Forex Trading, Mini Accounts, Online Forex Trading System

Unstoppable growing numbers of daily volume transaction added with availability of mini account have made Foreign Exchange trading become one of primary choose to materialize unlimited income.

What is mini account? In case you never heard about it, in essence, through mini account you can start trading currency with small capital as low as $300. This mini account has become standard in currency trading industry. So, no matter which broker you use, they would likely have mini account to offer to their customers as one avenue of trading vehicle.

The Gold-digger of New Century

Remember long times ago when Gold Rush infected entire United States nation? People from all ages and cultures went many thousands miles looked for gold. Spent whole days and nights dug from one river to one river, from one mountain to one mountain.

After decades, it seems once again Gold Rush comes again. But this time it is not just infected United States but a whole world.

The invention of World Wide Web has brought so many opportunities. Unlike 50 years ago, now people can do trading from the comfort of their bedroom. With just a few clicks you can make hundreds of thousands of dollars per year to spend in any way you like, now compare that with 10 hours per day tiresome MBA job.

With unemployment rate as high as now, you will get lucky if your MBA job even pay $50,000 per year. This brings even another venture such as currency trading becomes attractive avenue to choose.

How You Can Make Hundreds of Thousands of Dollars from Trading Currency

Have you ever wondered how there are 23 years old kid silently make hundreds of thousands of dollars trading while so many adult above his ages struggling even to cover monthly bill?

Because he has a system, he has a proven method to identify when to enter and when to exit. And the truth that is all you need to think when it comes to make five figures income from trading. It is so simple that a lot of people can’t believe it.

The truth you don’t need a master of finance degree from world-class university to make a living from trading.

All You Need is 4 Simple Steps

All you need is these 4 simple steps to create millions of dollars trading system:

Step 1 - identify the direction of the trend
Step 2 - identify when to enter the market
Step 3 - identify when to exit the market
Step 4 - Good money management

And my friend, that is all you need to figure out and you are on your way to holiday all of your life with pocket full of cash.

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Since the last G7 meeting about two weeks ago the price action of the US Dollar suggests that an important bottom may have been reached against the Euro. The Euro made an all time high against the Dollar at just above 1.6000 only three trading days ago. The 1.6000 level was a widely anticipated one by forex traders. Early Thursday morning on April 24, 2008 we are just under 1.5700, so a sharp reversal in underway at the moment.

The same type of price action can be seen in Dollar Yen. From a recent low of under 100.00 the Dollar is trading about 104.00 this morning and looks ready to move quickly to challenge the 105.00 level.

While a few day trading action does not make a trend the Dollar’s new strength must be respected. While the FED reserve will probably cut interest rates again at its’ April 28th and 29th meeting forex and bond traders expectations are now that the rate cut will be only by 0.25 basis points instead of the 0.50 basis point cut expected just a few days ago.

This change in sentiment is caused by the increased inflationary pressures that are occurring in the US and indeed around the world. With a lower Dollar helping to accelerate the increase of all imported goods into the US inflation has flared up in an alarming way, especially in crude oil prices and food prices.

The Fed has a tough decision to make at its next meeting. A 0.25 point rate cut would signal that the rate reduction business is over and that the Fed will begin to focus on fighting inflation even if it means that the economy slides further into a recessionary phase.

This is what the forex markets seem to be anticipating and would explain the sudden strength in the Dollar. Once the Fed actually increase rates you can expect to see the Dollar zoom to the upside. We could be back to 1.3500 Euros to the Dollar.

Interestingly enough once the Fed starts to increase interest rates the stock market will likely take a big hit and the tendency of the risk trades in Dollar/Yen to track movement in the stock market would be broken.
This means as stocks and bonds fall the Dollar would tend to rise.

Certainly, it is too early to tell if an important top against the Dollar has been reached by the Euro. The Eurozone economies have their inflation rate kicking to the upside too and seem to be willing to raise rates in an effort to bring the inflation rate down. It is therefore possible that the US will begin to increase rates but will be confronted with increased rates from the Eurozone as well.

It is the interest rate differentials between the Euro and Dollar that traders will be focused on. If the interest rate differential begins to widen in favor of the US currency you would expect that the Dollar will gain ground against the Euro.

