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Day Trading continues to be one of the most alluring professions as it is one of the few professions that allows you to be self employed and completely independent of bosses, employees and even clients.  It is a profession that you can also do easily from home.  All you need is a computer and high speed access to the internet.

 However, Day Trading is also one of the most difficult professions, with a failure rate estimated by most as at least 90%.  The biggest reason for this high failure rate is that most new day traders start out with too little capital, and the expectation of being able to pay their bills with their trading profits.  Another big reason for this high failure rate is that most new traders start without a coherent game plan or strategy to trade.

 Due to the nature of the financial markets as being one of the few ways an individual can make a lot of money in a short period of time, there is a substantial amount of information trading that is forced down the throats of new traders.  Much of this information is usually the typical package of indicators that may indicate whether a stock or market is overbought/oversold, or some kind of price pattern or price/volume relationship that may identify a favorable time to trade.  There is also the more radical type of information based upon Elliott Wave, Fibonacci, cycles and even astronomy. 

 However, it is rare that you will actually read any information that provides you with a strategy for identifying a market to trade, when to trade, how much equity to risk, when to exit when the trade goes against you, when to take profits, etc.  Once you are provided with their magic indicator, you are forced to come up with this information on your own. 

 Well, here are a few tips for successful Day Trading. 

1. When you are Day Trading individual stocks, look for stocks that have significant volume and liquidity.  The same can be said for other markets, such as commodities, currencies, interest rate futures and stock index futures.

2. When you begin Day Trading, keep your initial profit goals modest, and never start Day Trading without another means of income to pay your bills.

3. Before you begin Day Trading, you should have a well thought out, basic strategy for trading the markets you plan to trade.  For instance, if you are looking to scalp in and out of the markets throughout the day, develop a strategy that allows you to utilize 5 minute charts or even shorter time frames, that looks for a specific trading set up that allows you to enter a trade while minimizing your risk. 

4. Once you have developed your plan of attack, think about potential situations where you may have to deviate from your plan.  For instance, you may enter a trade based upon your strategy, but the market does not act as it should.  Sometimes, it just pays to exit, rather than wait for the market to stop you out.  You can always move on to the next trade.  The best trades will usually move in your favor quickly if you enter at the right time. 

5. Consider multiple entries and exits for a single trade.  For instance, on a short-term scalp trade, set a profit target that allows you to lock in some profits fairly quickly.  Once you have locked in that bit of profit, you can let the rest of the position ride in order to shoot for a more significant profit with little risk.

6. When trading individual stocks or stock index futures, consider learning how to read the tape to put the odds more in your favor.  For instance, trade only in the direction of the underlying trend of the market for the day, and confirm this trend with such indicators as the Advance/Decline ratio, TRIN, Tick, and the performance of all of the major indexes. 

7. Look for price patterns on the daily charts that may hint at a directional bias for your market of choice, then trade in the direction of that bias.

8. Avoid taking trades in the first 15 minutes after the market has opened.  This is amateur hour.  The true direction of the market you are trading will usually reveal itself after this period of trading. 

9. Make sure your strategy adjusts your position sizes to account for changes in market volatility.  As volatility rises, lower your position size, and as it falls, increase your position size. 

These are just a few tips worth considering as you embark on Day Trading.  Remember, there is no perfect strategy that will be profitable 100% of the time.  However, if you develop a strategy that puts the odds in your favor, and you are able to stick with it in the long run, you should find yourself to be profitable in the long run.  

Scott Cole www.bestdaytradingstocks.com www.kungfutrader.com

Scott Cole
http://www.articlesbase.com/day-trading-articles/the-art-of-day-trading-674524.html

Not a day goes by without me seeing yet another day trading system with claims that it can make me huge gains. I normally for fun ask for the real track record and of course don’t receive one.

Fact is day trading systems will lose you money as by their very nature they can’t work here’s why.

Firstly

If you are ever considering buying a day trading system ask for the real time track record over the long term ( this means 2 years + ) don’t accept a hypothetical track record!

Let’s see we know the prices in hindsight can we make a profit?

Of course we can!

Anyone can win with a hypothetical track record, there worthless, so ask for the real time record and you won’t get one here’s why.

1. Short term moves are random

The currency markets trade trillions of dollars per day and short term moves within any daily period are random.

You could flip a coin or use a day trading system your odds of winning are the same.

2. Volatility

Is random in short time frames and prices can simply go anywhere.

