Trading for a living

Trading for a living

Buying Pullbacks - The Fatal Error Most Traders Make
You have heard it often buy dips in bull markets and wait for the market to rise but buying dips is not as easy as it first seems and most traders lose.

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Forex Books for beginners

Forex EBooks
Here you can download free FOREX e-books. The information in these Forex e-books will help you develop your trading skills, money management abilities and self-control.

Introduction to Forex - by 1st Forex Trading Academy.
Introduction to Forex

The basics of trading with candlesticks charts by John H. Forman
Candlestricks for support and resistance

Course #1 lesson #1 by Jake Bernstein
Online Trading Courses

Commodity Futures Trading For Beginners by Bruce Babcock
Commodity Futures Trading For Beginners

Hidden Divergence by Barbara Star, Ph.D
Hidden Divergence

The Law of Charts by unknown author
Law of Charts

Peaks and Troughs by Martin J. Pring
Peaks and Troughs

Reverse Divergences And Momentum - by Martin J. Pring
Reverse Divergences And Momentum

Strategy:10 - Low-risk, high-return forex trading by W. R. Booker & Co.
Strategy:10 - Low-risk, high-return forex trading

The NYSE Tick Index And Candlesticks - by Tim Ord
The NYSE Tick Index And Candlesticks

Trend Determination - A quick, accurate and effective methodology by John Hayden
Trend Determination - A quick, accurate and effective methodology

The Original Turtle Trading Rules - by OrignalTurtles.org
The Original Turtle Trading Rules

How to Building Trading Plan

Ten Steps to Building a Winning Trading Plan

1 Skill assessment Are you ready to trade? Have you tested your system by paper trading it and do you have confidence that it works? Can you follow your signals without hesitation?

2.Mental preparation – How do you feel? Did you get a good night's sleep?

3.Set risk level – How much of your portfolio should you risk on any one trade?

4.Set goals – Before you enter a trade, set realistic profit targets and risk/reward ratios. What is the minimumrisk/reward you will accept?

5.Do your homework – Before the market opens, what is going on around the world?Are overseas markets up or down? Are index
futures such as the S&P 500 or Nasdaq 100 exchange-traded funds up or down in pre-market?

6.Trade preparation – Before the trading day, reboot your computer(s) to clear the resident memory (RAM).

7.Set exit rules – Most traders make the mistake of concentrating 90% or more of their efforts in looking for buy signals but pay very little attention to when and where to exit.

8.Set entry rules – This comes after the tips for exit rules for a reason: exits are far more important than entries.

9.Keep excellent records – All good traders are also good record keepers.

10.Perform a post-mortem – After each trading day, adding up the profit or loss is secondary to knowing the why and how. Write down
your conclusions in your trading journal so that you can reference them again later.

source : More Information How to Building Trading Plan

Top 7 Indicators

Top 7 Indicators For Developing Your Own Forex Trading Style
By Michael A. Jones

When developing your own forex trading style, there is a danger in becoming fascinated with indicators. The newer trader experiments with one, finds it doesn’t work so well, then switches to another, then another etc.

The list below highlights 7 key indicators that can be woven into your forex trading style. You may not need to go any further than this. Stick with the 7, practice them, get to know them inside out, and get the satisfaction of developing your own successful forex trading style.

1. Candlesticks – watch for a hammer, doji, head and shoulders pattern, 1-2-3 formation, double top or bottom.

2. Trendlines – draw common sense trendlines across the highs in a downtrend or lows in an uptrend. Watch for price to break the trendline and come back and test it.

3. MACD – Watch for a difference between the highs and lows of MACD and price. When there is divergence watch closely for a good entry point once price has shifted in the direction of the divergence.

4. 200 EMA – this indicator is an all time favorite for traders across the board. On higher time frames (1 hour, 4 hour, daily) take note whether price is above or below the 200 EMA to give you the sense of price direction.

5. Pivot points – take note of previous support and resistance lines as price will come back to retest these levels time and time again.

6. Fibonacci – learn how to use this tool well and take particular note of the 50 and 62 retracement levels, especially when they coincide with trendlines or previous support/resistance.

7. Price itself – let price prove to you where it wants to go by setting entry orders rather than market orders when entering a trade. By setting an entry order, price has to reach the target you specify before pulling you into the trade.

