Currency Trading Tips | ForexGen

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These Currency Trading Tips aim to help you avoid making the common mistakes that hurt your account balance.

1. Always have a solid trading plan

2. Never Deviate from your plan

3. Make sure your trading plan includes the amount of your account you want to risk for each trade

4. NEVER under any circumstances overtrade

5. Follow the trend. It is your friend afterall.

6. Don’t be tempted to listen to “experts” and piggy back them. Stick to your plan

7. Forget about buying other peoples Forex Forecasts and such like. If they were good traders, they’d be trading, not selling their forecasts.

8. Spend at least several months trading a demo account before trading live

9. Only ever trade risk capital, basically don’t bet the farm!

10. Forget looking for the perfect system, it doesn’t exist

11. Do your best to be an emotionless trader. Emotions and trading are a potentially dangerous combination

12. Write down your mistakes and try to learn from them.

13. Always triple all of your orders to make sure they are correct

14. Ensure you have a solid understanding of lot sizes, rollovers etc before trading live

15. Always stay humble to the forex market. Never get cocky. You are a little fish, It is big enough to swallow you up.

16. Forget trying to find an easy route to success. There is no free lunch.

17. Never be blind to the risk of trading

18. Be prepared to accept the risks before trading live.

19. Choose your broker wisely. Brokers can go bankrupt. Make sure your broker is regulated.

20. Don’t blame your broker for your dwindling account balance. You chose that broker, it is your fault.

21. Accept that forex trading is hard and you will have losing streaks of trades. Learn to deal with the emotions that come with these.

22. If the stress of trading is getting to much for you, take a break. Take as long as you need.

23. Keep leverage very low, unless you really know what you doing with it.

24. Start off trading $1000 lots, also known as microlots

25. You are a little fish in the big market and don’t forget it.

Forex Risk Factors | ForexGen

One of the first things most traders hear when they begin their forex journey is the fact that forex trading is risky. Many new traders choose to pay little attention to all the risk warnings and continue. I was personally the same at the beginning because I so eager to get started!
It is very important to fully understand the forex risk factors as to be a successful forex trader, you need to know how best to minimize them.
Perhaps the single biggest risk factor in forex trading is the use of too much leverage! I have spoken to many traders who start trading with as little as $100 on a mini forex account. I always encourage these traders not to do it and to learn more about proper risk management. $100 with a mini account will almost always have just one single outcome, a margin call.
Let’s look at why this is. If you have 100:1 leverage from your broker to open a GBP/USD position for 1 minilot is going to cost $10 in margin. This would leave $90 for trading. With a 1 mini lot GBP/USD position each pip is worth $1. This would mean that only a 90 pip movement in the wrong direction would mean result in a margin call. Also, in these 90 pips, the spread would need to be included.
GBP/USD often moves more than 90 pips in a single day.
So there we have it, one of the single biggest risks in forex trading for new traders is the overuse of leverage.
Let’s now look at some of the other risks in forex trading.
When trading forex it’s important to realize that no matter how sure you are the market will move in the way you expect, anything can happen, at any moment in time. A good example of this was when the US Government made it common knowledge that they were going to bail out Fannie Mai and Freddie Mac, the dollar appreciated considerably. If you had an intra short on the dollar, you would not have been best pleased. This example simply illustrates that many major factors that move the market can be completed unexpected. If you can prepare your strategy to take into consideration unforeseen events, you can lower your risk. One option is to use stop losses to make sure you are always prepared for unforeseen events that could potentially move the market in a big way.
Another important thing we can do is to practice our strategies and systems thoroughly on a demo account before trading them on a live account.
In conclusion, no matter how you look at the forex risk factors, they are there and they are considerable. To be a successful trader, it important to fully understand and do everything possible to keep risk to a minimum at all times.

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Daily Forex Plus | ForexGen

Strategies partnered with the basic educational learning about foreign exchange will sustain your business in the fx market. And you can learn all these through online or offline, if you don't have enough time to stay connected. Just acquire some important but complete professional forex cds to keep you going with your progress. Also, joining web seminars with pros is also very helpful. But the way to consistently earning with your investment spared is employing daily forex trading plus strategy, the short term buying and/or selling strategy.

It doesn't matter if you will be earning small time in the daily forex plus as long as it is consistent and has small risks posed also. It may be small because you are to trade for 10 to 20 pips per trade, but if you trade it all you want per day, you will end up with 80 to 160 pips a day. That's actually big if summed in a monthly basis unlike the long term that gets you trading for as much as 100-200 pips per month only. And the risks in currency trading daily are relatively small as you can do the trades within minutes and seconds. Currency is expected to fluctuate in small amounts so there is no loss at all.

Starting to earn in meager amount is not an issue with forex, all is about patience. In time, an average trader can take home as much as he/she wants. And if properly and efficiently backed with the proper tools, traders can even do the trading automatically!

If you are an experienced ‘FOREX’ Trader or just a beginner looking for the opportunities offered in the ‘FOREX’ market, Forexgen has created ForexGen Academy to give you the chance to get a ‘FOREX’ education and improve your trading skills.
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The Start of Your Forex Trading Education | ForexGen

There is much to be learned for those wishing to trade in the forex market. A good place to start your forex trading education is with the concepts of support and resistance.
The concepts of support and resistance are truly two of the most highly discussed facets of technical analysis and are quite often regarded as complex by beginning traders. A thorough study of this subject is beyond the scope of this article, but we′ll attempt to simplify the subject by focusing on the basics of what traders need to know.
When looking at a chart, you’ll notice that price doesn’t typically move in a straight line. It moves up, then down, then up, then down, giving the appearance of a saw tooth.
When you draw a line connecting the lowest price points that is your support line. To draw a resistance line, you would connect the highest price points. This is only a very basic idea to provide a picture there is more to determining which bottom points and which top points need to be considered.
Now when you look at this support line connecting the low price points, you can see how it tends to act as a floor, preventing prices from going below that level. Rather than break through this line, prices are more likely to bounce off the support level. But when the price finally does manage to break through the support level, it is likely to continue dropping until it reaches another support level.
One can view the resistance level as being the opposite of a support level. At this level, the price tends to find resistance as it climbs higher. And just as with support, price tends to bounce off this level rather than break through it. But once price manages to break through the resistance level, even by the smallest of amounts, it will more than likely continue rising until it finds another resistance level.
If a price breaks past a support level, that support level often becomes a new resistance level. The opposite is true as well, if price breaks thru a resistance level, it will often find support at that level in the future.
Support and resistance levels many times represent the prices that are most influential to a currency pair’s direction, and are therefore used by many technical traders to determine their entry and exit prices.
In the beginning, understanding the concept and explanation behind identifying support and resistance levels may seem easy. But as new traders delve into this study, they soon discover that support and resistance can come in a variety of forms and is actually more tedious to master than it first appears.
You can identify dozens if not hundreds of price patterns using only support and resistance. Those patterns can be found in any time frame charts from 15 minutes to daily charts. It is possible to develop a trading strategy based entirely on support and resistance levels. To go one step further, you can make a living trading forex if you only master support and resistance. So if you know nothing more about forex, we urge you to at least master the study of support and resistance in your forex trading education.
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