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Forex trading for dummies 2013

Forex trading for dummies 2013



Forex trading for Dummies 2013 - a crashcourse summary of the most effective Forex Trading ideas, strategies and tricks. The best for beginners as it's rich with pictures, examples and expert tips ...

Forex trading for Dummies 2013 - a crashcourse summary of the most effective Forex Trading ideas, strategies and tricks. The best for beginners as it's rich with pictures, examples and expert tips without the use of jargon. In the 2nd section of this e-book you'll discover a wider insight into the revolutionary copy trader system which allows you to make the Forex professionals work for you – how it works, choosing the right forex traders to copy etc. This is perfect for busy people who don't want to waste time 4 learning and then spend money for forex signals and analyse them all day.



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    Forex trading for dummies 2013 Forex trading for dummies 2013 Document Transcript

    • u p pa n da de ex te d d&forex TRADING15 minute turbocourseultimate COLLECTION you www.makeforexeasy.com
    • WARNING! If you want lots of theory and complicated strategies, youre in the wrong place. But we are sure you dont need another classic "learning material". What you need are cutting edge ideas and tools that will help you generate money. Today. About the authors and this e-bookMakeForexEasy - the creators of the popular “forex basics & secrets in 15 minutes” deliver a fresh andunique approach to mastering the forex market wich has helped many people accross the globe to earna living and more by trading forex.This e-book will help you master the skills of forex trading in the fastest time possible! And it doesntmatter so much what education and background you have! Our experience shows quite stunning results- people with no previous financial market experience often show better performance than those with theexperience! Watch the TV series “Million dollar trader” where this fact is confirmed as well.Long gone are the times when you had to have thousands of dollars to participate in the forex market.Now you can start trading with 100$ - 200$ and even less. Gone are also the times when you had tospend months and years reading piles of head-wrecking books about economical analysis. We havegathered and filtered the the most functional information and tools that you need to know about forextrading in order to jumpstart a successful trading of currency and other commodities.
    • table of contents the golden fundamentals• Forex market at a glance 4• Breaking the biggest forex myth 5• Forex Glossary 6• What influences the exchange rates 7• The golden tool - leverage 8• Trading strategy examples 9 - 10• Top 10 expert tips for success 11• How to read graphs 12 forex trading platforms• How to choose the right platform 13• Top 5 forex trading platorms 14• Platform reviews 15 - 19 how to make the gurus work for you• The revolutionary learning & trading system 20• Top features of copy trading systems 22• How to choose the right traders to copy 23
    • forex market at a glance Make money even in times of crisis While the stock market and commercial bank deposits are in deep depression during the crisis, Forex profits, because any change in currency can be used to make profit. A falling market is as profitable for Forex trading as a developing one. Work while lying in a hammock All you need to start making money is a computer or a smart phone and an Internet connection. Your work space and goals are up to you! Start with $100 100$ Unlike other finance markets, Forex doesn’t require big savings for you to take part. You can have significant results by starting with just 100$. Easy rules Unlike stock markets with tens of thousands of different shares, Forex works with 8 basic currencies which are the centre of most trades. Moreover, there are significantly less factors that influence currency exchange rates than in the stock market. Take your money whenever you want A $50 billion market isn’t just a miraculously beautiful number – it is also what ensures that you can sell or buy any amount of currency you wish at any moment.
