Forex Articles - 5142338 Daily Chart Trading Strategies With Price Action

Price action forex strategies lend themselves really well to daily chart forex trading, but so many people ignore these simple techniques in the quest for more elaborate trading systems that will have them sat in front of the computer all day long. Yet you can be a professional trader on less than one hour a day, and you can have the rest of your time to enjoy life, or you may even decide to keep your day job!

99% of the people, come to forex for easy money or so they don't have to sit at their desk being told what to do all day long. But after a short time in the markets most traders are doing way more hours than they did at work, and they are probably a lot more stressed out as well. Trading ends up turning into a nightmare job and eventually it becomes too much and the trader quits.

Most people head straight for the 5 minute chart and cover it with rubbish indicators and then hope to make money. They totally miss the opportunities that lie in the longer timeframe charts. Candlesticks on the 5 minute chart don't mean much, but candlesticks on the daily chart do! They are a complete log of each trading day, and at a glance we can see what happened on a particular day in time. Of course the one we are most interested in is the most recent candle, it can show us the sentiment that is in the forex market from the 4 things it shows, the high, low, open and close. These 4 pieces of information are nearly everything you need to make money in the markets, and this is called price action.

Price action is very simple, and a particular candle formation is a really profitable trading strategy. The pin bar is my favourite price action signal. It is a single candlestick pattern which is basically a candle with a long tail. This tail show rejection of certain prices and can give us the chance to trade in the opposite direction to this rejection. Pin bars are also called hammer bars and shooting stars.

They show us that during the day price moved steadily in one direction for perhaps a 150 pips or more, and then for whatever reason, be it news or technical reasons, the majority of traders changed their minds and exited, reversed or entered fresh new positions and drove price back to the opening price of the day, and all the better if they passed the opening price. This fresh new momentum usually lasts for 2 or 3 days and provides us with high probability trading opportunities.

Pin bars are best traded with the trend and my favourite way to do this is to wait for price to break a support or resistance level and then retrace and test this level again. If support was broken, it will then become resistance, and vice versa if resistance was broken. This is called a change in polarity and these are the bee's knee's!

When the chart all lines up with momentum, a key level and a pin bar we have an awesome trading setup that I will jump on usually. However like all things in trading nothing is guaranteed, some pin bars don't work out and you will lose trades, but so long as your winners are bigger than your losers you only need to win half the trades you enter and you will make money.

If you are fed up looking at five minute charts and sitting all day at your computer, have a look at daily chart trading strategies involving price action, they are extremely profitable and you don't need to sit at you computer for hours upon end getting know where. You could end up only spending 10 minutes per day at the close of the day looking at your charts setting your orders and then walking away. This is the stress free way to trade, and I know because I have done a lot of scalping on 30 second charts in the past!

There are plenty of free resources out there and cheep books to learn from. Give yourself time to learn and you can get there. You can also visit my free website which covers all aspects of trading including price action, psychology and how to build your trading plan. Hope to see you there soon!

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Forex Articles - 5142338 Learn How to Make ''10 PIPS'' A Day Faster Than Other Forex Traders!

Before we go to deep details about Forex Pips on how you can make 10 pips a day, we need to understand what the word "Pips" is and how you can leverage your trading profit. A Pip is normally the last digit on the right in a currency.

For example: If the EUR/GBP trades at 1.2464, then "4" is the Pip and if the EUR/GBP moves to 1.2884 that would be a 420 Pip move.''

Below are 4 easy ways on how you can make 10 pips a day in Forex Trading.

a) You should consider trading from an Intra-day chart. The idea of getting 10 pips per trade is best for a short term day trading. From this approach you should consider an Intra-day chart for entries and exist for trading.

b) Make sure to reduce your drawdown as much as you can. Let me explain the word "Drawdown". The said keyword means the amount of losses you get before a trade turns profitable. At some point drawdown is allowed during long term trades and medium trades but you must make sure to cut your losses and eliminate drawdown when making intra-day trades on the chart.

