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Forex And Foreign Exchange

 

From Beginner To Forex And Foreign Exchange Trader.

The case for trading foreign currencies instead of stocks and futures is strong.

Forex And Foreign Exchange, home based, day trading, profit, foreign currency, boss.

When you begin to investigate this business of day trading a plethora of information comes at you. Type in day trading, do a search and you get close to a million choices. That’s a lot of info to sieve through. So where do we start?

There are some basic necessities that you must have before you can begin. A fairly good computer is a must. The prices are going down and the power is increasing all the time. So these days you can pick up a new machine for about $800 that will do the job. A high end trading machine with all the bells whistles will set you back about $1500. One thing you must consider is how many monitors are needed. I recommend 2 because you can’t go wrong with screen real estate in this business. Believe me it won’t go to waste. This will push up the price a little, but it is well worth it. Make sure you get a flat panel LCD which comes standard when you buy a new machine. Remember your eyes. Don’t try and save a couple of bucks by purchasing an old fashion flickering monitor. Hours in front of the screen can be a daily occurrence in this business. Computer auctions are a good option.

The second item is a fast internet connection. There are many options available here, but do not go below ADSL. The speed of the information coming to your computer is very important.

Finally, on the hardware side, make sure your setup is comfortable. The desk should be at the right height and a swivel type reclining business chair is really nice.

Now you are all set, so what do we trade? There are 3 basic categories to choose from. These are stocks and options, futures and commodities and foreign currencies.

Let us look at stocks. There are thousands of them. Then there are the exchanges such as The New York Stock Exchange for the big boys then there is the NASDAQ for the internet type younger companies. We also have pink sheets for stocks with low trading volume. How do you decide which stocks to trade. There are various software packages that screen stocks for whatever parameters you input You can screen for gapers, which are stocks that have gone up or down by a fairly large amount when compared with the previous days close. Then there are lows and highs, unusual volume, earnings reports, other reports that affect the stocks price, sector performance and on and on it goes. It can be a daunting task deciding “how” if you want to trade stocks. What about options? They are too specialized for the beginner in my opinion. Learn something simple and then you can graduate to options if you so desire.

Futures and commodities on the other hand offer the trader a much smaller basket of goods to choose from. I would stay out of commodities if you are just learning. Commodities such as grains, orange juice, coffee and pork bellies etc. require the trader to acquire knowledge about the peculiarities of the commodity. For instance, when is the end of the grain harvest? How has the weather affected the harvest, and a host of other variables. There is an easier way!

When we take a close look at foreign currency trading we see some decided advantages compared to the other instruments already mentioned. Foreign currency trading, commonly called Forex And Foreign Exchange, involves the buying and selling of one currency against the other. One of the huge advantages of Forex And Foreign Exchange is its’ liquidity, which is the volume of transactions measured daily, weekly or annually. The liquidity in Forex And Foreign Exchange is second to none. This is important because it means when you trade you will almost always get your fills. Can you imagine buying a stock and it starts to dive and you can’t get rid of it because of lack of liquidity! This would not happen in Forex And Foreign Exchange trading. Another advantage is its high daily range. This means every day the currencies increase and decrease in price enough to allow the trader to have opportunities for trades every day. The Forex And Foreign Exchange market also gives you flexible work hours. All around the globe the same currencies are being traded from almost sunrise to sunrise. You can literally choose when you want to trade. It is ideal for learning and practice if you have a current job and want to transition to trading over a period of time, or if you want to just trade on the side. One of the biggest advantages of trading foreign currencies is the leverage it gives the trader. This means you can start with as little as US$2000 or sometimes less and start to trade right away. Another advantage is that you can focus on one or two pairs of currencies and really learn to trade them very well because you will get to know them so well. You do not have to wonder which stock should I going to trade today.

Finally the opportunity exists for you to be trained by experts on all aspects of Forex And Foreign Exchange trading for a very reasonable price. You do not need to try and reinvent the wheel. It has all been done for you already. Researched, experimented, tried, tested and proven to work.

Click on the link to find out how!

 

Fundamentals Of Forex And Foreign Exchange Trading

Forex And Foreign Exchange trading investors rely on two types of analysis that are generally used in all the trading markets, fundamental analysis and technical analysis. Fundamental analysis in Forex And Foreign Exchange trading involves taking a look at the economic conditions that can or will affect the value of the currency of a nation. There are several factors involved in a fundamental analysis concerning the Forex And Foreign Exchange Market, and one of these factors are economic indicators, which are reports that the government ...