    • breaking the biggest forex mythWe strongly advice you to avoid all the resources that are telling you that Forex market is a fairy-tale placewhere you can trade 24/7! The timing in forex trading is crucial!Forex market is open 24 hours a day, but it is not active all this time! In forex trading money is being madewhen the market is active - when traders are bidding on the prices, so it is crucial for you to learn about themost productive hours of the day and of the week for trading the forex!There are three major sessions of the forex market: London, US and Tokyo session. The busiest times arewhen the sessions overlap as traders can then purchase currencies from different continents. The forexmarket of London is usually the most active as it involves many countries of the European Union. USmarket comes next, so the time when London session intersects with US session usually provides thebiggest returns. Expert traders consider that 10 AM is the best time as this is the period when Londonmarket is preparing to close the trades and traders are getting raedy to move to US market. This createsbig swings in the currency prices thus opening great opportunities for profit. EST time 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0:0 :0 :0 :0 :0 :0 :0 :0 :0 :0 :0 :0 :0 :0 :0 :0 :0 :0 :0 :0 :0 :0 :0 :022 23 24 02 01 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 London New York Sidney TokioTHE BEST TIME OF THE WEEK TO TRADE FOREXAccording to researches the biggest movements in the four major currency pairs (EUR/USD, GBP/USD,USD/JPY, USD/CHF) is observed on Tuesdays and Wednesdays. Fridays are busy as well, but only until12:00 AM and during the second half of the day the movements can be very unpredictable Best time MON TUE WED THU FRI SAT SUN
    • forex glossaryFOREX Forex is an international currency market with daily deals worth $4 billion. foreign exchange The most common currency pairsThe trade in Forex occurs between two EUR /USD USD/CHFcurrencies, because one currency is beingbought and another – sold at the same GBP/USD EUR /JPYtime. USD/JPY USD/CAD EUR /USD 28 %EUR /USD Base Quote Currency Currency TOP PAIR 1/3 of all deals EUR/USD Point (Pip) Buying price (Bid) Selling price (Ask) The fourth unit after the decimal point, which is the 1.3000 spread 1.3001 smallest unit of an exchange rate. Spread point The difference between the sell quote and the buy quote (in pips). The smaller the spread, the more liquid the currency!
    • What influences exchange rates?Central banks State economics Politics Finance circulation GDP, inflation, debt Stability of governments Interest rates Sales amounts Public statements Mandatory reserve funds Interest from investors Change of officials Example How the Euro exchange rate dropped Prime Ministerof Greece announces EUR /USD referendum Berlusconi resigns Central banks agree to stimulate The EU cannot liquidity of finan- agree upon ECB announces cial transaction changes in the a new president treaty Nov 1 Dec 1 2011 2011 Source: Morgan Stanley Research, Bloomberg.
    • the golden tool - leverageTerm LeverageLeverage allows one to go through withdeals involving amounts of money thatexceed the amount originally invested.This is an opportunity to gain significantprofit with even small changes inexchange rates.ExampleLeverage: 1:100Invest $1000.Trade with $100 000!Besides, each point by which the exchangerate changes will be multiplied by 100, in your favour!The leverage effect, naturally, also worksthe other way around – in case of loss itincreases its amount. However, there is asolution to loss – the Stop-Loss Order.While using Leverage, the profit poten-tial is limitless, but the loss will never Make sure you haveexceed the original investment. The best set the Stop-Lossplatforms let you set a Stop-Loss Order Order before you startand automatically close the position trading!once the exchange rate drops below thedeposit.
    • Trading strategy – example 1 1 Following news Sept. 16, 2011. Sept. 16, 2011. Information about a repeated crisis situation in Europe appeared as early as World braces for second september 2011. It was already possible wave of the crisis then to predict that the euro exchange rate should drop soon.EUR /USD 1.4000 2 Choosing the transaction 1 lot* ($1380) selling position is 1.3500 being opened, with a leverage ratio of 1:10 and an exchange rate of 1.3800 3 Making the 1.nov 1.dec 1.3000 transaction 2011 2011 A month later, the open posi- tion is being closed with and exchange rate of 1.3108. The rate difference is 692 points in my favour (1.3800- 1.3108). $ Profit $6920 692 points x 1(lot) x 10 (leverage) Term *Lot A lot is the standard transaction size in the Forex market, that equals 100 000 units of the base currency. A mini lot = 10 000 units. A micro lot = 1 000 units.