As most day trading systems bang on about keeping losses small, stops are normally taken out creating a loss.

Furthermore, your chances of losing are greater as the odds of being taken out are high.

3. Day trading systems never run profits

A day trading system keep your losses small (albeit you have massive odds of being stopped out) but they never seem to do the other essential of making money in FOREX and that’s run profits.

Day trading systems normally have short term profit targets and are grateful for any profit they can get.

So what do you have?

Lots of small losses and no real profits to make up for them.

This means you get wiped out and normally wiped out quickly.

The Myth and The Reality

The myth is that day trading systems make money, the reality is day trading is one of the best ways to not only lose your equity, but lose it quickly.

People day trade because they are greedy or simply fools.

When I read a lot of the sales blurb of day trading systems its obvious these vendors have never traded, they make their money selling courses.

They make money from book sales not from trading, so they win you lose.

Saw one promising me 90% successful trades for a few hundred dollars.

Well if I had one of those, would be making millions and certainly wouldn’t sell it I would be to busy enjoying my riches.

Finally

If you want to trade currency markets you can make money, but be realistic and sensible and make sure that you don’t fall for the hype of day trading systems.

If you do get ready to lose your equity and lose it quickly.

Sacha Tarkovsky
http://www.articlesbase.com/investing-articles/day-trading-systems-why-you-will-never-win-day-trading-108791.html

Technical analysis in the forex market means making trading decisions based upon past price data. Most traders with a background in economics will tend to create a trading strategy based upon market fundamentals, but this does not often lend itself well towards short-term trading.

Many traders who are accustomed to making entry and exit signals based upon market fundamentals may not understand the basic tenets of technical analysis. One of the main assumptions of the technical analyst is that market data discounts everything that can affect the price, meaning that any data that might affect the value of a currency pair is already incorporated into price data.

Probably the most important aspect and assumption of technical analysis for currency traders is that price values move in cyclical trends. It is the goal of the trader to ride this trend and to capture as much price movement on the right side of the market as possible, and this can take place on a time frame of minutes, hours, or days.

It is indeed very rare that a trader using technical-based analysis methods will keep a position open for more than a week, and most trading strategies focus on capturing smaller price movements in a shorter time frame.

Popular Tools Of Forex Technical Analysis

One of the tried and true charting tools for analyzing price data is called a moving average, which is overlayed on top of existing price data. A moving average will give you a sense of where current prices are relative to the recent past, and a buy or sell signal may be generated if current price values vary greatly from recent values.

Candlestick charting is a popular way of displaying price data, and many traders will track candlestick formations as a way to help predict market movements and confirm entry signals. Candlesticks are often used to track price consolidation, which can likely anticipate a market breakout and confirm a given signal.

When it comes to trading with the trend, drawing trendlines over market data can be very useful for locating buy and sell points. Being an experienced forex trader, I find the number of people who draw trendlines incorrectly quite humorous. In order for a trendline to be valid, there must be at least three points where price touch the line and then retrace. The more times a price rebounds from a trendline, the stronger that line becomes.

This should give you a sense of some of the basic technical analysis strategies that you may incorporate into your forex trading, and using these tools in conjunction with economic analysis can make for a successful trading strategy.

Nathan Navachi
http://www.articlesbase.com/finance-articles/incorporating-technical-analysis-into-your-online-forex-trading-strategy-712838.html

It’s a fact 95% of Forex traders lose money trading and while anyone can learn to trade and make great profits, the novice trader makes a fatal mistake which is enclosed and should be part of any novice traders Forex education…

Forex trading is different in terms of the skills you need to make money in Forex to the skills you need in everyday life. Some explanation will make this clearer.

Let’s look at the fatal mistakes novice traders make.

1. Consulting an Expert Will Bring You Success

Most people who claim to be experts are not. You have seen them, the $100 buck robots and sure fire courses, offering you an income with no effort and guess what? They all fail.

In normal life we are taught to consult an expert, to fix your car or a burst pipe and they can give you a guaranteed result. This is not so in Forex, as your not dealing with certainties and mathematical formulas. In Forex you deal with the odds and your best off to get the right Forex education and do it on your own.

2. Hard Work will Give you a Reward

This is actually good news!

You can learn Forex trading in a few weeks and soon be making big profits but for this you work smart not hard. Avoid the myths, and making huge effort and expecting a result that may work in a 9 – 5 job but not Forex. Simply learn the right way and cut your work load. All you need is a simple system and the mindset to succeed which is covered in the next point.