This probably means that you need to time exit and entries on trading. Most prominent traders use these approach to accomplish there trading goal, such popular methods that are used are support levels and trend lines. When a trade moves against you, make sure to cut your losses immediately as much as possible.

c) Consider using a trailing stop loss. Trailing stop loss is a tool that is used to make intra-day trades and it automatically cuts losses and locks profits as trade moves in favour of you. To avoid big loss in the Forex market, make sure to enter a trailing stop loss at your entry level.

d) When you reach your trading goal, make sure to exit the market. At this point your main objective is to make 10 pips a day, but you must try to make over 10 pips to cover the spread. What is that, if your broker offers a 3 pips spread on the EUR/GBP you need to make 13 pips on a single trade so as to achieve 10 pips profit. For you to lock in your profits, then you should exit trade by moving your stop loss top. This will prevent you from making big loss.

The information contained in this article which is highly entertaining will lead you to make more pips by leveraging your profits. Apply the above 4 forex killer secret with the help of a profit forex robot. If you want more opportunity for fast financial success, then watch out for my next article entitle "How to turn $10,000 into $130,000 in one year on Just 10 Pips a Day". Have a profitable and successful Trading.

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Forex Articles - 5142338 FOREX MegaDroid - Review of the FOREX Trading Software System

While there are many people out there that believe that the MegaDroid Robot may be a scam, many others place the trading robot in high regard. Automated Forex trading programs are very popular because of the ease they provide. It is a normal reaction for people to think of a scam when it comes to a moneymaking opportunity that appears to be too good to be true.

If you visit the MegaDroid website, you will find many testimonials on the Forex trading robot claiming that the Forex trading software programs are in fact able to trade and make money for the traders. MegaDroid is supposed to facilitate the user's ability to produce a profit without the user having to monitor a computer screen the whole daylong. Users just let the system make the decisions.

Most traders are happy with the trading robots because they cut down on the time traders have to spend identifying trends and the price reversals. Robots do this, make predictions, and direct users in the right direction, hopefully.

Manual users, who work in the Forex market, have to monitor the market for the entire day. A user would have to sit in front of the computer screen for many hours. The old way of trading requires a great deal of time from the user. However, technology has simplified this with the advent of the trading robots. Anyone who has some computer skills, and can follow the easy instructions is able to work with these automatic trading robots. No prior experience in the Forex currency trading market is needed.

Always exercise caution as no system works perfectly all the time. While the trading robots may be designed by experts, there is no guarantee to the results. Even the most successful users have losses so it should come as no surprise to anyone that even the best robots have bad days too. Yet on the other hand, novices can still produce successful results by using the knowledge of expert market traders that has been program into the system. Even the traders that made their trades manually have resorted to automatically trading for easier monitoring of the market and making analysis.

Like other inventions, as time goes by, everything improves and the results can be better. One of the latest programs out is the Forex MegaDroid that has been designed with an artificial intelligence technology. This newly developed intelligent will allow the program to trade in multimarket conditions.

Its developers, Albert Perrie and John Grace, used their 42 years experience in the currency market to design the robot. Other robots of the past used the market information of the past to formulate their decisions now. While it is true that a pattern can be developed from the actions of past market results, Forex market conditions change very quickly. Therefore, past data may not be enough to achieve a greater accuracy rate.

The makers of MegaDroid claim the robot predicts the immediate future with its artificial intelligence and according to testimonials; the robot has been performing well. While no one knows, what the future will bring, with respect to the MegaDroid this seems like a favorable time to check this program out.

Guaranteed 95.82% Accuracy, Best Forex Trading Robot [http://www.forexmegadroid-platinum.org] Forex MegaDroid Indisputably Proves A Robot Can Trade With 95.82% Accuracy In EVERY SINGLE Market Condition And At Least Quadruple Every Single Dollar You Deposit. 38 years of combined Forex trading experience delivers Megadroid RCTPA Technology. BONUS From Recent $25,000 Forex Course Held Live in Vegas! Forex Megadroid [http://www.forexmegadroid-platinum.org] ONLY from Here!

