More About Forex Trading Log

Forex trading requires close monitoring of various aspects of the business. At times it may be difficult to keep all the essential activities and transactions required in mind. Therefore, it is important to have a way of analyzing and evaluating your actions in order to run smoothly. One of the most important tools when it comes to forex trading is a trading log. A trading log helps you put down and keep on track all the major tasks and transactions. This is a very efficient approach; else you can easily get overwhelmed by the trade chores especially when the business is at the pick.

A forex trading log can be a simple tabular grids with entries such as the date, the price, number of lots opened, exit price, initial protective stop level, commodity, quantity and so on. Although most traders have been using personal diaries as the trading log, there are standard logs which have been designed specifically for forex trading. Some logs are in book form while others are digital. Both of them may have the same formats but vary with convenience and flexibility.

With the digitalization of business book-keeping and accounting practices, more and more business owners are turning to digital trading logs. Spreadsheet programs can make a very good trading log for your business since they come with a host of computing and data management capabilities. Updating figures in the log can be easily automated allowing you a great deal of flexibility. Some of the commonly used spreadsheet programs which can be used to create a simple trading log include the Microsoft Excel and The Lotus 1-2-3.

There is also quite a number of forex trading software that are available in the market that can help you out in various forex related tasks; among them keeping a log book. The software will most likely include market analysis and forecasting tools as well as order entry and management capabilities; giving you a worthy package in the management of your forex undertakings.

A trading log can help you optimize your business weaknesses and make the best out of the venture. However, first you need to ask yourself why and what you should make entries and exits in the log. Else, it will be difficult to know what went wrong or what went right. Make sure you have a field where you will put the remarks after a fixed period of trading. This will play a big role when it comes to making important decisions regarding the strategies to adapt in your profitable forex trading business.

Successful Forex Day Trading – How To Earn 10 Pips Profit Per Day

A common approach to forex trading is to play with small stakes and target large price moves in the region of 50-200 pips. Indeed I trade this way myself using my main 4 hour trading system. However an alternative approach is to increase your stakes and look for much smaller price moves. That way you only need to find one decent trade per day if it generates around 10 pips, for instance.

It’s not that easy to do, but you can achieve this target if you employ a sound trading strategy. The best approach is to concentrate only on the major currency pairs (such as the GBP/USD, EUR/USD, USD/JPY, EUR/GBP and GBP/JPY, etc) and look for pairs that are trending strongly upwards or downwards during a given trading session.

You simply look at say the 1 hour chart of all of the major pairs and see which ones are moving strongly upwards or downwards. Then once you’ve done that you can use the shorter time frames to get a good entry point.

The best strategy is to find out which currency pairs are moving upwards on both the 1 hour and 15 minute charts, and then hone in on the 5 minute chart. You want to wait for the price to start moving sideways or downwards on this shorter time frame before turning upwards again, because this is an excellent sign that the established trend is set to continue, and therefore likely to net you at least 10 points or so if this is your target.

Many intraday traders use this type of strategy and for good reason. If you know there is a strong trend in place, then the short-term chart will present you with some decent trading opportunities, particularly near the beginning of a particular trend.

Therefore it’s fairly easy to generate a safe 10 pips every day, particularly if you use a few technical indicators to help you. For example you could use moving average crossovers, or you could wait for the RSI and/or stochastics to become oversold and then go long if there is a long term upward trend in place.

There are lots of methods you can use but the point is that if you always trade in the direction of the overall trend, then it is fairly easy to generate consistent profits. You should find that you can easily find one outstanding trading opportunity every single day across the various different currency pairs. After all you only need to generate around 10 pips per day to make a decent living from forex trading.

Forex Trading – U.S. Dollar Index

The U.S. dollar index measures the value of U.S. dollars in comparison to six other major currencies-euro, yen, British pound sterling, Canadian dollar, Swedish krona, and Swiss franc. In forex trading, this is measured by the weighted geometric mean of the U.S. dollar against the six global currencies. The index is updated twenty four hours a day, seven days a week. The U.S. dollar index serves as the general assessment of the value of the U.S. dollar.

