Spot Currency Trading - A Brief Guide to Forex

In today's world, Foreign Exchange Trading which is also known as Forex has evolved into a major online industry. When done correctly, trading can be very profitable for not just the big companies but the individual working from home.

This is one of the good things about the internet as it has levelled the playing field between big companies and small traders.

As the biggest financial market, the FX (Forex) is the best market to make trades. Everyday, trades to the value of over 2 trillion dollars take place. If you compare that to another big market known as the New York Stock Exchange, the value of trades on that market is 25 billion dollars every day. This is all big bucks stuff which attract many large multi national companies, banks and governments.

Money is traded on the Forex and usually involves a simultaneous flow of buying and selling of different currencies. These currencies are handled by brokers.

If you are active in purchasing currency, what happens is that you actually invest in the economy of a certain country. For instance, if you by UK pounds, this will mean that you are really buying a piece of the UK economy. The current state of that countries economy is what sets the value for the currency and any fluctuations.

In the beginning, the idea of being able to trade in the Forex was meant to be for the large banks and companies. It was not intended for the likes of the little people like me. You needed many millions to get involved and that was beyond the scope of many normal people.

But times have now changed and in today's world, just about anyone with a little money can trade through a broker. All the trading can be done through the internet. All that is required is that you sign up with a reputable trading firm and moniter the market online.

Trade continues 24 hours a day through the three main trading centers in the United Kingdom, Japan and USA.

There are a number of benefits when it comes to trading online and for most cases, it is usually a very good way to trade. As long as you have a computer with good internet access, you can trade with the best of them.

With a little research and due diligence, there is no reason why you can not take part in the Forex and trade online.

There is a lot of trading software, trading courses and trading systems, all claiming to be the best. On our website, we have independent reports of the better ones. See if we can help you over at Stock Market Software.

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The Ugly Facts of Life About Being a Petroleum Trader

Anyone who's gotten involved in the inevitable daisy chains that are part of the online international commodity "trading" business has learned a new meaning of the term "dead end."

The fact is (and this is learned from real oil traders who know from experience) that most of these "deals" are just fake, plain and simple.

Thanks to the Internet, these days some phony-baloney oil brokers even have their own websites and call themselves petroleum suppliers or petroleum companies even though they may not have completed a single real oil trade transaction in their lives. Why do they keep doing it?

I honestly don't know. The sad thing is these traders' persistence could be put to good use if they ever took the time to actually learn about the business. And don't think it's only the unschooled who fall victim to these daisy chains. Many lawyers, MBAs and educated men and women who should know better are frequently sucked in too.

When real petroleum companies deal with real refiners in foreign countries, the standard procedure is that the seller makes a firm offer to the buyer - subject to whatever he needs done - and the buyer then takes a look at the offer and says either we've got a deal or we don't.

Simple. It's just like any other trade transaction in that regard. Too many buzzwords and too many qualifiers usually mean you should stay clear. And contacts who are actively seeking banking information before any discussion of product are usually non-players.

What about discounts? Real traders know there's no discount on orders whether it's a big deal or a small deal but the "play traders" believe that if the deal is bigger, there should be a bigger discount. This is another example of not knowing the industry.

Instead of looking for suppliers of huge amounts of oil in its various forms, the real buyers know that no single supplier can come up with one million barrels a month (an amount frequently tossed around) because the refining capability just isn't there.

What about someone fronting for a rich Saudi sheik?

Fat chance, say the real traders. In the case of Saudi Arabia, there are only two legitimate organizations that sell oil on behalf of the country or an oil consortium. Someone who says he's selling on behalf of a Saudi sheik is just, well, full of sheik!

And if they start talking about millions of barrels per month it's almost certainly not real unless they're talking about crude oil.

Remember, a broker's entire job is to help a petroleum company's trading department find or sell oil and related products so that he will receive a commission when the deal comes together. Will you get paid? That's always an issue for export intermediaries but it can be especially tricky in the oil business.

The fact is that most oil companies -- and especially the big ones -- have traders in their marketing departments who operate honestly and fulfill obligations to brokers. But there are some independent and smaller companies who treat brokers shabbily and their reputations are widely known - another reason to get smart on the oil business before you dive in.

Surprisingly, you will probably find that many of the bigger oil trading companies will not only accept your services but may also provide advice and assistance.

So what's the bottom line?