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Forex Articles - 5142338 Choosing the Right Forex Software - Top 4 Must-Know Tips When in the Market For Forex Software

There are hundreds of available Forex software on the Web, each of them promising you great rewards. So how do you go about and choose which is the right Forex software for you? Here are 5 tips to look for when choosing the right Forex software for you.

1. The key is GUI - The graphical user interface of a program is the very first thing that you will see once you fire up Forex that you have just bought. It is very important that it is designed in such a way that it would not leave you overwhelmed or confounded. If you spend more time looking for a specific function, ditch the program. You should be making money, not searching for the right button. The UI should be organized and not cluttered, with the right amount of buttons and keys placed around it without looking like the console of a rocket ship.

2. Manuals - It is always a thrill to start using software without consulting the manual. But you have to remember that with Forex software, you are dealing with real life money. Would you like to gamble your money by guessing which button is which? This is the reason why it is imperative that the software that you are going to buy includes instructional materials, whether in the form of videos or tutorials. Also, it jump-starts your trading activity since you are not left in the dark, guessing what to click.

3. Price - You know what they say, if it is too good to be true, it is too good to be true. The same holds for Forex software. If the pricing is 10 times lower than the competition, it is time for some serious reflection. The best way to go about this is to look at several Forex bundles and compare their strengths and their weaknesses. Search for unbiased reviews and see if the product does live up to the expectations. Remember, knowledge is power.

4. Money Back Guarantee - It is important that you are able to return a Forex software if it does not meet your demands. Check if the makers offer a money back guarantee and what are the terms that govern it. Even if the Forex flops during trading, you still have the option to return it and look somewhere else without investing additional money.

Guaranteed 95.82% Accuracy, Best Forex Robot Forex MegaDroid Indisputably Proves A Robot Can Trade With 95.82% Accuracy In EVERY SINGLE Market Condition And At Least Quadruple Every Single Dollar You Deposit. 38 years of combined Forex trading experience delivers Megadroid RCTPA Technology.

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Forex Articles - 5142338 Profitable Forex Expert Advisors - Why They Outperform The Bank Traders

Introduction

You'll often hear it said that profitable Forex expert advisors cannot possibly exist, because if they did then the big banks and hedge funds would just sack their trading teams and replace them with Forex EAs. This is a blatant lie that is told by people who don't have the slightest understanding of how fund trading works. Profitable Forex expert advisors do exist, and there are very good reasons why banks and funds don't use them to trade. By the end of this article, you'll know why you have the opportunity with Forex EAs that the banks don't want.

The Myth That Profitable Forex Expert Advisors Don't Exist

Believe me, if the banks and hedge funds could replace their traders with software, they would in a heartbeat. The problem is, even the best Forex EAs cannot match the returns that professional Forex fund traders make. You might be thinking: "Hang on a minute, the banks and funds only make a 10-20% return per annum, while profitable Forex Expert Advisors can bring in 100% and upwards returns in a year." Yes, but the key difference is that banks and funds have hundreds of millions of dollars to trade, while typically an individual Forex trader would have a few thousand dollars.

So what difference does it make? While the Forex markets may have the highest trading liquidity in the world, meaning that the market can absorb a few hundred contracts without a price shift, there's still a limit to how many trades you can put on at any given time. That means that as an individual Forex trader, we can buy or sell a few contracts with no problems, but when the banks want to move thousands and even tens of thousands of contracts, then it takes a lot of skill and maneuvering on their part to get that done without getting a very bad price.

