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Everything Forex Trading Part I of II

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Everything Forex Trading Part I of II

The Foreign Exchange is also knows as currency trading, Forex, or simply FX. In Forex trading every currency worldwide is traded in a global market. With an average trading volume of $5 trillion per day, it is the most liquid and largest market. All stock markets combined don’t even come close to this number.

With such high volume of trading, you may find some great oportunities for yourself in the forex market.

A single USD on any given day could get you 1.1 CAD. The very next day this USD could get you 1.15 CAD. Small changes such can these might not seem like they’d make a difference, but when put on a large scale, the significance becomes apparent.

Lets use an example of a company who pays employees overseas. Imagine what currency exchange rate could do to the company’s bottom line. Lets say for example, they are exchanging one currency for another that is at a higher value. It would be beneficial for the company to make their trade on a day when the exchange rate is lower. If the company needed to exchange USD to CAD, using the example above, it would greatly benefit the company to make their exchange on the day where CAD is 1.1 rather than 1.15. Pennies will add up quick when on a large scale.

Like being a business owner or traveler, when trading forex, you will want to make trades with the knowledge of when exchange rates will change to receive a more favorable rate.

FOREIGN TRANSACTIONS

Foreign transactions in the market are similar to what you may have done if you’ve traveled abroad. A trip north across the border and you are converting USD into CAD. The exchange rate between the two currencies is based on supply and demand. This is what determines how many CAD you get for you USD and the rate of this exchange is constantly fluctuating.

OPPORTUNITIES IN FOREX: WHAT’S YOUR OPINION?

Like stocks, currencies are traded based on what is their assumed value and what direction that value is headed.

The big difference in forex vs stocks is that trading up is done as easily as trading down. Because the market is so large it is easy to find a buyer or seller for the currency you have your eye on. Based on what foreign news you hear, you can decide the value of certain currency and then buy or sell as you see fit.

If you hear news that will cause the CAD to lose value then you would sell your CAD against another currency. The more the CAD depreciates agains the currency you sell it against, the more profit you make. If the CAD begins to regain value then you begin to lose profit and should quickly get out of the trade.

Read more about how to buy and sell currency as well as information on trading on margin in Everything Forex Trading Part II…

Day Trading: How To Minimize Risk

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The risk of Day Trading is not breaking news. One of the best ways to minimize Day Trading Risk is to use stop-loss orders. For long positions, you can use a stop loss order to make sure your loss on certain stocks is not greater than a set number.

Let’s look at an example:

You have 20 shares at 20$ a piece and you are only willing to lose 2$ per share. This means you will place a stop loss at 18$. This way, if your stock plummets to 5$ a share you are not risking a loss of 15$ per share.

A good strategy to limit Losses when day trading is to set a physical stop-loss order, but to also set a mental stop-loss. The physical stop loss is going to physically limit how much you can lose. Your mental stop-loss will put you in a spot where you can immediately exit your position if you trade makes a turn.
 We also recommend setting an amount that you are willing to risk each day. This will minimize your risk for big losses in a single days time. Setting this limit for yourself will help you trade with a clear mind.

If you feel your chosen strategy lines up with your risk limit, then you should begin trying it out. Trying your strategy with paper trade is a great way to feel more confident. Analyze your paper trades and make notes on where you feel your were profitable and where your expectations were either met or not quite met.

The next step will be using a demo trade account that using real market information. Give yourself some time to work with movement in these demo accounts before moving on.

Make sure while practicing, that you are doing your homework. Look at historical charts, making note on where your stop loss would be hit or where your target would be hit. If after research and trial runs you feel your account has been profitable, then it is time to move forward.

If you find you have lost capitol, then change your strategy and try again. Do not start a new strategy on a real account. Be patient and do it right. This will minimize your losses.

10 Tips for Day Trading Success: Part 2

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Welcome to DayTradeFeed.com’s 10 Tips for Day Trading Success: Part 2. Make sure you don’t miss out on the tips we discussed In 10 Tips for Day Trading Success: Part 1

Tip #6 Timing is Everything

The majority of orders are made in the market’s first thing in the morning.  This helps contribute to the market’s volatility which Day Traders thrive off of. With practice you may be able to see the market patters and pick the best times to make trades, but for beginners its better to wait a 20 minutes or so before making your first move.
During the middle of the day, the market is more stable, but towards the end of the day there is another volatile period before markets close. The volatility of early morning and late afternoon markets are tempting as they provide more opportunity, but we caution beginners to avoid them until more knowledgeable.

7. Use Limit Orders

Figure out your enter and exit strategies. You may use Market Orders which are fast and reliable, or Limit Orders that will give you more control over the execution price. I
If you choose to use a market order there will be no price guarantee as it is executed at the best price available at the time. Going the route of limit orders, however, will give a guarantee on the price but not necessarily the execution meaning the trade may not go through at all.

