Hi, my name is Paul and I am trading forex for just over six years now. Initially I did not want to share my story but over the past year I have noticed a sharp increase of forex related stories which are not only complete non-sense, but also false and misleading. It is clear that a lot of effort goes into creating a very positive picture for new traders in order to trick them into opening new accounts. I decided to share my story so far and hope that it will reach some traders and motivate them to approach Forex trading the right way. I...
Public interest in trading forex has grown considerably in recent years with the advent of online forex trading. Most online forex brokers now allow retail traders to deal currencies in much smaller amounts in the spot currency market. However, so many individual traders might wish to explore their options for trading spot currencies and foreign currency futures. Furthermore, since considerable differences exist between dealing currency futures and forex trading in the spot market, it makes sense for traders to learn about the...
US President Donald Trump is scheduled to announce his administrations decision on Iran today at 2p.m. It is no secret that the preferred option of President Trump is to pull out of the deal. France and Germany tried without success to convince the US to remain in the deal and honor the past negotiations. Iran said that if the US pulls out, they would no longer be bound by the deal and may restart its nuclear program. President Trump has labeled the 2015 Iran deal under previous US President Obama the ‘worst deal ever’. It is rumored that the...
In order to learn from past mistakes and to ensure that you consistently execute your trades based on analysis rather than intuition and emotion you need to journal your trades and regularly study your own track record. A trading journal is an invaluable tool for traders to track their progress and insure that they are truly following the trading plan. By documenting every trade, a trader also has the data necessary to evaluate if a trading strategy is the problem or whether emotional/human elements are interfering with the strategy. Many...
Developed by J. Welles Wilder, the Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements. The Relative Strength Index (RSI) is one of the most popular indicators in the market. If you look over any market technician's shoulder there are a few indicators that show up quite frequently: MACD, simple moving average, volume and last but not least the RSI. No matter if trend followers or reversal’s hunters, traders use the forex RSI oscillator for market entry/exit. The RSI indicator is what is...
