FOREX TRADING

There is a lot of Forex trading information online telling you how easy it is to learn currency trading and make big profits. It's very easy to get conned into committing your hard earned cash in get rich schemes. This website has been set up to explain trading, the pitfalls as well as the profits! If you do decide to risk Forex trading, hopefully some of the articles will help you avoid making costly mistakes. Why not also take advantage of the many offers of free training online.

In case you don't know, Forex stands for foreign exchange and Forex trading is the exchange of one foreign currency for another. The daily volume of trading is three times that of the stock exchanges yet there are no physical market places. Trading takes place 24 hours a day with only a short break at weekends.Traders range from the big banks to individuals sitting at home working on their computers. Successful Forex trading means studying the market carefully, watching for trends to show when to enter and exit as well as following economic indications. Even then no trader can be 100% right all of the time.

Unless you want to lose your shirt,you should read all the information you can find and fully understand how the market works before you consider trading. Firstly learn which of the different currencies are most actively traded, it is pointless buying a currency that rarely changes hands. Find yourself a good online broker. The money market changes by the second, you need a broker with a good trading platform. Understand the mechanics of trading, including putting a stop-loss price. The market can be very volatile, huge losses can occur and well as huge profits. Learn the different ways in which traders decide when it is a good time to enter the market. Will you use fundamental or technical analysis? Both methods have advantages and many traders use a combination of both when making a decision.

Consider your own personality. Trading on the Forex Market is a science and you cannot be swayed by emotions, whether a fear of losing money or greed. You must learn to make a plan and stick with it.

Before you actually start trading, sign up with several online Forex brokers who offer live trading platforms where you can practise without using cash. Brokers don't want to see you lose money, if you succeed you will stay with them and become a profitable client, a win-win situation.

This site is for beginners, use it as a stepping stone. Learn everything you can about currency trading before you start. There are some excellent books available giving Forex trading information as well as plenty of articles and daily reports online. Good research is the key to success.

Active currencies for trading on the Forex money market

If you are new to trading on the money market it makes sense to trade in the more active currencies. There are two main reasons for this. Firstly you do not want to be left with a currency where there is little interest and you may have difficulty selling. Secondly the spread between the bid/ask price is likely to be narrower, making it easier to make a profit.

Major Forex Currencies

There are seven major currencies, the US dollar (USD), Euro (EUR), Japanese yen (JPY) British pound (GBP), Swiss Franc (CHF) Canadian dollar (CAD) and Australian dollar (AUD).

The US dollar is the most traded currency followed by the Euro and the Yen. The Euro is the relatively new currency of the European Union although some member states, including Britain,have not changed their currency.

Forex Currency Pairs

Obviously if you are buying a currency you must also be selling another and therefore prices are always quoted in pairs, the USD/EUR being the most active. The more active a pair the narrower the difference between the bid/ask price is likely to be, with a possible spread of just two pips for the most actively traded. A pip is the smallest unit of price for a currency. Most currencies are traded to four decimal points, so that a pip is 0.0001 or 1/100 of a cent. This may seem a minuscule amount until you realise that on a standard trade of $100,000 that is $10. As each trade involves both selling one currency and buying another, the difference in the spread is the cost of the transaction and must be taken into account when calculating profit. The exception to the four decimal points is the Japanese yen which is normally traded to two decimal points.

Choosing a Currency

If you live in a country using one of the major currencies, when you first start trading it makes sense to begin with that currency. Not only are you familiar and comfortable with the currency but you are in a better position to judge its strength. The internet has a wealth of information on the financial climate of a country, but if you live there you has access to all newspaper content, as well being in the unique position of experiencing first hand changes at the consumer level.

The USD is the biggest currency traded and any trade that does not involve it is known as a cross currency. This will probably mean a wider spread. To minimise your costs include the USD as one of your currencies.

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Pivot Points - The Different Settings You Can Use

Pivot points are really useful for day traders in particular because they are used by lots of traders, and therefore the lines of support and resistance often act as strong turning points and natural exit points. However it should be pointed out that there are a few different types of pivot points you can use, which do give slightly different levels.

I have to admit that I'm guilty of using the default settings ((H + L + C) / 3) for the pivot points on the IG Index charts when trading early morning forex breakouts, but thanks to a recent post by Trevor, a regular contributor to this blog, I have started using different settings that seem to offer slightly better results for this system.

I am now starting to use the (H + L + C + today's O) / 4 settings instead, as recommended by Trevor, because the price of the GBP/USD pair seems to react more around these particular pivot points. (H = High, L = Low, C = Close and O = Open).

