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:

Try the forex tutorial at www.forexlane.com. The technical section has an explanation and methods of use for all the technical analysis tools that you are looking for.

Forex Guide answers:

This works for me and it is free!

Http://forex-strategies-revealed.com/

Forex Guide answers:

I hope that I found an article that will probably answer your question.

Forex Guide answers:

Opening and closing prices in forex do not have the same weight they do in stock trading, since forex is a continous 24 hour market. If you are using a 5 and 6 day EMA, and trading the crossovers, you might get many false signals. Test EMA 5 over EMA 13 on the close prices.

I have never used the Heiken-Ashi, but the MACD is pretty accurate on the daily chart when it gives bullish or bearish divergences and that is confirmed by a crossover or another signal elsewhere.

Back testing has the drawback of allowing the trader to ‘curve-fit’ the chart, better to test how the indicators perform in a demo account.

ADX is an okay indicator, but proper use of EMA with MACD will probably give better trade calls over the long term than the ADX alone.

Do not neglect the fundamental picture and know when to stay out of the market (major data, announcements), practise, practise, practise.

And good luck.

Forex Guide answers:

Essentially, yes. Perceptions of a “rising economy” will tend to move capital out of relatively low-yield bonds and into equities. Thus, the bond yields rise because demand for them slackens.

Forex Guide answers:

The purpose of a demo account is to find out if you are good enough to trade Forex. You have found out you aren’t. This isn’t surprising, the majority of people who try it lose money. All you have to do is do a web search on the words “Forex” and “lose” to see this is the consensus.

I’ve read a lot about Forex, but I’ve never seen a proven profitable forex strategy, despite the claims of some scam web sites. Most of the strategies out there are sheer crap.

Forex is what we call a “zero sum” game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the “bets” in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.

Actually Forex is not quite a zero sum game. It’s a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It’s a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.

There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.

Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: “Go to Forexcrap,com/q2347.” The “q2347″ is a signal to the Forexcrap site that you are being referred to them by “q2347.” If they sell something to you, “q2347″ gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you. Also there are a good number of trolls out there that like to pretend they are successful forex traders just for the fun of it.

I would recommend not trying to do Forex at all, unless you are a trained professional. It’s like playing poker with people better than you, with the house constantly taking a small percentage from the pot.

Forex Guide answers:

For every $1 made by someone… Another person is losing $1. The Forex market is made up of major banks trading. They trade currency’s for their customers. One major customer are the Forex Brokers. Other customer are institutions, countries, companies & individuals.

Here’s two things you need to know;
A. Paper Trading (demo trading) results means nothing. Almost everyone does well trading demo accounts. Demo accounts aren’t taking into account;
Volume
Slippage
Volatility
Gaps
Psychology

B. More than 95% of the people that try Forex trading fail in well less than a year.

Forex Guide answers:

Don’t worry about the lawsuits. FXCM is a very popular forex broker and you shouldn’t have any issues opening a live account with them. Personally I have registered with Oanda as I found their online java platform more user friendly than FXCM’s application and even have an open position in Oanda. You need to factor in the following most important points:

1. What leverage are you going to use…Oanda doesn’t offer more than 50:1, but FXCM offers upto 200:1.
2. What currency pair are you going to trade? Both offer the common currencies, but if you are into the exotic ones, each has its own offerings.

Forex Guide answers:

No! They will not reject your application!
The only thing you should do is to decide which platform is best for you!
In your case i suggest http://best-forex-trading-platforms.blogspot.com/2009/03/fx-cast-review.html

Forex Guide answers:

They do exist. The Chicago Mercantile Exchange trades options on FX futures. Why are they phony? The CME trades millions of FX options every month.

Forex Guide answers:

Hi
all most all fx will give bonus to $1000 but read their Terms and conditions.i am not sure if zecco is real fx company.here you can find a list best forex trading platforms that most traders use
———————–

http://forexplatformslist.com

———————–
good luck

Forex Guide answers:

Bear in mind that Forex analysts and brokers charge a fee for their service. Forex signal trading brokers may only monitor the more popular currencies such as EUR/USD, USD/JPY, GBP/USD and USD/CHF. However, for a higher fee you may be able to find Forex signal services for less popular currencies and pairs. Basic subscriptions to Forex signal services will send you alerts about the best times to buy and or sell.

