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Useful Forex Trading Tips

Discussion in 'Forex Discussions' started by forextrdr, Oct 9, 2009.

  1. forextrdr

    forextrdr New Member

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    Are you one of those who are looking to find forex trading tips on how it works? Well, in that case you are not the only who is looking for an answer to come out from this dilemma.
    One major mistake that many newcomers make is attempting to trade without sufficient capital. Trading with minimum currencies will actually make you take limited risk capital. Moreover, you will always look to minimize losses beyond the point of realistic trading. As a result you need to have sufficient capital.

    Make sure you have the ability to plan your work and work your plan. A well defined strategy is surely one of the essential "mantras" of the fx trading market. Take your time to research and find one that you feel most comfortable with. Plan your strategy even after you've suffered a series of losses. Being a newcomer, when you study the examples of past trades, it is much easier to recognize direction, entries, and exits.

    The success of Forex trading is just like any other trading and lies in your ability to buy for less and sell for more, but getting more familiar on how to approach and learn will help you to gather all the benefits. It is a profession that definitely requires a learning curve.

    Stifxonline.com
     
  2. mark04

    mark04 New Member

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    you are right in your words but actual thing is implementation. Which is not that easy while trading.

    Thanks
     
  3. Rider

    Rider New Member

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    Global markets rattled by Dubai credit woes
    The sovereign wealth fund of Dubai asks creditors to extend due date on billions in debt payments, renewing fears about the health of the banking sector.
    NEW YORK (CNNMoney.com) -- Asian markets plunged Friday after the sovereign wealth fund of Dubai requested an extension on billions of dollars worth of debt payments, sparking widespread credit concerns that spilled over to world markets.

    European shares managed to regain ground, suggesting that concerns about Dubai World may have been overdone.

    The selloff "was a slight over-reaction but a much needed correction," said Dave Babbs, head of trading at MF Global Spreads in London. "We expect to see a lot of exaggerated moves today with thin volumes."

    The retreat comes two days after Dubai World, a state-owned investment fund, asked creditors for an extension on billions of dollars worth of debt payments due next month so that it could restructure. The move revived fears about the health of the global financial system and caused investors to shy away from risky assets such as stocks.

    The Dubai World news "brought the credit crunch back after we thought we left it behind last year," said David Jones, chief market strategist at IG Markets in London.

    "Things like this remind us that the economic recovery isn't going to be smooth," he added.

    Dubai, which is one of seven emirates that make up the United Arab Emirates, borrowed billions over the last several years to fuel a construction boom.

    But the emirate was hit hard by the credit crunch and investors are concerned about the possible fallout if Dubai World is forced to liquidate assets at fire-sale prices. That could put many big British banks, and possibly some U.S. banks, at risk.

    Richard Bove, a prominent banking analyst, said other Arab states, including Abu Dhabi, will likely come to Dubai's aid if the fund fails. "However, if this takes months there will be financial upset everywhere," he wrote in a research report.

    The dollar and the yen rose against rival currencies as investors flocked to perceived safe-haven assets.

    The stronger dollar and credit concerns weighed on the commodities markets. Oil prices plunged 5%, while gold prices tumbled more than $18 per ounce.

    In Asia, Japan's Nikkei closed down 3.2% and the Heng Seng in Hong Kong tumbled nearly 5%.

    European markets recovered after opening sharply lower. The major gauges in London, Paris and Frankfurt all gained more than 1%.

    U.S. stocks opened sharply lower, with the Dow Jones industrial average falling more than 160 points, or 1.6%.

    All financial markets in the United States were closed Thursday for Thanksgiving and the stock market closes at 1 p.m. Friday. Trading is expected to be volatile and volume very light with many Wall Street pros taking a five-day weekend.
     
  4. Rider

    Rider New Member

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    Black Friday crowds eager to spend
    Many bargain-hungry shoppers skip Thanksgiving meal to queue up for Black Friday deals on toys, cashmere sweaters and laptops.
    NEW YORK (CNNMoney.com) -- Although Black Friday seems to be missing the usual mayhem associated with it, the good news for merchants is that shoppers are eagerly spending money on juicy discounts on toys, cashmere sweaters, Snuggie blankets and gadgets.

    "What I've noticed so far is that [consumer] traffic is on par with last year, but people are buying more," said Marshal Cohen, chief retail analyst with market research firm NPD Group.

    "They are going into stores with the pure intention of spending money. They have their stores, products and prices all picked out," he said.

    Compared to previous years, Cohen said the Black Friday atmosphere appears to "be more tame."