Forex And Foreign Exchange trading investors rely on two types of analysis that are generally used in all the trading markets, fundamental analysis and technical analysis. Fundamental analysis in Forex And Foreign Exchange trading involves taking a look at the economic conditions that can or will affect the value of the currency of a nation. There are several factors involved in a fundamental analysis concerning the Forex And Foreign Exchange Market, and one of these factors are economic indicators, which are reports that the government and private companies release at scheduled times. These reports give an indication of the economic health of a country, and they cover everything from unemployment figures to housing figures, among others.

The four major reports that are most closely watched by Forex And Foreign Exchange traders are the Gross Domestic Product, Retail Sales, Industrial Production, and the Consumer Price Index reports. The Gross Domestic Product report is the widest measure of the economy of a country, and most investors consider this report a lagging indicator. The Retail Sales report evaluates the total sales receipts for all retail stores in a specific country. This is a good indicator of consumer spending for a particuliar country, and this report is considered a timely indicator. The Industrial Production report gives a good indication of the changes in production for the nation, as this can be a sign of the economy for that country. The Consumer Price Index measures the price changes of consumer goods across more than two hundred categories of goods and services.

Some other economic indicators that are used by Forex And Foreign Exchange traders include the Producer Price Index, or PPI, the Purchasing Managers Index, or PMI, the durable goods report, the employment cost index report, or ECI, and the housing starts report. These reports are all issued by the governments, and there are also plenty of private reports as well that are extremely useful to Forex And Foreign Exchange traders. The Michigan Consumer Confidence Survey is one of the most popular private reports, and it can be extremely useful as well, along with other private and government reports, if it is used properly.

The fundamentals of Forex And Foreign Exchange trading include various government and private reports that show economic conditions as well as other factors that may affect the economy of a government or country. Knowing how to analyse these reports is critical to avoid losing money to the market. By being aware of economic trends and factors, and how they affect a specific economy, trading on the Forex And Foreign Exchange market can be more profitable and less of a risk.

Copyright © 2007 Joel Teo. All rights reserved.

 

Forex And Foreign Exchange Trading: Do You Have It In You

Forex And Foreign Exchange is short for Foreign Exchange, where money from one country is exchanged for that of another or the simultaneous buying of one currency and selling of another.

When one deals in Forex And Foreign Exchange trading the profit or loss, he incurs is the increased or decreased value of an investment caused solely by currency movements. For example, if an investor thought that the US dollar was weak, he might purchase German Mark. The investor's, the real profit or loss could then be in how th...

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Forex And Foreign Exchange is short for Foreign Exchange, where money from one country is exchanged for that of another or the simultaneous buying of one currency and selling of another.

When one deals in Forex And Foreign Exchange trading the profit or loss, he incurs is the increased or decreased value of an investment caused solely by currency movements. For example, if an investor thought that the US dollar was weak, he might purchase German Mark. The investor's, the real profit or loss could then be in how the Mark moves against the US$.

Being the largest financial market in the world, the Forex And Foreign Exchange market has a volume of more than $1.5 trillion daily. Also the Forex And Foreign Exchange market, unlike other financial markets, has no permanent location, no central exchange and just happens ‘Over the Counter.’ It operates through an electronic network of large banks, central banks, currency speculators, multinational corporations, governments and other financial markets and institutions. Retail traders are individuals who are a small part of this market. They participate indirectly through brokers or banks.

The foreign exchange market is unique because of its trading volume, the extreme liquidity, the large number and variety of traders in the market, its geographical dispersion, its long trading hours i.e. 24 hours a day and a host of factors that affect exchange rates etc.

Currencies are traded against one another. Each pair of currencies are traditionally noted as XXX/YYY, where YYY is the ISO 4217 international three-letter code of the currency into which the price of one unit of XXX currency is expressed. For example, EUR/USD is the price of the euro expressed in US dollars, as in 1 euro = 1.2045 dollar.

73 % of the Forex And Foreign Exchange trading is done by 10 top international banks. These large banks continually provide the market with both “bid or buy” and “ask or sell” prices. The difference between the price at which a bank or broker will sell and the price at which a broker will buy from a wholesale customer is called the “spread”. This spread is very less for actively traded pairs of currencies, usually only 1-3 pips. One pip is the smallest unit of price move used in Forex And Foreign Exchange trading. For example, if the currency pair EUR/USD is currently trading at 1.4000 and then the exchange rate changes to 1.4010, the pair did a 10 pips move. The pip is the smallest unit regardless of the fractional representation of the currency exchange rate. Thus, 1.3000 to 1.3010 is the same move in pips terms as 110.00 to 110.10 For example, the bid/ask quote of EUR/USD might be 1.2200/1.2203. Minimum trading size for most deals is usually $1,000,000.

Whew! What a market!




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