    • Trading strategy – example 2 1 Choosing a platform Even if you’re new to Forex, there are beginner friendly platforms like ETORO or Ava FX that offer you an interesting opportunity – to follow the best traders and copy their transactions.2 Follow the leaders TOP traders Start following the best traders and watch their activities. Rudolph Boyle Follow Follow Alex Slovacek Follow Follow Daniel Lanham Follow Follow 3 Copy their ideas After you choose a top trader whose actions you wish to copy, decide upon an amount of money to invest into copying his transactions and press “copy”.$ Profit Now you can sit back and watch a professional make transactions for you. This is also a good way to learn Forex actions and tips in a real-life trading environment.The reviews of aforementioned and other best platforms can be found in thePlatform TOP at the end of this e-book
    • top 10 expert tips for success1 Start gradually 6 Don’t stop the profit Don’t open many positions at the An essential mistake beginners make same time. It’s better to choose is closing the transaction too soon fewer positions, but weigh each of and thus not using the full profit them carefully. potential. Trends last longer than they might seem at first!2 Stop-Loss order 7 Don’t play against People often forget to limit their loss the trend and therefore have to step out of the Transactions against a trend usually game very soon. With the Stop-Loss result in loss. Wait for a beneficial Order, you will be able to control the tendency and then make your move! situation if the rates change unexpectedly.3 Rule of 1/6 8 If in doubt, follow Specialists advise against risking the leader more than 1/6 of your free capital If you still aren’t confident about when you aren’t completely your decisions, choose a platform confident. that lets you follow leaders and copy their transactions.4 Stick to the plan 9 Trends have momentum Each good trader has their own plan, Beginners often don’t know that and the best make an effort to hold when trends start, they develop on to it. Those who have the time, quickly because they are increased by make daily transactions, others traders following them. Use trends in choose long-term strategies. Keep it your favour! steady!5 Multiple time frames 10 Close the unsuccessful Diferentiate the time frames of Don’t hold unsuccessful positions analysis: weekly graphs are used to open for a long time. Experience observe trends, daily and hourly shows that it’s best to close them graphs – to observe the best time to early and move on to others. open and close positions.
    • how to read graphsThe market can be analysed in several time frames: 10 minutes, hours, days, weeks.It may often seem that these indicators are contradictory. However, they aren’t, youjust need to combine their readings. Analyses of longer time periods showtendencies, ignoring accidental changes, whereas daily and hourly graphs help inchoosing the moment to open and close positions. Example MULTIPLE TIME FRAME ANALYSIS time XLet us look at a daily graph.What do most traders do 1600when they see such a curve?They assume that it’s thebeginning of a downwardtendency and bid on the drop 1550of the currency exchangerate. And they’re wrong! 1500 3 10 17 24 November time X 1900Now let’s look at the samecurrency over a longer periodof time. We see that thedaily shift was accidental 1600and the tendency is upwardand not the other wayaround. 1300 Aug Sep Okt Nov Dec ConclusionFor a successful and precise market analysis, one has to use at least 2-3 time frames!
    • how to choose the right platform There are many companies that offer margin trading (Forex) services, and without the knowledge of the essential criteria, it’s easy to get confused in the large offer and choose an unsuitable or, in the worst-case scenario, an unreliable service provider. What is the most important when choosing a platform provider, and how does one orientate themselves in so many offers? Below is a compilation of some advice from several professionals in the Forex market, which can be narrowed down to four basic criteria: Reputation of the company Evaluate the popularity of the platform provider – whether there are any complaints about the services and what those complaints are, what the customer service is and whether or not profit payments are ever delayed. Convenience of the user interface 1 2 3 You have to evaluate how easy and convenient it is to use the platform, what analytical options and extra tools it uses. It is best to check it by using demo accounts that are offered by the best platforms. Commission for paid transactions The commission payments for transactions are described by the Spread, which is the difference between the bid and offer price of the currency. The bigger it is, the more you will have to pay the service provider. In commercial banks that offer Forex plat- forms, these commission payments are usually higher than independent platforms. Money transactions The best platforms provide the opportunity to use Internet-banks, credit cards or online payment operators – PayPal or WebMoney, which are the most convenient and easy methods of receiveing funds.
    • Best platforms of 2012 For optimum results recomended to invest at least $100* Platform Min. Deposit Leverage Rating 1 ETORO $50 1:400 visit site 2 Ava FX $100 1:200 visit site 3 Easy Forex $25 1:200 visit site 4 UFX Markets $100 1:200 visit site 5 Plus 500 $100 1:50 visit site* $100 allows you to open a position of 1 Lot using a leverage of 1:100, thus keeping your risk lower.
