Tips For Selecting A Forex Broker

Would you like a piece of the largest market in the world? What is it and how do I get it? It is the Currency of Forex Market. To actually start trading Forex one of the first things you will need to commence is select a forex broker. Selecting a forex broker will be a key decision in your future forex trading success. Getting it wrong now may lead to problems down the road.

Before you select an online Forex broker, you as a new investor should carry out your due diligence and carefully check the services offered by a broker and the operational policies by which they conduct themselves.

It is important that you are aware that as with any business there are scammers out there looking to trick you into handing over your money without providing the service they advertise. Do some research into the broker you are looking to use.

There are at least 20 online foreign exchange brokers nowadays. When deciding on who to choose you should try the demos of around 6-8 to get a feel for their trading platform.

Using the demo platform is also a valuable learning tool as is most cases the forex broker's demo uses live data. The only difference is that you are using a paper account and not real money.

Some things to consider when selecting a forex broker include:

* The broker's hours of operation * the minimum trading unit size * the bid/ask pip spread on major currency pairs * the reliability of the forex trading software * is there a phone line backup to the forex trading software?

To execute trades you will need software that allows you to place by or sell orders. Other forex related software is used for either providing forex trading signals or providing graphical information (charting), which is used to analyse data. The forex trading software provided by your broker is normally free. The forex signal software would typically come on a subscription basis. With forex charting software there are both free and subscription options.

Once you have your trading account opened and have installed the forex trading software you will be ready to place some orders. They would include some of the following:

Market orders - this is an order to buy or sell at the current market price

Limit orders - this order is placed to buy or sell at a certain price as the market price moves up or down

Limit entry orders - this order is executed when the exchange rate touches a specific level without breaking that level Stop-loss orders - this is a type of limit order linked to a specific order aimed at stopping the order when a loss level is reached

Take profit orders - as the name suggests this order closes an open order when a profit level is achieved

Please remember when entering the world of forex trading do not commit money that you cannot survive without. Before sending money to a broker be sure that it is money that you can live without if you do happen to fail as a forex trader.

I strongly recommend that you have a practice account to test your forex trading software and your trading plans. The last thing you want to do is rush in and suffer losses.

Online Forex Trading: 4 Tips To Avoid Scams

Forex trading scams are plastered all over the internet, and scam artists are getting better at what they do. In this article, I'll give you 4 tips to help you better identify and avoid potential Forex scam websites.

Tip #1: Don't buy from websites that tell you Forex trading is easy

Ask any profitable trader, and he'll tell you that it took a lot of hard work and patience before he started making any money in Forex. It is in our human nature to want things quick, convenient and easy, but unfortunately learning to trade Forex profitably is anything but that.

New traders are lured by the scammer's promises of "quick" and "easy" profits in Forex trading; but as much as I would love to believe them, the only people who are going to make quick and easy profits are the scammers themselves! at YOUR expense!

Tip #2: Don't buy from websites that claim to have a "secret" trading method

This is another myth about Forex trading that many new traders want to believe. Similar to Tip #1, many traders like to believe that there is a "secret" or "holy grail" trading system that can make profitable Forex trading as easy as pie. All you'll need to do is to purchase this ultra-secret, "underground" trading method for $197 and you'll be set for life! !yeah right.

Most of the time, if something sounds too good to be true, it probably is. Don't fall prey to these lame offers! they're there to cheat the ignorant and the dreamers. Good Forex traders aren't dreamers, they trade on sound logic and calculated risk.

Tip #3 Avoid trading systems with over 90% accuracy

Again, such incredible claims are there to try and convince you that Forex trading can be easy. There are many things I can say about this topic, but just let me cut things short for you: even the big investment banks with their advanced technology, lower spreads, larger capital and highly-trained traders don't enjoy such high percentages of success. It's very, very unlikely for some "underground trader" to be able to beat their winning percentages.

Tip #4: Ask for an ACTUAL trading track record

Many scam Forex websites like to post up hypothetical or back-tested trading results. Don't be fooled by them. You see, anyone can develop trading systems that work very well on past market prices! after all, who can't make money if they know what's going to happen next?

Before you purchase any trading system, make sure you've seen the track record of the system's actual gains and losses.

Forex Enterprise - Genuine Money Making Opportunity? Or Scam

"Who Else Wants To Earn Thousands Of Dollars Per Month With A System That Virtually Runs 100% On Autopilot!?"

With this sort of statement, I wanted to look further into it.

"Discover The Secrets That Earn Me $103,357.01 Per Month!"

What were these secrets?

It is common knowledge that the internet is the best place to make money - but can you make money with the Forex Enterprise package? or was Forex Enterprise just not a money making opportunity.

