Forex also can be call FX or commonly known as Foreign Exchange
Market. This is a universal market where trader buy and sell currency on
a common platform. Different from stock and shares, the currency are
paired up and price accordingly to the market floating value. This means
the price will move up or down depending on demand and supply.Commonly traded pair are US dollar / Japan Yen (USDJPY), Europe Euro / US Dollar (EURUSD), Great Britain Pound / US Dollar (GBPUSD) and Europe Euro / Japan Yen (EURJPY). These are used for import and export, including bank transform rates and commodities. More then 70% of the activities are traded with the 4 major country currency US Dollar, Great Britain Pound, Europe Euro and Japan Yen.
Forex can be traded through managed account, dealing desk brokerage firms and online internet trading. Due to the widespread and popular internet, more and more people are trading Forex themselves rather then thought fund manager. You can sign up for a trading account and start trading Forex after you funded in money.
Trading Forex is similar to stock and shares where you buy low and
sell high to earn the profit from the 2 price difference. Buy in Forex,
since you are using currency to buy currency, you can actually sell high
first then buy low later and earn profit from the 2 price difference.
This is what makes Forex a unique trading market.There are plenty of indicators and charts for you to use to determine the price direction. Technical trader often uses support and resistance to determine the trend. Fundamental trader often uses economic figures and market news to determine breakout and reversal.There are also conventional traders who uses both technical and fundamental to achieve a winning strategy.
A winning Forex strategy will require a set of rules to follow and a money management system to avoid margin call. Following of rules is important so your emotions will not affect your trading. Having a good money management can compound your profits very fast in a very short timeframe. Having a bad money management can cause your trading balance to go very low in a short time.
Expert Advisor (EA) is a programming language from MT4 (Meta Trader 4) that transform your forex winning strategy into a program that can run automatically executing your designated trades depending on your setup rules and strategy. This program enabled you to earn passive income after you activated it on to your trading platform.
Selection of Expert Advisor is very important and many factors are important to get a profitable program. A good Expert Advisor program can be back tested to yield high profit factor, low maximum draw down and high winning rates. Profit factor (PF) is simply divided your winnings over losses. A profit factor of 2 and above is considered a good program. A profit factor of 10 and above is excellent.
source http://forex.ezinemark.com/what-is-forex-expert-advisor-18df4aae107.html
The guide for reading long-term trends in the foreign currency market
To thrive in the marketplace traders must anticipate, enter, and stay with trends in the foreign exchange market.
In
this much-needed guide top forex, expert Greg Michalowski clearly
explains the attributes of successful traders, and shows how traders can
set themselves up for success by drafting an explicit mission statement
and game plan. The book also contains the tools and techniques traders
need to read the markets and identify when a market is in a trend.
Michalowski shows traders how to enter an emerging trend, how to manage
the position, and how to exit the position most effectively.
- Includes the technical tools needed to invest in the foreign exchange market: moving averages, trendlines, and Fibonacci levels
- Shows how to identify a trend and stick with the trend through its duration
- Written by Greg Michalowski who was cited by SmartMoney magazine as a "go to" source for making money moves
With this book,
Michalowski offers an important resource for identifying and riding out
long-term trends in the volatile foreign currency.
Editorial Reviews
From the Inside Flap
Making money while limiting risk is something every good trader
strives to do. But in order to achieve this goal you need a firm
understanding of financial markets, as well as the tools that will allow
you to effectively apply sound trading strategies in them.
Nobody understands this better than author Greg Michalowski—a market veteran who has spent the last ten years with retail forex brokerage company FXDD—and now, with Attacking Currency Trends, he shares his experience in this field with you. Following a step-by-step approach and progressing in a logical manner, this practical guide will help swing trading results in your favor by showing you how to better anticipate and attack the trend in currencies.
Divided into two comprehensive parts, this reliable resource opens with a detailed discussion of how to build a solid foundation for your currency trading. Here, you'll become familiar with the attributes of all successful traders and discover the essential characteristics of retail currency traders. Along the way, you'll also be introduced to specific elements that will allow you to excel in attacking forex trends—namely a mission statement, a game plan, and rules.
After explaining how to develop a solid foundation, the book transitions into the technical tools and strategies used to anticipate and manage forex trends, define risk, and control fear. You'll gain valuable insights into three main charting tools—moving averages, trend lines and remembered lines, and Fibonacci retracements—and learn why successful currency traders look at short-, intermediate-, and long-term time periods equally and trade using all three. Relevant examples are also included, highlighting how trading does not always have to be complicated.
Success in currency trading, as in any business, is based on building the right foundation and using the proper tools. Combining his years of trading experience with his knowledge of retail traders and the nuances of the currency market, Greg Michalowski has created an accessible trading guide that will help you minimize risk, keep fear in check, and capture consistent profits in today's dynamic currency market.
Nobody understands this better than author Greg Michalowski—a market veteran who has spent the last ten years with retail forex brokerage company FXDD—and now, with Attacking Currency Trends, he shares his experience in this field with you. Following a step-by-step approach and progressing in a logical manner, this practical guide will help swing trading results in your favor by showing you how to better anticipate and attack the trend in currencies.
Divided into two comprehensive parts, this reliable resource opens with a detailed discussion of how to build a solid foundation for your currency trading. Here, you'll become familiar with the attributes of all successful traders and discover the essential characteristics of retail currency traders. Along the way, you'll also be introduced to specific elements that will allow you to excel in attacking forex trends—namely a mission statement, a game plan, and rules.
