Forex trading rules for beginers III

Mistakes are unavoidable, but learn from mistakes and do not repeat it

Mistakes are unavoidable, please do not blame yourself, the important thing is to learn from mistakes, avoid making the similar mistake again, the faster you learn to accept loss and remembers the lesson, the days of profit making will be much more closer. Moreover, must learn to control emotion do not be proud after making profit, also do not feel depress after losing money. During Forex trading, the lesser the emotion, the more clearer you can see the market and make the right decision. Forex traders must face the reality calmly, Forex traders must understand that they will not learn from profit taking but they will only learn from loss. After understanding the reason behind every loss, this means that you are approaching the profit making path, because you had found the correct direction.

Oneself is the biggest enemy
The biggest enemy of a Forex trader is oneself - greedy, irritable, the out of control mood, and so on, is very easy to let you neglect the market trend which causes the wrong trading decision. Do not do trading because of bored or it has been a long time of none trading, there is no specific rule saying that a Forex trader must do how many tradings within a period of time.

Record the trading details
Record all the trading details, whether there is certain news or other reasons that influence you to trade, after the trade record and analyze the result of the profit and loss. If the result of the trading is profitable, this indicates that your analysis is correctly, when such similar situation appear again, your trading records will be helpful for you to rapidly makes the correct trading decision; wherelse the loss trading record will help you from making the same mistake again. Forex traders could not remember the history of every trading, therefore record is helpful in enhancing your Forex trading skill and also to look for mistakes.

Follow the trend, never against the trend
Remember the Forex market ancient general rule: Settle the position when it starts to loss, put as long as possible when it is profit making. Another important rules is do not let loss happen when it is making profit, when there is reverse trend in the market, it is better to make profit during the profit making situation then to settle position at the non-profitable situation.

Do not eagerly enter the Forex market after making loss

During the loss situation, do not eagerly open a new reverse market position in order to recoup from loss, this will only cause the situation to become worse. Only when you have agreed that your anticipation and decision in the past was completely wrong, then only you settle the old position and start a new reverse market position. Do not play with the Forex market through guessing, it is better to loss the opportunity then losing money.

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How to Get Started In Forex Trading

You may have been hearing about the foreign exchange market (Forex) and the investment advantages it offers. You would like to try it out, but don't know where to start. This short guide will give you the basics in Forex and tell you what you need to participate in this fast growing field.

Foreign exchange used to be limited to large players such as national banks and multi-national corporations. In the 1980's the rules were revised to allow smaller investors to participate using margin accounts. Margin accounts are the reason why Forex trading has become so popular. With a 100:1 margin account, you can control $100,000 with a $1,000 investment. Forex is not simple, however, and education is needed to make wise investment decisions. Although it is relatively easy to start trading on the Forex, there are risks involved, so finding out as much as possible about the market is a good move for any beginner. Forex traders usually require a broker to handle transactions. Most brokers are reputable and are associated with large financial institutions such as banks. A reputable broker will be registered as a Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) as protection against fraud and abusive trade practices. Opening a Forex account is as simple as filling out a form and providing the necessary ID. The form will include a margin agreement that states that the broker can interfere with any trade it deems to be too risky.

This is to protect the interests of the broker — most trades, after all, are done using the broker's money. Once your account has been established, you can fund it and begin trading. Many brokers have different types of accounts to suit the needs of individual investors. Mini accounts allow you to get involved in Forex trading for as little as $250, while standard accounts may have a minimum deposit of $1000 to $2500 depending on the broker. The amount of leverage — using borrowed money — varies with accounts. High leverage gives you more money to trade for a given investment. HOWEVER — beginner traders are advised get accustomed to Forex by doing paper trades for a period of time. Paper trades are practice transactions that don't involve real capital. They allow you to see how the system works while learning how to use the various software tools that are at provided by most Forex brokers. Most online brokers have demo accounts that allow you to make free paper trades for up to 30 days.

Every new Forex investor is strongly advised to use these demo accounts at least until they are showing consistently steady profits. Each broker has their own set of software tools to aid in making transactions, but there are a few tools that are common to all Forex brokers. Real time quotes, news feeds, technical analyses and charts, and profit and loss analyses are some of the features you should expect to see on most online brokers' web sites. Almost every broker operates on the Internet. To access their online services you should have a reasonably modern computer, a fast Internet connection, and an up-to-date operating system such as Windows XP. Once your account is set up, you can access it from any computer — just enter your account name and password. If for some reason you are not able get access to a computer, most brokers will allow you to make trades over the phone. Trades are commission free, meaning that you can make many trades in one day without worrying about incurring high brokerage fees. Brokers make their money on the 'spread' — the difference between bids and ask prices.