Here is what I discovered:

Forex Enterprise is a unique program that lets you dig into the gold mine of making money on the internet, its a great starting point, for somebody who is after this golden information, that of course, without doubt, changes people lives.

Since making money on the internet is a skeptical topic, with the scams out there, it is quite easy to assume that Forex Enterprise is just a scam as well, but, it really isn't, honestly. This works well, and very well.

Forex Enterprise was created by an individual by the name of Nick Marks. Nick Mark has put his years of research and his marketing brain into this project. His unique ideas that can create multiple streams of income from a variety of amazing sources.

Forex Enterprise amazed me, with the amazing testimonials I read, of how so many people had used the Forex Enterprise and Nick Mark's ideas to rapidly change their income and lives. This really did surprise me. These people who were just like most of us, very skeptical on internet money making opportunities, ended up using Forex Enterprise and greatly benefiting from it, this really showed me that it was something special.

Forex Enterprise offers years of research and proven strategies that you can litereally just plug in and play, from the first day. It is designed to deliver amazing results in fast time. Forex Enterprise works on a long term basis, it can create a future for you, it isn't just a temporary source of freedom.

The Forex Enterprise system is not just for advance users, you can still profit from his ideas, without a considerable amount of knowledge. You can do this working only a few hours a week.

Forex Enterprise gives you a website with free hosting, where you can sell over 1000 products if you wish! and also Forex Enterprise teaches you how to drive traffic to your website.

Forex Enterprise comes a 60-day money back guarantee, so you have 2 months to try out this system, and if it doesn't benefit you, you can get a 100% refund.

My Overall verdict is, Forex Enterprise is a definate winner, this system has so many guarantees and testimonials of long term profits. Forex Enterprise may well be the right choice of program for you. That Caribbean cruise may just be coming nearer!

Day Trading - 100% Losses Guaranteed

Forex day trading is simply one of the best ways to lose your money and the logic it is based on is absurd and common sense should tell anyone why it doesn't work. Yet year after year day traders trade and lose using day trading methods. Lets look at why.

Before we look at why day trading doesn't work lets first look at all the systems that supposedly make money on the net. They don't make money in real trading though it's all simulated made up track records using past data.

If you see a day trading system which claims that it makes money simply look for the following in the small print at the bottom:

"CFTC RULE 4.41 - Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown".

The above disclaimer simply means nothing in terms of future profitability. Why?

Because if you want to make up a track record using past history - anyone can do that.

If we all knew prices in advance we would all buy the bottom and sell the top and never lose any money - in fact we would all be multi millionaires. Shame it's not that easy though!

We have to trade without knowing what will happen and that really is a lot harder

Day trading is a good story and marketing companies know this so why not write some hyped up copy to appeal to greedy traders, make up a great track record and then sell it to the unsuspecting trader?

That's what happens and time and time again the novice trader falls for it - He thinks he is going to make his fortune by handing over a few hundred bucks and then he gets his lesson in reality his equity is lost.

So let's look at why day trading is a loser's game

The reason day trading doesn't work is that the logic it is based upon is absurd - think about this:

We have millions of traders, all with different motivations and forex trading systems and day trading is supposed to allow you to gauge what this vast diverse mass of emotional beings will do so you can enter trades on a tick chart?

Its common sense this cant be done and that's why over the longer term day traders lose.

All volatility in daily time frames is random, support and resistance levels cannot be used and you cannot get a trading edge so you will lose.

If you can't get the odds in your favor you will lose period

Avoid forex day trading unless you want to lose your money and lose it quickly.

Leave it alone and trade the longer term trends where you can get a trading edge and you can get the odds in your favor - Period.

The Cost of Forex Trading

The forex trade is going to be the buzzword for the future and it holds enormous opportunities for the investors in the forex trade. In the earlier days of the forex market the requirement of the capital for the investment was quite big most of the times running into millions of dollars. The size of the investment kept the common investor out of the forex market for quite long. After the internet boom forex market also went through lot of changes and the requirement of the minimum investment to participate in the forex trade dropped considerably, making it a feasible area for the small investors. At present the scenario is as such that, if you want to work at home with a great earning potential you should seriously think about learning the ins and outs of forex trading, one of the most profitable activities anyone can enter into due to its generous characteristics that set it apart from other capital markets at the present time.

Forex markets are very active markets in nature which are open 24-hrs a day except the weekends. It's a global market so you can trade from any where in the world round the clock and you will always find profitable trades that will make your earnings grow in a stable manner. You have the US market then the European and then the Asian forex markets. Each one of them appears on the forex trade zone one after another. One of the great times to trade is during the over lapping periods. The USA and European forex markets overlap between 5am and 9am EST and the European and Asian forex markets between 11pm and 1am EST. The overlap periods are usually the busiest and best time to trade in the forex market. After the opening up of the forex market for the small investors you can open a forex trading account with a forex broker for as low as $300.

