Technical analysis using charting software that (when you learn how to identify what you are seeing) depicts resistance levels (how high it will likely rise to) or support levels (how low it will likely stop dropping at). This is helpful for determining whether to rollover the trade for a bigger forecasted profit the next day. However, a rollover does have additional clearinghouse fees attached. Quick in-and-out trades are closed intentionally with the goal of a smaller profit gain (such as a 4 pip profit).
For example, Beginners, who are learning to read their charts, can do very well closing positions at whatever point they have gained +4 pips profit. This represents a $40. profit (in this example we are trading 1 lot Euro/USD, so 1 pip equals $10.). A $40./4 pip gain is a relatively small move on the chart and may not seem impressive until you consider that If you do this successfully 4 times a day you have made $160. profit. With 4 such daily trades in a four day trading week you will have made $640. (consider also that this is even without the magic of compounding). We leave the monthly and yearly calculations to you.
What indicators do you utilize?
We have tried everything we could ever get our hands on. Over time we have selected the ones that are most consistent and well suited to our trading style. See our review of different indicator tools in Tools of the Trade. You will develop your own trading style (best times of day, favorite currency pairs, best instinctual moving-average chart pattern etc.). But experience with basic technical analysis using charting software is always the starting point. Then you add forex forecasting email subscriptions, Allan Greenspan's body language (no kidding) etc.
Are there any real time & reliable direct (commission free) market maker entry sites online?
Yes. It is not necessary to pay a clearinghouse (also known as a market maker, or forex brokerage house) an additional 'commission' for self-trading using their platform/services. They are usually compensated in the 'spread' between the buy price and sell price.
Tools of The Trade - Preparing to Trade
This is a collection of Forex "Tools of the Trade" -- products and services that we have found to be the best of all we have tried over many years, and additionally selected because the companies behind them have demonstrated reliable service, integrity and value. They are beginner-friendly, yet offering a growing trader lots of support. Look for the Forex-Trader discounts.
To trade Forex successfully you will need the basics:
1. A reliable, reasonably fast computer, preferably with high speed access to the internet (DSL or Cable Modem for example). An Internet dial-up account or the telephone becomes your back-up should your primary access fail.
2. Good foreign currencies "charting software" with a reliable, accurate data feed so that you can track currency movements in real time and perform the technical analysis necessary to trade effectively.
3. An on-line Forex trading account with a brokerage firm which provides a reliable Trading Platform, fair "spreads", quick execution of trades, good on-line reporting, and excellent customer service.
4. A subscription to at least one Forex Trading "Advisory Service" which provides market overviews at least daily. This gives you the context and overall directions of the market and will greatly assist in your own analysis and decision making.
Most importantly, you will need effective training and/or mentoring to master the techniques and discipline which 90 percent of beginning traders lack. This can be home study via cd's or on-line lessons, classes you travel to, or trainer/mentors who come to you.
1. COMPUTER HARDWARE:
Specially Configured for Trading.
MicronPC
There are many good choices for computer hardware. Over the last 6 years we have come to rely on consumer-poll-leader MicronPC to provide reliable hardware and great customer support. Their technical support is available 7 days a week and 24 hours per day and it is actually quick and friendly. We have made a special arrangement with MicronPC to provide substantial discounts to Forex-Trader referrals. Click the link below to see four configurations with detailed information and directions on how to order and receive a discount averaging hundreds of dollars off the price you would pay if you went directly to the Micron website and configured the same machine.
Telekinetics
Computer Trading Hardware For the Consummate Trader.
This is the Quintessence of Trading Computers.
TriKinetic is the only computer manufacturer dedicated exclusively to building trading computer solutions backed by lifetime technical support for the serious trader for whom downtime is not an option. With over 5 years experience and key relationships with the trading industry players, TriKinetic is a leader in complete 'Plug-n-Trade' (turnkey) trade stations.
2. FOREX CHARTING SOFTWARE
E-Signal
This charting software by Townshend Analytics professional charting software, works with a variety of data sources such as Comstock by Standard and Poors, Infotek etc. We use Comstock data for its Realtick is available by the month, a nice startup cost feature for beginners.
3. TRADING PLATFORMS Clearinghouses Providing On-line Access to the Forex Trading Market.
FXCM - Forex Capital Markets LLC A few the many reasons that we have been with FXCM the longest (and happiest) of the many Trading Clearinghouses we've tried -- they are commission-free and offer individual client accounts which are viewable online, their trading platform has the most efficient execution, with trader-friendly spreads and policies for both beginners and advanced traders with either large or small accounts. With an eye to coming regulations they voluntarily registered with U.S. regulatory agencies to demonstrate client assurance of safety through compliance with Securities rules.
A Word of Experience:
FXCM Charting software is free with a demo or live account, although useful it is not as complete as professional charting software. Also, their 'Mini-Account' might seem like a good start for a cautious beginner, however we have experienced much safer and more profitable trading results by learning to trade on their free demo account then, when ready, going 'live' with a 'full-size' trading account.
4. TRADING ADVISORY SERVICES
Trading Advisors are the esteemed 'Forecasters' of the Forex Trading Industry, experts who predict upcoming market moves based on experience, technical analysis and a host of other indicators.
Forex Advisor - Live Trading Advisory
This advisory service is one we are enjoying more everyday, naturally first because of its value and consistently profitable returns month after month with truly excellent risk management protocols. But also because this system is the ultimate in 'live coached trading'. This advisory teaches you risk-safe, consistently successful, profitable trading strategies -- one live session at a time.
A professional trader does all the analysis and posts charts and how-tos online on a leading edge proprietary Live Trading Platform while calling real-time trades with specific entry, exits and stop loss points.
Max's Forex Trader Advisory
This twice-daily Trading Research email advisory service heralds the opening the European Trading Market and later in the day the opening of the Asian Trading Market with market analysis, related insights, movements to watch for, and trading suggestions. Written by Max, the esteemed forex trader from New Zealand, whose passion for, and intimate knowledge of the foreign currency exchange is a good marriage.
SPECIALIZED TRADING ANALYSIS SOFTWARE
Nostradamus
An intriguing 'Wheel of Fortune' compass design displays and forecasts the trends, reversals, etc. of the forex market via sophisticated algorithms. It gives clear buy and sell signals, and continuously displays its trading profit history related to its predications. Subscribe to it monthly per currency pair, or subscribe to all currencies.
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