For people who would like to start a home based enterprise and trade currency, the forex market is an excellent opportunity. Sitting in a chair in front of your computer, you can earn substantial profits if you perfect the basics of Forex trading. Timing is the key to success in forex trading. Good timing is the major factor in earning your profits.
The market is open to everyone around the clock 5 days a week. But it is not always wise to try to trade every second, of every day. There will be certain times at when the currency you want to trade will be trading heavily. Trading here gets started at 5 PM on Sunday Eastern Standard Time. It closes at 4 PM on Friday.
> United States and United Kingdom do most of the major trading volume in the overall market. So, you should be active during their busiest trading hours.
> During the times when the European markets are open, New York will still do two thirds of its business.
> By having a look at Forex record charts, you can get a clear idea of when to be active and when to be cool.
> But Forex trading is very volatile one and can vary at any time. So it will be better to contact a broker and ask him to take care of your account at the times of your absence.
Each day’s trade activities of Forex market are charted as trade volume. Market volume generally stays high during the whole day. The hours at which the trade volume gets high is the timings at which the Asian market, United states market and European market are kept open at the same time.
External Resources:
Forex Trading Resources
Forex Trading Support
Sunday, May 17, 2009
Tuesday, April 21, 2009
Limiting your Losses and Supercharging your Profits:
The one aspect that many people don’t like to talk about trading is the likelihood of losing money. Well, to be perfectly honest with you, there is a strong chance that you will lose money. There are so many more opportunities to lose money than there is to make money if you do not have a solid trading strategy. However, if you develop a trading strategy grounded in the fundamentals, you can substantially reduce your exposure to losing trades.
It’s important that you set a stop-loss level before you execute your trading strategy for the day. You’re pretty much programming your trading software to automatically dump the trade once you lose a specific amount of money. The goal is to preserve your working capital and have enough of it to add to your profitable trades. Cut your losses on your crappy trades and quickly identify and add to your successful trades. That is the key to limiting your downside exposure and increasing your trading profitability.
External Forex Resources:
Subscribe to:
Posts (Atom)