3. Being Clever is an Advantage

A huge myth you would think the best group of traders had a background in mathematics or something else complex but the most successful group are actually ex poker players! Why?

Because they know that a simple plan, playing the odds is the way to win which leads me onto the next point. Simple systems work best and always have and that a fact, make a system to complicated and it will have too many elements to break.

4. Mindset is More important than Method

Yes it is! – Because you have to apply any method with discipline and even the best Forex trading system, will fail unless you do. Most traders cannot trade through periods of losses and keep them small, all systems have them and you must get through them.

You don’t just get discipline though without effort, it’s based on education and confidence in what you have learned. If you want to win, you need to stay on track through losing periods until you hit a home run.

If you can’t trade your system with discipline you don’t have a system! Trading discipline is the big variable between success and failure.

The Real Way to Make Big Gains and You Can Do It!

Forex trading success is open to all but many try and apply the wrong logic as we have seen and you will lose.

If you want to win all you need to do is get the right Forex education and have the discipline to apply what you have learned. It sounds simple and it is – but most traders simply won’t do it. They don’t get the right education and or they are simply lazy and want to follow others.

If you understand the message of this article, you can win and generate a great second or even life changing income.

Kelly Price
http://www.articlesbase.com/currency-trading-articles/forex-education-the-biggest-mistake-novice-traders-make-which-sees-them-get-wiped-out-quickly-712697.html

Most novice traders like to use Forex day trading systems to keep risk low and scalp small regular profits. Here we will look in more depth at Forex day trading systems…

I have worked in investment houses where floor traders made a lot of money day trading sometimes millions per annum, as they had an advantage of having the news quicker and could react quicker than the retail traders.

With the rise of the internet this advantage as disappeared, as we all have the information at the click of a mouse and no one has an advantage and this has meant Forex day trading doesn’t work.

We will show you a better short term method of trading that works later but lets first look at the facts of why you will lose money in daily time frames.

The problem today is that if you try and day trade, you are simply trading within the daily range and trying to use support and resistance levels that are not valid, you can’t get the odds on your side and you will lose.

There are a lot of systems sold online which tell you they make money scalping profits on a regular basis but they don’t work in real time!

These systems are based on back tested results knowing the closing prices and all fail in real time. Most are sold by marketing companies not traders and the past results never repeat.

If you think about day trading the aim of predicting where prices may go in minutes or hours is impossible, here’s why.

You have millions upon millions of traders, all with different systems, aims, various levels of skill and a huge percentage who respond to their emotions. This vast mass of people is not logical and trying to work out where prices will go in the short term, is impossible and you will never win.

Lots of people will tell you markets move to some higher form or science and can be predicted but it’s obvious they don’t. Because if they did, we would all know the price in advance and there would be no market.

The myth that retail traders win long term with Forex day trading systems is just that – a myth.

Winning at Forex Trading

Forex trading is all about trading the odds and you can’t get the odds on your side in such short term time frames. If you want to trade short term and get the odds on your side then try Forex swing trading.

Swing trading is still short term but the time frame of a few days to about a week allows you to get the odds on your side and that’s what you need to do to win at Forex.

So forget Forex day trading systems and look at swing trading, its simple to learn, exciting and you can get the odds on your side and win. Check this method of trading and you will be on the road to currency trading success.

Kelly Price
http://www.articlesbase.com/day-trading-articles/forex-day-trading-make-a-regular-income-with-low-risk-712698.html

It is without doubt that the off-exchange foreign currency market (known as the forex market or spot forex market) has been one of the most popular markets over the last few years.  There has been an explosion of forex activity as managers have flocked to this strategy.  There are many reasons why managers have decided to trade the forex markets including the following: (1) the forex markets are the most liquid markets in the world; (2) the forex markets trade twenty four hours a day, six days of the week; (3) managers have access to a large amount of leverage (sometimes up to 400:1); and (4) there has been relatively little oversight and regulation of the forex markets at the federal or state levels.  

Background on forex regulations

The popularity of the forex strategy has attracted many frauds hoping to make a quick buck off of unsuspecting investors.  The frequency and audacity of these frauds have caught the eyes of regulators who have been trying to regulate forex managers, even without Congressional authorization.  This power struggle led to a few seminal court decisions which upheld the rights of forex managers to remain unregulated.  After lobbying by the regulatory bodies, Congress acted by including a forex registration requirement to the Farm Bill passed in early 2008. 

