If you are new forex trader and you want to learn basic forex lessons we can suggest you to read this forex ebooks :
If you need more informations and suggestions, please contact us and we will try to suggest you more forex books.
Michael Boutros, Currency Strategist work at dailyfx.com and he has excellent forex scalping strategy (20-30 pips per trade). He likes AUDUSD and NZDUSD and he every day calculate for traders important trading price levels.Learn everything in this video :
Many forex traders think that all forex traders must be part divided into Fundamental forex traders and Technical Analysis traders. So you need to choose. And most traders use only Technical Analysis because Fundamental analysis needs high education and years to learn global market rules, track Macroeconomic News.
But only strategy when you use Fundamental and Technical Analysis is perfect.
In the last 10 minutes of this vode you will see practical use of this strategy :
1) Know the current enviroment – use technical indicators to get Technical activity data, chart and fundamental data –
2) Indetify Dominant Trend – using charts and fundamental informations
3) The Catalist – Event Risk (fundamental news – economic calendar) and Pivot Points (technical analysis)
See example for AUD/USD dollar (september 2011 chart) in this video.
Technical analysis is a tool that covers the study of the chart patterns, identifying the market trends, making a decision of entry and exit points and finalizing the psychological aspects of the market. There are many things that should be in your mind while analyzing the chart patterns with some characteristic.
See video :
In technical analysis, the first step taken is determining price action type of the market. The example of action types a market can experience can be breaking out, ranging, trending, consolidating etc. The later stages are dependent on this first step; therefore a trader should always pay more attention to this. The price chart and its influencing factors should be studied carefully before actually applying the next steps of technical analysis. Following are few tools that are used for this purpose:
1. Oscillators are tools which are used for analyzing the markets with static trends. The purpose of this tool is to add a limit to the price action in terms of maximum and minimum value to produce sell or buy signals. However, this tool only works when price action actually stays between the artificially defined limit.
2. Another tool is the moving averages. They are useful for markets where trends are rapidly changing and where the oscillator tool fails because of high variations in price action.
3. The third tool is the support and resistance lines which are used for markets with varying trends. They can be used to make good estimate of the upper and lower limits of range and deciding the entry/exit points for traders who want to join or exit. A trader who wants to minimize risk should avoid trading near the boundaries of the ranging markets when he is not sure about his assumptions and analysis.
4. Simple trend lines are another tool which can be formed by moving averages or manually drawn. It is very useful in making assumptions about the price action. For example, user can use naturally created trend line which is created by analyzing average for certain time period. It is very important to keep in mind that you should adopt just one such tool and stick to it. Changing them continuously may cause problems as it will distract you. Simple trend lines can be an excellent tool if the trader knows well about how to interpret signals and when to ignore the other technical analysis tools.
5. Last but not least, there is a rule of thumb that technical analysis should be done as simply as possible. Using indicators is sometimes tricky as many times different signals are generated by various tools which make it confusing to decide which one is correct. Moreover, it is difficult to use multiple indicators together to get a good estimation. It is obvious that generated signals can be judged only by noticing the actual price action. Therefore, to avoid confusion avoid using more and more indicators when good results can be received by few indicators.
In this video we will learn about correlation charts which can help us to Trade Currencies.How to use Commodities as Gold & Oil to Trade Currencies ? Use correlation.You can learn from Walker England and FXCM Expo 2011 in this video a lot.
Do you have an idea of where oil and gold are heading? Use your existing experience in other markets to supplement your currency trading. This class will explain how to translate your opinion on commodities into the currency market using correlations.
This is special Free Forex Training Course Video from FXCM Expo 2011.
What we can see in this video :
1) You will learn about forex pillow test.
2) YOu can not trade without forex strategy.
3) What type of trading you suits the best.
4) How to keep your eye on the Big picture.
5) How to use forex Risk management.
6) Learn 4 type of trading : scalping, range trading, event risk and trend.
7) Biggest trading mistake : Keep losing trade very long !!!
8) Evan you scalping – trend is your friend.
9) Do not use a lot of forex indicators – they usually show simmilary things.Oscialtors always show data from past not forecast
10) Short traders when scalping : do not trade during big events, look economic calendar and avoid swings.
11) Never average a loss – don’t open several trades in the same losing direction !!!
12) Long trader tip : try to avoid breakout trades without price conformation.
13) You make trade. you put stop loss and you put limit. In one moment price is against you. you panic. You close trade.This is very often mistake. Don’t left your strategy. Don’t chaise moves.