8. Patience is a Virtue

Whatever strategies you use, make sure you are patient and consistent. Your strategies may not work every single time but the average will lead to day trading success. It is not uncommon for professional Day Traders to win only 50% or 60% of their trades. Be sure that you are limiting your risk, and your methods very well outlined.

9. Keep your Cool

There will absolutely be times when the stock markets get at your nerves. To see success when day trading you have to trade without emotions. Don’t let things like hope, fear and greed influence your decisions. You will be most profitable in you make moves based on logic.

10. Keep on Keepin on

It is important to move fast if you want to be a Successful day trader. Moving fast, however, does not have to be stressful. You’ve now read the first 9 tips, and you understand what its going to take to be profitable. Get your strategy locked in. Practice patience and discipline. If you do these things, there will be no need for stress and anxiety.
Don’t forget he Day Trader’s mantra: “Plan your trade and trade your plan.”

A Month’s Day Trading Results | DayTradeFEED.com

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Day Trading Results

Total Month’s Profit: $1,050

First of all, let me apologize for the delay in posting my Day Trading results. The month has been pretty busy for me with some vacations and business ventures (all funded by day trading, of course) but I’m excited to get back into the swing of things.

It was a decent month for me. Not my best month, but also not my most traded. In the coming months I should have more time to devote to trading and will make sure to get these results out a little more quickly than in the past!

Explaining Our Day Trading Results

Before we show you our day trading results, we always make sure to explain exactly which trades these results are coming from.

As we trade throughout the day, we record our trade results to post later on. These trade results come from all kinds of different strategies, including ONIT trades, SAT trades and normal daily trading.

When we say “ONIT,” we mean the Overnight Impact Trade. Similarly, when we say “SAT,” we mean the Sunday Afternoon Day Trade.

The ONIT is made Monday through Thursday, usually around 3:00 p.m. MST, and the SAT is a similar trade, but only made on Sunday afternoons. The trades are forex trades, and are placed on the EUR USD. Each trader simply sets the trade and forgets the trade each day, and watches the profits roll in.

Many traders swear by these trades, and this is one of the only places you can find them!

To learn more about this daily trade, contact us!

Now for Day Trade FEED’s day trading results…

Day Trading Results | Day Trade FEED

Day Trade FEED’s Day Trading Results

Daily Trades: 3
Pips Per Trade: 10
Total Pips: 30
Lot Size: 0.50
TOTAL PROFIT: $150

Placing these Overnight Impact Day Trades, Sunday Afternoon Day Trades or regular day-to-day trades would have made you $150 during the month.

Daily Trades: 3
Pips Per Trade: 10
Total Pips: 30
Lot Size: 0.50
TOTAL PROFIT: $150

Placing these Overnight Impact Day Trades, Sunday Afternoon Day Trades or regular day-to-day trades would have made you $300 during the month.

Daily Trades: 3
Pips Per Trade: 10
Total Pips: 30
Lot Size: 0.50
TOTAL PROFIT: $150

Placing these Overnight Impact Day Trades, Sunday Afternoon Day Trades or regular day-to-day trades would have made you $450 during the month.

Daily Trades: 3
Pips Per Trade: 10
Total Pips: 30
Lot Size: 0.50
TOTAL PROFIT: $150

Placing these Overnight Impact Day Trades, Sunday Afternoon Day Trades or regular day-to-day trades would have made you $600 in the month.

 

Daily Trades: 3
Pips Per Trade: 10
Total Pips: 30
Lot Size: 0.50
TOTAL PROFIT: $150

Placing these Overnight Impact Day Trades, Sunday Afternoon Day Trades or regular day-to-day trades would have made you $750 in the month.

Daily Trades: 3
Pips Per Trade: 10
Total Pips: 30
Lot Size: 0.50
TOTAL PROFIT: $150

Placing these Overnight Impact Day Trades, Sunday Afternoon Day Trades or regular day-to-day trades would have made you $900 in the month.

Daily Trades: 3
Pips Per Trade: 10
Total Pips: 30
Lot Size: 0.50
TOTAL PROFIT: $150

Placing these Overnight Impact Day Trades, Sunday Afternoon Day Trades or regular day-to-day trades would have made you $1050 in the month.

In conclusion…

What would you do with an extra $1,050 each month?

We are Day Trading, Forex and Futures specialists, and love all things day trading! You can find more information on day trading education systems by contacting us!

Want to be notified when we post our day trading results? 

