Category Archives: Currency Trading

Day Trading The Forex Market

How To Day Trade Forex

You’ve heard about the many people making a sizable fortune in the Forex market.  In this article, you will be presented with some introductory information about the Forex market to get you started on a similar path.  You too can become a profitable Forex day trader if you follow the simple rules outlined below.

Trading Forex

Forex is the Foreign Currency Exchange Market.  Currencies are traded in pairs, such as the US Dollar (USD)/British Pound (GBP) pair.  The most commonly traded currency pairs in the Forex market are the US Dollar/Japanese Yen (USD/JPY), Euro/US Dollar (EUR/USD), US Dollar and Swiss franc (USD/CHF) and the British Pound and UD Dollar (GBP/USD).  The Forex market trades 24/7 and moves in pips.

A pip is .0001 for most currency pairs and .01 for JPY combined currency pairs.  On a standard contract, with a leverage of 100:1, one pip is worth $10.  If you trade smaller sizes with smaller leverages, the value of each pip is reduced.  For example, a mini lot pays $1 per pip, whereas a micro lot pays $0.10 per pip.

It all depends on what size account you start with, and how much you are willing to risk per trade. When learning how to trade the Forex market, start with only one or two currency pairs.  It is very difficult to keep track of all four currency pairs simultaneously.

There are many ways to learn how to trade Forex.  You can read books on how to trade Forex.  A recent search on Amazon alone yielded 133 books on trading Forex.  Though the least expensive way to learn Forex trading, it is also the slowest.  Another option is to invest in an online course that offers training modules.

Even better is to purchase an online trading course with an accompanying mentor in a trading chat room who is not only a professional forex trader, but is good at teaching his craft.  This is far better than joining a trading chat room alone, without an accompanying course, unless you have a lot of time to sit at a “wise man’s” feet waiting for scraps of knowledge to come to you.

This will be the most expensive option, but the best.  Do your due diligence however.  There are many people out there trying to take your money with offers too good to be true.  Even those with honest trading rooms and courses may not match your learning style.  Take advantage of free trials, ask the right questions, and remain objective when choosing a course.

If you follow this guide, stick to one or two currency pairs, and find the right course for you, you soon will be on the path to learning how to make your living in the Forex market.

what is a suitable benchmark for currency trading in the Eur, the USD and the BRL?

my home currency is euro and i have made currency trades in dollar and in brazilian currency. i need to compare or benchmark these trades. what is a suitable benchmark for these and also for leaving my euro money on deposit????

Trading indicators are best used along with money management and good risk control, using trading indicators alone will not enable you to be a successful trader, even if you learn everything about currency trading the market is just too random and unless risk is controlled, over time your account will slowly get wiped out, regardless how good a “trader” you think you are.

This question was about currency trading and there have been some pretty good answers that should help in your trading, and especially in relation to currency trading, the answer has been posted in the categories listed below:

Is forex currency trading similar to trading Derivatives?

Can a Good Foreign Exchange Currency trader also trade derivatives? I am pretty good at trading currencies but I am getting very good offer in a Bank for trading Derivatives … I dont know can I do that.. How is it>?!

Trading indicators are best used along with money management and good risk control, using trading indicators alone will not enable you to be a successful trader, even if you learn everything about currency trading the market is just too random and unless risk is controlled, over time your account will slowly get wiped out, regardless how good a “trader” you think you are.

This question was about currency trading and there have been some pretty good answers that should help in your trading, and especially in relation to currency trading, the answer has been posted in the categories listed below:

Forex Currency Market Trading – Which Forex Signal Generator Software Gives You The Best Results?

Specially from the viewpoint of forex data mining, analysis and reporting, which currency trading system meets your needs for a "power tool"?

Trading indicators are best used along with money management and good risk control, using trading indicators alone will not enable you to be a successful trader, even if you learn everything about currency trading the market is just too random and unless risk is controlled, over time your account will slowly get wiped out, regardless how good a “trader” you think you are.

This question was about currency trading and there have been some pretty good answers that should help in your trading, and especially in relation to currency trading, the answer has been posted in the categories listed below:

Recommend currency trading books for beginners?

I’ve always been interested in the foreign exchange markets and I want to learn more before getting into it. The problem is that whenever I come across a book for beginners, the reviews are so conflicting that I don’t want to take the risk of reading it and confusing myself. Are there any books available that is considered to be the standard for currency trading? Ones that don’t favor certain companies and business; just a basic straight-forward introduction on foreign exchange and getting started.

Trading indicators are best used along with money management and good risk control, using trading indicators alone will not enable you to be a successful trader, even if you learn everything about currency trading the market is just too random and unless risk is controlled, over time your account will slowly get wiped out, regardless how good a “trader” you think you are.

This question was about currency trading and there have been some pretty good answers that should help in your trading, and especially in relation to currency trading, the answer has been posted in the categories listed below: