Avoid These Costly Forex Trading Mistakes

Any time you learn something new, you'll likely make mistakes as you gain knowledge through trial and error. But when trading or investing in the Forex market, mistakes can be costly. Here are some currency trading mistakes to avoid.
Failing to Learn How Currency Trading Works
Many new investors leap into the Forex market with both feet, but they lack wisdom about how the system really works. There's no excuse for Forex trading in ignorance. Even currency trading online seems easy, but still requires knowledge to be successful. You can easily take tutorials and watch demos about the Forex market. Many training tools are available for free or at very low cost on the Web. Knowing all the Forex terminology as well as how the system works will protect you - and your money!
Too Much Margin
Another costly mistake many beginners (and even some experienced Forex traders) make is using too much margin, or leverage, in their trading. Margin is money borrowed from the broker for trading. It usually carries a high interest rate, which increases the risks involved in Forex investing. Though using margin dollars can result in bigger winnings, it can also cause more debt than you bargained for when a loss occurs.
Forex brokers have their own requirements concerning margin debt, but the typical maximum margin debt is 50 percent of the account's value. The margin debt must remain below the percentage level to prevent a margin call, or a request for you to raise your collateral by adding more of your own money. When starting out, try to avoid the temptations of margin debt until you are fully aware of how this system works.
Forex Trading with "Big Tips"
As a beginner, it can be tempting to invest lots of money by faith based on a "big tip" you heard from a friend, relative, or even an experienced Forex trader. Tips are just what they are - tips. Tips are not guarantees to get rich, and are often unfounded. So, if you hear a "big tip" do some research of your own. Get a second and even a third opinion from an expert or broker before rushing to invest your money.
Cheap Currency Rates
Sometimes a cheap currency rate now can mean big profits later, but not always. Avoid investing in a currency just because it is cheap. Buying when the rate is cheap can bring good money, but sometimes it can cause a loss as well. Even small losses can add up in a hurry. There might be a distinct reason why the rate is very low for that particular currency. It's a good idea to research the market to find out why a currency rate is so cheap and what the trends have been with that particular currency. With online Forex trading, you can easily do your research online before taking that big step.
Forex trading online or off-line can be lucrative and exciting once you know how to avoid the pitfalls. Use the tips above to maximize your Forex trading power and profits!
Chris Robertson is an author of Majon International, one of the worlds MOST popular internet marketing companies on the web.
Learn more about Forex Trading Mistakes to Avoid.

Can You Make a Living Trading Forex?

Would you like to have a million dollars in your bank account? I do and it comes from trading! Not all types of trading can give you the earning power to make a full time career out of it. Currency trading or more commonly known as Forex can and will enable you to quit your day job and sit in your under wear and make more money then you ever dreamed of.
Forex trading allows a person to quickly grow their original investment via compounding. This is slightly different from other investment markets, as other markets do not have the same volatility as Forex has. The Forex market is the largest in the world and trades on the average 3 trillion dollars a day! With that sort of turnover a savvy trader could expect to make a very comfortable living!
To be able to make a living out of trading you got to have some tools equipped. They are namely, a trading plan, money management policy and a trading account. While these tools may seem simple they are of utmost importance to you.
First is the trading plan, a good trading plan will give to the trader an edge to trade the market. An edge is best described as a temporary advantage the trader has over the market. This gives the trader the highest possibility of wining in the trade. As you can see that is very important.
Second is a good money management policy. When we say money management policy we are talking about how to protect and conserve your finances so as to enable the compounding effect to kick in. In forex the surest way to a million dollars is by steadily compounding your account.
How that works is that you first determine how much you want to grow your account by and how much you can invest at the start. From these 2 figures you can figure out how long it will take you to reach your financial goal. For example when I first started I wanted a million dollars in my pocket. I invested $5,000 and it took me close to 3 years to reach my goal. Money management protects your account from your losing trades and that gives the compounding effect time to kick in. For more information visit our website where you get more detailed information.
Lastly you will want to focus on a good broker! This is really important as a good broker will either make or break your livelihood. When I first started years ago the broker I worked with was terrible (it's no more around) and each time I sent in an order I had to wait for the longest time before my orders were filled. They took forever to pay me my profits when I had any and frankly I was lucky to have left them with my skin attached!
With internet trading, you remove a lot of uncertainties in trading, and your broker becomes a lot more transparent. A good broker would ensure that your trades are filled on the spot. That means if you want to buy EURO, there would be someone willing to sell it at that point in time. You have a fixed spread that means you can calculate how much you got to earn in your trade before you make a profit. This makes your trading simpler and faster.
To conclude, making a living by trading is what you should aim for if you are tired of working 14 hours a day and having a 14 day holiday a year. So get up and start on your road to riches!
Dr. Joshua Geralds is a successful Investment Specialist with over twenty years experience increasing the income of people world wide. Visit http://www.pipsalot.com to learn how to make steady profits through safe trading and down load your FREE e-book "Money Management" for a limited time only!

