Forex: Explaining the Importance of Time-frames

Forex trading is not only about learning the meanings of forex terms. Do you know that most of the new traders fail to reap dividends primarily because they are unable to select the right time frame which suits their personality? In a rush to make money, most of them end up consistently avoiding the long term approach – mainly because they believe that this approach takes up a longer time to yield profits. However, as experts suggest, this is one of the most common misconceptions existing in the currency market today. Let us delve deeper into the significance of the right time frame in forex.

One-hour Trading Charts

It mostly turns out that trading with short term charts is more difficult than with the comparatively longer ones. Most of the new traders (as already mentioned, in their bid to earn quick money) opt for 1-minute or 5-minute charts that are difficult to analyze, resulting mostly in disappointment.

The one-hour trading charts, on the other hand, turn out to be suitable for most of the traders- since they give them substantial amount time to read the market but are not too long to test their patience as well. These charts turn out to be the preferred option for most of the traders out there since they offer right quantity of signals (neither too few nor too many to confuse traders).

Quite interestingly, it actually takes longer for traders to develop their strategies when they are trading with short-term charts. Come to think about it. The candlesticks in the short term charts receive less information when compared to those in the long –term charts. So, ideally all the new traders must trade with long-term charts so as to make the best use of as much information as is possible. They can gradually shift to the short term charts as they start gathering more experience in forex.

Choice of the trading charts

The choice of forex timeframe largely depends on the personality of the trader as well. For instance, though experts suggest that one-hour charts are the best options for new traders, there are some traders who don’t even have the patience to trade with them. These traders are suggested to try out the 10- minute charts instead of the 5-minute ones since the former will still give them at least some time to work on a trading plan, which the latter will not.

Then there others who might as well find the one-hour charts find too fast as well. They prefer weekly, daily or monthly charts to develop their trading strategies.

So, basically the choice of your trading charts relies heavily on your personality. Similarly the choice of trading hours (whether you want to trade during the day or night) depends on your personality as well.

Charts, Trading Hours and Brokers

If you are not able to study your own personality and select your trading charts accordingly, then you will not be able to secure desired results. The choice of the broker will also govern your trading fortunes partially. A broker is not only your connection to the currency market but also your trading partner who assists you during your difficulties. If you’re looking for a reliable broker right now, then please visit the website of CMC Markets.

How Small Businesses In UK Can Benefit From Forex Trading

If you run a small business in the UK that operates internationally, then swinging currencies is something you always have to worry about. This could apply to companies that buy goods overseas or sell services to customers in other countries. Any time there is a non-native currency coming into your UK business, you’ll want to have it properly converted as quickly as possible, but what do you do if the value of that currency drops before you have the opportunity?

In this sense, the forex market can be viewed as a form of security and risk management. It’s not necessarily used to make a profit, as many forex traders like do, but it can be used to ensure that your business doesn’t take any unnecessary losses. It’s especially helpful if you deal with one or more extremely volatile currencies that like to fluctuate depending which way the wind is blowing.

That isn’t to say that the forex market doesn’t come without its own risks. However, much of this risk can be mitigated if you are properly educated on the subject, know what to look for, and know when to make trades. Things like these can be learned through educational seminars, online programs, and by working with reputable brokerage firms.

A Better Understanding Of Forex

First, it’s important that you understand the market and learn forex trading nuts and bolts. At its core, it’s actually pretty simple. You purchase a certain amount of one currency by paying for it with another. If you think that one particular currency is going to increase in value, then you pay for it with another currency. You’ll then trade that currency once again after its value has increased, thus making some margin of a profit. Typical trades occur very quickly, but it’s entirely possible to bet on longer gains if you feel comfortable.

You need the support of a reputable, skilled brokerage to help you make the best decisions. You can save a lot of money by simply choosing the right brokerage to work with, which can be difficult. They need to have an adequate understanding of your business and what you hope to accomplish by utilizing the forex market.

What Do You Hope To Accomplish?

Benefiting from forex doesn’t mean the company just uses forex to trade the currencies as they are paid with them. What exactly you need to accomplish and how to accomplish it depends on the nature of your business. If you are paying for goods or services from a foreign company, then you will likely want to pay them in their native currency.