Taipan is the pen name used by a retired forex trader and portfolio manager who worked in Asia for over 20 years. The nickname was acquired in Hong Kong and is now used for a number of financial related blogs. One of them is at Forex Trading Guru

If you trade on foreign exchange (or Forex) as a hobby part-time, you can open account in your name. If you intend to trade in Forex full-time, then you need to open a business account. You can use your own account as your business name. Opening a business account will make it easier when you deal with the IRS.

When you do this, you’ll also need to decide whether you want to open a standard account, which deals in standards of $100,000. Alternatively, you can open a mini account, which deals in mini lots of $10,000. If available, some brokers also have micro accounts the deal in micro lots of just $1000. Your aim should be to open the smallest account possible when you first begin to trade. If you want to trade with larger amounts, just trade with more than one lot at a time.

Before you begin, read and understand the fine print. You should also open what’s called a Forex “spot” account. Don’t open a forward or futures account. The goal is to be able to trade in real time.

You’ll also need print and fill out paper forms, and then mail or fax them back to your broker before you can start trading. Once your application has been approved, your broker will contact you with instructions on how to set up your account. They will also explain how you can find your account. You also get your username and password so that you can log into your online account easily.

It is very important that you only trade with real money after you’ve practiced for at least two months with a demo account.

Maximize Your Chances of Success

To maximize your chances of success, be realistic. Yes, you have the potential to make large profits with Forex, but you’re not going to get rich quick. In addition, you won’t make a profit from every Forex trade you participate in. Even experienced Forex traders sometimes have losses because their predictions don’t come true. What you want to aim for is to have more profitable trades than ones that lose you money.

Never trade with money you can’t afford to lose. Have at least 10 times your margin in your account. If you lose the money in your Forex trading account, you should not be broke or without the ability to pay basic expenses. It’s also unrealistic to expect to open an account with, say, $200 and be a millionaire by next week.

The reality is, only a very small number of Forex traders become successful. Why is this so? Because most traders fail to do the following:

1. They lack the discipline to demo trade it for long enough to learn what they’re really doing.

2. They expect that they’re going to profit from every trade they do.

3. They’re reckless and trade with money they can’t afford to lose.

4. They let emotions influence their trading strategy, instead of with careful research and thought.

5. They trade with margins that are too small and have too much leverage.

6. They don’t take trading seriously and don’t treat it as a business.

7. They take risks they shouldn’t in order to try to make bigger profits.

8. They begin to trade with and lose real money before they have done enough demo trading to know what they’re really doing.

9. They fail to become competent with just one currency pair before they begin to trade with multiple currency pairs.

It’s very important that you become competent in demo trading before you risk even a penny of your own money. Just as you wouldn’t expect to become an expert professional in medicine or law overnight, you should also not expect to become competent in Forex trading overnight.

Ian Armstrong is an avid Forex enthusiast.

He strongly recommends starting out with “Easy Forex” as a trading platform. You can start trading with as little as $100 USD at 200:1 leverage. Check out an unbiased review of Easy Forex at Easy Forex Unbiased Review

Have you ever dreamed for a job when you can work whenever you want to? Without any needy boss that keep your neck strain? And you can take vacation whenever you want to, wherever you want to?

Become a forex trader may become an answer to your dream. Look it is not exaggeration, there are people who really live that kind of lifestyle.

Some of them making billions of dollars, trading from the comfort of their bedroom, using nothing but their pajamas! Can you believe that?

Knowing Your Self

So what is the first step to become successful forex trader? No it is not about reading hundreds of pages of investment book or academic literature, it is far simpler than that.

There is an old adage “know yourself before you know your enemy”. This old adage holds more truth especially in forex trading. Knowing what kind of trader you are, and what kind of risk you can afford to take is far more important than knowing zillions of indicators.

Too many people failed because they don’t know what kind of risk they can afford to take. Can you risk 5%, 10%, 20% or more of your initial capital without affecting your current lifestyle?

Think about the answer can differentiate between success and failure in your forex venture.

Knowing Your Chart

Next lesson is about knowing how to read chart. Don’t put your hard earned money listening to what so-called “Wallstreet Pros” or “The Next Big Tip from Financial Network”.