Learn Forex Currency Trading - What Everybody Else Isn't Telling You?

Many people want to learn forex currency trading.They love the idea of working from the home and not having to go to their 9-5 job. I can't blame them. I know that is exactly the reason why I wanted to get started trading forex. I hated my job, and I heard from all these people on the internet that they were making a killing trading forex. It seems like a no brainer, right?
Well, one thing you should know right off the bat about the online forex trading community is that they can certainly talk the talk, but very few of them can actually walk the walk.
I'm sure if you have looked into forex, then you probably have heard this statistic. If not, you are going to right now: 95% of forex traders are losing money.
Does that mean its difficult to learn forex currency trading? Nope....not really.
The problem is that most people don't learn it. They just jump right into it like its a roulette table. There is a reason why most people lose in Vegas, and its the exact reason why most people lose in forex. They treat it as a gamble. They think that picking the right direction of a currency pair is luck.
You'll also notice many traders actually use the term playing. For instance, you'll hear traders say "how much are you playing with". Instead of using the word trading, they are using the word playing. By using that word, you can tell how they treat their money.
Also, notice how many people want a shortcut. How many people love the idea of having one of these charting packages where you don't have to think and the software does all the work for you, and tells you when to buy and sell?
Of course it sounds great, but if it were that simple, why are so many people losing money?
John Templeton has been a successful forex trader after learning how to trade price action. Once he understood that all he needed to trade forex was on a plain chart with no indicators, his profits soared. He developed his own course, called Trading in the Buff, where he teaches traders how to properly learn forex currency trading.