If this is the case, then the best time to purchase said currency might not be at the same time you are paying for the goods. Your currency may be undervalued or theirs of higher value at the time. Instead, you plan ahead and purchase currency when yours is of a higher value. If you believe their currency will increase in value over time, then you can purchase currency ahead of time and trade back to net a small profit.

The forex market can be used as a source of additional profit. These profits are used to control the losses you might take from accepting an undervalued currency or purchasing a higher value currency. Instead of looking at these profits as a direct gain to your income, you view them as a reduction from losses you might take in the future.

Be Careful With Your Choices

Trading in the forex market is so fast and simple that it’s easy to quickly make big mistakes before you’ve realized it. That’s why it’s important to work with a highly-qualified broker who will assist your small business and avoid those brokers that will harm your business. Even with a broker on your side, you should still take time to learn Forex trading and everything else you can about the market and what affects the value of currencies across seas.

Goodbye ZuluTrade Signal Providers That Trade on Demo Accounts

ZuluTrade

That’s it! I’ve had enough! I have decided to institute a new self rule for my adventures with ZuluTrade. I will NO longer follow any signal provider that trades on a demo account. After I just recently had a signal provider run amock on my account I learned a hard lesson (by losing money) that if a signal provider has no money of their own to risk they are nearly guaranteed to be reckless and risky with YOUR money. I would strongly suggest you put this rule in place for your own zulutrading as well. I will publish a revised portfolio made of only LIVE signal providers – ie signal providers that trade on a LIVE account.

I wish you all the best of luck with your trading! Stay safe and make pips!

Fapturbo Premium 2.4 is here

fapturbo 2

Greetings traders! Those of you who are into forex robots may want to know that the latest version of Fapturbo Premium is out. They are now up to version 2.4 and they made a few improvements to the trading strategy.

What’s new?

+ 78 times more profiable. +782% More Profits to you

+ New Daily Trend Prediction filter added = Maximized profits for you

+ Increased Probability% of the medium-to-long term daily trend profits

If you’re interested check out their website by clicking here.

My ZuluTrade Portfolio – Dec 2015

ZuluTrade

Hello everyone. Alan here with an update on my latest ZuluTrade forex adventures. So like I said a few posts back, I got into “auto-trading” again on the ZuluTrade platform and so far so good I’ve made some money. My live account is up ~$3000 which is not bad for a month or so of trading. I thought I’d share my current signal provider portfolio in case any of you guys are curious. Please do not assume that since I’m using a signal provider that I’m also endorsing it. Do your own research and make your own decision before you add any signal provider that you see here to your account.

  1. traderua
  2. SwissRunners
  3. Jaowtech1 – currently temporarily disabled while I figure out if his latest drawdown is worth putting up with and keep him in my portfolio.
  4. FXTrading24
  5. Flyingfx
  6. AdaTradingSystem
  7. Absolute Piper

ZuluTrade new feature – Social Charts

ZuluTrade

Greetings everyone! Here is a cool new feature introduces by ZuluTrade just a few days ago. They call it “social charts” and it’s precisely what it sounds like. Social charts allow you to comment and see other traders’ comments on what price action is doing at specific points. So if you feel the inkling to let the world know your interpretation of what price action is doing, you now can!

Here’s a few highlights of what you can do:
Pick a moment on any instrument chart and share your comments or insights
Exchange views with fellow followers, ask your Traders a question – fast and on the spot!
Explore trends visually – where’s the buzz at?
Discover interesting events (for now “Top trades”) drawn on the charts as they happen
Social Charts

Started using FAPTURBO 2 on a live account

fapturbo 2

Hello everyone. I just wanted to let you know that I started testing the new Fapturbo 2 forex robot. I have known about and used the fapturbo series of forex robots since they first came on the forex scene. I used to use their first version 1 product a while back, but when I took a break from forex I stopped trading with it as well. Now that I’m back I though it was worth a shot to revisit the old systems that I used to use. I’m glad to see that the fapturbo crew as still at it. This new version 2.0 remains unproven to me, so that’s why I decided to put it to the test on a live FX Choice account. It’s a humble $240 account that I’m using to test both the BTC version of Fapturbo and the standard forex currency pairs version.

I’ll post updated on how it goes.  If you have any questions or comments leave them below.  Thanks for dropping by my blog.

Cheers!

An adventure in currency trading