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Forex Techniques

Tips, Tricks, Tools and Traps in Foreign Exchange Trading



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Do Forex Robots Work?

By Admin, on December 3rd, 2011 Do Forex Robots Work?

Do Forex robots work?  That seems to be the question so many people ask nowadays.  In this article, I’ll share with you some of the secrets behind Forex robots and how they can benefit you in Forex trading.

First, it’s important to highlight that many Forex robots are junk, and will lose you money – beware the hyped-up sales pages and look for some good advice from other users. And before you trust your money to the robot, be sure to trial it with a demo account until you have a high level of confidence in the tool.

Forex Robot Benefits

Because the Forex market is so speculative and unpredictable, currency values can change in an instant because of many different factors.  This is where Forex robots come in to play for you.   A Forex robot is essentially a computer program that specifically analyzes in detail the Forex market all based on an appropriate Forex trading strategy.  The robot is programmed to recognize a pre-determined point whereby the robot can place an order or exit a trade doing this without the trader being present.

As you’ve already learned, the market changes quickly.  Changes in a country such as, social, economic and political affairs can change the value of that particular country’s currency.  So leaving the Forex robot to monitor and determine trades, possibly multiple trading signals and even the timing of your trading can help benefit you to gain bigger profits.

Reading the Forex Signals

It’s interesting to note that Forex robots are also known as Expert Advisors or EAs.  They do live up to their name since they are said to have helped in the $3 trillion market turnover everyday in the market.  This expert advisor will provide advice and information about when to buy, sell and close a deal.  The expert advisor interprets and will identify the trading signals that they are able to get from analyzing the Forex market.
Forex robots are also capable of placing, changing and removing stop losses.

To begin with, you first need a Forex broker who would provide you with a trading program.  It’s important that you already have some knowledge of how Forex trading works.  You will also need a computer and internet connection.  After setting up an account with your broker, you will acquire the robot from a manufacturer.  Then the expert advisor can be downloaded to your computer to start making trades for you.  When looking for services like this, it’s important to have a demo account to begin with where you can study the service before proceeding into trading real money.

Having the real benefits of a Forex Robot working for you is ideal in many cases.  If you are not at your computer watching the trades, this can be of great help.  Having the trading mindset and skill along with the right robot working, you’ll be able to succeed in Forex trading.

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Automated Forex Trading, Robots, and Software

By Admin, on December 2nd, 2011

Investing in Forex can be an anxious and risky endeavor. This is because of the volatile nature of the market due to the fact that it is the world’s most actively traded market and operates 24 hours a day. However, this does not mean it is impossible to reduce that risk and profit from it. This article shares some of the best tips in Forex that can help an investor do just that.

Forex Robots

Use caution if you are relying on Forex robots to make trades. While these computer programs are designed to make educated decisions, they are meant to assist you in making your trades, not to be your sole indicator. Forex robots base their analysis on past performance, which, as any experienced Forex trader knows, does not guarantee future performance. In addition, if you rely on your Forex robot to make decisions for you, you lose out on gaining valuable trading skills.

If you are going to use a Forex robot for the market that you are trading in, be sure that the robot is up to date. If not, it could be providing you with inaccurate information. You can check to see if it is updated in the version history and by how often the websites get updated.

Right now, you can use a tool such as a forex robot and your trades will all be chosen for you, you can simply sit back and (as long as you chose your software wisely) watch your money grow.

Automated Forex Trading

Before your buy any automated Forex trading software system be sure to find one that meets your specific needs. Do detailed research on any software before you buy it, and then test it well, preferably with a demo account to validate its efficiency.

There are many automated Forex trading systems on the market. You will get a lot of results from any search engine. Automated systems are making their mark and are highly popular. This type of technology enables you to turn profits and approach a more diversified trading method.

If you’re looking for an automated Forex trading system, be sure to choose one with a backup system – if the main system crashes, your trading will not be affected. Also, be sure that the trading system has the capability to trade any day of the week, and at any time.

Forex Software

Finding the right forex software is a step you should consider taking even before choosing a broker. Brokers are easy to find, but the forex software you pick should be very specific to your approach and skills. Find the best software at the ourset and then search for the perfect broker.

To take full advantage of the Forex markets, diversify the money you set aside for this. In addition to learning trading yourself, set aside some money for a professional manager to trade for you. Also invest in one or more automated Forex software programs. Give them all small funds to start and watch them race. Reward the winners with more money and drop those who don’t do so well.

Before you choose a forex broker with you should consider visiting a range of the trading websites. Try their software, see if you are comfortable with it – if you can’t use the forex software easily it may interfere with your trading efforts.

Investing in anything has inherent risks, and these are multiplied when investing in Forex. However, there are certainly ways to reduce the risk. With the right knowledge, strategy and approach, playing the Forex market can be consistent and profitable. Having a solid base of knowledge and strategy also makes for a more confident investor.

