Forex Guide answers:

Hi Vick,

The best idea is to check your bank’s website, as most of the banks display the daily exchange rates.
Even though you’ll see a better exchange rate online, there is a high probability that your bank’s exchange rate will be different, because each liquidity provider(bank) has their own exchange rate.

Best Regards,
FXCC Representative

Forex Guide answers:

Trading computers are getting popular now, so they are getting cheaper. I got my Triple LCD multi-screen PC, from:

http://multi-monitors.com

It was around $3k, with LCD Array. They have a very affordable brand called Super PC. Mine runs like a champ!
Best computer I ever owned, by far!

There are two other really good companies, but they are still
charging yesterday’s prices. The technology is not that expensive anymore! So, Multi-Monitors.com, is the way to go.
I initially found them, through their Multi-Monitor FAQ website, below. Check them out, and good luck! We need it, in today’s markets!

Forex Guide answers:

A card like that is a great solution, the other is multiple graphics cards but these use a lot of power and require better cooling and you may not have the expansion slots for them.

Things to consider:

If your displays are older they may not have DisplayPort connections. You will need DisplayPort to DVI cables for each monitor. These can be had for as little as $5 from a store like monoprice, no need to spend more.

If you want 5 or 6 displays you may be able to just add this and keep using your current graphics card too. Issues can arise with this in Vista if your current card is not an Nvidia card due t the way in which Vista loads graphics drivers. This issue isn’t present with other modern operating systems.

There are other ways to expand your number of displays, with products from companies like http://www.villagetronic.com and Matrox, but if you have the budget multiple NVS 450s would be the best choice.

From the software side you should consider using UltraMon. It is a fantastic piece of software for managing multiple displays better.

Forex Guide answers:

To be successful with the Forex, you need two things strategy-wise…
1) You need a strategy. They are NOT as hard to come by as people suggest, in fact, you can select from a list of 8000 of them right here: http://tinyurl.com/3tcla4v
2) Then you need good money management. Even with the best strategy, if you trade too large of lots, or you do poor money management (aka impatience, greed, etc) you’ll blow your account.

I suggest that you open a demo account at the above link, and add ALL of the top 20 strategies to it, and let the demo run for a month or so. If it does well after a month, you can then weed out any of the strategies that didn’t do so well at that point. I suggest following multiple strategies rather than just one, because more strategies = more stability. Any strategy can go bad at any time, no matter how good it’s done in the past. But following multiple good strategies means that if several go bad, you’re still in the green.

If it does well after a month or two and you are ready to go live, then I highly advise you to NOT put a large amount of money in to start. If you have a lot of money, put it in gradually. Start with around $2000, and then let that go for a month or more. IF it is in the green after a month, then add more money if you wish, and gradually increase the lot sizes as you gradually add more money. Never add money in if it has lost money. In other words, never add money to make up for a loss. If the account has a loss, it must make that loss back on it’s OWN, not by YOU adding your own money in! And that takes a lot of patience because some times it can take it a while to make it back, and during that time, you have to wait. So patience is key. But For example, if you have a hundred thousand dollars to put into the Forex, I would say it should take you 6 months to a year to get it all uploaded into the Forex. Because you start with 2k, then let than run a month. And if it does well, then you double it, and let that run another month. And if that also does well, then you double it again, etc. It’s much safer that way, because if you do some horrible miscalculation, most likely you’ll have the loss early when your account is just $2000, rather than lose your whole $100,000!

Also, be sure to go with a no dealing desk broker, like FXCM. I hope all this info helps. If you have any questions, you are welcome to private message me anytime.

Forex Guide answers:

DO NOT BUY A MAC FOR COLLEGE. Considering your classes will only use Windows-type software, it is a horrible idea for college.

That’s a very good laptop, a little too good just for college. Do you plan on getting games or anything for it? Because it will run those flawlessly.

A little too much just for college, but very good for browsing and gaming.

Forex Guide answers:

Yes you can. However in my opinion, this generates a lot of spread paid to the broker and may not be the most cost efficient. Besides, this boils down very often to mere gambling.

Please feel welcome to read more about forex at my forex learning blog.

Forex Guide answers:

Www.oanda.com

Forex Guide answers:

One should really develop a winning strategy before trading with any real money. To do otherwise is simply gambling or speculating…that’s for Vegas.
One of the best resources available for beginners is without a doubt babypips ( google it)
Tons of free info.
Starting with 800-1,000 you probably be wise to trade a micro account to avoid margin calls.
I suggest using MetaTrader 4 with your broker and a practice account till you get a sense about not only how to trade but what to trade.
There’s lots to learn and having the time you have, you should be able to learn a lot quickly.
Good luck!