The U.S. dollar index was invented back in March 1973 to replace the Bretton Woods system. That period was chosen as the zero point because it was significant in the history of forex options trading market. This implies that during the time most currency trading nations were quoted freely against one another. It was agreed upon in the Smithsonian Institution, Washington and was considered by market theorists as a victory against the Bretton Woods system that promotes the collapsed fixed rate invented 25 years ago.

The U.S. dollar index is now used as an indicator in forex trading by most speculators who uses currency pairs that involves the U.S. dollar. Besides, the forex market is all about the highs and lows of the U.S. dollars. Taking into account the value of the American greenback by using U.S. dollar index is a good signal to the trader as to when to enter a trade. This shall be an addition to the growing knowledge of traders when it comes to the ins and outs of the financial market.

Timothy Stevens is a Forex Options Trader who owns – He has helped hundreds of people on Trading Forex with Options.

He has recently developed a free e-course showing you a step by step process for starting your Forex Trading easier. To learn how to start Forex Trading with Options without wasting your time and losing more money, visit

Is Gold Trading The Profitable Business Opportunity

Gold is precious among many other metals and the main reason behind its popularity is that it has the same level of value irrespective of the nation to which it is taken. Many people have understood the importance of investing in this metal just because of the fact that its value will never be lost due to political, social, economic or currency crisis and trading with it is tangible as well.

Some years ago, people were thinking, gold as just a means of showing their wealth. Also, even though, some of them thought it as an investment, they were hesitant because of the fact that they will have to preserve the physical item in their home and will have to protect it against robbery and theft. When, allocated gold storage was begun by banks, some of them showed their interest towards procuring this metal just with the hope that they can store it in bank thereby securing it from robbers. But, nowadays, offshore gold storage facilities are offered and also it is not essential that the physical metal should be procured and stored as people can show their investment in the form of bonds and certificates as well.

Some companies are providing offshore gold storage facilities, apart from selling it in the form of bullion, coins and bars. Like people making their purchases in an online store, they can procure gold and silver in the form of coins and bars and can also get allocated gold storage facility for safely storing the metal in a secured environment. Here, people purchasing it from the service providers can either sell them back after storing for some days when the value increases or they can also get the purchased items delivered to their doorsteps.

Some people make use of this facility just for trading. This means that they purchase the metal one day and resell the same to the seller, when the value increases. This is done as a business by them. Nowadays, people are looking for additional ways to earn income and if they have some money to invest, they can very well opt for this profitable business. This is because of the fact that the value of this metal is ever increasing and it can turn out to be a great investment to them.

Here, they should be careful about the selection of the right firm dealing with different forms of gold and silver metals and secured storage options.

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Common Mistakes Made by Online Forex Trading Beginners

One of the biggest mistakes a beginner can make is to rush in. You need to understand the basics of currency trading before you become a trader. For instance you could lose all your trading capital if you do not understand leverage.

Develop your plan first and get a forex trading strategy and write it down. Follow your plan and strategy diligently. Failing to invest time into forex trading is another novice mistake. The exchange markets need dedication; you need to constantly monitor it. This is not the kind of investment you make then sit back and wait for the returns.

Lack of discipline can be a fatal mistake in currency trading. You need to be much disciplined. Do not make emotional decisions that can cost you. For instance, if you incur losses, do not try to trade more to get back at the market. Be rational in your decision making.

Limit your number of currency pair. In order to succeed in currency trading, try trading in only one currency pair; this will ease your monitoring and decision making process.

Do not attempt to make predictions in currency trading. Many forex trading beginners try to adopt a “get rich quick” mentality. They therefore make hasty costly mistakes like trying to predict the buying or selling prices. You can’t make predictions in currency trading.

Most forex trading beginners fail to establish a trading style. You need to understand the three trading styles, that is, day trading, long term method and swing method. Select a trading style that matches your goals.

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Forex NoNameBot Review – Perfect Ways to Discover The Advantages of Using FOREX Robots

Forex robot is software that generates trading signals after which automatically places real-time buy and sell orders in your brokerage account. There are many different ones from which to choose, like a search of “Forex robot” about the Internet will begin to reveal. Some robots can be programmed by a trader; others come preconfigured and may only be updated through the robot vendor. Research the offerings carefully to make sure you buy a robot with the features you desire for your style of trading.

