Friday, June 21, 2013

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Whether you’re a newbie or an experienced Forex trader, there is always going to be new information and strategies that can make or break your trading experience. The difficult question is, where do you go to learn these new techniques and get the support you need to trade successfully?

There are plenty of books, online guides, websites and blogs that each have their own theories and advice on Forex. The main problem with these resources is that they are usually only a one-way conversation, meaning that if you have a question you may have to wait for a reply if you even receive one at all!

This is why it’s surprising that no other Forex brokerage has offered 1-on-1 live coaching FREE for 60 days when you open and fund a live account…until now!

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There is a whole range of other services offered through FXPRIMUS Coach that I will go into more detail in another post. But for now you can experience FXPRIMUS Coach for 60 days for FREE if you have a live, funded account with FXPRIMUS.

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Sunday, September 16, 2012

How to understand Binary Options?

A Binary Option is a type of option where the payoff is all or nothing. Because of this characteristic, Binary Options can be easier to understand and trade than traditional options.

Binary Options are cash-settled as European-style options, meaning they can only be exercised on the expiration date. If, at expiration, the options settle in-the-money, the buyer or seller of the options receives a pre-specified dollar amount. Similarly, if the options settle out-of-the-money, the buyer or seller of the options receives nothing. This provides a known upside (gain) or downside (loss) risk assessment. Unlike traditional options, Binary Options provide full payout due to a single pip movement.

Despite the term "all or nothing", depending on the actual trading platform, "nothing" can actually mean "something". This means that at expiration time the owner of the option may actually get a certain payout amount, even if the option expired "out of the money".

Very often you may encounter binary options under another name. In forex exchange market Binary Options are known under the name of digital options.


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How to trade FOREX?

1)Start by seeking an education about forex. Education is your key to getting started with forex trading and your education never stops. Find someone who trades daily for a living. Someone who really does make money trading forex. You will sure come across many who talk the talk and sell books and expensive courses, but will never let you into see how they really trade. Please make sure you learn from someone who really does make money trading forex. Your teacher does matter a lot.

2)Once you find a successful mentor or teacher, they will guide you through the necessary steps to follow. Your goal is too become like your teacher a successful, independent trader and why not you can even surpass their performance. During your education, you can open demo accounts with different brokers and test the trading platforms without risking real money. By demo trading with different brokers, you will be able to identify which platform you are more comfortable with. Do this until you complete your training with your mentor or teacher. Until they confirm to you that you can trade live account, or until you are convinced you understand how the markets operate. Some good traders, traded demo for more than 3 years before switching to real account. You may be smarter and need a shorter duration to go live. What ever you do, trade a demo account for at least 6 months.

3)Keep a record or a journal of the trades even on a demo account. This is easier said than done. But if you keep a record of your trades, both winning and losing trades, you can learn a lot from them. You will consistently see what you are doing wrong in the losing trades and what you are doing right in the winning trades. All you do after evaluating these trades, you simply duplicate the correct actions and eliminate the mistakes. Without these records, you will become frustrated and quit this very lucrative opportunity. You will learn this from your mentor or teacher. If they are successful, they sure do keep journals of their trades. Follow your mentor's advice.

4)Once you have a mentor, and you have your demo accounts and you are keeping records of your demo trades, you are on your way to overcome the psychological and intellectual challenges that plague many new forex traders. Do this through out your first six months. Implement any new strategy you learn from your mentor keeping the records. These will help launch you into a new and successful forex trading career.

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Monday, January 31, 2011

Is There Such A Thing As Forex Psychology?

The Forex market is a crowd of intelligent bankers, fund managers, multi million investors and amateur traders. Traders’ pros or the novice read Forex news for forecast analysis and play the game of trading following the rules and protocols.

In most cases the experienced traders are always at the advantage side having the best experience and at the advantageous side while the novices with limited experience are mostly at the disadvantaged side. Sometimes novice traders lose money because of Forex trading mistakes committed. They usually become sacrificial for the more experienced traders.

Forex traders who experience losses do not actually lose but they cannot actually overcome their own psychology of Forex.

The “follow blindly” Forex psychology is one of the most common weaknesses of Forex traders. They tend to react fearless whenever there are breaking news and charts showing some movements. They immediately rush to be the first to enter the market. They worry too much that others are profiting from the news while they are not.

Definitely, following the trends is definitely the number one rule in Forex trading but it does not mean that you have to be the first to enter the market when trends are changed.
Sometimes this breaking news does not dictate the forecast of the trading. You have to analyze carefully if it will have big impact on the trading prices. Most often, these data are false alarms and will put you in a losing position.

It is important that you have to overcome your eagerness to enter first. You have all the time to analyze what would be the impact of this breaking news and then you enter the trade.

Greediness is another Forex psychology character which traders have in common. That is why the Forex is the largest market in the whole world. In Forex trading you can easily have an annual profit of 10%-40% which is good already. But most of the time, these figures are not enough for traders. They want double or even triple profit which leads them to enter again the market and urging to earn profit again on the same day. But finally at the end of the day, they will end up losing at the end of the day.

As a trader, you should overcome greediness and learn to be satisfied with what you have. It is advisable to set a realistic target every day. For example, your target profit must be 50 to 100 pips. Upon reaching the target, stop and just relax and have a break. That’s good enough profit than losing more.

Forex trading is really not an easy business. It is complex which has a lot of factors which dictates the daily prices of the market value. In reality, a lot of traders are actually losing from the trading. You can never be sure that you will earn profit just by looking at the trends. Careful analysis and overcoming the negative Forex psychology is a good foundation for your trading. Exert a lot of effort in learning how Forex market works and have an in depth knowledge of the trends and enter trades in the right time.


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Forex definition

The Forex, and also known as "The Foreign Exchange" market exists wherever one currency is traded for another. It's the largest financial market in the world. Simply if we compare the New York Stock Exchange trades vs changing hands in forex, we will discover Forex market is a lot of times larger than both Equity and Treasury markets combined.
Forex or "Foreign Exchange" is where the money of one nation is traded with another. The most important and popular pairs of exchange in the forex market are "Euro Dollar", and you will see this pairs in all forex display screens as "EUR/USD". There are also a lot of others pairs but sure not important and not famous as "EUR/USD" pairs, like:-

1-The British Pound, and you will see this pairs in all forex display screens as "GBP/USD".
2- The Japanese Yen, and you will see this pairs in all forex display screens as "USD/JPY".
3- The Swiss Franc, and you will see this pairs in all forex display screens as "USD/CHF".

However there is a problem in the forex market until this day, there is no one central exchange where everyone can exchange the currency. All the currency traded are done over the telephone and online through a very big networks that connects all the banks, brokers and currency traders with each others.

Currency trading in the past was just for the banks, but today and after the new revolution electronic economy, online forex trading companies start to offer a lot of services to all traders around the world. Today if anyone have a computer and internet connection can easily start to trade currencies, but sure the experience and analysis is very important to success in forex game.


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