    “IMPORTANT NOTE: Trading foreign exchange or futures on margin carries a high level of risk. It may not be suitable for all investors. The high degree of leverage can work against you. It can also work for you. Before deciding to trade foreign exchange or futures, you should carefully consider your investment objectives. Also check your  level  of  experience and risk appetite. The  possibility exists that you can lose some or all of your initial  investment. You should not invest money that you can’t afford to lose. You should be aware of all the risks associated with foreign exchange and futures trading. Seek advice from an independent financial adviser if you have any doubts or questions. Past trading history does not indicate future trading success.”

    Huge Mistakes Made When Choosing a Day Trading System | Part Six

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    Day Trading Education – Pitches that Win Now, Lose Overall

    After a number of years in the trading industry, it’s difficult to avoid criticizing every little detail of various education systems. At a certain point, it seems as though you’ve heard it all in regards to companies selling their systems (and the questions that come from potential customers of said systems).

    You even begin to see an almost political sense of loyalty begin to form between traders and THEIR system. Rarely does a trader admit, openly, to the flawed practices which they adopted at one point or another.

    I recently heard a pitch so convincing that the educator didn’t even really sell an actual product. His system consisted of making live trades and explaining why certain decisions were being made and why.

    Most “educators” who follow this model have 12-20 years of experience in trading and, as mentioned previously, cannot actually replicate their system because it made up mostly by personality traits instead of technical coding.

    Day Trading Education – Buzzword: “Accuracy”

    “Over 75 percent accuracy,” the salesman says. Your eyes light up as you wonder whether or not he’s telling the truth. Surprisingly, the answer is most likely yes.

    But beware of the word “accuracy,” which will always be used as a tool in selling a system because of its ability to be manipulated.

    For example, you may find systems that are only actually accurate 15 out of every 100 trades. These systems still claim higher percentages because their trade structure outweighs the 85 losing trades with the 15 winning trades.

    The opposite can also be true. A system can be successful on 95 out of every 100 trades, but still lose money overall because the trade structure outweighs the 95 wins with the five losses.

    After hearing the word “accuracy,” the best practice is to always make sure to see what the actual overall profit/loss is.

    Day Trading Education – Buzzword: “Guarantee”

    Another buzzword traders often hear as they research trading systems is “guarantee.” This is obviously in regards to pricing or satisfaction quality, as it is neither legal or ethical to make future guarantees on profits.

    Again (just to be clear),there is only one type of establishment which can promise specific returns: federally regulated banks. Not one mutual fund, 401k, stock or trading account in existence can guarantee future profits.

    Day Trading Education – The Total Rip Off

    Occasionally a potential trader can come across a trading and education system that is a total and complete rip off. While this becomes more and more rare as time passes, it’s still a possibility.

    In most cases, these systems promise huge profits on little effort from the trader. Money is exchanged, likely never to even be invested.

    There are certain safeguards which are continually being put into place to help guard against this type of fraud, including federal laws requiring risk disclaimers on all trading websites and online entities. However, it’s still important to keep this in mind when searching for your system.

    Day Trading Education – Beware of Salesperson

    “Even a monkey could trade this,” is something a presenter might say while showing you a trade system demonstration. This may sound like they are trying to convince you, but in a sense, they could be right.

    A study was conducted years ago involving a human and a monkey. Both sat in front of a computer and asked to trade for a specific duration of time. By the end of the experiment, the monkey had made more money than the human.

    Obviously, results from the case above are rare, and should be taken lightly due to it being a single instance of the experiment. If it were run 1000 times, results would surely differ.

    The main takeaway here is that education salespeople will do anything to make trading look easy, which the reality is that it simply is not. In certain cases, new traders can remain profitable for a short period of time, but that doesn’t mean their strategy is perfect.

    A good thing to remember for new traders is to practice trade execution for a minimum of one month prior to increasing leverage and trading substantial funds.

    Conclusion: Day Trading Education

    In conclusion, day trading education is not something to take lightly. While many people learn and make a living day trading, others make their living by selling faulty and outdated education products. Here at Day Trade FEED, we’re doing our best to make sure everyone who is interested can learn to day trade without navigating all the tricks of the sales trade. 

    When choosing a day trading system, make sure to use the product as much as possible before paying for it. Do this by using free demonstrations, trial periods and other forms of test drives.

    Remember, if an education system doesn’t allow you to try before investing, it may not be worth your time.

    Trading is something that is difficult enough without trading platforms and software companies misleading you.

    Find Day Trading Education Through DayTradeFEED.com!

    This article is only part six in a series aimed at helping day traders understand what mistakes to avoid.

    First Mistake: No Ongoing Support/Education

    Second Mistake: No Specific Way To Replicate Results

    Third Mistake: Repeating Key Entry and Exit Strategies

    Fourth Mistake: Paying for Trading Seminars, Books & Videos

    Fifth Mistake: Make Money Day Trading (System Not Compatible)

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