In order to be successful in forex trading you need to learn the tricks of the trade. Forex trading is a very complicated and speculative market and for better understanding you need to have a good knowledge of how markets behave and what influences this behavior to be able to use it in your favor to earn handsomely. The worst thing you can do is to enter the world of forex trading without proper knowledge and this can cost you a lot of money in bad trades. In the worst case scenario you could lose what's in you account. But you would have to do something really stupid for that also. To help you out from the difficult scenarios lots and lots of expert advice is available on the net. To prepare you to cope up with the actual trading scenario many sites are there on the net that provide you with the demo or the free practice account. By using these accounts you can really prepare yourself to earn some profits in the real forex markets.

There are many factors that contribute to the price fluctuation in the currencies and if you are vigilant enough you would be able to sail over the problem period quite nicely and would be able to log in a nice amount of profit. The forex trade is getting popular among the small investors due to the requirement of very small capital and barring the risk factors of the market, the ability of the forex market to provide ample scope of earning sizeable profit by the investors. There is no need to be afraid of the forex market, only thing required is the proper knowledge about the forex market.

Best FOREX traders for Managed Accounts

The Forex trading market is one of the biggest financial markets in the world today with over USD3.2trillion daily turn over. The advent of web applications has birthed online currency trading which is now one of the biggest and fastest growing investments. To avoid the risk involved in trading on their own many investors employ the services of professionals in Forex trading to manage their accounts. Forex managed accounts is suitable for investors with risk capital who do not necessarily want to trade on their own. With the ever growing use of the internet there are many ways to find information about best traders of Forex managed account.

It might be difficult to find best traders of Forex managed accounts if you don't know where to look or what characteristics to look for. There are many websites offering currency analytical reports, statistical data for managing Forex trading and best Forex traders. Finding the best traders culminates in reaping higher profits. In currency trading there is no difference in profit potential between a long and short position. Therefore best Forex traders for managed accounts must possess the ability to profit in rising or declining markets unlike equity and fixed income managers. The best FOREX traders for managed accounts must be able to profit under any market conditions.

What are the things to consider while looking for best Forex traders for managed accounts?

Every investor wants to invest his money and make profits; therefore the expectation of best Forex traders is a consistent delivery of highest possible interest on the managed accounts. They have to be a reliable company with a proven track record of consistency. The best Forex traders for managed Forex accounts are not necessarily the ones who make the headlines in the news. But those who have 100% positive reviews by their clients. Hence the reputation of the company also matters a lot There must be a demonstrated ability of understanding of Forex market signals, charts, analysis and reports. This is a key factor In the Forex market as correct interpretation of these is a leeway to accurate predictions of when to enter and exit the market. One important factor to look out for is the dealing spread of the Forex trader. Best dealing spreads are usually between 3 - 5 points in normal markets. These enable the Forex traders to move in and out of the trade with low slippages (the lower the spread offered the better).

Any promises of fantastic and consistent monthly gains of 15% or more, for example, are wildly exaggerated and would never be claimed by a legitimate investment manager. Although some traders do manage to produce some amazing short term gains the risks taken to produce these gains are enormous and generally mean that even the best intentioned manager who stretches his leverage beyond prudence is bound to eventually crash and burn.

Beginners Guide to Forex Funds

A commonly asked question from investors is What is a Forex Fund?

A Forex Fund works exactly the same way as a mutual (managed) fund. Mutual Funds started up after the crash of 1929. The rationale behind a mutual fund is if people combine their money, they can buy more shares to obtain greater diversification, thereby reducing their risk and exposure to another crash. Forex Funds are newer appearing after the crash of 2000.

When you invest in a Fund you receive shares or units. As the fund earns profits the value of the fund goes up, increasing the value per unit. The Forex Fund manager takes the combined funds and decides when to make trades on the forex market on behalf of their individual investors.

Forex Fund's allow investors with limited knowledge of trading forex or limited time to take advantage of trading the worlds largest market. Investors should choose an appropriate Forex Fund by thinking about their risk tolerance and investment objectives. They should also consider the historical performance of the Forex Fund and the qualifications of the funds manager.

A benefit of investing in a Forex Fund is that the Fund will be managed by a professional, who has access to detailed economic data, knowledge of how world events will impact forex trades and experience trading the forex market. Another advantage is the money management of the fund will be handled by a professional. The money manager will decide what size trades to make to achieve maximum returns for the fund while limiting risk and will also decide a sensible system for compounding.