After explaining how to develop a solid foundation, the book transitions into the technical tools and strategies used to anticipate and manage forex trends, define risk, and control fear. You'll gain valuable insights into three main charting tools—moving averages, trend lines and remembered lines, and Fibonacci retracements—and learn why successful currency traders look at short-, intermediate-, and long-term time periods equally and trade using all three. Relevant examples are also included, highlighting how trading does not always have to be complicated.
Success in currency trading, as in any business, is based on building the right foundation and using the proper tools. Combining his years of trading experience with his knowledge of retail traders and the nuances of the currency market, Greg Michalowski has created an accessible trading guide that will help you minimize risk, keep fear in check, and capture consistent profits in today's dynamic currency market.
From the Back Cover
Praise for ATTACKING CURRENCY TRENDS
"Greg has put together a comprehensive road map for traders, constructing a sound,logical trading methodology from start to finish. This book succeeds in getting the reader to think and act like a professional currency trader. Trading is a serious business and requires serious planning—and that's exactly what you'll get with Attacking Currency Trends."—Ed Ponsi, Author of Forex Patterns and Probabilities
"Although Greg admits having a true risk phobia, it's evident he possesses the skills not only to capitalize in the currency market, but to transmit his original and yet simple trading approach. A myriad of illustrated examples and clues throughout the text support his educational forte. A market profile explanation right at the start of a forex book is indeed an excellent conceptual backbone readers will appreciate."—Francesc Riverola, CEO and Founder, FXstreet.com
"Attacking Currency Trends provides a simple and logical approach to trading forex that will help any trader make better decisions about when and how to trade. Greg's rules for trading forex trends will be especially helpful to traders looking for a disciplined approachto this massive market. Armed with this information, rookie and veteran traders alike will have the confidence needed to profit from opportunities found on —and off—their charts."—Tim Bourquin, TraderInterviews.com
"Greg Michalowski's Attacking Currency Trends not only provides in-depth coverage of how to anticipate and attack trends in the battle to successfully trade currencies, Greg also empowers traders to be proactive and protect themselves by having a trading game plan with guidelines. This is a must-read for retail traders new to FX and those looking to develop further as successful market players."—Julie Sinha, broadcaster, ForexTV
"I love the down-to-earth simplicity of this book. Attacking Currency Trends puts the truth of effective trading into a format that is executable and understandable. This book will instantly become a must-have reference work for the retail trader."—Scott Cisco, co-founder and President, EuodooTrading.com
"Greg has pulled from his vast experience in currency markets and crafted a book that will lead the retail trader from understanding to successful action. He provides a rich set of tools here and clearly organizes and communicates them. Very nicely done."—Dr. Phil Pearlman, Executive Editor, StockTwits
"Greg has put together a comprehensive road map for traders, constructing a sound,logical trading methodology from start to finish. This book succeeds in getting the reader to think and act like a professional currency trader. Trading is a serious business and requires serious planning—and that's exactly what you'll get with Attacking Currency Trends."—Ed Ponsi, Author of Forex Patterns and Probabilities
"Although Greg admits having a true risk phobia, it's evident he possesses the skills not only to capitalize in the currency market, but to transmit his original and yet simple trading approach. A myriad of illustrated examples and clues throughout the text support his educational forte. A market profile explanation right at the start of a forex book is indeed an excellent conceptual backbone readers will appreciate."—Francesc Riverola, CEO and Founder, FXstreet.com
"Attacking Currency Trends provides a simple and logical approach to trading forex that will help any trader make better decisions about when and how to trade. Greg's rules for trading forex trends will be especially helpful to traders looking for a disciplined approachto this massive market. Armed with this information, rookie and veteran traders alike will have the confidence needed to profit from opportunities found on —and off—their charts."—Tim Bourquin, TraderInterviews.com
"Greg Michalowski's Attacking Currency Trends not only provides in-depth coverage of how to anticipate and attack trends in the battle to successfully trade currencies, Greg also empowers traders to be proactive and protect themselves by having a trading game plan with guidelines. This is a must-read for retail traders new to FX and those looking to develop further as successful market players."—Julie Sinha, broadcaster, ForexTV
"I love the down-to-earth simplicity of this book. Attacking Currency Trends puts the truth of effective trading into a format that is executable and understandable. This book will instantly become a must-have reference work for the retail trader."—Scott Cisco, co-founder and President, EuodooTrading.com
"Greg has pulled from his vast experience in currency markets and crafted a book that will lead the retail trader from understanding to successful action. He provides a rich set of tools here and clearly organizes and communicates them. Very nicely done."—Dr. Phil Pearlman, Executive Editor, StockTwits
About the Author
Greg Michalowski is the chief currency and trading analyst for
FXDD. Prior to joining FXDD, he was an assistant vice president and
trader in the treasury / funding area with Citibank in New York, a vice
president and interest rate derivatives trader at Citibank in London,
and a vice president and trader in the banks funding department at
Credit Suisse First Boston. Michalowski maintains a daily market
commentary and currency analysis website at fxdd.com.His market comments
are quoted in the financial pressby Bloomberg.com, Reuters, and the
Wall Street Journal,and he has written for various print and online
trading publications, including eForex, Equities
magazine,forexstreet.com, stocktwits.com, and forexfactory.com.His
twitter site, twitter.com/gregmikefx, was one of thirteen cited by
SmartMoney magazine as a "go to" source for making money moves.
Attacking Currency Trends: How to Anticipate and Trade Big Moves in the Forex Market (Wiley Trading) Click here to read amazon customer reviews and rating
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