Forex Brokers

Magna International Inc. has been chosen by German Chancellor Angela Merkel’s government as the buyer for General Motors Corp.’s Opel and confirmed a financing plan aimed at helping the money-losing unit prevent insolvency.

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The dollar fell at a fastest pace in 3 weeks against the euro today as the Q1 GDP decline was reported to be not so bad as expected. EUR/USD is now trading near 1.4114 and technical analysis shows that it will probably continue to grow at least until 1.4350 in the next few weeks.

Preliminary GDP report for the first quarter of 2009 showed a decline by 5.7% — better than the 6.3% drop that was reported in the advance report a month ago. Market analysts expected a revision to -5.5%.

Chicago PMI index unexpectedly decreased from 40.1 to 34.9 in May. The traders expected a growth to 42.

Michigan Sentiment index rose to 68.7 in May from 65.1 in April. It was expected to be reported at 68.0.
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SwissDealing is a new Forex broker with a unique business model that offers the no-deposit account with a free $100 to trade with. In fact, currently, you can’t deposit anything to your account even if you want to, unless your balance is negative. You are given $100 initial balance, which you can use to trade with 1:100 leverage and any single trade volume (down to 1 currency unit). If you run into a negative balance (which is limited by -$50) you have the opportunity to deposit funds via PayPal to cover it. Any profit you get is freely withdrawable. Other highlights of SwissDealing:

• 2 pips spread on EUR/USD
• Custom simple stand-alone trading platform
• On-line since 2009

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Forex trading requires a lot of discipline and cautiousness, especially when it comes to making entries. The lurking mistakes of entry points can turn potential profits into high-risk losses. Among the right strategies of entering a trade, what are the common entry mistakes that can turn your trading experience into nightmare? 

Plunk Trading Plan

The first common mistake is not sticking to trading plan. Each entry made without pre-determined criteria is most likely to be doomed. When trading forex you have to know exactly what to buy or sell and wait patiently for the right moment.  

Greed, impulse and emotional trading are your worst enemies. Dumping your rules after couple of losses and impulsively chasing the market usually hurts to the last cent! Abandoning your mind results in too soon, too late or too much! 

Squeezing Out Trades

Another pitfall is staring at charts and deliberately trying to squeeze out a trading signal that isn’t even there. It is important not to lose the objective – some days there are many signals to explode, and sometimes there is nothing at all.  

Boredom should not be a factor for trading. My advice – every time you put a trade always ask yourself if this particular trade makes sense or you are simply forcing it. 

Hesitation and Fear

Hesitation and fear are in human nature. One of the issues many forex traders face is not entering a trade when supposed to. My solution is to keep a journal of all trades. You can then analyze and revise all of the past decisions and become more confident regarding the trading plan.  

Solid proof of a trading strategy that works is the best way to build up the courage and convince a trader to enter the next time opportunity strikes. Speaking of proof, keeping the trading journal is the best way to figure out whether there is in fact a flow in your system.  And if there is no flow and your decisions are reliable, only fear and hesitation are responsible for keeping you from profits.

Anticipation of a Move

Confirmation can save you a lot of money and headache. Here is another mistake that many forex traders endure – anticipation of a move. I say, always wait for a confirmation before you enter a trade. Keep in mind that you should “trade what you see, not what you think”. 

Overall entry/exit is just a small fracture of forex trading. Without strategy, full understanding of patterns and technical analysis, stop loss, army discipline and careful planning based on experience, entry is worth nothing. However, understanding and analyzing entries should increase your self-awareness, show the way to more accurate signal identification and better decision-making.

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Rio Tinto Group, the world’s 2nd largest iron ore exporter, agreed to a 33% fall in agreement prices with Japan’s Nippon Steel Corp., the first downfall in 7 years as the worldwide recession cuts demand.

London- based Rio said today in a statement Nippon Steel, the world’s 2nd largest steelmaker, contracted to pay Rio Tinto Group 97 cents a dry metric ton unit, or about $61 a ton, for its standard product in the year started April 1. That compares with last year’s record of 144.66 cents for Rio’s Pilbara Blend fines.

Rio’s iron ore unit chief executive Sam Walsh gave a statement that- “We believe this settlement is a realistic outcome for both parties, one that reflects the global market for iron ore and the current challenging market conditions facing our customers.”

Rio share went up 1.2% to A$64.82, reversing an earlier down fall of as much as 1.7 %, at 2:07 p.m. Sydney time on the Australian stock exchange. Nippon agreed to pay 112 cents per dry metric ton unit for Rio’s premium Pilbara Lump product, 44% lower than last year’s contract price, the statement said.

Rio last year won an 80% gain in fines prices with Asian customers and a 97 %rise in lump prices. Australia’s 3rd largest iron ore exporter, Fortescue Metals Group Ltd., jumped as much as 8.3 % and Mt. Gibson Iron Ltd. as much as 9.1%.

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According to the latest Forex update again on Friday the Euro (EUR/USD) went up, gaining more than 100 pips and closing just below the 1.4000. Before moving back the pair busted above the 1.4000 and reached 1.4050.The pair gained more than 500 pips for the week as USD weakened across the board. Concerns about the U.S. creditworthiness add another reason for traders to move away from the greenback, moving forward the majors higher.