The forex registration requirement in the Farm Bill requires the Commodities Futures Trading Commission (CFTC) to promulgate rules that implement the framework for forex registration.  As of early January 2009 the CFTC had not yet promulgated draft versions of the rule.  It is expected that the CFTC will release the draft versions of the rules sometime during the first quarter of 2009.  After the rules have been proposed, there will be a comment period before they would be finalized. 

What the forex registration rules will be?

While we do not yet know what the forex registration rules will look like, we do know a few things.  There is likely to be a regulatory exam requirement.  The National Futures Association (NFA), which is the self regulatory organization which would be in charge of implementing many of the forex registration rules, has stated that the new exam would be called the Series 34 exam.  The NFA has also requested that forex managers be required to pass the Series 3 exam.   The NFA has proposed that new registration categories be implemented.  These categories would include: Forex Commodity Pool Operator (CPO), Forex Commodity Trading Advisor (CTA), Forex Introducing Broker (IB) and Forex Associated Person (AP).

Forex Registration Procedures

The forex registration proceedures are likely to be the same as those currently in place for regular commodity pool operators and commodity trading advisors.  It is likely that forex associated persons will need to take a new regulatory exam which is called the Series 34 exam.  After the associated persons take the exam they will need to retain an attorney or compliance professional to take them through the NFA registration process.

Conclusion

Forex registration is something that the CFTC and the NFA have wanted for a long time.  While registration will be a bit of a hassel for some forex managers, an experienced attorney will be able to held these managers register as quickly as possible.

Bart Mallon
http://www.articlesbase.com/regulatory-compliance-articles/forex-registration-information-for-forex-managers-and-forex-introducing-brokers-722234.html

Most traders use a FOREX broker to handle their transactions. What exactly are brokers? Strictly speaking, brokers are individuals or companies that buy and sell orders according the investor’s decisions. Brokers earn money by charging a commission or a fee for their services.

FOREX brokers need to be associated with a large financial institution such as a bank in order to provide the funds necessary for margin trading. In the United States a broker should be registered as a Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) as protection against fraud and abusive trade practices.

Before trading FOREX you need to set up an account with a FOREX broker.

You may feel overwhelmed by the number of brokers who offer their services online. Deciding on a broker requires a little bit of research on your part, but the time spent will give you insight into the services that are available and fees charged by various brokers. The best advertising is word-of-mouth advertising, and this is just as valid in FOREX trading as it is for any other type of business. Talk to friends and associates to see who they are dealing with and find if they have any complaints or difficulties in dealing with a particular broker.Learn more at http://www.forexpower.net

You could try selecting a few online brokers and contact their Internet help desks to see how quickly they respond to enquiries and whether or not they answer questions to your satisfaction. Keep in mind, however, that pre-sales service may be better than after sales service. This can be true for any online business, not just FOREX brokers.

Customer satisfaction and safety are just part of the story. You want to find a broker who executes orders quickly and with minimum slippage. All online brokers should offer automatic execution and have clear policies regarding slippage. They should be able to tell you how much slippage can be expected in both normal and fast-moving markets.Learn more at http://www.forexpower.net

Next you want to know the fees involved. What is the spread? Is spread fixed or variable according to the type of account? Are mini accounts subject to wider spreads? Are there any other charges? Smaller spreads mean more profit for the trader, but there may be a trade-off between spread and service. Look at the overall picture before deciding to go with a particular broker.
Margin accounts are the lifeblood of FOREX trading, so be sure you understand the broker’s margin terms before setting up an account. You need to know the margin requirements and how margin is calculated. Does margin change according to the currency traded? Is it the same every day of the week? Some brokers may offer different margins for mini and standard accounts.

Trading software is very important for the online FOREX trader. Get a feel for the options that are available by trying out a demo account at a few online brokers. Above all, you are looking for reliability and the ability to perform well in fast-moving markets. The software should offer automatic trading and may have special features such as trailing stops and trading from the chart. Some features may only be available at an extra cost, so be sure you understand what your trading needs are and how much the broker charges to provide them.

Other information to find out about includes the broker’s policy regarding minimum account balances, interest payments on account balances, which currencies can be traded and whether or not non-standard sized lots can be traded. You should also find out whether clients’ funds are insured and the extent of that insurance.