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Emerging Currencies and Forex Opportunities

Forex markets are the world's largest markets trading approximately 2 billion dollars daily.

With the United States financial crisis looming large there has been increased interest in the FX opportunities provided by emerging currencies. Emerging currencies include such relatively unknown currencies as the South African Rand, The Hong Kong and Singapore dollar, and currencies from countries with emerging economies in Asia and Latin America.

Since the recent downturn of the United States dollar many Forex traders and investors are turning their attention to emerging currencies and the Forex opportunities they provide. These emerging currencies are available to average investors now that many FX brokers are adding these currencies to their trading platforms. These currencies are the result of emerging economies and are traded like any other major currencies. These currencies are subject to the same factors that drive major currencies such as monetary policy, political considerations and events, and both external and internal conditions.

As a result of these similarities both experienced and novice traders can use the experiences they have gained by trading major currencies. Many of these countries have institutions and policies in place that mirror the policies of more industrialized countries. For example, South Africa has a central bank which determines rate hikes or cuts much like the United States Federal Reserve. In Hong Kong the Monetary Authority focuses on the stability of the Hong Kong Dollar and the banking sector. The Hong Kong Monetary Authority maintains a system where the Hong Kong Dollar is tied to an anchor currency, usually the United States Dollar or the British Pound.

One can see by the above examples that trading in these currencies carries no more risk than trading in the major currencies and provides Forex traders with new and exciting opportunities. Although relatively unknown, these emerging market currency pairs offer new opportunities for both experienced and new traders. Since market conditions are very similar to those of major currency pairs traders can use the knowledge and experience gained to take advantage of Forex opportunities offered by these emerging currency pairs.

The short term losses likely to be suffered by the United States dollar can be easily mitigated by researching these emerging currencies, and taking advantage of the exciting FX opportunities offered.

To find out more about the FX market, you can check out online news services that specialize in political and financial news. Investors may sign up for very specific alerts dealing with the minutest aspect of world economies and how they are expected to affect Forex markets. For those who wish to have control of their Forex trades following world events is essential for making informed decisions. Forex trading requires research, education, discipline, patience, and occasionally nerves of steel.

[ForexGen Live Accounts Contest]

Trade, Compete, and Win - Begins the 1st of Every Month!
ForexGen has the pleasure to announce the launching of its first monthly Live Accounts contest,
This is NOT a demo contest

this is a live trading [competition] open for all live mini account holders. At the beginning of each month, the slate is wiped clean and traders have a new opportunity to win the monthly prizes.

What makes this contest unique?

All prizes are CASH prizes with no restrictions on withdrawing the prize money! How Do I Enter?
You don't have to pay any fee to enter this contest, all [ForexGen] mini Accounts with a balance of "$1000" and a default leverage of 1:200 are entitled to participate in this contest upon their account holder request by sending an e-mail request on live.contest@forexgen.com

For more information about our current and future promotions, kindly contact one of our customers support agents at promotions@forexgen.com

Forex Brokers

Most FOREX traders use a broker to handle their transactions. What exactly is a broker?

Strictly speaking, a broker is an individual or a company that buys and sells orders according the investor's decisions. Brokers earn money by charging a commission or a fee for their services.
A FOREX broker needs to be associated with a large financial institution such as a bank in order to provide the funds necessary for margin trading. In the United States a broker should be registered as a Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) as protection against fraud and abusive trade practices.

Before trading FOREX you need to set up an account with a FOREX broker. You may feel overwhelmed by the number of brokers who offer their services online. Deciding on a broker requires a little bit of research on your part, but the time spent will give you insight into the services that are available and fees charged by various brokers.
The best advertising is word-of-mouth advertising, and this is just as valid in FOREX trading as it is for any other type of business. Talk to friends and associates to see who they are dealing with and find if they have any complaints or difficulties in dealing with a particular broker.

You could try selecting a few online brokers and contact their Internet help desks to see how quickly they respond to enquiries and whether or not they answer questions to your satisfaction. Keep in mind, however, that pre-sales service may be better than after sales service. This can be true for any online business, not just FOREX brokers.

Customer satisfaction and safety are just part of the story. You want to find a broker who executes orders quickly and with minimum slippage. All online brokers should offer automatic execution and have clear policies regarding slippage. They should be able to tell you how much slippage can be expected in both normal and fast-moving markets.
Next you want to know the fees involved. What is the spread? Is spread fixed or variable according to the type of account? Are mini accounts subject to wider spreads? Are there any other charges? Smaller spreads mean more profit for the trader, but there may be a trade-off between spread and service. Look at the overall picture before deciding to go with a particular broker.

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