Current Technical Analysis of Markets

Even though the local and global markets are basically bearish, I'm looking for reasons it will move up. You have heard me harp on about the Dow Jones and the 11500 being the central pivot point that this market will break from either way, and this is still the case.
One of the important questions is where the lows are for BHP/RIO, US spot Gold, US Crude, Base Metals, our dollar and Finance (local and global) and what will push our local market up.
With our cash market, what I normally find with a market that pushes up through a major level like 5000 and fails at the next Medium Level 6500 (high 6800) is that when it comes back down it goes to the next Medium Level below the major level that would be 4000.
So this pattern is on my mind. This leg down would only be the first of at least three legs in the correction and, being Wave A in Elliott terms, this is still a possibility. It also has to be noted that in Elliott the A wave can be in 3 or 5 waves, so some of the other Elliott analysts have this market counted as 3 waves down. But this may be just part of a larger A wave unfolding, and this is a problem. Normally when I trade I just observe the first leg down to see what it is, simply because there are12 types of corrections and if I can identify it as3 or 5 waves that will basically halve the possibilities of what it is.
The second possibility is that this market will find support at 5000 and then head back up as a Wave B. The B wave normally retraces 61.8% of Wave A, and this is textbook theory. B Waves are always in 3 waves known as a 5 - 3 - 5 structure, meaning a smaller a b c bear market rally (example is in the forum under Gold from early May to mid July).
We haven't actually had a bounce off the 5000. The market has just been going sideways and this is a type of correction which is basically in time rather than price off a strong bearish bias. What backs this up as a correction rather than a base forming is the fact that each wave has 3 waves. This is why I came up with the Triangle -- Triangles also only occur in 4th waves not in wave 2, and this structure cannot be discounted yet. This would mean another wave down in 5 waves and that's what the last move down could have been -- that is, wave 1 (5200 down to 4800) and then back for wave 2 where we are now. All very exciting.
The Cash Market (XJO) has many influences locally and globally. BHP and RIO can account for up to 50% of the movement in the Cash Market. These stocks are connected to base metals and energy etc and this needs to be taken into consideration. I do take the daily lead from US BHP for the Morning Landscape report, as this delivers an edge for the day, but we need to go outside this for the medium term. RIO in the US has just arrived at TL3/US $300 so this offers a glimpse of support. It has also moved down in 5 waves from above TL5/500 but it has not settled there yet as support, and this is a subtle point. As our local BHP is in its 5th wave down -- that is, 5 waves down from TL5/50 -- they just quite haven't found their lows as yet.
Which brings me to the next point. There are other stocks and commodities in the same boat, such as US spot Gold. I would like to think I have picked the low around my magic number 72, or rather 772. To support this low is the notion that when a market corrects into the 4th wave the target low is the 4th wave of one lesser degree -- which is where we are at with 772. However 720 is another squaring point as a low.
This is also the same as the Cash Market at 4750. I have counted the waves down in Wave C for US spot Gold and I think I have it right with an extension in the 5th Wave, but I must say I could be wrong and the consolidation at TL8/800 could be the 4th wave and we have one more wave down, the 5th. This would take this market down to 750. Once this is finished at either of these price levels then I'm looking for a move up in 5 waves to above TL1/1000 When a market moves above such a price level it normally goes to the next minor level above mTL1/1100 like it did in our Australian Gold market, which is based off the Australian dollar. I also use the American Gold stock Barrick Gold ABX to assist with the wave count, which has the same wave count as the move down from TL5/US$50 and now at TL3/US$300 (these levels are Fibonacci 618/phi based so they are fractal geometry) This move down is the C Wave in 5 waves ( C Waves always have 5 waves).
Currently ABX is in the 5th of the 5th so it's close to the low mTL8/28 which will come into play. The other aspect that needs to be taken into account is that, in commodities, it is normally the 5th wave that has the extension whereas stocks normally have the 3rd wave as the extension, but because this is an un-hedged stock is can follow the commodity. The mTL8/28 is also the 4th wave low of one lesser degree which is also a strong support level based of supply / volume levels.
While we are on the subject of 4th waves of one lesser degree, the Australian dollar has also just arrive at TL8/.80 cents which is quite a strong support and can expect a bounce, however the 4th wave of one lesser degree is around .72 cents. But we can expect this bounce to coincide with support for the Cash Market. I'm not a currency trader as the short term is quite politically based. As a technical analyst and trader I watch the volume, as that creates the price. It also allows me to see any activity even though I may not understand the reason behind it. This is a "trust what you see" attitude, however you can't see the volume in the FX market, and the volume confirms the price action.
The other side of the coin, the US dollar, can be viewed in the US Dollar Index, USDX. This is the US Dollar based against six other currencies. I view this through the Trading Levels.
The low was 72 and it is now very close to TL8/80 so we can also expect it to react at this level, meaning it will offer support not only to the Australian dollar but to the others.
This is important in many regards, but I'm essentially concerned with Base Metals. Nickel and Copper are important to us. I track the LME warehouse supply levels as most of the volume is trade, however in our Morning Landscape report I look at the US price in l/b as this is the last closing price and will affect our market for the day -- and that's why I track BHP in the US as opposed to the UK BHP or any other country it's traded in. The cash Nickel peaked in June 07 at TL5/50000, had a correction at the next Trading Level down at TL3/30000, and is now at TL2/20000. Basically it is moving into its support zone.
Zinc is in the same boat. Zinc demand has been very low and four companies have stopped production, but don't let the bad news turn your head away, medium term contrarian traders have a few good points. Aluminium, Tin and Lead have their stories, but Copper is important and has much more work to do at current levels -- expect it in the short term in US l/b to move down to US$ 3.00
In my view the Metals are mixed but the long term down trends in Nickel and Zinc should soon find their lows.
When I view our finance sector I look towards the US Banking sector. Markets are so emotional -- after all, it is people like us that make them and as our money goes in so do we, and we simply go up and down emotionally with them. Tricky business, these markets.
I thought picking the low in the US Banking Sector at 150 was a good Elliott wave call (it went slightly lower). From that low at 150 we were looking for a 4th Wave correction back up to 272 or the Medium Level 250. By looking at the current pattern we are on track. The major Trading Level TL2/ 200 is the resistance that will become support, we have observed this market move through all the minor levels -- 165, 172, 180, 190 -- and it is now just above TL2/200. We need this market to find support on this level, then we can then add to our local finance houses. On a more subtle note, there have been 5 waves up from 165. This will need a small 3 wave counter trend, and then it should push upwards. The Banking Sector from August 22 has offered a sign of strength compared to other markets.
Peter Mathers Director, TradingLounge, has been trading since 1982. He started his professional tradiing with Japanese futures company Hoei & Shoin, who mentored and taught him the Japanese analysis techniques of Candlesticks and Renko. Practical experience of the Elliott Wave Theory followed with Australian company Tradewinds Pty Ltd, specialists in futures trading both in Australia and the USA. In London Peter traded commodities, derivatives and securities with Corporate Services International.
Back in Australia Peter has continued to refine his skills and constantly upgraded his knowledge of all current and well established theories and trading programs and online brokering platforms. The TradingLevels® concept was developed. Peter specialises in shares and CFDs and has been an educator with one of Australia's leading CFD providers.
TradingLounge.com.au and the TradingLevels Analysis Service have been developed by Peter to meet a growing demand for accessible, sensible education and his TradingLevels®-based analysis.
Peter is author of Trading CFDs in Today's Markets and