If they are so great, they don’t need to share those stuffs about which one to buy, when to buy, and when to sell. I mean they can make millions of dollars silently, so why they need to share those stuffs if they are that great?

It is better to put your hard-earned money at your own discretion, rather than following someone advice and losing it all.

Learning how to read chart may become the best investment you ever made in your investment education. Because what all is said and done, one picture can explain more truth than thousands of words.

Knowing Good Money Management

Good money management will always be crucial component in wealth creation. Learning good money management can separate between rich people that live in condo at Trump Tower and average people that struggling to pay paycheck after paycheck.

Simply to say, good money management is knowing about how much risk you can take to afford, and how much money you need to re-invest again to make your money nest grow.

Know those 3 stuffs and you are on your way to life you always dream of. But this time it will no longer dream, it will become reality.

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Backtesting technical indicators and viewing historical charts of currencies or stocks, for example, can provide useful information about whether a technical indicator or combination of indicators can be relied upon to help make profitable trading decisions.

However in my years of experience as a forex trader and having spent hours on end poring over historical charts to see how effective a particular indicator or system is, there is one thing I’ve learnt and that’s that historical data can very often be misleading.

Often you will find that the latest technical indicator that you’re testing out has proven to be extremely effective at predicting forthcoming price moves based on historical charts, but when you come to trade this indicator in real time the results are not as profitable as it would seem from your past analysis.

This is because there are certain indicators that repaint data in real time that doesn’t necessarily show up in historical charts. They may change or give a clear signal during a particular candle period, but after the candle or bar is closed, there is no evidence that such a signal ever took place.

This is why real time trading is so much harder than it would seem from analysing price charts from the past.

An example of such an indicator is any of the moving averages. Let’s take the EMA (Exponential Moving Average) as an example.

Often you will see a shorter term EMA cross a longer term EMA in real time, which is very often a strong signal, but if the price suddenly reverses then the shorter term EMA will also reverse and so a crossover may not happen at all.

Therefore when the current candle closes it will appear as if a crossover never actually happened even though in real time it did briefly and you could have made a trading decision based on this crossover. So this is an example of how historical data can be misleading and doesn’t always tell the whole story.

Similarly there are are a number of other repainting indicators which can also change or reverse in real time, but which don’t necessarily indicate this when viewed later on on a historical chart after the candle is closed.

So overall you have to be very careful when viewing past data because often the chart will tell a different story after the candle or bar has closed than what actually happened when you were trading live. If historical patterns and trends played out exactly in real time as they appeared to do in the past, with no misleading or false signals, then we would all be extremely wealthy.

Click here to read James Woolley’s FXcast review and to learn all the latest tips and strategies related to forex currency trading.

When you start trading in foreign exchange or Forex, you need to choose a broker or brokerage firm that is registered with the proper regulatory bodies. If you don’t, you could find yourself in dire straits.

If you are in the United Kingdom, look for Forex brokers who have registered with the Financial Services Authority, or FSA. You can check out UK-based Forex brokers on this website as well, located at fsa.gov.uk

Another thing you’ll need to check on is that your broker provides you proper support. At minimum, you should have 24-hour telephone and e-mail support. In addition, before you choose a particular broker, you’ll want to contact several brokerage firms’ help lines, to make sure they are prompt and courteous. Ask them some questions about their service and see how quickly you can reply. You should also make sure they answer your questions to your satisfaction. This will give you a good picture of whether or not their help is satisfactory, should you need something later. Of course, a company’s quality can also change after you open the account versus before, so this is not always the best indicator.

Another way to check out Forex trading firms is to go online and do a search with a particular trading firm name and the word “complaint,” to see if anything comes up that is unsatisfactory about a particular firm. You can also check out the Better Business Bureau’s website and type in the company name to see if any complaints have been filed against them.

If you intend to trade in foreign exchange with your own computer, make sure your broker offers online trading facilities. You’ll also need to be able to see your Forex quotes in real time. It will be of no help to you if trades are not kept up to date so that you know what you’ll be paying when you open a trade. It will obviously do you no good if the quote on your particular broker’s website for a trade is 30 minutes old.

Of course, you’ll also need to make sure that you can view your own account in real time, including any used and unused margins you have.