Speed

All Forex robots are designed to trade in tangible time. To do so, they must instantaneously recognize price changes for all monitored currencies, evaluate whether to issue an order and, if appropriate, make an order together with your broker. Humans just can’t operate in the speed of a robot, which makes human traders susceptible to price “slippage” — price changes occurring in the interim between signal generation and order execution. The problem escalates with the number of currencies traded. A great Forex robot can real-time trade in a half-dozen currency pairs simultaneously, an impossible job for a trader.

Stealth

If you do business with a dealing desk broker — market makers who trade against their customers — you don’t want to “tip your hand” prior to your trades. What this means is you do not want to place limit or stop orders, because these tell your broker exactly how to manipulate prices to defeat your trading strategy. A limit order tells the broker at what price you will enter a situation. An end order specifies whenever a winning or losing position will be closed — through take-profit and stop-loss orders respectively. A Forex robot can be employed in “stealth mode”: it enters orders automatically in real time as prices reach your entry or exit points. Your broker will have no advanced understanding of your upcoming trades and is thus denied a decisive advantage in the zero-sum battle for Forex profits.

Discipline

Unlike humans, Forex robots are neutral; they do not experience greed or fear. This can be a decided advantage because humans can perform a lot of harm to their accounts by trading emotionally. After experiencing a loss, some traders become gun-shy; others become gung-ho. However the best fact is to simply keep your composure and stick to your trading strategy. You will find traders who are able to successfully manage their emotions in stressful trading situations. If you are undertake and don’t, a robot can provide the discipline you lack.

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Risk Free Forex Trading Strategy

Forex trading has become the recession proof business of 21st century. There is no better way to make money from home than forex trading. You only need a computer and a good internet connection to start. However, many people still afraid and consider forex trading to be risky. Well in this post, I will give you a risk free method.

Anything done without education and training is bound to fail. You cannot become a good tennis player by simply holding a tennis racket. Same with forex, you need education. The good thing is that now days, you can find very good educational resources online. Just Google, forex trading course and you will come across many websites that will tell you almost everything about forex trading in simple and easy terms.

Now once you feel confident that you have learned a few good forex trading strategies, you can open a demo account. Demo account gives you the privilege to trade without losing your actual money. You will get the real data but you will be using virtual money. So you can practice the strategies that you have learned without being afraid of losing your money.

But here, I will tell you that most of the people now use forex robots. Auto forex trading has become popular with the introduction of metatrader platform that gives you the ability to write programs in MQ4 script. A number of good programmers and expert traders have teamed together to develop good robots also known as expert advisors that can trade on your behalf 24/5. Dont forget the forex markets are closed on the weekends.

Visit my blog to read more on different auto forex trading systems. There are two very good auto forex trading systems that you can try. Both the systems come with 60 days money back guarantee. Try anyone of the system for 60 days on your demo account. If you feel that it works for you, start live trading otherwise asks for a refund. How much money you have lost? Not even a single cent. Now this is the risk free forex trading strategy that you should not miss.

Forex trading is a great way to make a fortune working from your kitchen table. Dont miss this opportunity. You only need a little bit of effort and commitment and you will succeed. I have given you a very safe risk free method to trade that you can use. Visit my blog where you fill find lots of material on forex trading strategies. GOOD LUCK!

How to Buy a Good Trading Robot

The Best Forex Robots available online are considered the best friend to any forex trader. Those who do not understand what a forex robot is, they should know that this is software that helps traders to effectively trade in the currency exchange market. The robot is usually programmed to undertake trading without involving humans. Due to this, it becomes such an essential tool, as a merchant can buy and sell without necessarily logging into the trading platform. All of you need to do is to program the robot that trades on your behalf.

As a new entrant in currency exchange trading, you will meet many companies selling such automatic tools. As most time they are usually expensive, you should do thorough research about the software and the company you want to buy from. The best place to start your research for a reputable company selling legitimate ones is from friends. If you know friends who trade in the market, you can ask them to refer you to a good company. This way, you will easily identify a good system without struggling too much.

