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What do you need to be successful in the Forex game? Find out... Forex trading is one of the fastest-growing markets for making money in today’s world economy.  If you are part of the forex trading game, you need well-thought-out and planned strategies.  You also need up-to-the minute information and reliable data to help you along the way.  With this said, in order to be successful with forex, you'll want to invest in high-quality products to help you analyze, watch and track the forex market.  No little project at all.  The good news to you is that there are options out there to help you do just that. First of all, realize that forex trading is an excellent market to trade in.  It has the ability to make you money without a whole lot of investing.  And, you can trade with whatever you have, not necessarily millions of dollars.  To get into the forex market, it makes sense to pay attention to the numbers for some time.  Then, you’ll have a good feel for it long before yo

Understanding Forex Spreads Forex is always priced in pairs between two different types of currencies. When you make a trade, you have to buy one currency and sell another at the same time. If you want to exit the trade, you must buy/sell the opposite position. For example, when you think the price of the Euro is going to rise against the US Dollar. In order for you to enter a trade, you will have to buy Euros and sell US Dollars. If you want to leave the trade, you will have to sell Euros and buy back US Dollars. You will be hoping that you were right in your guess and that the exchange rate for EU/USD has actually risen, which means that you will get more Euros back than when you bought them, which is how you will make a profit. These days just about every forex broker is claiming to have the tightest spreads in the industry. But marketing does have the ability to be deceiving. The topic of spreads in the forex spot market is very complicated and often not easy to understand. How

Technical Analysis Just like their counterparts in the equity markets, technical analysts of the Forex trading market analyze price trends. The only real difference between technical analysis in Forex and technical analysis in equities is the time frame that is involved in that Forex markets are open 24 hours a day. Because of this, some forms of technical analysis that factor in time have to be modified so that they can work with the 24 hour Forex market. Some of the most common forms of technical analysis used in Forex are: • The Elliott Waves • Fibonacci studies • Parabolic SAR • Pivot points A lot of technical analysts have a tendency to combine technical studies to make more accurate predictions on your behalf. (The most common method for them is combining the Fibonacci studies with Elliott Waves.) Others prefer to create trading systems in an effort to repeatedly locate similar buying and selling conditions. Choosing Your Strategy Most successful traders will develop a

Getting Started   When it comes to getting started in forex trading, there are quite a few things that you have to consider first. The first thing that you need to do is to find and choose the right broker to help you in making your trades. When you are choosing a Broker you need to know that there are many Forex brokers to choose from, just as in any other market. Here are some things that you need to look for in making your choice: Low Spreads The spread, which is calculated in pips, is the difference between the price at which a currency can be bought and the price at which it can be sold at any specific point in time. Forex brokers don't charge a commission, so this difference is how they are going to make money. When you are comparing brokers, you will find that the difference in spreads in Forex is as large as the difference in commissions in the stock arena. What this means is that lower spreads will save you money and therefore, look for a broker that offers low

Brokers that you need to avoid Just like there are brokers that you want, there are also brokers that you will want to stay away from. For example brokers who are prone to prematurely buying or selling near preset points (commonly referred to as sniping and hunting) are trifling things that are committed by brokers who only seek to increase profits. Obviously, no broker would actually admit to doing this, but there are ways to know if a broker has committed this offense. Unfortunately, the only way that you can really determine which brokers do this and which brokers don't is to talk to fellow traders. There is no actual list or organization that reports this kind of activity. The point here is that you have to talk to others in person or visit online discussion forums to find out who is an honest broker. Strict Margin Rules When you are trading with borrowed money, your broker should have a say in how much risk you are able to take. With this in mind, your broker can

Because of this, you should monitor your margin balance on a regular basis and utilize stop-loss orders on every open position to limit downside risk. 2. No Commission and No Exchange Fees When you trade in futures, you have to pay exchange and brokerage fees. Trading forex has the advantage of being commission free. This is far better for you. Currency trading is a worldwide inter-bank market that lets buyers to be matched with sellers in an instant. Even though you do not have to pay a commission charge to a broker to match the buyer up with the seller, the spread is usually larger than it is when you are trading futures. For example, if you are trading a Japanese Yen/US Dollar pair, forex trade would have about a 3 point spread (worth $30). Trading a JY futures trade would most likely have a spread of 1 point (worth $10) but you would also be charged the broker's commission on top of that. This price could be as low as $10 in-and-out for self-directed online trading, or