Conclusion

That's why they don't use Forex Expert Advisors, because there's no way that they can get in and out of the trades like an individual Forex trader with small capital can. Once you hit a million dollars in trading capital, you'll experience the same issue with Forex EAs, but until then, there's a very real edge that you have over the banks. So forget about learning how to trade Forex from scratch on your own, because with a profitable Forex Expert Advisor, you have the potential to outperform the banks without doing any of the hard work on your own.

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Forex Articles - 5142338 Housewives Trading Forex

This is not a big secret and apparently this is just the tip of the iceberg. Recent trend showed that many women are trading forex conveniently from their house especially in Japan, South Korea, Britain, and the United States. This is possible because today we have many tools that can help us to trade forex. Things such as self-paced DVDs, home course, and assisted trading. The latter is the best type for those who only have very little time to monitor the market. Why? Because the service is designed to cater the needs of those who wished to trade forex but cannot afford to spend time to engage in a long learning curve that is required to master forex trading. Why long learning curve? Because you first need to learn the method, test them out on the market using demo account (so you don't have to risk real money in testing the methods) and then you open a real account after you are confident that the trading method can give you profit. We are looking at 1 year time horizon.

Is there a way to cut the time? Yes. Why not skip the learning process and go straight to making money from forex? This is not a hype at all, we are talking about the reality that is happening around the globe as you read this article. Consider this... if you are a lawyer and you suffer from a heart disease do you go back to college to then pursue advanced study in cardiology? Honestly it's not a bad idea, but you certainly won't do it, right? If you are a nurse and you love your health and only eat organic food do you buy a land and start farming? Obviously not, right? So why not do the same thing? Focus on what matters the most to you-your family and make money without sacrificing your precious time.

Now these are the simple steps that you need to do in order to benefit from the forex market:

The first thing you need to do is to familiarize yourself with the forex broker's trading platform. To do this simply go to Oanda or Alpari UK and register a free demo account, go to YouTube and search for trading tutorial on MT4 or Oanda. Make sure to be creative in keyword usage because there are many tutorials regarding trading platform in YouTube. After a week or two you should already be able to do make a buy or sell orders or other things in the platform. After all that, open a real trading account for yourself.

The next step is to find a good forex trading signal service that can assist you in spotting good opportunities in the market. This is the most difficult thing to do especially today because you have to search, list and compare hundreds of services that are available on the internet. Most of them are simply not profitable, most of them are beginners. The good news is there are still genuine services out there that you can rely on to bring profit from the forex market. You should know that the success of new traders lies in subscribing to a genuine forex trading signal service that can help jump start their forex business.

Essentially, those are the steps that you need to do because forex trading signal will help you greatly in terms of making money and providing you the time you need to learn the rope. Not only that, a great forex trading signal service will also educate you by providing explanation for every trading signal they send. Honestly, this is the best thing for a new trader. You get the optimum output with very little effort on your part. This is the ultimate forex trading strategy for new comers.

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Forex Articles - 5142338 5 Good Reasons Why Homemakers Should Subscribe to a Forex Trading Signal Service

Nowadays, more and more homemakers have participated in the forex market. Many of them succeed because they incorporate strong trading plan and great strategy. Using the assistance of forex trading signal service is one of those strategies that they often use. Mainly because trading signal service offers unique benefits to homemakers who trade forex. Below are five very good reasons why they use the assistance of forex trading signal service:

1. Capture undetected trading opportunities. The undisputed fact that is still valid in the market is there is not one trading method or technique that can capture every possible movement in the market. The reason is because every trading method is designed to capture market movement according to what the trader sees. Of course, every trader sees different things in the market. There are traders who seek reversals, there are traders who seek to trade breakout, there are traders who wait for conformation, there are traders who trade using daily candlestick and there are traders who only monitors H4 chart, etc. using a trading signal service to assist you to trade is a good thing because it will help you to capture trades that you don't see.