Like I said before, it ain't easy. And you've got to know what you're doing. The fact is, petroleum marketing is a dog-eat-dog business and if you're a broker, you'd better have the resilience and perseverance to work through the baloney and outright deceit which seems to attach itself to petroleum trading.

Frankly, unless you have contacts in or familiarity with the petroleum industry, I recommend you stay with small- and mid-sized product manufacturers who are not exporting their products. It may not be as exotic as trading in petroleum, but it works - and you can make some real money. If you insist on trading in the volatile petroleum industry, try to find someone who will mentor you on the ins and outs. This is probably the best way to make sure you don't get "burned" by oil.

Dennis Hessler is the publisher of The Computer User's Guide to Running Your Own Exporting Company and numerous other books, video tapes, software packages and The International Trade Connection newsletter which is designed to show entrepreneurs new to exporting how to get involved in the booming global market.

Learn more about international trade at his website, http://www.spyglasspoint.com You can also download a free sample copy of The International Trade Connection at the site. If you have questions about any of his products or international trade in general, e-mail Dennis at Dennis@spyglasspoint.com. Spyglass Point Productions, P.O. Box 13141, Pensacola, FL 32591 U.S.A.

Reuters - U.S. consumer pessimism receded in March, according to a survey released on Friday, while the trade deficit narrowed in January to its smallest in more than six years as imports fell amid collapsing domestic demand.

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Day Trading Strategies

Day Trading Styles
There are a number of day trading styles that make money in the market. This article provides an overview of multiple day trading strategies that professionals use to make money on a consistent basis. This article will contain the pros and cons of the following day trading styles: (1) breakouts, (2) scalp trading, (3) counters, and (4) trend following.

Day Trading Breakouts Overview
Breakouts is the most common form of day trading styles. It involves identifying the pivot points for a stock and then buying or selling short those pivots in hopes of reaping quick rewards as the stock exceeds a new price level. Breakouts is generally the starting place for newbie traders as it provides a clear entry level and it is a trend following system.

Pros of Breakout Trading
Breakout trading has the potential for quick gains. When key price levels are exceeded it will trigger stop order which gives that initial burst. The key component of a valid breakout is that volume and price accompany the move. This will increase the odds of the trade continuing in the desired direction. Breakouts are also easy to identify. Most trading platforms provide methods for tracking volatile stocks and how close they are to their daily highs or lows.

Cons of Breakout Trading
Breakout trading is by far the most challenging form of day trading. For starters, the levels where trades are placed are the most obvious to everyone regardless of their trading style. Think about it, no matter what system you use on a daily basis, every day trading system factors in the highs and lows of the day. Secondly, the vast majority of intraday breakouts fail. This doesn't mean they don't head higher a day or two later, but if your day trading and there is no instant follow through, odds are you are in a losing trade. Day trading breakouts requires the most discipline as you have very little time to make the call as to whether you are wrong or right. The inability to pull the trigger fast and consistently will mount in to huge losses.

Scalp Trading Overview
Scalp trading is a day trading style where a trader looks to make small gains throughout the trading day. This day trading style suits people who love "action" in the market.

Pros of Scalp Trading
The obvious benefit of scalp trading is the fact you are looking for very little from the market. Another plus is that stop losses are very tight. This will allow the day trader to avoid the monthly "blunder" trade that we all have put on one time or another.

Cons of Scalp Trading
Scalp trading like any other form of trading requires discipline, but due to the large number of trades one will put on during the day, it requires an enormous amount of focus. This "all day focus" can make the trading day a tense situation and can lead to high anxiety for the trader. Also, people go into the business of trading for unlimited earning potential and the idea that you do not have to slave away at a desk all day. Well if you plan on scalp trading, kep a bottle next to your desk, because bathroom breaks are considered a luxury.

Counter Trading Overview
Counter trading is when a trader looks for a pivot point, waits for that pivot point to be tested and trades in the opposite direction. This type of trader has a personality where he or she enjoys going against the grain.

Pros of Counter Trading
Counter trading has a high success rate for day trading. Ask any seasoned trader and they will tell you that intraday trading is nothing more than constant head fakes and lies. So, the counter trader is already up in the odds department, because they are going against what the market is telling them. Another plus for counter trading is that when the market fails it often fails hard. Day traders who are able to play morning reversals can make a great living only trading the first hour of the day.