Learn more at http://www.forexpower.net

InvestFX
http://www.articlesbase.com/currency-trading-articles/choosing-a-forex-broker-722242.html

Many people think that having a good Forex trading system is enough to win but its only part of the equation for success. To win you must be able to deal with the major problem enclosed which causes the demise of most traders. Let’s look at it in more detail…

Picking the direction of a trend is relatively easy, getting in on it and dealing with volatility is the bog problem.

You need to deal with volatility, so you can place your trade and have your stop in such a place, that a volatile price movement doesn’t take you out. It happens all the time, a trader places a trade, he then gets stopped out and the trade goes back the way he thought, piling up thousands or tens of thousands in profit and he’s not in!

Here are some ways to get in your trades, with the best risk to reward and not get stopped out to soon.

1. Never Day Trade or Scalp

All volatility is random in hourly and daily periods and you are going to lose as you cannot get the odds on your side. You see lots of vendors selling day trading and scalping systems with track records but there all simulated backwards! You will lose, so don’t try it.

2. Be Patient

Most traders lack the patience to wait for the big high odds moves but keep in mind you don’t get rewarded for trading often you get rewarded for being right. Here are some high odds set ups to look for.

3. Getting in on New Trends

Trade breakouts to new chart highs or lows that have been tested a few times, all new big trends start and continue from breakouts and there is a huge advantage in trading them. You are trading the reality of price change and on these high odds breakouts volatility may be high – but it’s on your side, if you buy or sell the break and your stop is tight under the breakout point.

4. Getting in on Existing trends

Prices get overbought and oversold and re trace and if you want to know the value area, look at how strong trends always provide a low risk entry point around the 20 day moving average. It works and is the ideal place to look to enter a trend in motion.

5. Using High Volatility to Your Advantage

It’s a fact you can trade with low risk when volatility is high, as short term price spikes never last and they can be the end of a trend or in an existing trend.

The key is to watch for exhaustion of the move via momentum indicators and wait for momentum to drop then trade it with a tight stop. With this method you have a great risk to reward.

Trade to Win

These are just 5 points to keep in mind which if you learn them and make them part of your Forex education can help you deal with volatility and get some great risk reward entry points.

Make Learning About Standard Deviation of Price Part of Your Forex Education!

In part 2 of this article series, we will look at how volatility is measured via standard deviation and a great Forex indicator – the Bollinger Band and how it can lead you to currency trading success.

Kelly Price
http://www.articlesbase.com/currency-trading-articles/forex-trading-the-major-problem-you-must-overcome-to-win-at-forex-trading-722075.html

Forex Currency Trading: Making Money With Money on The Fx

Forex trading is one of the fastest growing markets for making money in today’s world economy.Today the forex market is one of the largest and most liquid financial markets in the world and includes trading between large banks, central banks, currency speculators, corporations, governments, and other institutions.

If you are forex trader or want to get involved in forex trading, you will need well thought out and planned strategies. You will also need up to the minute information and reliable data to help you along the way. In my opinion here are some data indicators that you want to watch to assist you with your forex trading.

1. Unemploymentis a good indication of economic growth.
2. The discount rate. The rate at which the Federal Reserve Bank charges member banks for overnight loans.
3. Trade Balance. This measuresthe difference between the value of goods and services that a nation exports and the vaule of goods and services that is imports.
4. CPI. The Consumer Price Index which is the key gauge to inflation. The CPI measures the average price of consumver goods and services and the services purchased by households. 
     
With this said, in order to be successful at forex trading, 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 investing a whole lot of money. You can trade with as little or as much money that you want. There is no fixed amount of money that you have to invest. It doesn’t take thousands to trade on the forex.

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 your dollars are involved.

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But, once you do get in, you’ll need up to the minute information. Consider the purchase of and use of valuable forex trading software programs. A good forex software application can help you track what is happening and help you to better analyze the data as well. Having all the proper tools will help you to make the right decisions about your trading.

While market trading is always risky, many find that forex trading, when done right, is one of the most profitable. Getting started only requires a small investment. Did I mention that forex trading online can be done 24/7. You set your hours for when you want to trade. As a forex trader you have the ability to monitor and respond virtually instantly to the world’s market. Which will allow you to make the right decisions and lead to those forex currency gains you are seeking.

http://www.forex-money-exchange.com/forex_products.php

Tracy Lenyk
http://www.articlesbase.com/currency-trading-articles/forex-currency-trading-making-money-with-money-on-the-fx-722016.html