    "Look, retailers have been educating consumers for days before Black Friday on what their deals are going to be and on what items," said Cohen. "That's partly why we're not seeing the frenziness."

    To his point, although the Toys R Us flagship store in Times Square had lines that were hundreds deeps for its midnight opening on Black Friday, it wasn't unruly at any point

    At the Best Buy (BBY, Fortune 500) store in Holmdel, N.J., more than 500 people calmly gathered for the 5 a.m. Black Friday opening, some as early as 3 p.m. on Thanksgiving Day, to score early bird deals such as a Garmin GPS device for $99.99 and an 4 GB Intel laptop for under $400. (Best Buy combats doorbuster scalpers)

    More importantly, Cohen said "pent-up" demand among consumers, who really haven't loosened their purse strings all year, will play a pivotal role for sellers this Black Friday.

    "Who would have thought that cashmere sweaters at half-off are suddenly the hottest item today?," he said.

    Elsewhere, Zhu Zhu, the electronic pet hamster was flying off shelves at Toys R Us and emerged as the frontrunner for this year's must-have toy. (Black Friday shoppers hear the call of Zhu Zhu)

    "Retailers came out swinging for Black Friday, offering some of the holiday season's lowest prices on electronics, appliances, apparel and toys," said Tracy Mullin, president of the National Retail Federation (NRF), an industry trade group, in a statement. "Budget-focused shoppers seemed to be pleasantly surprised with post-Thanksgiving deals, which many retailers will extend into Saturday and even Sunday."
    Power tools and Snuggies selling out

    Sears (SHLD, Fortune 500) spokesman Tom Aiello said pre-dawn crowds outside its stores were " a little bit more than last year."

    The department store chain reported an average of 300 to 400 shoppers lined up for its 4 a.m. opening on Black Friday.

    Aiello agreed that the situation was mostly tame. "After the incident at a Wal-Mart last Black Friday, everyone has stepped up plans to make this a safe day," Aiello said.

    He was referring to an incident in which a Wal-Mart (WMT, Fortune 500) employee was killed in a stampede at a New York store.

    To help defuse waiting crowds this year, Wal-Mart extended the hours of many of its stores that were not already open 24 hours.

    That strategy seemed to work at one St. Louis-area Wal-Mart location. Rather than queuing up outside the store's entrance, customers found that the biggest wait was at the cash register.

    Checkout lines snaked throughout the store, with some shoppers waiting an hour or more before carting away plasma and HDTVs and other deeply discounted items for holiday shopping season.

    "Customers realize, too, that they have to take a step back," Aiello said.

    The top sellers at Sears so far include a Craftsman drill set for $39.99, down from its original price of $79.99, home-related goods, luggage, comforters and the Snuggie blanket.

    "Snuggies are selling fast for $9.99 at out Kmart stores," Aiello said. "And our layaway section is jammed. People are buying the special deals and putting them on layaway."

    Wally Brewster, spokesman for General Growth Properties (GGP), the second-largest mall operator, said shopper traffic at its malls "has been fairly steady throughout the morning."
    He estimated that the company's Jordan Creek Town Center mall in West Des Moines, Iowa had about 35,000 shoppers by 2:35 a.m. CT, up from about 10,000 shoppers who arrived at the mall for its midnight opening.

    "We have noticed that these people aren't rushing to get into stores," he said. "They are walking in and enjoying the experience."

    One reason for the more controlled scenes, Brewster said, is that many retailers are giving substantial incentives such as free gift cards on purchases in addition to doorbuster discounts. "So people are still finding deals even if they miss the early bird items," he said.
    Will midnight openings become the norm?

    About 130 of Disney's 205 retail stores in the United States opened their doors at midnight Friday.

    "It's been a good day for us," said Jim Fielding, president of Disney Store Worldwide. "We were very busy until 3:00 a.m. Now the traffic is more steady."

    Fielding said hot sellers at its stores were toddler dolls, classic dolls, Buzz and Woody action figures from "Toy Story" and $10 plush toys.

    "I would say that shoppers are focused on value," said Fielding. "But you could find value at $10 or at $50."

    This year, more retailers opened their stores at midnight instead of the typical 5 a.m. Black Friday openings.

    Fielding said the extra pre-dawn hours of business worked for Disney stores. "We're able to better manage the demand and spread [customer] traffic throughout the day," he said. "This may not become the norm for Black Friday for all retailers, but I think we will continue to be committed to it for the foreseeable future."
    Tough challenge for merchants

    The day after Thanksgiving is dubbed "Black Friday" because it traditionally marks the day of the year when retailers finally move out of the red, indicating losses, and into the black, representing profits.