    • 1. etoRO platform review best for beginnersOne of the most innovative and acknowledged platforms with the biggest number ofclients – more than 1.5 million users around the globe. Reasonably considered to bethe most user, especially beginner-friendly and easy to understand platform. Theinterface is really amazingly convenient and visually appealing; sparing youcomplicated mechanisms and difficult-to-understand information. eToro is known forits unique “social trading tools” that let you follow other traders’ actions, discuss andcopy the transactions of your favourite traders. Pros Facts• Super friendly for beginners • Founded in: 2006• Community for sharing & learning • Registrated in: Cyprus• Social trading tools • Regulators: CYSEC, MiFID• Possibility to follow & copy • Minimal deposit: $50professionals • Leverage: up to 1:400 • Spreads: EUR/USD 3 points • Payments: Creditcards, Paypal, BankWire, MoneyBookers, Webmoney • Commissions: No* • Contacts: + 1-866-350-0881, support@etoro.com * Overnight commissions might be applicable Platform pictures visit site
    • 2. Ava FX platform review best of all-in-oneMultiple award winning platform that is known for its reliability. The platform is wellsuited both for beginners and experienced traders as it is easily adaptable to yourneeds and preferences. A great feature is that Ava FX lets you customize and saveyour chosen layout and features. And the best part is the “Mirror Trading” which issimilat to eToro’s “CopyTrader”, and allows you to use the knowledge of experiencedtraders by verifying your decisions and comparing them to Pro’s strategies. You canalso use Semi Mirroring, which allows you to see buy and sell signals in real time. Pros Facts• Mirror trader • Founded in: 2006• Customisable dashboard • Registrated in: Ireland• 24h support • Regulators: Central Bank of Ireland• Ultra high security • Minimal deposit: $100 • Leverage: up to 1:200 • Spreads: EUR/USD 2 points • Payments: Creditcards, Paypal, Webmoney, MoneyBookers, Wire. • Commissions: No* • Contacts: +1-212-941-9609, customer@avafx.com * Overnight commissions might be applicable Platform pictures visit site
    • 3. Easy Forex platform review editor’s choiceA friendly but still serious and trustworthy platform which has raised a lot ofprofessionals. This platform offers one of the easiest sign-up processes and multiplepayment receival options. A pleasant feature is the super low minimal deposit - just$25. With one trading account you can trade from desktop, smart phone, iPhoneBlackBerry or PDA. The variety of market reviews and analyses offered by thisplatform is especially remarkable, which helps you make the right decisions. Pros Facts• Extra easy & fast sign-up • Founded in: 2003• Low minimal deposit • Registrated in: Cyprus• Free market analysis news • Regulators: CYSEC, MiFID • Minimal deposit: $25 • Leverage: up to 1:200 • Spreads: EUR/USD from 3 points • Payments: Creditcards, Paypal, Bank Wire • Commissions: No* • Contacts: cs@easy-forex.com * Overnight commissions might be applicable Platform pictures visit site
    • 4. UFX MarketsUFX Markets offer their own unique trading platform which is very well designed andpleasant to use. Unlike many other platforms out there which have multiple screensfor different currencies and charting tools, the UFX Markets platform offers a singlehandy dashboard without unnecessary distractions. UFX also features a daily newsvideo which is very handy and saves you a lot of reading time. Regarding customerservice our advice is to use the chat instead of email which provided faster feedback. Pros Facts• Super fast set-up, no income or • Founded in: 2011document scans required • Registrated in: Cyprus• Daily news video • Regulators: CYSEC, MiFID• High class interface • Minimal deposit: $100 • Leverage: up to 1:200 • Spreads: EUR/USD 3 points • Payments: Creditcards, Bank Wire, Money Bookers • Commissions: No* * Overnight commissions might be applicable Platform pictures visit site
