TRADE FOREX WITH SOLACE

WHY IT IS IMPOSSIBLE TO PREDICT PRICES

2009-02-16T03:00:00.000-08:00

hello, my dear loved ones who have been getting forex lectures from this blog i went somewhere over the last few months to surf the net to bring you important informations on forex that will make you profit a great deal in your trades and out of those my searches this is one of the topics i have seen that it will be very helpfull for you; so read with your mind opened to grasp everything in it
happy reading

Learn Forex Trading - Why it is Impossible to Predict Forex Prices!
One of the most important points in your forex education should be that if you try and predict forex prices you are 100% guaranteed to lose. The reason is obvious yet more novice traders make this mistake than any other - yet you don't have to predict to win let me explain why ... Predicting is simply another word for hoping or guessing and that will not make you money in any venture in life and certainly not currency trading. Let's first dispel the myth of prediction and then explain what you really have to do to win. Why Predicting Forex is as Accurate as Your Horoscope There is a huge industry in guru's who tell you they can predict market tops and bottoms and that markets move to a scientific repetitive pattern and pedal ridiculous theories based upon Gann, Elliot wave or Fibonacci numbers. They all lose and its again common sense why markets don't move to a scientific law. Why Dont they? Because if they did, we would all know the price in advance and there would be no market - a market by its very nature moves on uncertainty. Also if their was a scientific theory that applied to forex trading whoever had it, would not need to sell it to you, as they would be making to much money! How to Win The way to enjoy currency trading success is not to attempt to predict - but to act on the reality of the price change. Let me give you an example that will make this clearer. Let's say you see a currency coming into test major support and you think it's going to hold. You do not simply execute a trading signal into the level of support - you wait. You wait for support to hold and prices to turn away from the level - supported by price momentum. Using Momentum If you don't know anything about momentum indicators, then make them an essential part of your forex education. These momentum oscillators will help you confirm changes in price momentum and allow you to see visually when price is strengthening away from support. You may say I will miss the turn and sure you will - but you don't know its going to turn in advance!
Forex Formula - www.TheFastForexFormula.com
There is an old saying: "A bottom picker becomes a cotton picker" And its right, try and predict market lows or highs and you will end up losing your trading account equity. Great momentum indicators to use are: The Stochastic, RSI, ADX etc - we don't have time to cover them here, just look them up in our other articles. They are excellent indicators and will get the odds in your favour. This is what forex trading is a game of odds - not certainties. Don't let that worry you though if you can trade the odds you can make a lot of money. If You Want To Win Trading is not about trying to be clever and catching the exact turn, know one can do that - so don't try. Trading has one aim making money and don't worry if you could catch just 60% of all the major trends you would be very rich. If you learn forex trading the right way and get the right forex education you will now know you need to to act on the reality of price change, use momentum indicators to get the odds in your favour and if you do, your currency trading profits will soar. NEW! 2 X FREE ESSENTIAL TRADER PDFS + PROFESSIONAL FOREX TRADING COURSE For free 2 x trading Pdf's with 90 of pages of essential info and more Forex Education visit our website at:
Continue Reading Here...
Forex Formula - www.TheFastForexFormula.com thanks for reading hope you got something from that see you very soon