On Friday the Pound (GBP/USD) moved higher gaining another 85 pips and closing above the 1.5900 level. The U.K. revised GDP figures showed that the economy shrank by 1.9% as the preliminary released projected.

The Aussie (AUD/USD) gained approximately 50 pips as USD continues to take a beating. On Friday Gold prices posted a silent gain closing above $957 an ounce. The Aussie closed the week trading higher than the 0.7800 level and moving forward over all of the daily simple moving averages.

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Another nice indicator that is capable of detecting the trend changes and showing the current trend’s strength and direction was added to the list of MT4 indicators on my site. It’s a histogram indicator, meaning that it doesn’t trash your chart but rather displays itself in a separate window below the main chart window. Histogram uses lines to mark each bar of the chart directly below that bar. The red color is used for the downtrend and the green is used for the bullish trend. The length of the line signifies the strength of the tend — the longer are the lines the stronger is the trend. If the lines are becoming shorter and shorter then the trend change is probably near. You can read more about this trend histogram indicator and also download it for free:

• Fisher MT4 Indicator

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There are many tips out there that “show” you how to win at Forex, but not all of them can make you succeed online. First things first, let us start at the premise no material or “guru” can guarantee you achieve financial success consistently at Forex, the only person who can do that is you. The materials and forex education programs are developed to help you plan your trade and develop within you the discipline and tap the side of you who wants to win at Forex.

You do not want to win in Forex, you want to earn big CONSISTENTLY. There are wins out there and there are losses, and your fear of losing cannot be fixed by any medicine, but the only way to eradicate this fear is by understanding. And by understanding foreign exchange, there is knowledge and success.

Here are four simple steps in eliminating fear and achieving financial success at Forex.

1. Get Currency Education. The basis of all understanding is opening your mind to ideas and methods you may or may not have encountered before. Getting Educated with a credible Forex Course is the starting point of achieving the results you want.

The tricky part is there are a lot of information sources out there, choose wisely in whatever course you may go into. Free courses are great, but paid courses have credible persons behind it, such as Forex mentor. Education in Forex is like school or a university, private investment in education is an investment here that can pay you back tenfold.

2. Finding the best trading method. How will you know if it is “best” for you? Here is a simple tip, no matter how complex or simple a forex method is for you, you cannot succeed if you cannot understand and apply it.

There are methods out there that may seem complex, and one may find a complex method “more effective” in one way or another. The truth is that a complex method is just a combination of some simple ones used in an awkward manner. Find a method that you can easily understand and apply.

3. Discipline and Sacrifice. Sacrifice may mean negative to some of us, but technically, sacrifice is one’s giving up of a lesser thing to gain a bigger thing. In Forex, some losses may be the “lesser thing” I was talking about, and the bigger thing you may get is education and experience. Adding it with time, and the bigger thing may not be only the education and experience, it is certain that so is your profits!

Discipline is another way to put the word consistency. If you cannot be consistent at Forex, there is no learning, and when there is no learning, there is no consistent profits. Taking time to study and discover new methods and approaches and sticking to it is what makes winners.

4. Be simple. Forex doesn’t have to be that hard on you! Over analyzing things, especially in Forex may just cause stress and occasional headaches. When analyzing trends and methods, look at the bigger picture in you mind, this will become clear and open you ideas you may not have seen or heard before.

If you know how to trade in the end of day basis, you will discover that you can be financially successful and rich with Forex. It requires less time, less stress, more patience and a different Forex trading method rules than Day Trading.

Forex Trading is truly an option to create wealth and time freedom at the same time. Even successful traders experience loss, but following the four simple steps above can remove the side within you that has the fear, and lets out in you a side that wants to win.

About Author: Are you a person who like to have FULL CONTROL of their destiny in the forex markets? Vanquish the pressure, strain, and stress normally associated with Forex…

IF YOU VALUE YOUR TIME, I really urge you to check out this letter here, and then ask yourself how, what a veteran trader has to say stacks up against how YOU currently trade: Forex Profit Accelerator

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Any winning veteran trader will say that a trade does not begin and end with a buying or selling activity. For each trade a trader makes, there is always a trade managing procedure occupied, he or she has to make a group of decisions before entering in to a trade. The way you manage and time those decisions is what will conclude the success of your trade.

A Forex trader who has made correct decisions during the courses of trade might be in profit, decisions like scaling in and/or out, using or not using trailing stop losses and setting or not setting profit objective before entering into a trade.
Yes, there are chances when better results are achieved by a worst trader.

There are numerous things to take into consideration if you like to a successful trader, you better educate and train yourself for Forex vicinity. Learn how to expand improved trading tactics and investigation techniques, and then learn how to implement what you have built-up to the process of a making a trade-from the original inclination to enter or stay out of a trade to the control of your thought processes and sentiments in managing that trade.

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The Truth About Fibonacci Trading by Bill Poulos is a new addition to my collection of the Forex trading books. It’s a rather short e-book starting off with explaining the basics of the Fibonacci numbers and retracement levels and finishing with the real chart examples of both the Fibonacci retracement and extension levels. It helps you understand how to apply the Fibonaacci levels in your trading and what you should and shouldn’t be doing with them. As the author says Fibonacci levels are useful tool but traders shouldn’t rely solely on them. You can download this book for free:

• The Truth About Fibonacci Trading

If you have any questions or interesting thoughts regarding Fibonacci trading, please, feel free to reply in comments.

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