When you place an order for a trade, you have to be able to buy or sell at the currently quoted price. Simply put, your broker must use a “what you see is what you get” display, also known as a “WYSIWYG” display, pronounced, “wiz-ee-wig”.

In general, there are two types of online access. Each has its own advantages and disadvantages. The first, web-based software, is hosted on your broker’s website. With this type of software, you can log into your account from any computer as long as you have Internet access.

The second type is a client-based software program that runs on your own computer. With this type of software, you’ll only be able to log into your account from your computer. (Technically, you can install software and other computers, but this is usually not allowed with brokers’ terms of service.) Client-based systems have an advantage because they are usually faster than those that are web-based. One disadvantage for Mac users is that usually, these are only available for Windows platforms.

You’ll also need a fast Internet connection, either broadband or DSL. Dial-up is not fast enough, so that by the time you open your Forex trade, most often the quote will have changed from the quote you have displayed.

You’ll also need to find a broker that has both micro and mini lots. You can open accounts that trade with the smaller lots for just a few hundred dollars. Some brokers also offer fractional sizes, called odd lots, so that you can create your own trading unit size. In addition, you’ll need to make sure that your broker offers trading pairs in all seven major currencies, including AUD, CAD, CHF, GBP, JPY, EUR and USD.

Next, look for a broker that offers the smallest bid/ask spreads. Normally, this is five pips, but some brokers offer spreads that just have three or even two pips. Next, ask about your broker’s margin requirement. This can be anything from a quarter of a percent to about 5%. Remember that smaller margins mean that you need to deposit less money, and they’ll also give you greater leverage, but they have a disadvantage; your losses may also be greater.

How does your broker calculate rollover charges? These are charged to your account when you’re trade rolls over to the next trading day instead of being closed at the end of that trading day. These rollover charges are based upon the difference between the interest rate of the base currency’s country, and that of the quote currency’s country. For example, if the currency pair is CHF/USD, the rollover charges will be based upon the interest rates’ difference between the US (for USD) and Switzerland (for CHF).

Finally, make sure that your brokers trading hours coincide with international Forex trading hours.

Ian Armstrong is an avid Forex enthusiast.

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You’re smart, you’ve conquered every market so far, and just because most casual traders lose money, doesn’t mean you will, right? You can just fly by the seat of your pants and win along the way - wrong!

Forex market doesn’t beat so many traders because they’re not intelligent people, but the Forex market is such a different market that a tested and proven system is absolutely essential to making good money in the Forex.

Here are seven common mistakes that new Forex traders often make, also known as 7 easy steps to becoming a Forex loser:

#1: Following your gut. It may work for winning $20 off your buddy off the occasional football game, but the Forex market is a market, not a sporting event. Following a “gut feeling” that isn’t founded on research, analysis, or a system is a sure fire way to lose and to lose big in the long run.

#2: Not anticipating changes from the demo trading to real life trading. There is more than one way this can negatively affect a trader. A trader can become squeamish when it’s real money and hesitate, causing them to lose.

Or the opposite can happen: a trader can be over aggressive in demo and assume that when they’re more cautious with real money, they won’t lose. Plan on additional pressures when dealing in the real market, otherwise if you don’t you’ll definitely be a Forex loser.

#3: Not having a clear trading strategy. You have to have a clear trading strategy, aka a tried and true trading system, in order to succeed in Forex. You can’t just use one method one day, and a completely different one the next.

A consistent proven method is how you’ll make money in the Forex. Knowing exactly how your strategy works, to the smallest detail, is what will determine whether you succeed or not.

#4: Not confirming potential trends with technical analysis. Not all mistakes are made by complete newcomers. Once you get good at identifying patterns just by looking at a chart, it might be easy to go by look and not go through the technical analysis to confirm what you see. This would be a mistake.

Technical analysis not only can help confirm you’re in a breakout, but can also warn you when the other signals in the market suggest it’s a weak or false movement. Not confirming your trend is a huge mistake that can bust you in no time flat.

#5: Completely ignoring all fundamental analysis. Even the most successful, die-hard technical analysis traders are going to pay attention to the economic reports. Technical analysis is great, but those reports will always affect currency.

