Forex Support and Resistance Levels

I have been using Action Forex for Pivot Point support and resistance levels which I have found to be a really great resource! Added to charts in addition to Fib levels its a great tool to use! The link is here - www.actionforex.com

Anyone else use these? Whether you have just started to
Learn Forex trading or if you are a seasoned trader, then let me know!

I tend to trade with candlestick formations which can easily be learnt. Most of my friends think you need to be proficient at maths but Forex trading works best for those who can recognise patterns and enter/exit trades without becoming emotionally attached to their Forex trading decisions.

Believe it or not its easy to say but very hard to do - especially when its your hard earned money on the line! There are techniques to use to overcome this area of trading the Forex market and shouldn't stop someone from giving it a go. There is so much help and support on the internet you just need to absorb information and start with a plan. This Forex Book explains more and is a great resource if you want to know more about the 'big picture'.

Keeping informed about the latest Forex news is a must and social networks/social media can help with that too! Check out this Social Median Forex News Club - have all the latest Forex news delivered directly to your inbox!

Ofcourse the other web site I use EVERYDAY is www.forexfactory.com which I recommend EVERYONE to use - its the thing I do in the morning and a good habit to get into!
 
Hope that helps - its good to have good resources to hand - and the above are GREAT!

Happy and successful Forex trading

Best wishes

Annabel

How To Increase Your Forex Trading Success

When trading the Forex market increasing your chances of success requires knowledge. Acquiring this knowledge takes hard work, time to study and dedication. Compile your knowledge base without taking any shortcuts, thereby assuring a solid foundation to build upon to successfully trade the Forex market.

For example from taking the time to understand the MACD indicator (Moving Average Convergence and Divergence - detailed in this Forex Book) it was possible to identify a breakout of the GBPUSD due to a 4 hour Forex chart showing a divergence of the MACD indicator and a trend line on a candlestick chart (more about Candlestick charts in this Forex Book). When you can immediately pick up on Forex signals shown on a chart you can prepare yourself to potentially profit from these situations. MACD generally follows a chart trend but when a divergence can be seen this indicates a possible strong move - a breakout if you like. You can then act to identify possible support and resistence levels around a move north or south and also alert you to watch news results at www.forexfactory.com for possible indications as to the direction of a move.

Learning the fundamentals of Forex trading is a very important step to take and shortcuts should be avoided. Its advised to have a general understanding of all indicators, theories, thoughts on developing the mindset of a successful trader, money management, risk management etc.

What do you think?

Cheers,

Annabel
www.tradeforexfromhome.com

Want To Be A Forex Trader? Here Are 12 Top Tips

1. Read Trade Forex From Home before you do anything else. It covers a bit about everything so you can find out if Forex is for you. If you open a Forex trading account and haven't read the book then end up losing a load of money, then I will tell you I told you so.

2. Which leads me on to point no.2 - BE PREPARED with all things to do with Forex trading.

3. You MUST have a stop loss policy. Even if its a mental stop loss - you must have one and be prepared to exit the trade immediately if this level is hit - no excuses!

4. A Forex trading plan/system. You MUST have one and you MUST stick to it. Practise with paper trading and then a demo account first to gain confidence and skill with this. It does take some time but you have to trust your skill, which WILL grow.

5. Trade with the trend - DO NOT trade against it. If you are waiting for a reversal pattern to form on your Forex chart, wait until you have confirmation of a change in the direction of the trend before you open a position.

6. The Forex market is rarely your friend if the trade goes against you. Cut your losses quickly (go back to point 3) and accept them as a cost of trading - nothing more, then move on, forget about them.

REMEMBER: The most successful traders are those who LOSE THE LEAST NOT MAKE THE MOST.

7. With trading the Forex, learn to sit on your hands and not trade! ALWAYS look for good quality trades - the ones with high probability of success. A day without a trade is better than a day with one trade which looses you money. If you don't like the look of the market, the charts or if the day is full of economic announcements which you know will make the market unstable, then walk away.

8. Make sure you stay in profitable trades until your exit strategy comes into effect. In this case its good to adopt a trailing stop of say 10/15 pips away from the current price level (depending on which currencies you are trading). Maximise your good Forex trades by letting them run.

9. Learn about Fibonacci levels and how to apply them to your Forex charts.

10. Keep you Forex trading plan simple. Do not have too much information on your screen - it will only confuse you and make the decision to enter/exit a trade a whole lot harder.

11. MONEY MANAGEMENT, MONEY MANAGEMENT, MONEY MANAGEMENT! Be prepared - understand it. (go back to point no.2) NEVER risk wiping out your account - it can happen.

12. Forex trading isn't an exact science. Do not set yourself false targets and associate any emotions when trading. Do not 'expect' a trade to go in your prefered direction. Trade what you see and if you are wrong then thats just how it goes - move on to the next.

Hope that helps. Let me know how your Forex trading goes!

Annabel

How To Wake Up Your Inner Forex Trading Genius

This is No joke - anyone can Learn Forex and trade this market.

Just by understanding some simple basic elements YOU can get an online Forex trading account up and running in no time. Currently, in the UK profits from a Spreadbetting (Spreadtrading) account are tax free too.

OK lets have a look at Forex trading then. Forex Benefits from many areas not available to other markets. Trading this 24 hour a day market can be as easy or as difficult as you want to make it. You don't have to be good a maths either. You can approach trading the Forex market from a mathmatical point of view with calculations BUT you can also be very profitable trading very simple techniques based on recognising patterns as they apprear on live feed charts.

If trading using live charts fills you with horror and stress then that doesn't matter as you can trade using any number of time frames depending on your account size and the number of trades you want to make in a day.

As the Forex market is so vast and available for you and I to trade 24 hours a day it becomes a very flexible entity. You can make a few trades over a short period of time if thats what suits you and your lifestyle best, or you can take your time and place the same number of trades over the course of a day.

There is one other element to understand - and that is the effect economic results have on price movement. This can be extreme BUT like all areas of Forex Trading this can be remedied by arming yourself with good up to date information. For all economic announcements go to www.forexfactory.com. Make this web site the first thing you look at when you start your Forex trading daily routine.

Allowing yourself to read and digest a little background of the Forex market, which currencies are the easiest to trade as beginner and how to go about understanding the simple fundamentals of being consistently profitable would come highly recommended. If you are thinking this sounds interesting, there's no point in jumping into multiple technical analysis strategies - its way too much information to take on board. Trading the Forex doesn't have to be complex - in fact the simpler your strategy the more consistently profitable you will be.

This Forex Book Trade Forex From Home does just that. It explains in an easy to read format how anyone can trade, anywhere in the World and at anytime in a given 24 hour period. It details a very simple trading strategy which will get your Forex trading account up and running in no time. There is even a free download of the first chapter for you to trial.

Above all, because the global Forex market is so vast (trading over $1.5 trillion everyday) currencies will always exist and the ability to trade the US Dollar, the Euro etc will always exist. This statement is based on the necessity to trade foreign goods and the global demand for imports and exports - the whole ethos behind the Forex (or Foreign Exchange) market.

Let me know what you think....

Here's to YOUR trading success!

Annabel