Forex Trading Strategies - Learn to Use Support and Resistance

Support and resistance are fundamental elements of classical technical analysis. Additionally they are used to test some other indicators. In technical analysis all trend lines and price patterns are combination of support and resistance levels. So how these support and resistance levels are formed?
The line of resistance is the line that connects the maximums or peaks of the market. The peak is formed when buyers are not willing to pay higher price anymore for a given currency. At the same time with any upward movement traders who sell the currency feel the resistance and start selling at the lower price that makes the price to go down.
Trend that was going up now stalled as if there is an invisible ceiling that cannot be penetrated at the moment. If bulls become strong again the price can move higher. Otherwise there must be consolidation and eventually trend reversal.
Level of support on the other hand connects the minimums or bottoms of the price action. The reason behind of levels of support is similar but opposite to the reasons of forming resistance. Bulls switch places with bears.
Traders who sell are active players in the market. They are the ones who cause the price to move downwards. Traders who buy the pair play in defense. The higher the activity of sellers the higher the probability for the price to break out the support level.
Support and resistance are usually formed because of people's memory of the past events. Traders remember that at a certain price the market reversed some time in the past. That's why it stimulates selling or buying the pair at certain price. Their massive action creates those levels resistance and support again and again.
Most of them remember that a week ago at this point price stopped descending at reversed. Traders will start buying the pair that will make a reaction in the market and price will increase. The opposite is also true. Most traders remember where price did not go higher and once a pair achieved that height they will start selling it causing the price to collapse.
The more times price hits a certain level of resistance or support the stronger the level is. The more times it bounces form certain level the more participants of the market are satisfied with this market situation.
However over time these levels of support and resistance become weaker and weaker. At certain moment price penetrates the support or resistance level leaving those satisfied traders in loss. Many of them may encounter such a loss that wouldn't be able to continue to trade.
That's why any trader needs a trading method and sound money management system to avoid losing entire account when price violates some levels of support or resistance that seemed to be rock solid.
Albert Schmidt is a part-time currency trader. After quite a long time of struggle he learned to make consistent profit trading in Forex. Review a trading strategy he successfully uses in his trading Forex.