Forex Guide answers:

First of all have you practiced trading the forex market with “virtual ” money.
Many people when they enter the forex market only seeing how much they can make but not how much they can lose. I STRONGLY SUGGEST THAT FIRST YOU PRACTICE AND REALIZE HOW EASILY MONEY CAN COME & GO AND HOW QUICKLY YOU CAN PUT YOUR SELF IN DEBT. That realization must come first before you start with real money. Try Investopedia.com or maybe even forex.com has a demo mode,

When you start using real money it is always a junior mistake to say i need maximum profits. GREED IS NOT GOOD. Take what you can and get out. It has to be treated in baby steps.

My last point is “Money does not have a soul only humans do so you can love money but money can not love you back”

Forex Guide answers:

Use Technical Analysis in your forex trading decision.

With candlestick charting techniques, early signal of trend reversal is clearly revealed which you will not find it in traditional bar charting techniques.

70 Japanese candlestick charting patterns are featured in this website that provides a better understanding of each individual candlestick patterns with detailed explanation.

Forex Guide answers:

I think you’ll find that they each have their own pros and cons. I personally trade with Oanda, because they have really tight spreads, although they do get larger when big news comes out. They do allow you to scalp. The only real downside is the leverage isn’t that great.

Hope this helps

Forex Guide answers:

I have never heard of any automated system that actually worked. There are a lot of people who will try to sell you a bunch of expensive software packages of question value however. Be careful.

Forex Guide answers:

I would suggest you to develop your own trading style based on some technical and fundamental analysis. A mixture of both will definitely help you to catter better results.
I am using Finexo as my forex trader and i use Scalping and Day trading both to increase my earning potential. For further information on Trading styles you can check out my blogs on forex.

Forex Guide answers:

The best way to learn is to test strategies out until you find a couple that work for you. Scalping is an art in Forex, but auto trading is a very powerful method. Find the one that you are comfortable with.

Forex Guide answers:

I have traded both MB Trading and FXCM live and have not had significant liquidity issues with either. However, to answer your question as to whether “most online brokers” are good at “hitting your limit buy and sell orders” mainly depends on the position size your attempting to enter the market with, the time of day and currency pair your attempting to trade.

And to answer your question whether your “simulator” will work with “one of these brokers” really depends on which code the simulator was created in. Is it an Expert Advisor coded for Metatrader? If so, MB Trading does not yet support the Metatrader software ( though are Rep there tells us they are working on it). MB uses the MBT Navigator which is much more difficult to create auto trading software for. FXCM recently began using Metatrader in conjunction with their FX Trading Station 2.0. Their Metatrader platform has huge drawbacks including not allowing demo accounts, not supporting multi-user accounts, and reportedly experiencing problems communicating between their FX Trading Station trade servers and their Metatrader Trade servers. I would recommend you google “Metatrader broker reviews” and find the brokers that best works for your situation.

Forex Guide answers:

I understand what you are asking. There are a wide variety of news events (known as fundamentals in the forex arena) but, from my experience, the greatest movers are the consumer price index, the producer price index, and the non-farm payrolls number. Other news events, like the weekly jobless claims number, retail sales, and any sort of housing data tend to move the market slightly most of the time. I have not found GDP to move the market as much as many think, but it CAN move the market, especially if the number is unexpected. Other movers include the ISM and ISM Services, Michigan Consumer Sentiment Index, Trade Balance, Philly Fed, Empire State Index, Retail Sales, PCE, Richmond Fed, and Durable Goods. News from any major company, like GM, may slightly affect the dollar as well. One of the biggest indicators of all is any information that will affect interest rates on either side of your currency pair-here in the US it is the Fed, but in Japan it would be the BOJ, BOE in England, etc. I have given you some of the monthly reports that will affect the dollar but for a currency pair you will have to examine equivalent fundamentals for BOTH currencies-so for the CAD/JPY it would be important to examine Canadian as well as Japanese fundamentals. Other major economies will also have an affect on any currency pair, due to the law of one price and the effects of arbitrage in the world markets.

No one is going to give you correlations because they are going to be different for every currency and different every time. I am sure by doing a search you could find some historic correlations for the pairs you desire, but it always good to do your own research by watching the pair(s) that you choose and seeing the real minute by minute reaction, instead of just at certain times.