Cons of Counter Trading
While counter trading has a high win percentage, the losers can bring destruction to an account. Even if you win on 4 counter trades, if you do not cut the loser fast, a breakout could run away from you in a hurry. Another downside to trading counter is the next pivot level is too far from your entry, so you will have to set some arbitrary stop limit. Since your stop is not based on an actual price point on the stock, it could get hit quite often. Lastly, setting your price target is also a challenge. Stocks will often appear to make a double top, only to change course just as fast and reclaim the recent highs.

Trend Following Overview
When most people think of trend following, the first thing that comes to mind is a long-term hold buy and hold strategy like the Turtle System. Believe it or not, there are day traders who utilize trend trading systems. The basic method is to look for stocks that are up big in the news and then buy the pullback on these stocks after the first reaction in the morning. Lastly, the trader will place a longer moving average (i.e. 20) and sell the stock if it breaks the line.

Pros of Trend Trading
Trend trading allows the trader to ride a stock for big gains. The day trader will have a limited number of stocks to trade per day, so the commissions are low for this kind of day trading style.

Cons of Trend Trading
If every trader was able to determine which stocks are going to trend all day, there would be a new millionaire created every 30 minutes. No one knows at 10 am, which stocks are going to trend all day long. This means that at best, a trend following day trader can hope to be right 20% of the time. While this trader could still make a killing with such a low win rate there are very few traders that can stick to their trading plan with such a low win rate.

Summary
Every trader is responsible for his or her success. Day trading can be a great money maker, but without a sound trading plan it can push you to your mental limits. The first step in becoming a successful day trader, you have to determine which style of trading best suits your personality.

Al Hill is the co-founder of mysmp.com (My Stock Market Power) which provides education on all topics finance; including stocks, bonds, options, futures, forex, technical analysis, and more! Please visit http://www.mysmp.com for more free financial educational content.

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Best Forex Trading Software System

A currency Forex system is initiated by world-renowned investors, major and multinational corporations, and different currencies around the world. All transactions are facilitated with tools such that of the Currency exchange Forex online system that may have the same results from a currency offline Forex trading system. Nonetheless, in a trading system online, access is definitely faster while you can keep on track with the trade changes compared to the offline systems. Also, a working online system will let you invest, trade, and withdraw money faster. All these conveniences and more are however not attained that easy unless you have a good forex trading software.

A forex trading software allows you to execute and manage transactions automatically. Your own portfolio of strategies is also customized with it, while you are able to monitor the trades that you want to appear on your account.

The use of such software is not free as some charge a dollar round turn commission per mini lot, as an addition to the bid spread compensation to FXCM. This pricing is not bad at all in compare of what a trader earns per day. It is however important to choose the right software to make sure that every hour is not wasted. Good software will allow one trader to identify potential for better returns while diversifying from other investments. These are carried out 24 hours a day with all the risk-management options.

The kind of software however is not the one that takes it all. You, as the main character in trading should have all the factors to succeed. Success depends on your skills and willingness to commit ample time.

Forex trader software has evolved from a complex, expensive investment into a affordable, wise choice for many traders. For a mere price range of $79 to $295 you can purchase forex trader software to give you the cutting edge on all your trades.

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Forex Day Trading Software

Trading is one of the earliest businesses man had ever discovered. First, it was on simple systems like bartering or exchanging merchandise with another's good. This is usually done to get someone's needs sufficed while providing for others' needs as well. Usually, this trading system was done on strategic point of locations like in islands where two countries can both have access on. Nowadays, this trade system is bettered with all the technological tools available anywhere. The system is now called Forex day trading system.

Foreign exchange or fx exchange to others is the means of buying or selling stocks in the right timing to earn big time. But the act alone is difficult especially if a trader is inexperienced. This is the reason why some claims it to be a financial moguls' business. But not with the online services provided for Forex day trading system. Now, anyone can learn the trade either as part time or full time business. Forex education and mentoring is now easy and handy as well as 'webinars' and one-on-one hands-on training by enrolling through forex' courses.

By learning the tricks and tips in foreign exchange business, a trader will be able to handle the pressures prevalent in the day-to-day buy and sell procedures on live dealing environment. Forex software is also an easy order to provide different cases and scenarios dealings without the risk of losing. With all these tools, it is expected that an ordinary trader will be ready to take on the world in the next day!

We highly recommend you view our in-depth forex trading software reviews to receive detailed comparisons of the latest software along with its features, both positive and negative. We have thoroughly tested these software packages against other industry systems and picked out the top 6 for our final review comparison at http://www.forexrevealed.net

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