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Automated Forex Trading Benefits

By Admin, on December 1st, 2011 Automated Forex Trading – Reviewing The Benefits

As you may have heard, Forex trading is a huge market with the potential to earn a lot of money.  But behind the scenes can be a different picture altogether because there is about 90 percent of Forex traders failing to make a profit.  As we reveal here, taking the option for the automated Forex trading system might help you reduce this percentage – as long as you choose the right tool, and verify it with a test account.

The Forex Beginner’s Friend?

Automated Forex trading software is especially helpful to someone who is still learning how Forex trading works.  Trying to understand the market and its signals can be difficult and may take a long time.  The automated software helps the newbie learn quicker.  The benefits are also quite good for the more experienced trader too.

This particular trading software can analyze trade signals efficiently and give you an idea of how to go ahead with the trade.  Along with analyzing the market, the Forex trading software will specify and place buy and sell orders to your Forex broker.  This process actually happens very quickly.

One of the most important steps of having the software, is to spend a few minutes daily to set it up and have time monitoring it.  When it’s unmonitored, just left on its own to operate, it can possibly lead to costly mistakes.  You don’t want to get to the point of relying too much on the system automating every aspect of the trade.  The money management needs to be overseen by you until you have full confidence in the software.

Another great benefit to having your own automated software system, is that you can make reports, place stops and buy signals.  Performing real-time monitoring is easy with the trading system. No need to spend additional money on Forex signal providers as your automated trading system would do it all for you.  With all these things put into consideration, your income level could likely increase.

There are a couple of other tips I’d like to share with you in choosing a system.  Make sure that there is a money-back guarantee.  If you have any issues with the trading system, you could return it and hopefully for a full refund.  Your automated software should come with tutorials to learn how to install and run the software.  There are many different types of systems so user-friendly software is key.

I’ve given you some very helpful benefits in acquiring your own automated Forex trading system.  With these considerations in mind, your trading will improve your profits. Our Forex Trading Software section will be covering Automated Forex trading tools and techniques in detail as we progress.

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Forex Technical Analysis

By Admin, on November 29th, 2011 Gain An Edge With Forex Technical Analysis

Technical analysis is a great way to amp up your Forex trading arsenal and boost your profits through proper preparation.

If you are intimidated by the technical nature the name implies, don’t be. Technical analysis is actually a relatively simple concept to grasp, but gaining the skill set that utilizes this trading tool requires gaining the knowledge to do so properly. Keep reading for a more thorough explanation and a brief introduction to the world of Forex trading through technical analysis.

You can even try basic technical analysis on this site with our live Forex Data Feed.

Forex Technical Analysis – Forecasting Market Movement

In its simplest terms, technical analysis seeks to forecast future market movements through looking at the associated past market data. Essentially, it gives you the big picture on the price of an investment throughout its past. Everything about the market affects price. With technical analysis, studying other areas, such as differing opinions or moods, is not necessary. The influence these things have on the market is reflected in your price analysis. Patterns often repeat, and studying past price trends gives you an indication of the signals for which to watch for to enter and exit the market at the right time.

Charting is essential in technical analysis. There are charts with data respective to price, volume and other market data in mathematical form. These charts help you identify the right entry and exit points, based on trends, to maximize your Forex profits. Not only do charts reveal trends, but they also show how strong a trend is and how long it typically lasts. There are a number of different chart types, including bar, candlestick, and point and figure charts. A combined look at historical trends using a variety of charts is the best way to use trend data to your advantage.

Technical Analysis Tools

In addition to charts, there are a number of tools that assist you with technical analysis. First, there is the relative strength index (RSI). The RSI measures up and down market movements to determine if an investment is overbought or oversold. Second, stochastic oscillators measure the historical data in a way similar to RSI. While RSI expresses a range, stochastic oscillators express a percentage. Moving average convergence divergence (MACD) is another useful market indicator. This tool helps identify the likelihood of a particular trend occurring when you are expecting it to occur. In addition, number theory, Gann numbers, waves, gaps, pivot points, candlestick formations, moving averages and trends are all useful technical analysis tools. It is essential that you utilize these tools to effectively use technical analysis.

While all these tools make technical analysis a great way to bolster your trading system to be more successful, there are limitations to this type of analysis as well. Through its design, technical analysis is most reliable when the time frame of trends is longer. Unfortunately, longer time periods open the door to more volatile market swings, where spikes and pip movements reduce the accuracy of analyzing historical data. It is also susceptible to inaccuracy on Fridays. In addition, technical analysis is not something upon which your entire trading system should be based; it is designed to be a trading tool that complements others that help you decide when to step into the market and when to make an exit trade.