The other main pivot point settings you can use are (H + L + today's O) / 3. To be honest there is very little to choose between them because you will find that the R1, R2, S1, S2 levels are all in roughly the same areas, but they can make a big difference if you are day trading because they could be the difference between making a profit and making a loss.

Trevor provided a very useful comment earlier today about the pivot point levels based on his own research. I hope he doesn't mind me repeating this information in a separate blog post, but he found that for trading between the various pivot levels, ie R3, R2, R1, pivot, S1, S2, S3, etc, the following pivot point settings are the best ones to use for the various currency pairs:

AUD/JPY - (H + L + C) / 3
AUD/USD - (H + L + C + today's O) / 4
EUR/AUD - (H + L + C) / 3
EUR/CHF - (H + L + C) / 3
GBP/AUD - (H + L + C + today's O) / 4
GBP/CHF - (H + L + C + today's O) / 4
GBP/JPY - (H + L + C) / 3
GBP/USD - (H + L + C + today's O) / 4
NZD/USD - (H + L + C + today's O) / 4
USD/CAD - (H + L + C) / 3
USD/CHF - (H + L + C) / 3
USD/JPY - (H + L + C) / 3

Of course you should always do your own research to find which settings work best for you, and are best suited to your own particular trading system.

However the point is that it is worth trying out different settings because unfortunately there is not a universal setting that all traders use, and you may therefore find that certain pivot point settings give you better results than others.

Starting An E-commerce Home Business

Establish Your Site, Weigh Your E-commerce Options, and Market Something Worth Selling

The internet has come a long way in the last few decades, and e-commerce has become big business; not just for mega corporations like Amazon.com, but also for the little guys, selling niche-market products in virtual stores that would never sustain themselves in the brick and mortar world. It's this freedom and low overhead that allows the internet to be the most versatile and unique marketplace that's ever existed, and there's always room for more vendors. If this is you, but you don't know where to start, here's a few tips for the beginner looking to wade into the waters of e-commerce.

Establish Your Site
First thing's first, you'll need a website. Yes, you can launch your website with a tightly integrated e-commerce solution, but chances are, people will be reluctant to hand over their credit card information to a website they've never heard of. The best bet for a brand new site is to integrate an e-wallet solution while you establish your credibility. E-wallets are essentially a middle-man service where you (the seller) received money from an account that the buyer has setup with the e-wallet vendor. Popular e-wallet methods include Paypal and Google checkout. There are others, but if your goal is credibility, your best bet is to stick with these two.

Weigh Your E-commerce Options
Once you've established your name and your brand, it's time to setup your own e-commerce solution on your website. You may ask why you would do this, since services like Google checkout and Paypal will gladly handle this for you; well, the main reason is that e-wallet services charge a pretty hefty commission (as high as 15% in many situations). The ideal situation is to handle your own billing (which will be essential if you plan to do high volume sales) but if you see yourself doing something more in the sub-$100k/month range, consider some of the e-commerce vendors that exist on the web. Recommending specific vendors is beyond the scope of this article, but look around, compare the fees, lookup user reviews and make sure, above all, that whoever you work with is trustworthy.

Market Something Worth Selling
The final step is to make sure that what you're selling is something that people want to buy. Anyone can setup a website and sell a product, and if you can think of it, chances are 10 other people already though of it and are currently doing it. So, how do you penetrate such a saturated market? This is easier said than done, but take a look at some of the folks that have been successful. Zappos.com started out in shoes, then went broader and eventually were purchased by Amazon.com. Their success lied primarily in their excellent customer service. Groupon.com started out as a side-project for founder Andrew Mason, but exploded because it was built on the idea that people love great deals (the same is true for websites like woot.com and livingsocial.com).

In short, find something worth selling, get a site going (no matter how small, initially) and integrate a small and simple e-commerce solution. As you grow your business, you can scale your solution to capitalize on lower fees and rates and ultimately pass the certifications required to do everything in-house, but the goal for right now is to get a product worth buying on the table and build a following of buyers that rally around your site and the products and services that it offers.

10 Home Truths About Forex Trading

Today I want to discuss 10 home truths about forex trading that all aspiring traders should be aware of when entering the forex industry. This is not intended to put people off forex trading because it can be a very rewarding career and you can make some great profits working from home, as I have hopefully demonstrated in my weekly trading updates for the last few years. I simply want to show you how difficult it can be to start making consistent profits.