    • 5. Plus 500 platform reviewA popular platform which has proven itself since 1999. The program is also availablefor mobile devices including iPad which will allow you to make transactions whereveryou are (Highest rated broker in UK’s app store). With Plus500 you can trade not onlycurrencies but also oil, gold, silver and even such commodities as coffe or sugar! Pros Facts• Ease of use • Founded in: 1999• Low spreads • Registrated in: UK• Premium for first deposit till 30% • Regulators: FSA• Available for many devices • Minimal deposit: $100 • Leverage: up to 1:50 • Spreads: EUR/USD 2 points • Payments: Creditcards, Paypal, Bank Wire • Commissions: No* • Contacts: +44 203 002 7290, support@Plus500.com * Overnight commissions might be applicable Platform pictures visit site
    • section ii how to makeforex guruswork for you the revolutionary learning & TRADING shortcut GRE AT FOR B U SY PEOPLE
    • you don’t have to be a guruto trade like oneImagine being able to peek into the minds of thesuccessful Forex traders! Now imagine beingable to simply copy their deals and let them workfor you! Now it’s all possible - with Trader Copysystem!MAKE TOP TRADERS WORK FOR YOUwith 3 easy stepsTrader copying system is a revolutionary new After finding a trader you like you can startapproach to forex trading – instead of worrying copying their trades with a few clicks, adjust theabout which currencies or commodities to buy amount of $ you wish to dedicate and then justyou now can create a portfolio of the best lean back and and watch how the profit growstraders whose trades will become your trades! and learn from their performance and adviceAll you have to do is choose which trader you which they share to their followers.want to follow by analyzing their portfolio andperformance. 1. 2. 3. FIND FOLLOW copy top3 copy-trade platforms best of show award 2012 MirrorTrader CopyTrader TM ForexCopy Learn More Learn More Learn More Finovate Europe 2012 - Financial and Banking Technology Innovation Awards. London.
    • top features that will driveyour profits to a new level.Uncover the strategies Create your dream teamof top ranked traders of Forex tradersEtoro platform connects you to the best global Etoro let’s you create a team of the best traderstraders in the market. You can see all their with different styles and portfolios so you cantrading activities in real time, analyze their hedge your currency traders also with the bestperformance and strategies. Talk to the traders oil, gold and other commodity deals. Into spot new trading opportunities and upcoming comparison with forex robots or forex managers,trends! the traders you copy are fully commited to perform at their best as they are putting their money in the deals! Roy Deloni bought EUR/USD @ 1.364 2 minutes ago Like | Comment | Follow You When will $OIL go down? Roy Looks like tomorrow! yoR !worromot ekil skooLFull transparency and Reduced risk withcontrol over the trades proportional tradingAll the data about the copied trades is com- Regardless of the amount of funds you set topletely transparent and easy to access. If you copy the trader with, all trading will be donedon’t like how the trade is going you can either proportionally. For example if you allocate $500allocate a different amount of your budget to it dollars to a trader who has an account of $5000or simply close a trade whenever you wish. and he opens a position with $1000 you will do the same with $100.
    • How to choose the righttraders to copy? 1. Use the advanced filters 2. 99% WIN RATIO CAN BE BAD! in Guru search Traders often miss out the extra filters that lie High Win ratio stats can be tricky! Often it under the Risk slider. This is a great tool to find means that the trader has left open multiple the best traders that match your risk appetite, loosing trades without a StopLoss - just to have demand for experience and consistency. high stats. Analyze the Open Trades sheet! win ratio ~75-80% 3. Keep an eye on the 4. Look for gaps! Profit days.A new sorting criteria in the ranking system that Observe the profit and loss line – the smaller theallows you to see how consistent is the trader in gaps, the better. The gains should be steady - ithis correct decisions. This tool is best used in 6 means that the trader sees the big picture andand 12 month period and it let’s you seperate uses both fundamental and technical analysis.the longterm guru’s from those who just gotlucky. profit days Check out etoro copy trader
    • congratulations on reading this ebook! We would appreciate a good word from you if you liked this e-book. it keeps us motivated so we can make more books like this. thank you! spread a wordEditor good luck ! www.makeforexeasy.com