If you happen to have a higher level of subscription then you will be alerted about the buy and sell times by pager or cell phone. There are also levels of subscription that will provide the subscriber with live Forex charts. The minimum subscription fee is usually a hundred dollars a month.

You can simply generate the forex trading signals by using an “Automated FOREX Trading Systems”. You can get these Forex Trading Systems for a one time low price not more than 100$, in the sense that doesn’t even cost you a monthly fee of your subscription for forex trading signals.

‘Forex Trading Systems’ are the best way for anyone to invest in the foreign exchange market. There are trading systems that are ideal for every type of forex trader. Easy to use, informative and beneficial are the key factors to consider before putting your foot into the trading pool. Simple ‘Forex trading systems’ are big business. Invest in the right one and you can make big currency profits and get the cost you paid back many times over !!

…If You Want To Learn More About A Successful Forex Trading System, I Suggest You Take The First Step, by going here: http://shurl.net/5MC

Forex Guide answers:

Hi,

1- There are a lot of websites with free information about forex:

http://www.babypips.com/school/

There is also a good series of videos that were used to be free but unfortunately they are not free any more. You have to pay $10 for each but it does worth. If you watch these videos, it will save hundreds of hours of your time:

http://www.fxclub.com/video-en/

Also at http://www.weboma.com/category/forex/ you can find free daily/weekly signals every night.

Almost all of the forex brokers offer free demo accounts which you can practice with the fake money. Here is a small list of the brokers with free demo account:
1- http://www.interbankfx.com/
2- http://www.northfinance.com/
3- http://www.fxclub.com/
4- http://www.cmcmarkets.com/

The first two have MT4 platform. The last two have their own special platforms.

=======================

2- You can start trading forex with as low as $100. The leverage is 1:100 but you can also find 1:400 leverage too. If you learn forex properly, you can double a $5000 account every month and there are forex traders who make much more.

As you have been a stock traders, you will learn forex much faster and easier because 99% of the techniques are the same.

=======================

3- For Canadians CMC Markets is the best option:

http://www.cmcmarkets.ca/

=======================

4- It depends on yourself. You can trade wisely or you can gamble with your money and lose it easily.

There is a higher risk than the stock market because the leverage is higher.

=======================

5- There are some legitimate ones but you don’t need them. You can easily learn technical analysis and find buy and sell signals on your own. It is not hard.

Best regards,
Vahid
http://www.weboma.com/

Forex Guide answers:

Many people told me that investing in curriencies is the hardest way of investing, because it doesn’t have clear direction. Bullish or Bearish is hard to detect. However, there was the two big crisis, 2008 global crisis and the EUR crisis mid of last year. Many people who traded forex frequently, made huge profits from trading Dollars, and EUROs, simply because last year they could buy year at a 10-Year record low.

Now adays, all eyes are on the Japanese Yen after the Quake..
So, i really give you advice not to trust any one in this kind of trading, because even proffessionals lose for unpredictible mistakes

Forex Guide answers:

I’ve read a lot about Forex, but I’ve never seen a proven profitable forex strategy, despite the claims of some scam web sites. Playing Forex can appear alluring, but the majority of people who try it lose money. All you have to do is do a web search on the words “Forex” and “lose” to see this is the consensus.

Forex is what we call a “zero sum” game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the “bets” in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.

Actually Forex is not quite a zero sum game. It’s a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It’s a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.

There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.

Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: “Go to Forexcrap . Com/q2347.” The “q2347″ is a signal to the Forexcrap site that you are being referred to them by “q2347.” If they sell something to you, “q2347″ gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you. Also there are a good number of trolls out there that like to pretend they are successful forex traders just for the fun of it.

I would recommend not trying to do Forex at all, unless you are a trained professional. It’s like playing poker with people better than you, with the house constantly taking a small percentage from the pot.