    But despite the hype surrounding Black Friday as the "unofficial" start to holiday gift shopping, it's not the busiest shopping day of the year. That day invariably is the Saturday before Christmas.

    Still, for retailers, November and December are crucial sales months because the combined period can account for half, or more, of their sales and profits for the full year.

    Although retailers know that they're facing an uphill battle to grow sales amid a tepid spending environment, the hope is that this year's holiday season will at least be an improvement from the previous year.

    The NRF expects holiday sales to decline 1% versus a 3.4% drop in holiday sales the previous year.

    The group maintains that even though many Americans have had a year to adjust to the recession, continued job losses and stagnant income growth are forcing many consumers to restrain their shopping impulses and shop only for necessities.

    Overall, more bargain hunters are expected to hit stores on Black Friday and the weekend. The total is expected to be about 134 million, up from 128 million a year ago, according to the NRF.

    "More shoppers will come out today than a year ago," said Britt Beemer, a retail industry expert and chairman of America's Research Group. "But consumers are so concerned about money that if and when the deals are gone, so are they."
     
  5. Rider

    Rider New Member

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    Dollar rises as investors seek safety
    Number of initial filers for unemployment insurance was unchanged last week at 505,000.
    NEW YORK (CNNMoney.com) -- The number of first-time filers for unemployment insurance was unchanged last week, holding at the lowest level since January, said a government report released Thursday.

    There were 505,000 initial jobless claims filed in the week ended Nov. 14, the same as the revised figure the previous week, the Labor Department said in a weekly report.

    A consensus estimate of economists surveyed by Briefing.com expected 504,000 new claims.

    The 4-week moving average of initial claims was 514,000, down 6,500 from the previous week's revised average of 520,500.

    "After two hefty declines, claims were due a pause this week," said Ian Shepherdson, economist at High Frequency Economics, in a research note.

    "Even when the underlying trend is clear, claims tend not to run in the same direction week after week," Shepherdson added.

    Claims are "heading in the right direction," Shepherdson said, and he believes employment will level off in the first half of next year -- possibly as soon as the end of the first quarter.

    Continuing claims: The government said 5,611,000 people filed continuing claims in the week ended Nov. 7, the most recent data available. That's down 39,000 from the preceding week's ongoing claims.

    The 4-week moving average for ongoing claims fell by 83,500 to 5,711,500.

    But the slide in continuing claims may signal that more filers are falling off those rolls and into extended benefits.

    Continuing claims reflect people filing each week after their initial claim until the end of their standard benefits, which usually last 26 weeks. The figures do not include those who have moved to state or federal extensions, nor people who have exhausted their benefits.

    State-by-state data: Only one state reported a decline in initial claims of more than 1,000 for the week ended Nov. 7, the most recent data available.

    Claims in Florida fell by 1,915, which a state-supplied comment attributed to fewer layoffs in the construction, trade, service, manufacturing and agriculture sectors.

    Eighteen states said that claims increased by more than 1,000. Michigan reported the most new claims with 6,001; New Jersey's rose by 4,153; Pennsylvania saw a jump of 3,552; New York had 3,508 new claims; and Ohio's increased by 3,292.
     
  6. wringle

    wringle New Member

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    # Trade pairs, not currencies - Like any relationship, you have to know both sides. Success or failure in forex trading depends upon being right about both currencies and how they impact one another, not just one.
    # Knowledge is Power - When starting out trading forex online, it is essential that you understand the basics of this market if you want to make the most of your investments.
    The main forex influencer is global news and events. For example, say an ECB statement is released on European interest rates which typically will cause a flurry of activity. Most newcomers react violently to news like this and close their positions and subsequently miss out on some of the best trading opportunities by waiting until the market calms down. The potential in the forex market is in the volatility, not in its tranquility.
    # Unambitious trading - Many new traders will place very tight orders in order to take very small profits. This is not a sustainable approach because although you may be profitable in the short run (if you are lucky), you risk losing in the longer term as you have to recover the difference between the bid and the ask price before you can make any profit and this is much more difficult when you make small trades than when you make larger ones.
     
    #6 wringle, Nov 11, 2010
    Last edited by a moderator: Nov 11, 2010
  7. daniellefr

    daniellefr New Member

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    The trick is to apply the theory to practice. It is so difficult to stop yourself from making those beginners mistakes. On the other hand, you have to make those mistakes, in order to gain the experience so much needed.
     
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