Best Forex Trading Software

Archive for October, 2009

One of the biggest forex secrets is knowing when to stop when you are in a loosing streak.

You have to break out of old patterns and see things in a new light. What can be done to return to reality? Beginners usually suffer from the same common ailments. Take a good look at what has been happening, try and identify the problem. This is why it is vital to record every trade and as much information about it as possible. By defining your identity in a variety of ways, you will not place un-natural importance on trading events. Get away from it all. Many traders hold on to losing positions telling themselves “it is going to turn” when every indicator says otherwise because they cannot bear the thought of a loss. Some people need to take a break altogether. You need to have other roles that give your life meaning and purpose. We must learn to accept anything that comes our way and to trade accordingly.

If you are experienced and in a loosing streak, reduce your contracts until your confidence returns. If you look close enough you may see a pattern. Also, radical acceptance is a key mental strategy for coping with market uncertainty. Adopt the attitude that trading is a journey and that all we can do is go where the markets take us. If you recognize any of these traits in yourself you must stop trading immediately.

Be aware that there is a lot you can do. First of all make sure you are not trading under stress. Accept your limitations, work around them, and become a winning trader. Trading can be addictive especially when you are winning. When stressed out you can’t see clearly, you become rigid and you are unable to see alternative views. The second thing you can do is to make sure you have a life.

To succeed on the trading journey you cannot afford to lose too much. Many traders make the mistake of thinking they can control the markets, but nobody can control the markets. Why do they torture themselves? They abandon trading plans purely on impulse because things are not going exactly as how they had envisioned. Instead they have to look at their limitations, admit that they have made a mistake but that’s hard because it hurts their ego.

But by doing so, they will be able to take losses in stride and look at their trading more objectively. For some people recognizing that a trade or even a trading method is not working and making a change is easy, but for others it’s very difficult. Manage risk and just accept what you get and enjoy the ride.

Most important set your stops and mentally decide you will not break them. Psychologically it’s risky, it’s often easier to fool ourselves. You will have losing trades, accept them with grace and go on to the next trade. You will never be a successful trader if you continue to live in a state of denial. Do not put all your emotional eggs in the trading basket.

One of the easiest solutions is to trade smaller. Test your system on paper and when confident test in real time with the minimum contract size. This way you will trade more freely and creatively. Write out your trading plan with precise entry and exit points. The smaller the trade the less the stress, especially for the beginner. The lack of a proper trading plan which includes precise rules for entering and exiting a trade will most certainly guarantee failure over the long term.

In this connection it is good to use a forex trading system, because it takes out the emotional thinking process. So, know when to stop and take your loss with grace!

Whilst the concept of the forex market is straightforward, i.e. selling and buying different currencies, the forex market is not an easy market to understand. Newbies have to familiarize themselves first of all with the terminology within the market.
In the next paragraphs we explain some terminology used in the forex market.

Forex market
Forex market is the abbreviation for foreign exchange market. Sometimes it is also referred to as fx market.

Currency exchange market
Another term used for the forex market is currency exchange market.

PIP
PIP stands for “point of percentage”. Every currency exchange rate consists of a number of decimals. The last decimal represents the pip value.

Fractional PIP
The fractional PIP is 1/10 of the normal PIP. The fractional PIP has been created to enabling brokers to offer sharper spreads.

Long position
Whenever a trader thinks that a currency rate will increase, e.g. USD versus EUR, the trader will have to buy USD first and then sell the USD at higher rate which will result in a profit. This is called a long position.

Short position
Whenever a trader thinks that a currency rate will decrease, e.g. USD versus EUR, the trader will have to sell USD first and then buy USD at a lower rate which will result in a profit. This is called a short position.

Pivot point
A pivot point is the level at which the marker direction changes for the day.

Forex trading chart
A forex trading chart is a chart in which all pivot points are plotted.

Volatility
Volatility is the relative rate at which the price of the currencies move up and down. The pace of the price changes in the forex market is very fast and therefore the forex market is called a high volatility market.

Bid price
The bid price is the selling price of a currency contract. The bid price is always lower than the ask price.

Ask price
The ask price is the purchase price of a currency contract.

Spread
The spread is the difference between the bid and ask price. The spread is the fee for the broker, since there are no commissions in the forex market.

Currency pair
Each currency is always traded against another currency, for example, USD versus JPY. This is called a currency pair.

Leverage
It is possible to trade with a multiple of the invested amount. In that case the trader is not required to put up the full value of the position. This is called leverage. Leverages of 50:1, 100:1 and even more are not exceptional in the fore market.

Margin
When the invested amount is leveraged the trader has to keep the invested amount in a so-called margin account. The margin account may not have a debit balance. In case this happens due to a loss, the debit balance of the margin account needs to be settled by the trader.

Rollover
A “rollover” or “Tom-next” (Tomorrow Next Day) stands for rolling a position to the following day.

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