A Forex Fund has the advantage of enabling investors with limited funds to get started in the forex market. A lot of new traders money get wiped out due to taking risks that are not appropriate for their account balance.

The biggest advantage of investing in a Forex Fund is the time you will save. Obtaining enough knowledge of the forex market to be comfortable trading it with real money often takes years. A Forex Fund enables you to benefit from the time already spent by other professionals studying, while your time can be better used elsewhere.

As the forex market is a 24 hour market, often the trading hours will not be convenient and you could be stuck at your computer in the middle of the night. When your money is invested in a Forex Fund you can check how your investment is performing at a time convenient to you.

Trading forex can also be an emotional rollercoaster, enormous highs when things are going well and enormous lows when it isn't going well, this can have a enormous effect on you and your family. Investing in a Forex Fund can remove a large part of the emotion involved in forex trading.

I hope this article has helped answer your question: What is a Forex Fund? IBlogForex.com contains many other articles on trading forex you may find useful.

Let a Professional Manage Your Forex Account

Because forex trading is such a complicated business, there are many systems in place to help new or cautious traders get involved without going bankrupt. There are mini accounts that let you invest only small amounts of money, and there are even automated accounts that let a computer program do it all for you. And in between those extremes is the managed forex account, which gives you full access to the market but gives you an adviser to help you navigate it.

A managed forex account is perfect for someone with no experience, or limited experience, in the forex market. It's also good for someone who wants to invest but doesn't want to go through all the studying and training necessary to do a good job of it himself. Furthermore, a managed account is a godsend if you want to invest but simply don't have the time or the inclination to watch the market 24 hours a day.

Managed accounts always require a minimum investment of at least $10,000, and some have the minimum set as high as $250,000. This makes it off-limits to many individuals, especially considering you never want to invest more than you can afford to lose. It is mostly businesses and corporations that use managed accounts, though more and more well-heeled individuals are taking advantage of it in the 21st century.

The reason for the high minimum investment is that a managed account has to have someone managing it -- an actual human being, that is, not a computer program. If the minimum investment were more reasonable, too many people would want managed accounts, and the managers wouldn't be able to handle their client load.

In general, a managed account is best for long-term investors. Someone wanting to get into the forex market, make a lot of money through aggressive, risky ventures, then get out again, would not benefit from a managed account. Most managers favor a conservative, slow-growth strategy, usually suggesting that investors stay with the program for two years to show real profits. (Most systems let you withdraw your money and quit whenever you want, though, with no penalties for doing so.)

There is a fee for managed accounts, of course; nothing comes for free. Usually the fee is based on the performance of the market, with the manager taking a percentage of your net profits each quarter. This fee is well worth it for many individuals, though, as they find a managed account gives them peace of mind with regard to where their money is being invested and what kind of return it's yielding them.

Let Forex Professional To Take Care

For the people who are in financial market, I am pretty sure that no one never hard about Forex trading. It is one of the most financial investments that gain market share to total investment in the world. Many people are interested in this business because it requires almost nothing to do. Forex investment is basically about trading money between currencies. For example, if you plan to trade between USD and EUR, you will have to learn about exchange rate in order to get accurate different rate that could give you profit. However, the most difficult part seem to be the situation that you have to consider about the period that exchange rate can give you profit and many investors are also struggling with this.

According to this reason, some investors have realized that they should hire some one who come to manage their account. This is the fact that many of investors sometimes have money to invest but very lack of knowledge of this business. Therefore, it is likely for them to hire professional to take care and manage of their account. The most distinct benefit of having professional to manage your account is that the client do not have to worry about market situation and what to do with them, the whole process will be proposed by account manager and the client only make decision and they will take care the rest. Therefore, Forex money manager seems to be suitable for investors who do not have much time to keep an eye on every single moment financial market situation.

However, even though there are a lot of distinct benefits of having someone to take care of your money account, but to find an ideal one is much more difficult. You can find this kind of professionals from both offline and online resource. But today, it seems that there are millions of classified, freelance, or company's website who are offering account manager and financial report service, but may be still hard for the investor because they just lack of criteria how to choose professional to help them on this matter. As financial market condition is always changing, especially for Forex trading, it is obvious that no matter you are going to invest in short term or long term project, the profit that you will get from Forex trading will be not much different, because of the market situation which has direct impact to currency exchange rate.

So what to consider if you want someone to effectively manage your account?

According to the fact that, in point of view of investor, they just want to do what ever that can give them profits. Therefore, they may find that it does not necessary to hire professional from the company that has great reputation. Instead, you can find individual freelance who has great portfolio and ensure that he has experience to work and effectively advise according to the market situation. However, hire professional from the famous company may be another option but you may have to spend much more money if you want to hire professional from these companies.