How Forex Trading Can Get You Through a Recession

The last year has been really bad for the economy. The sub-prime crisis, the credit crunch, and the burst of the real estate bubble created a very negative economic environment. Worse than that, most economists, analysts, and government officials, including the Federal Reserve, agree that the developed countries are heading for a recession, the worst recession in fifty years.
During a recession, most financial activities are pretty much useless: it's not good to open a business, since not many people will come. It's not good to trade the stock market, since stock prices are hard to predict and most of them go down. Also, trading volumes on the stock market go down during a recession. With all these problems, it seems that the only solution for a recession is trading the Forex market.
First, the currency market does not have periods of a "bear market", a market going down. In the Forex market, currencies are traded in pairs, so when one currency is going down, another one is going up. That means there is always a way to profit in the Forex market, no matter how the economy or companies are doing.
Also, the currency market does not suffer from a decreased activity during a recession. The average daily volume on the currency market is 3 trillion dollars. Even if that number is cut in third, to two trillion dollars, this is still a volume higher than the stock market at its best times. There is always something going on the Forex market, no matter how bad the economic mood gets.
The Forex market is open six days a week, 24 hours a day. Unlike the stock market or traditional businesses, you can trade almost every day, every hour. This gives you the ability to trade with people around the world, people who live in countries with a better economy. With this, you can make money again no matter how is your economy doing. You can do better than most people around you.
To beat the upcoming recession, all you need is a Forex broker and a good trading system, and you are ready to trade, make your fortune, and forget the word "recession".
To start trading Forex and avoid the recession, get yourself the best Forex broker out there with a good Forex trading system, and you are all set to skip the recession and make your fortune.
About the author:
Nadav Snir is a stock market trader and Forex trader. You can find more information about Forex trading and Forex brokers at his site at http://Great-Info-Products.com/Forex/index.html.

Pay Taxes For Forex Trading - US Traders

You finally start to profit and you are all excited about your just withdrawn cash when it suddenly hits you - what about taxes? How are my profits taxed and where should you report your income? What kind of documents should you fill in and how to keep IRC away from knocking on your door in the middle of a happy sunny day?!
I don't know about other countries (I promise to investigate though!), but US traders are definitely required to pay taxes for foreign exchange profits. It sucks, but that's the law, so unless you are planning to move to Europe or Middle East, you should continue reading!
US forex traders can choose to be taxed under the tax rules of regular commodities (IRC Section 1256 contracts). Another options is to be taxed under the special rules (IRC Section 988 - Treatment of Certain Foreign Currency Transactions)
Good thing about Section 1256 for forex traders is that when you report your capital gains on IRS Form 6781 (Gains and Losses from Section 1256 Contracts and Straddles) you have the right to split your capital gains on Schedule D using a 60% / 40% split. What the hell is this split??

• 60% of the capital gains are taxed at the lower capital gains rate (currently 15%)
• the remaining 40% at the ordinary capital gains rate (as high as 35%).

What about Section 988? What is it and how to deal with it?
With Section 988 the gains and losses from forex are treated as interest income or expense and get taxed accordingly. There is no 60/40 split and, to make things even more complicated, since forex traders deal with daily exchange rate changes, the trading activity also falls under the provisions of Section 988. However, IRS isn't THAT evil - daily exchange rate changes can be considered part of a forex trader's assets, a normal part of your business. So IRS gives you an option of rejecting (OPTING OUT) of Section 988 and tax your gains under lovely 60/40 split of Section 1256.
How to get rid of (or OPT OUT) Section 988?
There is no need to file anything with IRS to opt out Section 988. However, you are required to do file "internally" before you even start trading for real. What do I mean by internally? You have to keep records about the fact that you are opting out of Section 988.
Majority of forex traders wait a year or so to see what kind of profit they get from forex trading and only then claim that they opt out of IRS 988. The last time I checked IRS can't really check whether a forex trader opt out Section 988 at the beginning of his trading activities or later on, and therefore IRS still let this trick pass.
How to pay your forex taxes?
US forex trader will get 1099 forms from his US-based forex broker at the end of the year. If your forex broker is based in another country you still have to get the reports and forms from your accounts and get some professional tax advice.
Forex trading is becoming more and more popular and eventually IRS will catch up with some new regulations. Meanwhile, try to enjoy the advantages of the current tax requirements on forex trading. And here is my advice - don't try to skip taxes!
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Global Forex Market and What You Need to Know