The forex begginners guide

2008-10-17T04:15:00.000-07:00

The forex (FX) market has many similarities to the equity markets; however, there are some key differences. This article will show you those differences and help you get started in forex trading. Choosing a Broker : There are many forex brokers to choose from, just as in any other market. Here are some things to look for : Low Spreads - The spread, calculated in "pips", is the difference between the price at which a currency can be purchased and the price at which it can be sold at any given point in time. Forex brokers don't charge a commission, so this difference is how they make money. In comparing brokers, you will find that the difference in spreads in forex is as great as the difference in commissions in the stock arena. Bottom line: Lower spreads save you money! Quality Institution - Unlike equity brokers, forex brokers are usually tied to large banks or lending institutions because of the large amounts of capital required (leverage they need to provide). Also, forex brokers should be registered with the Futures Commission Merchants (FCM) and regulated by the Commodity futures Trading Commission (CFTC). You can find this and other financial information and statistics about a forex brokerage on its website or on the website of its parent company. Bottom line: Make sure your broker is backed by a reliable institution! Extensive Tools and Research - Forex brokers offer many different trading platforms for their clients - just like brokers in other markets. These trading platforms often feature real-time charts, technical analysis tools, real-time news and data, and even support for trading systems. Before committing to any broker, be sure to request free trials to test different trading platforms. Brokers usually also provide technical and fundamental commentaries, economic calendars and other research. Bottom line: Find a broker who will give you what you need to succeed! Wide Range of Leverage Options - Leverage is necessary in forex because the price deviations (the sources of profit) are merely fractions of a cent. Leverage, expressed as a ratio between total capital available to actual capital, is the amount of money a broker will lend you for trading. For example, a ratio of 100:1 means your broker would lend you $100 for every $1 of actual capital. Many brokerages offer as much as 250:1. Remember, lower leverage means lower risk of a margin call, but also lower bang for
your buck (and vice-versa). Bottom line: If you have limited capital, make sure your broker offers high leverage. If capital is not a problem, any broker with a wide variety of leverage options should do. A variety of options lets you vary the amount of risk you are willing to take. For example, less leverage (and therefore less risk) may be preferable for highly volatile (exotic) currency pairs. Account Types - Many brokers offer two or more types of accounts. The smallest account is known as a mini account and requires you to trade with a minimum of, say, $250, offering a high amount of leverage (which you need in order to make money with so little initial capital). The standard account lets you trade at a variety of different leverages, but it requires a minimum initial capital of $2,000. Finally, premium accounts, which often require significant amounts of capital, let you use different amounts of leverage and often offer additional tools and services. Bottom line: Make sure the broker you choose has the right leverage, tools, and services relative to your amount of capital. Things To Avoid : Sniping or Hunting - Sniping and hunting - or prematurely buying or selling near preset points - are shady acts committed by brokers to increase profits. Obviously, no broker admits to committing these acts, but a notion that a broker has practiced sniping or hunting is commonly believed to be true. Unfortunately, the only way to determine which brokers do this and which brokers don't is to talk to fellow traders. There is no blacklist or organization that reports such activity. Bottom line: Talk to others in person or visit online discussion forums to find out who is an honest broker. Strict Margin Rules - When you are trading with borrowed money, your broker has a say in how much risk you take. As such, your broker can buy or sell at its discretion, which can be a bad thing for you. Let's say you have a margin acounts, and your position takes a dive before rebounding to all-time highs. Well, even if you have enough cash to cover, some brokers will liquidate your position on a margin call at that low. This action on their part can cost you dearly. Bottom line: Again, talk to others in person or visit online discussion forums to find out who the honest brokers are. Signing up for a forex account is much the same as getting an equity account. The only major difference is that, for forex accounts, you are required to sign a margin agreement. This agreement states that you are trading with borrowed money, and, as such, the brokerage has the right to interfere with your trades to protect its interests. Once you sign up, simply fund your account, and you'll be ready to trade! Define a Basic Forex Strategy :