Okay so here are the 10 home truths based on my own personal experience:

1. Forex trading is not a get rich scheme.

Many people become interested in forex trading because they think they can get rich in a short space of time. However while it is possible in theory if you use a lot of leverage, a more realistic goal is to build wealth slowly over long periods of time because this is a much more achievable goal.

2. Forex robots are not going to make you rich.

Forex robots are everywhere these days, but the truth is that most of them are not that reliable. While they may have hugely impressive results according to back-testing data, they rarely deliver the same kind of profits once you actually start using them yourself.

3. Most forex products sold online are completely useless.

I rarely promote any forex products any more because it's very rare that I come across any decent ones that are worth promoting. Sadly most of them are a complete waste of time.

4. Only a small minority of currency traders are actually profitable.

It is estimated that only 5% of traders actually make money, although figures from brokers show that this figure is slightly higher than this. Anyway the point is that most currency traders eventually end up losing money in the long run.

5. You may not have the discipline needed to succeed.

It is a fact of life that not everyone is cut out to be a profitable forex trader. To be consistently profitable requires a great deal of discipline, and some people just do not have this level of discipline.

6. Working hard does not guarantee success.

In many walks of life you will enjoy a long and fruitful career if you knuckle down and work hard. However in forex trading this is no guarantee of success. You could study charts for 12 hours a day every day for years and years and still not come up with a profitable trading system, whilst other people may develop their own winning system after just a few days or weeks.

7. Being intelligent is not an advantage.

In many ways the fact that forex trading does not require immense brain power is a good thing. A little knowledge of maths is always helpful when placing trades, but it is possible for anyone to become successful trading currencies.

8. Forex trading is a lonely profession.

Working from home staring at a computer screen all day is not many people's idea of fun, and unfortunately you cannot get away from the fact that this can be a very lonely profession at times. That's why it's important you lead an active social life because otherwise you may well go mad.

9. Profitable systems may not remain profitable forever.

A lot of people get excited when they finally manage to develop a profitable trading system. However market conditions can change and there is no guarantee that your system will still be making consistent profits in the coming months and years. So you need to be adaptable and ready to adjust your system accordingly.

10. Even the most profitable traders go through bad patches.

There are some very talented traders out there, but everyone goes through bad patches at times. You simply have to accept these losing periods as part of the job. As long as your system is still making money overall, you have nothing to worry about.

How To Pick Correct Online Money Making Ideas

Looking for ideas to make money online? Hundreds of money making ideas available on the internet. Starting online home business is itself a great idea to earn money online. Millions of people earning from home, you too can start online business and earn money. You will never be short of money making ideas, but you have to choose right business which suits to you. When people are eager to start their own business do mistakes Most of internet marketer claims that there is no work to earn money by using their products or service. People are lazy and search for easy way to earn money but there is no system as such that do not require any work. You must need to work to make money.

Try to figure out what type of business you should select and the demands of the business. You will not be successful with a single technique. You need different strategies for different businesses. So before you begin any business, know about it and about it's required resources. It is really difficult to find right business. To make it simple, Learn various money making ideas that you find. When you study those businesses you will find what the business really demands. You will be able to analyze and What can you do spend more time or money. After Understanding clearly the demands of the business and you fulfill the demands of the business then you may go for the business. There is solution almost for every problem that you may face while running online business.

It is not difficult for non technical individual to run highly technical business. You will get almost everything that you need to run your business as there are many professional services and products are there to help you. Just go to reputable service provider. As there is no short of money making ideas and also there is no short of any technical skills that you cannot hire or purchase. Starting online business is very easy compare to traditional businesses. The whole world could be your market so there is big potential to make money. As internet never sleeps , you can make money 24/7 from all corners of the world.

The numerous guide and books available to help to understand the business better. It is not a big problem if you do not have the knowledge of the business, Countless guides and tutorial are available in market which is specially created for teaching purpose , that shows to do business in a proper way. Besides you get the proper knowledge of the business , you also get the various resources that you may need for the particular business. It is certain that you can make money with all legitimate business idea; Most of us are lazy and do not give enough time to learn strategies or methods of the business.

If you offer enough time to study the techniques and take some efforts ,you can make money with any online business. So, do not be lazy, be serious learn as much as you can about the particular business and earn money at home.

Disclaimer
Trading on the Forex market is a high risk investment not suited to everyone. You can lose money as well as make a profit. Never risk more than you can afford to lose. Forex-Trading accepts no liability at all for the content of this site nor for the opinions or information in any article. Nor does it accept liability for companies linked to this site.