The Forex Market a nonstop cash marketplace where currencies of nations can be traded each and everyday, typically using brokers. Foreign currencies are simultaneously bought and sold across the global forex markets. The value of each investor/trader investments can move up or down based on currency movements. The Global Forex Market conditions may change at any time in response to global or local events that occur in real-time.
The real attractions of short-term currency trading to provide investors are:
24-hour trading availability, 5 days a week with nonstop access (24/7) to global Forex dealers.
An enormous market, making it easier to trade most.
Volatile markets offering profit opportunities.
The ability to profit in rising as well as falling markets.
Leveraged trading with low margin requirements.
Many options for zero commission trading.
Let's look at the history of the global forex market
The Bretton-Woods agreement, established in 1944, set national currencies against the US dollar, and set the dollar at a rate of USD $35 per ounce of pure gold. In 1967, a Chicago bank refused to make a loan in pound sterling to a college, professor by the name of Milton Friedman, because he had intended to use the funds to short the British currency. The bank's refusal to grant the loan was due to the Bretton-Woods Agreement.
Bretton-Woods was aimed at create global monetary stability by preventing money from taking flight across countries, thus eliminating speculation in the foreign currencies. Between 1876 and World War I, the gold exchange standard had ruled over the global economic system. Under the gold standard, currencies experienced an era of stability because they were supported by the price of gold.
However, the gold standard had a weakness in that lend to create boom-bust cycle economics. As the economy strengthened, it would import a great deal of gold, running down the gold reserves needed to support its currency. As a result, the money supply would drop, causing interest rates to escalate and economic activity would slow to the point of recession.
Eventually, prices of commodities would hit rock bottom, thus becoming very attractive to other nations, who would then hurry into a buying frenzy. In turn, this would add a large amount of gold to the economy until it increased its money supply, driving down interest rates and restoring economic stability. Such boom-bust cycles were know to be very common throughout that era of the gold standard, until World War II, in order to stabilize and regulate the Global Forex Market.
Participating countries agreed to to maintain the value of their currency within a narrow margin against the dollar and an equivalent rate of gold. The dollar gained a premium position as a reference currency, reflecting the shift in global economic dominance from Europe to the USA.
Countries were prohibited from devaluing their currencies by less that 10%. Post-war construction during the 1950s, however, required great volumes of Forex trading as masses of capital were needed. This had a destabilizing effect on the exchange rates established in Bretton-Woods.
In 1971, the agreement was scrapped when the US dollar stopped being exchangeable for gold. By 1973, the forces of supply and demand were in control of the currencies of major metropolitan nations, and the currency now moved more freely across borders. Prices were floated daily, with volumes, speed and price volatility all rising throughout the 1970s. New financial instruments, market deregulations and trade liberalizations emerged, further causing the growth of the Global Forex Markets.
With the explosion of computer technology that began in the 1980s accelerated the pace by extending the market continuum for cross-border capital movements through Asian, European and American time zones. Transactions in the Global Forex Market increased rapidly from nearly $70 billion a day in the 1980s to more than $3 trillion a day twenty years.
Orlando Thompson frequently writes articles on forex trading and other forex related topics. For more forex information and resources visit: Forex Trading System Information
Copyright (c) 2008 Orlando Thompson

Forex Brokers a Danger to Your Success Here's Why

Forex brokers offer great services but many of the services they offer will make most traders lose. Lets examine this in more detail. Here they are in no particular order of importance - they are all important!
Leverage
More traders wipe themselves out because they use to much leverage than any other reason sure you can get up to 400:1 in leverage but on a small account ( and most traders are under $10,000 in retail ) you will see your account blown out the water by normal market volatility.
For a new trader on a small balance no more than 20:1, otherwise you may as well flip a coin.
Deposits
You can trade $50.00 but this is not enough to trade seriously and no trader should consider starting with less than $1,000 and preferably more. If you trade a small balance you are relying on luck and not getting knocked out the market and that's not a good idea.
If you want to win at forex commit enough money to have a chance and use leverage wisely otherwise your account will be toast.
Demo Account
These are only useful for showing you how the trading platform works and tell you nothing about your potential in real time trading, simply because there is no pressure and trading is a pressure experience.
Research and FREE Guides
Are always used to entice you into trading but really you can get most of what they say for free online. There mostly, cut your losses run your profits, be disciplined etc etc and if you don't know that before you open a trading account - you should!
Also research they offer daily wont help you either and is the same old technical levels you can see yourself
Choosing a Broker
You only need to choose on 3 criteria
1. Security of your money and make sure they are a broker of high standing
2. Pip spreads the lower the better this is your cost of doing business and needs to be low
3. The reliability of the trading platform and how comfortable you feel with it
Brokers don't set out to harm you but many of the services they offer can ensure you lose and many traders don't think anything of putting up 100 dollars and leveraging 400:1. Mostly be traders are not serious about making money and gamble.
If you get the right forex education you can use your broker to make you a lot of money and not get wiped out and believe me the services offered and used wisely, you can make a lot of money.
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