Technical analysis and fundamental analysis are the two basic genres of strategy in the forex market - just like in the equity markets. But technical analysis is by far the most common strategy used by individual forex traders. Here is a brief overview of both forms of analysis and how they apply to forex: Fundamental Analysis : If you think it's difficult to value one company, try valuing a whole country! Fundamental analysis in the forex market is often very complex, and it's usually used only to predict long-term trends; however, some traders do trade short term strictly on news releases. There are many different fundamental indicators of currency values released at many different times. Here are a few: Non-farm Payrolls Purchasing Managers Index (PMI) Consumer Price Index (CPI) Retail Sales Durable Goods Now, these reports are not the only fundamental factors to watch. There are also several meetings from which come quotes and commentary that can affect markets just as much as any report. These meetings are often called to discuss interest rates, inflation, and other issues that affect currency valuations. Even changes in wording when addressing certain issues - the Federal reserve chairman's comments on interest rates, for example - can cause market volatility. Two important meetings to watch are the Federal Open Market Committee and Humphrey Hawkins Hearings. Simply reading the reports and examining the commentary can help forex fundamental analysts gain a better understanding of long-term market trends and allow short-term traders to profit from extraordinary happenings. If you choose to follow a fundamental strategy, be sure to keep an economic calendar handy at all times so you know when these reports are released. Your broker may also provide real-time access to such information. Technical Analysis : Like their counterparts in the equity markets, technical analysts of the forex analyze price trends. The only key difference between technical analysis in forex and technical analysis in equities is the time frame: forex markets are open 24 hours a day. As a result, some forms of technical analysis that factor in time must be modified to work with the 24-hour forex market. These are some of the most common forms of technical analysis used in forex :
The Elliott Waves / Fibonacci studies / Parabolic SAR / Pivot Points Many technical analysts combine technical studies to make more accurate predictions. (The most common is combining the Fibonacci studies with Elliott Waves.) Others create trading systems to repeatedly locate similar buying and selling conditions. Finding Your Strategy : Most successful traders develop a strategy and perfect it over time. Some people focus on one particular study or calculation, while others use broad spectrum analysis to determine their trades. Most experts suggest trying a combination of both fundamental and technical analysis, with which you can make long-term projections and also determine entry and exit points. But in the end, it is the individual trader who needs to decide what works best for him or her (most often through trial and error). Things to Remember : Open a demo account and paper trade until you can make a consistent profit Many people jump into the forex market and quickly lose a lot of money (because of leverage). It is important to take your time and learn to trade properly before committing capital. The best way to learn is by doing! Trade without emotion - Don't keep "mental" stop-loss points if you don't have the ability to execute them on time. Always set your stop-loss and take-profit points to execute automatically, and don't change them unless absolutely necessary. Make your decisions and stick to them! The trend is your friend – If you go against the trend, you had better have a good reason. Because the forex market tends to trend more than move sideways, you have a higher chance of success in trading with the trend. Conclusion : The forex market is the largest market in the world, and individuals are becoming increasingly interested in it. But before you begin trading it, be sure your broker meets certain criteria, and take the time to find a trading strategy that works for you. Remember, the best way to learn to trade forex is to open up a demo account and try it out.