If you do not have friends to recommend a good one, you can undertake the research by yourself. The best place to do research is online. You can start by making the regular Google search and you will identify several companies selling the software. To ensure that the company is reputable and it is selling good products, you should read the various reviews given by different users. From the reviews given, you will be able to know if the company is reputable or not. Do your researches, before you use a site offering options.

If a company has many negative reviews, you should avoid buying the tools from them. This is because most likely they will sell you a faulty program. Other than the company having a bad reputation, you should also avoid buying from a company that has no reviews. This is because most likely the company is new and has no experience in its operations. To be on the safe side, always ensure that you buy your automatic tools from a company that has a good reputation and years of experience. This is because the company will have a reputation to protect. Therefore, they will sell you the best quality products. Other than selling you high quality products, experienced companies are usually knowledgeable. As a result, they will guide you in any area you are not experienced. Before choosing the right one, you should learn more about what are Forex Robots.

Forex Trading – Use Forex Leverage Wisely

The Forex trade market has a distinct special feature that allows you to earn enormous profits fast- leverage. However, you have to use Forex leverage wisely as it can also bring you big loses fast, and even wipe out your investment completely.

Here’s how Forex leverage works. You will have the power to trade your one (1) dollar capital to a position worth one hundred (100) dollars and generate profit from the one hundred (100) dollars, working on a ratio of 1:100. The leverage rates in Forex can go very high depending on the offer of the brokers. Do you now see the potential of earning huge profits just by leveraging?

But there’s a downside to this feature. The risk of incurring big loses is equal as that of earning your huge profits. What this means is that with the ability of Forex leverage to transform the trade one (1) hundred times bigger, you are also capable to lose your capital by as much. Again, based on a ratio of 1:100, if the trade goes against your favor, you can lose your entire capital even on a single trading with leverage.

It is crucial therefore to know how and when to use Forex leverage to your advantage. Leveraging is used by Forex brokers often to attract people to trade big so the brokers themselves can earn big, as they earn interest from the amount that they lend you as leverage.

Forex leverage is an easy tool to earn big profits from the trade as long as you learn how to use it judiciously. You should be able to balance the upside and downside of leveraging to earn optimum results with minimal risks.

Timothy Stevens is a Forex Options Trader who owns – He has helped hundreds of people on Trading Forex with Options.

He has recently developed a free e-course showing you a step by step process for starting your Forex Trading easier. To learn how to start Forex Trading with Options without wasting your time and losing more money, visit

Understanding Forex Copy Trader Yourself

If your aim is to grow your trading enterprise to incorporate client traders, it is important to point out that the version of forex copy trader utilized will affect the kinds of clients you will receive. Forex copy trader is a pioneering technology in the forex market that can greatly enhance your profitability. In contrast to other types of forex applications in the market, the forex copy trader is prebuilt with additional features that make it a cut above the rest.
Benefits of forex copy trader
Illustrated herein, are some of the numerous benefits that you stand to gain by making use of forex copy trader:
First and foremost, it can greatly enhance your prospects of making profits while you are still getting to know more about the tit bits of online foreign currency exchange. Forex copy trader allows you to keep tabs of more experienced online forex trader activities, thus enabling you to discover the intricacies which affect trading indicators.
Through a forex copy trader, you will be able to receive trading indicators within a time frame of a half a second. This in turn allows you to copy the trades swiftly. In spite of where you are trading in the world, you will be able to receive trading signals at a rapid rate. As a client trader, you will be able to receive email notifications informing of the trading signals received. This is especially critical if you are carrying out manual transactions.
The clients you are working for may have several accounts that they use to trade so as to have more choices. Manual transactions as well as trades carried out automatically with the application makes copies to all the clients accounts.
Perhaps the greatest benefit of forex copy trader is that it can manage various currency pair transactions between the client and master account.
The ability of the application to accept payments transacted via local banks or PayPal accounts is one of the main reasons why the forex copy trader is one of the most commonly sorts after application. Moreover, you will be able to receive User ID the moment the payments have been credited. As such, you will be in a position to begin trading instantly.
The forex copy trader application will run on virtually all operating system platforms ranging from Windows to Mac OS. As a client, you will not be compelled to buy extra applications so as to make it compatible with your primary operating system. The forex copy trader will also function through a LAN Local Area Network. Furthermore, it is compatible with practically all Forex Brokers.