutes, this can be erased by a sharp reversal as the market reacts to a tremendous improvement in the US Non-Farm Payroll numbers. In addition, the short time in between trades can make it difficult for us to recover from losses before moving on to the next trade.

Swing Trading is an alternative form that many traders have opted for to address many of the challenges they faced as Day Traders. The patterns and price movements on the larger time frames are a lot more stable and predictable. Gains per trade can be much larger and traders have more time in between opportunities to remain objective following losses. As good as this approach may be, Swing Traders do have to face a few difficulties as well.

The holding period for these traders is longer than that of Day Traders. Many of the profitable trends on the larger time frames require up to 7 days or more to reach their targets. Although a week can fly by in the blink of an eye in most aspects of our lives, it can seem like an eternity for those accustomed to Day Trading. There is also the issue of not having many trades to choose from each week. Since these movements do not take place as often as with Day Trading, a much greater level of patience is demanded until they finally appear.

These issues are just a handful of those that go into a retail trader’s decision matrix. Time Zone differences, work schedule and family commitments are also important “real world” factors that have to be seriously considered as well. Once these challenges are resolved, however, we will have moved one step closer to becoming successful traders that are financially independent - forever.

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