A market may be trending up, but if there is a surprise interest rate drop when the expectation was a raise, well, you’re going to be on the wrong side of a beating if that takes place and you don’t notice.

#6: Focusing on one currency. There is an inherent problem with this. Forex is currency trading with pairs. Just because a currency is doing well against most currencies, doesn’t mean it is doing well against all of them.

For example, the USD could lose 20-40 pips against the Euro, British Pound, and Canadian Dollar, but go up 40 pips against the Japanese Yen. Seeing mixed results in currency pairs is, in fact, more common than not.

#7: Emotion & Fear. After you get burned a few times, it can be hard to get back into the fire. Especially if you did your homework, found some good indicators, and what looked like a good situation ended up as a bad trade.

It happens. You can’t let it get under your skin. Letting too much fear under the guise of “caution” will make it impossible for you to be a Forex winner.

These are 7 steps to becoming a Forex loser, a road all too many traders have gone down before. Finding a great proven trading system can help to ensure that you don’t make the same mistake.

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From Jason Fielder - Founder, ForexImpact.com

Not many people would think that a theory developed for roulette and other similar gambling games could lead to a strategy for managing money in the markets - but the “Theory of Runs” does just that. The theory of runs is the theory that can link gambling and money management together.

The theory of runs is a theory that can be applied to high-leveraged or short-term trading, which is part of the reason that many traders will try to use it in the Forex market - since the Forex market works with high-leveraged and short-term trading.

To give you an idea of the theory of runs, think of a roulette wheel. On a spin there is a 1 in 2 chance, or 1/2, that the ball will be either black or red. So in theory, there’s also 1/4 chance that there will be two black in a row or two red in a row, and the odds get smaller and smaller as you continue.

The theory of runs assumes that if the pick comes up red four times, then the chances are far greater than 1/2 that the ball will come up black on the next roll. Since there is only a 1/32 chance that the ball will go red five times in a row, the theory is that if the ball has already gone four times in a row, that somehow that fifth spin due to the law of averages if far more likely to go the other color than the basic 1/2.

Sports bettors will sometimes use this to explain why there will always be a “bad week” to average things out even after doing all the research on their picks.

The same example can be used with flipping a coin. If I flip a coin five times in a row, the chances of it landing heads on the sixth (in theory) are 1/2, but if the coin was heads all five times before that (a 1/32 chance), then the theory of runs is that the coin must become more and more likely to land tails with each flip.

Any time the “theory of runs” is being applied, it relies on 2 major conditions:

1. There is NO statistical advantage in occurrence of profits and losses
2. Theories must stress money management under adverse conditions

In the Forex market, Martingale and Anti-Martingale trading methods take this theory of runs into account. A martingale method suggests that the initial bet should be doubled each time a loss occurs, because after a win the better gets back to even, and then bets at the original investment once again. DO NOT USE THIS FOR TRADING THE FOREX!

An Anti-Martingale method is the exact opposite. Winners are doubled until a preconceived goal is reach, and then after that run is reached, you stop immediately and withdraw your money before the streak ends. Or, you keep adding more money until you have a loss.

These methods of trading Forex are directly related to the theory of runs, and are methods for trading the market. Each has its strengths and weaknesses, though many traders prefer a proven system that isn’t based on gambling theory.

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From Jason Fielder - Founder, ForexImpact.com

It’s hard to believe that a 400 year old way of tracking a commodities market is still one of the most popular and efficient ways of graphing the Forex market today, but that’s exactly the case with candlestick charts. The Japanese were the first to use technical analysis, and the story goes that candlestick charts were an invention of a Japanese man named Homma.

There was trading in commodities in Japan, specifically in the rice market starting in the 1600s. In the 1700s Homma discovered that while supply and demand was a basic truth, he noticed there was also a direct link between the prices in the markets and the general emotions of the traders involved.

Homma realized that he could benefit from understanding their emotions to help predict the future prices. He was one of the first to understand that there could be a vast difference between value and price of rice - that perceptions could be used to take advantage and make a profit!

A candlestick chart is so called because prices are measured with a bar and two lines on each side, making it look like a candle. The color determines whether the price rose or fell during the predetermined amount of time. The line on top of the bar measures the absolute highest price achieved outside of the open to close range during the day, while the bottom line is the absolute lowest price outside of the open to close range.