THE TRADER THAT DOES NOT LOOSE

2008-09-09T04:09:00.000-07:00

is there any trader that really does not loose a trade? the answer is no. There is no seasoned trader that does not loose trade[s] from time, to time. They loose, but its just that, they are able to make more profits than loses. Even Warren Buffet the greatest forex trader of our time, in the year, 2005, lost up to the sum of 200million dollars; but that did not mean that he was not a professional and also, many other traders including newbies also, make loses from time to time. But making loses does not mean that you are a looser in forex; it is not something that should end your career, because it is a part of the business.
many times i here various adverts online and offline saying, that people should come and learn how to trade forex without making a single loss; when i see such adverts, i smile and at the same time, i grief; because those types of adverts make many people, to rush and learn forex with such people, with a very deceptive tuition making newbies, think that they can trade forex without making a single loss; my candid advise, to you newbies is that when you hear or see anybody or adverts that says you should come and learn how to trade forex without making a single loss, is to run from such person or adverts because, if you patronise them, in no short time after you have finished receiving such assurances, that are very fallacious, your forex career will not last long. so what am i trying to say in a nutshell; is it that forex traders are all stupid people, who always loose money and are always happy doing so? no what am trying to say is that there is nobody that will teach you strategy or produce any forex trading software that will never make you loose at all but there are people that can offer you some forex materials that teaches you how to trade forex and make more gains than loses.
many at times, i hear people say that they want to learn a new forex strategy when they already have up to five or six strategies and when i ask, they say their strategies are making them loses so, they are looking for a strategy, that will make them not to loose a single trade; i look them and laugh because i know that, there is no strategy that does not loose one time or the other even if you learn the strategy[s] that the world richest forex trader is using. The simple truth is that, you will still make loses from time to time.
ADVISE TO NEWBIES OR BEGINNERS
my candid advise to beginners, is that you should not get decieved by any one who tells you to come and learn how to trade forex without making a single lose. And also, you should not abandon your strategy[s] for a "holy grail strategy" because, its only an illussion; but, learn from people who tells you to learn how to minimise your loses and maximise your pofits such tutors and materials, are very many online and me my very self have an e-book that teaches you in detail how to trade forex proffessionally.
also i would want you to always apply good money management in any strategy you are using to trade and also have the needed deciplne for any strategy you are taught. So, if you would want my material that teaches you good forex trading strategies with their accompanied decipline, you can contact me through my e-mail address: emekrus@yahoo.com or through my phone number 07035180310.
so finally, before i "rap it up" i would want you to help me try out this strategy which i am thinking will work and if it does work for you, please do not hessitate to contact me so i can share it here with others.
NOW THIS IS THE STRATEGY[ HYPOTHETICAL]
i am thinking that, if price retraces down to the 100% fibonacchi level, which is a complete retracement, that if one can draw a trendline, at that point and evetually, the price breaks the trendline, then you place a trade at that level, that it will be profitable.what do think? try it and if you are done please give the feedback.if you are successfull please give the stop loss and target profit and every decipline it will require. Thanks for now

THE AIM OF THIS SITE

2008-08-28T08:28:00.000-07:00

this site forex solace is designed for people to share their new or old forex trading strategies, for people with hypothetical trading strategy that, he/she feels that it is what trying out and also, to give or share forex advices with other traders online and newbies.
THE WRONG MINDSET
many people come into the business of forex with a very wrong mindset of what the business is not about like thinking, that forex is a get "rich quick business" that you just put $5 dollars and start making hundreds of dollars immediately; but in no short time,when they find out that,it is not how it is, they end up their career in forex so abruptly.some things like this and many more wrong impressions on this business, that many people are victim of ,is what this site is out to fight with the help of many learned and professional forex traders online.how we intend to achieve this, is by continuously bringing different forex advices, from people like us that is, me, you and anybody with a good advice, questions, suggestion and new trading strategy to share with each others so that people will understand the business,do it right and enjoy the benefits overtime; so for the now, before i will start bringing in my professional forex advices, i will start by giving you a free forex trading stategy to demo.
STRATEGY
when you are expecting a fundamental anouncement, that you believe will move market,get online before the the news happens about five or ten minutes; place an other to buy and sell with entry prices of fifty pips on both direction [straddling] without a stop loss or target profit on both trades and go away from your computer; after sometimes, when you feel the direction of the news had been known, go and see if any of the trades had been executed if any had been executed, cancel the other trade and set your stop loss and target profit as you wish.
go on try it what ever be your questions or complaints am all hears you can post in your comments
on the very strategy i gave on this site, i must add that, after your trade had been triggered, that you can be trailing your stop until your your target profit is reached so that, should in case the market tend to move against you,[ as you know or just knowing now, that there is no strategy that doesn't go wrong sometimes] you will be stopped out with gain rather than a loss;
doing what i just said, makes you a proffessional in my own opinion; in that, you are able to cut your loosers short in the cause, of pursuing a bigger profit which however you didn't get but also you didnt loose; in my opinion, anybody that brings a trading strategy without a stop loss, does not have a strategy[ though that is my own opinion i don't know yours; i welcome criticism because that is what makes me to improve and that is the aim of this blog] well, to reteirate demo this strategy and ask your questions am all hears.