2. Combined expertise. Subscribing to a trading signal service is also good because you can benefit from other trader's perspective instead of trying to master everything by yourself. Each profitable trader is good in analyzing the market using his trading method (otherwise they wouldn't profit at all). Even though forex trading can be done by yourself, it is always great to remember that forex trading is a business and as with other business you must handle it smartly. Combining expertise is a wise move if you want to grow your business.

3. Less time for higher output. Homemakers are busy people in nature. This is the number one reason why they need to subscribe to a trading signal service to increase their potential without additional time to do the necessary things. Normally, if you employ two trading method you also need additional time to stay in front of computer to watch for opportunities. Efficiency is great considering the fact that we only have about sixteen hours to stay awake and do our daily routine (including business).

4. Increase profit. The goal of hiring a profitable trading to assist you in trading is ultimately to increase your profit. Depending on your trading account, this can mean $100 or $1,000 more per month. Of course, there is additional risk that comes with it. This is why finding a great, proven trading signal service holds the key to successfully increase your profit.

5. Learn new trading technique. Although increasing profit is the ultimate goal, you should also add a trading method in your arsenal. It is always good to learn a new trading method, especially a method that is used by a trading signal service that has a proven track record of consistent profits.

There are a lot more reasons why homemakers should subscribe to a forex trading signal service. However, the main point is that you really can make money if you know how to do it and do it properly.

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Forex Articles - 5142338 The Best Way To Trade Forex - It's Not What You Think!

Introduction

The typical advice that beginner Forex traders will get is to learn how to trade Forex on their own, design their own profitable Forex trading system, and then they'll be able to make a good Forex trading income. Considering that 95% of Forex traders are bleeding money out of their trading accounts, I wouldn't recommend this path as the best way to trade Forex. There's a far better way to profit from the Forex markets if you're new to trading, and by the end of this article, you'll know what the best way to trade Forex is.

Fact: The Odds Are Stacked Badly Against You

The traditional road to Forex riches is long and hard, and that's why 95% of Forex traders never make it into the "promised land" of Forex success. To learn how to trade Forex effectively, you'll have to make a serious time commitment to spend just about all of your after work hours staring at charts and constantly managing your trades. That means that you'll have a new part time job that is tougher and much more demanding than your day job, but pays you nothing. In fact, you may even lose money for the first two years of your trading. Very few people can stomach this level of commitment, and juggling it with a family while preserving your own mental health is pretty close to impossible.

So why is this still the recommended course of action for beginner Forex traders when it's clearly not the best way to trade Forex profitably? Well, up till very recently, Forex trading was a very exclusive club that was the private domain of secretive bank and hedge fund traders. Individual Forex traders were very rare, and they were typically hardcore Forex enthusiasts that were obsessed with the markets. They learned everything through the school of hard knocks, because there was no other good information out there to guide them through the process. With the explosion of the popularity of the Forex markets recently, there have been rapid improvements and advancements in the technology available to the modern Forex trader, but as in any field the traditional players are very resistant to change.

The Best Way To Trade Forex If You're New

There's a new breed of Forex trader that the hardcore Forex traditionalists can't stand, and they are the automatic systems traders. Instead of going through the school of hard knocks, they leverage on the market experience and knowhow of successful traders with automatic Forex trading systems. In doing so, they skip past the painful learning curve and make a Forex trading income much faster than any traditional Forex trader would. They get to have a life and have a Forex passive income at the same time, because of their automatic Forex trading systems that do all the entries and exits for them.

Automatic Forex trading systems is fast becoming the best way to trade Forex, as systems developers are getting more and more savvy with their modelling of price behavior. So forget about learning to trade Forex on your own, and get on board with this rapidly accelerating trend of automatic Forex trading to lock in your Forex passive income today.

I've been a full time Professional Forex Systems Developer since 2007. Forex is my passion, which is why I really love helping anyone to overcome their challenges and become profitable in their own trading. If you're just getting started in trading Forex, or if you'd like to take your trading to the next level, I'd love to help!

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