There are four prices that are tracked for each measured amount of time during a trading period. Depending on the chart the bar could represent a week, a day, four hours, one hour, 15 minutes, 5 minutes, or something else, so pay attention to the time frame. The four prices in each candlestick are the high, low, open, and close. The high is the absolute highest value the currency achieved during the entire period while the low is the lowest value. Open is still open, and close is close. Just that easy.

The color of the bar will depend on whether the currency ended up higher than the open or lower than the open at the end of the measured session. Often there will be green for gain and red for loss, or white and black, but the two colors really don’t matter, as long as you understand what each one represents. Why are candlestick charts great to use?
1. You can see the open, close, high, and low all in one glance
2. You can access a lot of information easily and quickly at a glance
3. Trends are very easy to spot at a glance once you’re used to these charts

This kind of chart offers you an incredible amount of information and makes finding and locating potential patterns and trends far easier than any other type of graph or method. This will be a major tool for analyzing currency pairs, so it’s one you will want to become familiar and comfortable with to add in your Forex arsenal.

And now I would like to offer you free access to a Forex trading system that is 89.1% accurate, so you can literally start trading the Forex today. You can access it now by going to: http://www.foreximpact.com/reports/89percent/

From Jason Fielder - Founder, ForexImpact.com

Forex trading can be fun and lucrative, but if not done properly, it can also take more time than you have to manage it. In order to have your Forex trades managed the way you want them to be, you can set up Forex orders. These orders will request that your broker buy, sell or close out your position at specific times, deemed by you.

The three most common types of Forex orders are limit orders, market orders and stoploss orders.

A limit order is an order you place to buy or sell at a certain price. For example, let’s say you buy Pounds Sterling and sell US dollars thusly by issuing the following market order: GBP/USD = 1.9710/1.9715. You can then set up a limit order to sell Pounds Sterling when the Forex quote has increased by 50 pips, such as with the following: GBP/USD = 1.9760/1.9765. If you wish, you can also utilize a time frame for your limit order. For example, you can request to close the trade at the end of the trading day, whether or not the price has gone up by 50 pips. An alternative to this is that you can request that the trade would continue until the price has either increased by 50 pips or you cancel the trade altogether.

A market order happens when you sell or buy currencies at the current market price. This is what usually happens when you open an order.

The stoploss order is an order whereby you order your trade closed if the market should move against you. For example, if you buy Pounds Sterling when the quote is: GBP/USD = 1.9710/1.9715, you could order a stoploss to close the trade if the quote goes below GBP/USD = 1.9690/1.9695. This would mean that you would only lose 20 pips plus the bid/ask spread.

Other types of orders include:

Good till Canceled, or GTC: This keeps your trade open until you order the trade closed, by issuing a market order.

Good for Day, or GFD: This order closes your position at the end of the trading day, which is 5 p.m. Eastern standard time.

Order Cancels Other: This type of order is a mixture of two stoploss or limit orders. As an example, you could set up an OCO to sell your holding of Pounds Sterling when your Forex quote is at GBP/USD = 1.9760/1.9765, or you could close your position if your Forex quote goes below GBP/USD = 1.9690/1.9695.

Usually, GCC and GFD orders are used in conjunction with limit orders.

If you are new at Forex trading, it’s perhaps best to start with the first three order types mentioned. In other words, stoploss, markets and limit orders are the basics you should start with. It’s most important that you familiarize yourself with a stoploss order before you start trading in earnest. Most Forex trading sites will let you familiarize yourself with their procedures by doing mock trades until you are completely familiar with them. This is imperative that you do this and familiarize yourself with a stoploss order in particular before you begin to trade with real money. Otherwise, if the trade moves against you, you could lose all the money within your account.

In the vast majority of circumstances, a reputable broker will not let you keep trading if your account drops below zero. Even so, this may not protect you in volatile markets where currency values can change very quickly. Therefore, there’s a slight chance that you could lose more than just your equity in your account. However, this is only likely if you trade with margins that are less than 1% or if you have too much leverage, which means that you don’t have adequate unused margin in your account.

Ian Armstrong is an avid Forex enthusiast.

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