AbleForex.com

AbleForex answers:

Like everyone else has said you need to take your time when deciding to trade the Forex market. That being said, if you are willing to learn how to trade it properly and are patient you can make money even with a small ($5000) account.

You will need to set strict money management rules, that is how much to place on each trade, how much you are willing to lose on each trade and how much profit you are happy to take on each trade.

Greed can do funny things and a winning trade can end up a loosing trade.

Follow these 10 steps

1. Get access to and read as much free information as possible

2. Download free Forex Charts

3. Take some Forex courses

4. Test and trial a couple of different forex strategies to determine which is best for your personality. Don’t rush this stage as you will really get to know yourself, how you react to loss, greed, fear and you will come to an understanding of how much time you really want to commit to your trading.

5. Open a demo account with an online forex broker, and start with a conservative amount in your account between $5000 and $10,000.

6. Simulator trade for between about 3 months

7. Open a Mini-Forex Account and fund with a conservative amount of money, between $300 – $2000.

8. Build your confidence by taking small amounts from the market consistently.

9. Throughout this whole process develop a trading plan that will consist of
a. What size your real trading account will be
b. How much you will trade each time
c. What timeframes you will trade
d. How much you will risk each trade

10. Trading for Real – Start trading a real account and continue to monitor and track your progress, recognising that you are a continual learner.

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AbleForex answers:

The people who are “pocketing the spread” are not pocketing the whole spread. They have to pay for the computers, their offices, their staffs, etc. They only pocket what’s left over after that. Certainly if you are making big trades, they should charge you a lower spread, but they still have to charge you some spread.

AbleForex answers:

1) Tuesday through Friday (Avoid Fridays with Non Farm Payrolls or other big economic data releases).
2) Pick a session (Australasian, European, US) that best suites the pairs you prefer to trade
3) Allow a market to open and settle the opening “nerves” or previous days fundamentals.
4) There are strategies where you trade the open of certain markets or the close but these are strategy specific and you would need a certain criteria to be met eg: London break out strategy.

AbleForex answers:

Your best way to proceed into the Forex market is to be somewhat cautious and get a little knowledge on the mechanics, the risks and the idiosyncracies of the marketplace.

The biggest problem withthe Forex market is that the advent of electronic trading and the potential for attractive profits has made in way to easy for uneducated people to rush into the Forex market and lose their hard earned money before they even knew what happened to them.

The Forex market does involve risk, and one should never invest money that they cannot afford to lose. Fortunately we have the abvility to trade in practice accounts without risking any money until we have properly honed our trading skills.

The Forex currencies move quite quickly and frequently. There are successful traders that have the time, the discipline and the knowledge to be constantly monitoring their positions and make frequent trades throughout the day to capture profits and/or to prevent losses.

There are other Forex traders that inplement strategies that will lessen the risks associated with constant market movements with a hedged position.

These investors take a longer term view on their positions and are comfortable receiving an interest payment everyday, making small additional purchases and sales as the market does it’s dance and generating a comfortable monthly return on their positions.

I recommend to all my Forex colleagues to begin with a conservative approach and then if they want to move into more high frequency trading thay can do that later once they gain a bit more experience. What I find is that once I teach them a couple of conservative strategies they are quite comfortable continuing with this approach.

Good luck to you and I would be happy to send you some additional information.

Paul
pupp50@yahoo.com

AbleForex answers:

The best time to trade is when the market is the most active and therefore has the biggest volume of trades.

New York opens at 8:00 am to 5:00 pm EST
Tokyo opens at 7:00 pm to 4:00 am EST
Sydney opens at 5:00 pm to 2:00 am EST
London opens at 3:00 am to 12:00 noon EST

AbleForex answers:

I am trading in Forex market in India with http://www.finexo.com/, which is a business partner of Denmark’s Saxo Bank, with its headquarters located in Düsseldorf, Germany with huge US currency and never ever encountered any problem.

Whatever I gain is credited in my Indian bank account through Finexo trading account. The tax is deducted at source and when profit is repatriated here the Indian government deducts it.

AbleForex answers:

No, I don’t trade news stories, nor do I trade with a leverage of more than 1:50

The reason is simple: Broker spreads increase dramatically when a news report comes out. So the chances of manipulation & ‘price spikes’ are much higher.

Besides, the market itself goes into a volatile whipsaw at news time. Your stops can be taken out, trends takes a U-turn, and more often than not, you’ll end up with unwanted losses.

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AbleForex answers:

Http://www.fibonaccibook.com/

AbleForex answers:

The sessions have to do with times when markets are especially active. New York session covers typical work day on East Coast. This is when economic numbers are released, trading desks are fully staffed and the real decision makers are at work. It is high volume period, after which, normally, there is less activity. But you can trade around the clock.

AbleForex answers:

The foreign exchange market is constantly evolving. Currencies’ correlations with other elements of financial markets (equities, for example) change rapidly. Furthermore, breaking economic news has a major impact on the forex market.

By way of an example, witness the U.S. Dollar’s role as a safe haven currency during the 2008-2009 financial crisis. The greenback began to give back its gains against the euro and pound sterling as the global recovery progressed in the second half of last year. However, in 2010 these two European currencies have headed lower against the U.S. Dollar as the euro zone and, to a lesser extent, UK government deficit problems have come to a head.

The problem with forex trading strategy books is that they become obsolete the day they are published. A successful currency trader needs to be aware of the market and economic news trends impacting the forex market on a day-to-day basis.

Therefore, a far more effective resource than a book is a real-time FX strategy website like Around FX. The currency strategists at this website provide up-to-the-minute analysis of all G10 currencies and breaking economic news. They also source what FX strategists at the major global banks are thinking. This resource is also free.