As you can see, forex technical analysis is not without risks. However, when you utilize the tools of this type of analysis, you can create a more well-rounded trading system that puts you in a better position to take advantage of the financial opportunity trading Forex presents.

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Forex Trading: Key Benefits

By Admin, on November 28th, 2011 Four Key Benefits in Forex Trading

As you begin your venture into the wonderful world of Forex Trading, I’ll share with you 4 key benefits you should know before you begin.  As you’ll soon see, you don’t have to be a seasoned market analyst to learn, have fun, and earn an income with Forex currency trading.

First Benefit:   Start with a “mini account” with as little as a $300 investment.  If money is an issue or you are nervous about your first trade, these mini accounts are the perfect way to start.   You essentially place an order to sell one mini-lot of EUR/USD, you are selling the EUR and simultaneously buying the USD.  You are going short the EUR and expecting it to soften against the USD.  The margin requirement is $100.00 per mini-lot.  For every decrease in the EUR of $0.0001 you make one pip (a price/point system),  equivalent to $1 per mini-lot traded.

As a beginner, you should open a demo account.  The demo account will make simulated trades using real-time data.  Another term is called “paper trading.”  It’s key to study as much as you can, it may take months, until you have proven to yourself that you can be lucrative in paper trading and using your demo account.

Second Benefit:  Begin by Starting out with only using your home computer and the internet to place your trading.  You’ll be happy to know that there are no employees, and no inventory to carry.

The Forex market is a 24 hour trading place giving you the option of trading day or night from Sunday evening through Friday.  You can trade from anywhere in the world for that matter as well.

Third Benefit:  The Forex market is very liquid, with billions of dollars traded every day.  On any given day, your order can be placed within a few seconds if you stay with the major currencies.  Immediate execution (1 to 2 seconds) is the norm during normal trade volume days (for the major currencies).

Fourth Benefit:  Currency prices tend to repeat in nearly predictable cycles creating secure trends. Once you learn how to trade properly, you can compound your money, and virtually turn a little into a lot.

There are many more advantages to forex trading but I’ve given you 4 of the top benefits.

Just remember as you are starting out, study the finer points of Forex trading as much as you can using your demo account first, then your online mini account, and diligently work your paper trades until you are successful and confident in your trades.

See our series of articles for Forex Trading beginners for more help and information.

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A Beginner’s Guide To Forex Trading

By Admin, on November 26th, 2011

Getting Started in Foreign Exchange Trading

Have you been interested in the topic of Forex Trading and wish to learn more about this subject but not sure where to begin?  This beginner’s guide to Forex Trading will help you understand more about this fascinating market and with the hope to gain financial freedom.

First, let me explain what the word Forex means.  Forex is another word for the foreign exchange market which is a worldwide financial market for trading currencies.   So Forex Trading simply means that you are buying and selling currencies with the goal of making a profit when the values of the currencies change in their favor.  This particular market has a vast potential for just about everyone to learn and earn, ranging from ordinary people like you and me all the way up to large business firms.

Now, you could easily start your first trade with a very small investment.  As little as $300 to $350 and you could build your earnings from there.   Another benefit is that the Forex markets are almost always open so you can for the most part, trade anytime from anywhere in the world.  There may be some minor breaks on the weekends though.  But it’s as simple as turning on your computer and using the internet to make a few transactions and you’re done.

Forex trading is a highly stable trade and offers considerable strength over other markets and the funds you invest are liquid as well.  It’s perfect because you can cash them when you most need it.

As you start out as a beginner investor, you will need a broker to assist you with your transactions. There are plenty of brokers, so plan to ask questions about their credentials. It’s vital to ask them about their leverage, and their spread.  These are both determining factors in how much money you, the investor can make with each investment.

Research Forex Techniques

So finally through this beginner’s guide to Forex Trading,  let me explain that it’s very important that you do plenty of research and by all means, peruse the Forex forums to learn as much as you can before you make your first investment.

You will also need to locate a trading system, which is a specially designed method, software, or course developed by professionals in Forex trading. For example, Systems tell investors when, and what, should be done in each trading situation.

Start With A Demo Forex Account

There are plenty of systems to choose from so please do your due diligence and ask a lot of questions before you buy. And test yourself and your system thoroughly by starting with a demo account, so you’re not throwing money at your learning curve!

As you research and learn the trading strategies along with some tips and techniques,  you can easily be on your way to earning huge profits in the Forex market.

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Back In Action Soon

By Admin, on February 8th, 2011

Things Have Been Quiet . . .

My apologies for the silence around here, but there was a critical illness (emergency brain surgery) in the family that kept me away from computers for several months.