Forex Factory provides a good calendar of when the events take place, for all the majors:

http://www.forexfactory.com/calendar.php

Have fun. I don’t know if youre new to trading but if so you should know its hard work-just like being a doctor, lawyer, or business owner. The biggest trick as an entrepreneur in any field, especially trading, is NOT to listen to anyone that says you can’t do it, nor to the ones who tell you its easy-dumb and dumber my friend. Get in your own zone, never risk more than 2% of your capital, never be afraid to take a loss, control your costs, and set yourself up to profit when a pattern repeats itself.

Forex Guide answers:

Candlesticks are the best indicators in the world. They’re good for candlestick formation, elliot wave formation, and trend-line breakout. By mastering these 3 things, you should be able to break-even in Forex. To really make money though, you’ll have to master money management.

Forex Guide answers:

I use a system called “forex autopilot“. It’s very good and there’s a nice review for it at http://www.fxsystemscompared.com

Forex Guide answers:

Hi avhiphop,

It is really all depend to you. If you are live in Asia, then it is more likely that you can trade prior or during the London open or European session as price is begin their volatility moves at this hour.

The use of indicators also depend on each person’s preferences. Whether you are like to use leading indicators such as ATR, ADX etc. Or you like to use Lagging indicator such as MACD, Stochs or RSI.

If you would like to learn about Forex trading, here are lists of great site you can visit;

http://www.babypips.com

http://www.forexfactory.com

Forex Guide answers:

As a 10+ year Forex trader, here is how I trade to make money…

If you want, you can also follow these steps. I’ve dumbed it down to the easiest, yet safest way to win in the Forex.

1) Open a live account at http://bit.ly/iPV25O
2) Select AAAFx broker, and open MICRO account with 200:1 leverage.
3) Deposit at least $300 in your account to start.
4) “Add to Portfolio” the top 20 strategies at http://bit.ly/mJiyZV
5) Don’t add any strategy that makes less than 10 average pips per trade.
6) …when adding strategies, set maximum number of trades to 5, and…
7) …select lot size of 0.1 “mini” lots for each $1000 in your account. It will trade automatically, following all those top 20 strategies.
9) Then sit back, relax and take a vacation as you make easy Forex money.

Forex Guide answers:

You have to check this yourself by trying each provider.

Forex Guide answers:

I don´t know that there are account managers who trade in the forex market apart from larger hedge funds or fund managers though you will need a lot to open an account with them, particularly as their fees are so high.

As for forex, I do all my own trades and trade through a broker that gives me no advice, just a platform to use for my own trades. I wouldn´t trust anybody to make trades on my behalf in view of how difficult the forex market is to negotiate. Personally, though I might be wrong, I get the impression you don´t know too much about this. If I were you, I woudn´t rush into anything. Rather you should take time to educate yourself on all the various aspects of trading forex. You may well be put off as it is a cut throat, ruthless and unforgiving environment where you could easily lose all your money in one day. Unless you like the risk, there are much better and much safer ways to invest your money. Good luck.

Forex Guide answers:

I would highly recommend you check your options in this forex affiliate site. Under their commission programs affiliates are paid flat fees per active referrals and a share percentage of the revenue generated to the site by such referrals. These programs are called CPA (commission per Active referral)- a one time payment taken from the first deposit of the referral for up to $250.00 and Rev-Share (Revenue Sharing) which will be paid continuously during the lifetime of the customer’s account. Moreover, with the Forex-Affiliate’s 2-tier program, foe every webmasters and Forex affiliates you refer you will also get a combined commission of CPA (commission per Active affiliate) and Comm-Share (a percentage of the commission earned by your 2nd-tier referral).

Forex Guide answers:

In the past if you want to trade forex yourself then you’ll have to learn all the basics and try them out until you are good. Learn to use charts etc.

Today, there are many forex autopilot programs that make it possible for a beginner to cut short the whole process in forex trading. They seem unbelievable but have sold out quickly and many people have indeed reported some success using them.

Forex Guide answers:

One of the leading causes for the failure of many businesses is their lack of planning. I think most successful people would agree that if you want to be successful in life and business you need to have a plan for how to obtain that success, set goals to meet along the way, and then work on executing your plan and meeting your goals. Trading is no different from any other business in this sense and it is my opinion that those who fail to plan out their trading like a business are doomed to failure as well. With this in mind it is important to have a written business plan for your trading just as you would for any other business.