FOREX - The foreign exchange (FX)

THE FOREX MARKET exists wherever one currency is traded for another. It is by far the largest market in the world, in terms of cash value traded, and includes trading between large banks, central banks, currency speculators, multinational corporations, governments, and other financial markets and institutions. FOREX BOOKS AND ARTICLES

Retail FOREX TRADERS are a small part of this market. They may only participate indirectly through brokers or banks and may be targets of FOREX scams.

The majority of FOREX TRADERS who often find themselves on the losing end of a trade make the same common and recurring mistakes.

Most FOREX traders don't have a clear direction, never take the time to develop a sound business plan and lack a formal written strategy for putting a well thought out plan in place.

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How To Trade FOREX Online

Trade with money you can afford to lose: Trading FOREX Markets is speculative and can result in loss, it is also exciting, exhilarating and can be addictive.

Identify the state of the FOREX market: What is the market doing? Is it trending upwards, downwards, is it in a trading range. Is the trend strong or weak, did it begin long ago or does it look like a new trend that's forming. Getting a clear picture of the market situation is laying the groundwork for a successful trade.

TIP: Basic Forex trading strategy begins with fundamental and technical analysis. Fundamental analysis is mainly used to anticipate and better understand long-term trends in the currency market. Technical analysis is widely used to examine the FOREX because it identifies and measures sustained trends.

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Determine what time frame you're trading on: Many FOREX traders get in the market without thinking when they would like to get out, after all the goal is to make money. This is true but when trading, one must extrapolate in his mind's eye the movement that one expects to happen. Within this extrapolation, resides a price evolution during a certain period of time. Economic Briefings

Attached to this is the idea of exit price. The importance of this is to mentally put your trade in perspective and although it is clearly impossible to know exactly when you will exit the market, it is important to define from the outset if you'll be 'scalping' (trying to get a few points off the market) trading intra-day, or going longer term. This will also determine what chart period you're looking at. More info

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If you trade many times a day, there's no point basing your technical analysis on a daily graph, you'll probably want to analyze 30 minute or hour graphs. Additionally it is important to know the different time periods when various financial centers enter and exit the market as this creates more or less volatility and liquidity and can influence the FOREX market movements. Currency Options