That wasn’t the end of it, as I first expected – there was a further “repair” to follow the initial emergency surgery, and then my own surgery that kept me offline for way longer than expected. Things are finally starting to settle down, although another round of surgery is still possible early in 2012 :-(

At least now it’s worth dropping back in, and soon there will be some pleasant rewards for your patience . . . :-)

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Advanced Forex Analysis

By Admin, on November 4th, 2010 Live Forex Chart Data

We’ve started with introductory material for the Forex beginner (and will continue to run more in this category), but now’s the time we also start catering to the intermediate and advanced traders as well.

All three groups will get value out of our new page, Live Forex Charts – as well as our currency exchange converter tool and the host of extras we have coming over the next few weeks (and forever after that, of course! :-) )

Forex Chart: Currency Cross Rates

The new page features a constantly updating table of currency cross rates, invaluable information for the forex trader (and especially for the beginner who might be paper-trading to test their skills, although a demo account – readily available from a number of people, though our favourite outside the US is our data supplier, AVA FX (get your own demo account here).

AVA FX has incredible options, bonuses, and a range of tools and platforms to suit every level of trader. And they are the most pro-active and responsive people we’ve dealt with in this market. Visit them here, or click on their logo on our charts and currency converter.

Forex Chart: Technical Analysis

Another component of our data feed is the technical analysis chart, which lets you select your currency pair and has a number of tools for drawing trend lines, moving averages, and more.

Jump on over to our new page and have a look – we’re sure you’ll be impressed! Feel free to post comments letting us know what you think or our Forex Chart section, and what else you think you might want or need us to provide.

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Forex Trading Strategies

By Admin, on November 1st, 2010 Forex Trading Strategies

Having a good forex trading strategy means the difference between failure and success. It’s impossible to allow for every eventuality. The market changes constantly and in unpredictable ways, but your strategy should allow for surprises. The answers to A few basic questions will help you to sort out your own strategy:

How much can you afford to lose? It’s true that your goal is to make money, but the forex market is a gamble. There are no guarantees and you need to allow for the possibility that you’ll lose.

Informed Forex Decisions

Do you know what the market’s doing right now? Your decisions should be informed decisions. Make sure that you’re as informed as you can be.

Have you spread your investments? It’s much less likely that you’ll lose more than you can easily cope with if you’ve spread your money.

What’s your timeline? Timing is all important. How long will you stay in the market before taking your profits and getting out? If you make it too late or early your potential profit can disappear.

Have you got enough self discipline? Your strategy will only work if you stick to it. Be objective about what can work for you.

Test Your Forex Strategy

Do you feel confident about your strategy?  If not, test it out with small sums first. Once you’ve tweaked it to your satisfaction, resist the urge to change it drastically.

Remember that you need to be prepared to accept surprises and your strategy can only take you so far. You also need ingenuity and a bit of luck to make a profit. There’s no point in making it too complicated. If sticking to your strategy is too much like hard work, it will cloud your judgment.

Your personal strategy should fit with your assets, investments and plans. Although theories are useful, they aren’t enough on their own. There are numerous different methods and unique strategies in Forex – the trick is to make sure that you choose one that suits you.

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Trading Platforms

By Admin, on October 29th, 2010 Forex Trading Platforms

Your broker will provide you with a forex trading platform that you can easily install in your computer. This platform is software that makes it possible for you to trade online. A good forex trading platform provides more than just convenience – it helps you to make money.

There are numerous review available online about the capabilities of different platforms and their ease of use. It’s worth reading about what’s available before trying any of them out.

Forex Platform Facts

A few basic facts will help you to decide which ones are worth looking into more deeply:

  • The amount of money it takes to open your account. Be cautious if a high first deposit is necessary.
  • Whether a demo account is offered.
  • How much it costs to use the system.
  • The level of support available

If you are going to have success with your Forex trading, it’s essential that the platform you choose is one that you’re comfortable using.

Forex Platform Success Factors

At the bare minimum it should be:

  • Accurate
  • Secure. Any platform you decide on should protect your account and private information.
  • Stable
  • Able to supply up to date real time information
  • Responsive. Forex trading is done in real time so any delays in processing the trade will cost you in lost profits. A web browser based platform is easiest as there’s no software to download.
  • Able to store your trading history
  • Capable of performing technical analysis with charting tools, Charting capabilities can vary widely so make sure that you can do essential things such as drawing lines, writing notes and plotting indicators.
  • Transparent. All costs should be disclosed up front. There should be no hidden commission charges or fees for making deposits and withdrawals.

A whole variety of different features can be offered with forex platforms, but none of these are of any use to you if you can’t understand how to use them. You can (should!) run a demo version of the software before committing yourself and avoid risking money while learning the ropes.

You don’t need to accept the first one you try or even the one you’ve been recommended. You’re going to spend a lot of time with your Forex platform so you need to make sure that it feels right to you.

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