financial how 2 eguide

You can have the most profitable Forex trading system ever developed, but it won’t do you any good unless you also have software which will enable your to keep track of your trades. If your Forex charting software doesn’t let you make the kind of notations you want on your charts, your attempts at Forex trading will be far more time-consuming and frustrating than they need to be!

So we’ve put together a list of seven questions you should ask before you choose your Forex software and how to read forex charts and begin your paper and live trading.

Question 1: How long does it take the software to load the charts?

Keep in mind that many Forex charting programs will not load demo accounts as quickly as they load the real thing, so if you really like a particular software package but think it’s loading too slowly, don’t be afraid to ask the software provider if the full version is any faster.

Question 2: How easily can you ready the charts?

Most Forex chart software will let you create custom chart layouts and colours, so that you can come up with a design which you have no difficulty reading.

Question 3: Will the Forex charting software let you save your chart layouts?

Even if a forex software program has a save feature, you should always test it to see if the layouts you save load correctly when you next use the software. You need to make sure that both your time frames (are you tracking currency movements in hours, or in minutes?) and your currency trading pairs are being loaded accurately. If they’re not, you’ll have to redo your charts each time you log into your account.

Question 4: How easily and accurately can you draw your chart lines and make your notations, and will they remain on the chart if you refresh it?

Some trading systems won’t work unless you are able to add support and resistance lines, and peaks and troughs on your charts to help you track the entries on specific currency pairs. You need Forex charting and trading software which will keep those lines, peaks, and troughs visible in your trading session.

Question 5: How many different indicators can you plot with the software?

The first time you use the software, try placing all your favourite indicators, like moving averages, on a chart. This will let you both see what indicators are included with the software, and let you create a customised layout which can become your template. You’ll know almost immediately if the software will provide the charts you need to succeed with your trading system.

Question 7: Do you use historical data as a part of your trading system, and will you need to put it into your charts?

Question 6: Can you program the software?

If you keep manually entering the same steps when trading your system, you may be able to simply program them into your charting software if it lets you modify its programming language.

Many Forex traders like to keep track of the historical performance of their system over a period of years, but some charting software does not have the capacity to store that amount of data.

By using these questions as a guideline when you’re searching for the best Forex charting software, you’ll have the best chance of finding the program which will let you trade your chosen system, and do so easily!

Mark Hamburg helps you to learn how to read forex charting software and all about forex trading online. Which forex broker platform is the best? Find out right here in his review site all about forex currency trading in today’s market.

The tip enclosed is simple and can make your system become more profitable instantly. Its not accepted wisdom in the Forex community but don’t let that worry you most Forex traders lose…

I spoke to a trader the other day who trades his family’s portfolio and it’s a good few million and we looked at his track record which is outstanding 3 years compound growth of 77% with just 18% maximum drawdown.

What was interesting was how many trades he made per year and it worked out at 9 - That’s less than 1 a month!

He is patient and waits for big high odds trades, loads them up and leaves them for weeks or months and makes big profits. This guy proves the point that trading frequency and effort has nothing to do with profits - its accuracy with your trading signals.

Now contrast the trader above with the vast amount of traders, who day trade, scalp or are always in the market and most of these lose hands down. Their trading too much, hitting low odds trades and losing.

Many traders think the more effort they make and the more trades they put in, the more chance they have of winning but this is simply not true, you don’t get rewarded for effort you get rewarded for being right.

Also trade short term and you lose - because for example all volatility is random in a day session, that’s why you never see a day trader win. Many get fixated with watching all the short term fluctuations in the market, and miss the fact that if you look at any Forex chart, the trends to trade are the ones that last for months or even years, it may not be exciting - but it sure is profitable!

The big high odds trades don’t come around all the time but if you are patient, wait for them and hold them you can make a lot more money with less stress.

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I’m here to share with you some of my tips to help you be a terrific forex trader. There has never been an opportunity before for the ordinary Joe to get involved and trade forex. Thirty years ago, only the biggest banks and firms could do this, now people from their home can trade and profit from it.

How do I find the right broker?

Well, the first thing you need to do is assess the characteristics and qualities that YOU need as a trader. We all have different needs that ease our mind. We’re talking about a business that holds onto our money, so the integrity of it must be up to your standards. A lot of people require 24hr customer service on the phone. When it comes to their money, they need to know they can talk to a person if there is ever a problem. Other people are fine with email support. You have to know what you want.

The second thing you should do is register at a forex forum. These are easy to find through a search engine. Basically these are communities of forex traders that discuss various things. Brokers happen to be very hot topics, so you will hear everything good or bad. You should pick up that, a lot of brokers are pretty poor, while a few are pretty great.

How important is the news?

The news is free information that will give you a good idea where the market will go. The news never talks about the currency market, but economics are the foundation that hold up a currency and economic news is constantly talked about on the news.

Anything related to the performance of the economy will have an affect on the price of currency. If the news is good for the economy, it is good for the price of currency. If the news is bad for the economy, it is bad for the price of currency.

I’m currently giving a 7 day free forex course. Newbies and experienced are all welcome. If you’re interested in participating, check out the Casual Forex Trader.

Many forex traders are asking “What is eToro?”. eToro is a forex trading platform that does its best to reduce the complexity of forex investing. A problem that many new forex investors have is that forex is a bit too complicated for them. There are so many things to know and to analyze that it can be too much for someone who isn’t accustomed to that kind of investing. Even stock market investors can have problems learning forex and then trying to trade at a profit. eToro has numerous tools that attempt to make it easier for forex traders to trade currencies.

For example, eToro visualizes trades in a way that makes it easier for traders to understand exactly what is going on. Everyone knows that when you can see something as it happens it becomes much easier to understand and process. eToro tries to apply that to forex investing by displaying images and videos that mimic how your trades are progressing. While they look almost silly at first, they are a great way to see what is happening as it happens. Most trading platforms do not have these kinds of features available to their users.

eToro also emphasizes community in its platform by enabling traders to chat publicly and privately with each other about anything they feel like talking about. Chat rooms are available for this, and many users have found this feature very helpful and enjoyable. Being able to chat really doesn’t directly relate to forex but it is still a good feature that most platforms do not incorporate.

Overall, eToro has taken the idea that simpler is better and applied it to the forex trading industry. This is how it sets itself apart from the other trading platforms out there. While I cannot neccesarily say that this all adds up to a better user experience, I will say that it is an interesting departure from the forex trading norms.

Find out more about what is eToro today and discover is this is the right forex trading platform for you. They offer a free download of their forex trading software and a $200 bonus after signing up and making a deposit into your trading account. This is unprecedented in the forex industry and is really the best offer you are going to get. Click here now to discover more about eToro.