Michael A. Jones is a writer and webmaster with over 10 years experience who also trades the forex regularly. For an extensive coverage of the 7 indicators mentioned above, check out Michael’s recommendation here:

Source: http://Top7Business.com/?expert=Michael-A.-Jones

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How to Chose an Online Forex Trading Broker

Is the firm regulated, with solid financials?
First step – visit the NFA's website www.nfa.futures.org to confirm that the firm is a registered FCM. Among the registered firms, look for those with clean regulatory records and solid financials. Avoid non-regulated firms, period.

Who runs the firm?
Management expertise is a key factor, as a trader's end-user experience is dictated from the top and will be reflected in the firm's dealing practices, execution quality, etc. Review staff bios to evaluate the level of management and trading experience at the firm.

How much leverage does the firm offer?
Too much of a good thing? In the case of leverage, yes. Firms offering excessively high leverage are not looking out for the best interest of their customers. A good rule of thumb is to not employ more than 100:1 leverage for Standard (100k) accounts and 200:1 for Mini (10k) accounts.

What resources are available?
Evaluate all of the free and paid decision support tools and resources offered by the firm including, charting, news, research, wireless trading, etc. Training & education are also valuable for investors new to the Forex market.

Is 24-hour customer support available?
Forex is a 24-hour market, so 24-hour support is a must. Can you contact the firm by phone, email, chat, etc. Are the reps knowledgeable? The quality of support can vary drastically from firm to firm, so be sure to experience it firsthand before opening an account.

How robust is the platform?
Open a demo account and test out the firm's trading platform. A sophisticated platform will be intuitive, with real-time P&L and position management. Advanced order capabilities are a must for a 24 hour market; not just stops and limit order but complex orders such as If/Then and trailing stops.

Why trade forex

Money Trader? Every successful trader needs a great set of tools to help them make money when trading the markets. The tools that we offer MTI can be used effectively to trade and make money in any market. As you have heard it said, a chart is a chart is a chart. If you will take the time to look around our site and take us up on our free trial offer to our services, you will soon see the value of the knowledge that we are willing to share with you.

MORE BANG FOR YOUR TRADING DOLLAR!

You may ask yourself, Why would I want to trade the FOREX?....The answer is simple, its called leverage. Frankly no market can provide you the leverage that the FOReign EXchange or FOREX can. You can effectively use US$1000 to control US$100,000. No secret formulas, no smoke and mirrors and no Indian chants, just a sound application of technical analysis coupled with a logical money management strategy. We can't guarantee that every trade will be a winner and you wouldn't believe us if we did, but we can say that consistently applying the right methodology can produce profits over the long haul. Leverage is a double-edged sword. Without proper risk management, this high degree of leverage can lead to large losses as well as gains.

Introduction to Forex Trading

There are many markets: markets for stocks, futures, options and currencies. These are probably the most accessible markets for everyday traders like you and I. People easily understand the basics of trading shares, so I will occasionally use examples from that market.

If you do not know a lot about currency trading, you must read this paragraph. It is one of the best markets to trade because of its efficiency. The transaction costs to execute a trade are minimal and most brokers provide you with the tools and data you need to make your trading decisions, they usually provide them for free. The market is open 24 hours a day which allows you to design your trading hours around your daily commitments. It is very volatile, which is great for those people who are looking for day-trading opportunities.

The foreign exchange market is the market in which currencies are bought and sold against one another. People may loosely refer to this market under different labels, including foreign exchange market, forex market, fx market or the currency market.

The foreign exchange market is the largest market in the world, with daily trading volumes in excess of 1.5 trillion $ (US dollars). All transactions involving international trade and investment must go through this market because these transactions involve the exchange of currencies.

It is the most perfect market that exists because it has a large number of buyers and sellers all selling the same products. There is a free flow of information and there are little barriers to participate.

The currency exchange market is an over-the-counter (OTC) market which means that there is not one specific location where buyers and sellers can actually meet to exchange currencies. Instead, transactions are conducted by phone, fax, e-mail or through the websites of brokers who specialize in currency trading.

The major dealing centres at the time of writing are: London with about 30% of the market, New York with 20%, Tokyo with 12%, Zurich, Frankfurt, Hong Kong and Singapore with about 7% each, followed by Paris and Sydney with 3% each. Because of the fact that these centres are all over the world, foreign exchange traders can execute transactions 24 hours a day. The market only closes on the weekends.