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Protect Your Profits at All Times And Resist the Urge for Reckless Trading

One old bit of wisdom that applies to every investment medium is that paper gains are not real until the position is closed.  Simple common sense, also evidenced by the three little words, protect your profits.  However, as often as we hear these sage words of advice, their import does not register in our brains until the inevitable occurs and a sure winning trade suddenly reverses and leaves us looking for the exits.  This situation is generally followed by a break from a disciplined pattern of trading to succumbing to our impulses in a feeble attempt to recapture lost territory.  Two wrongs, though, do not make it right.

There is nothing more frustrating than to see an obvious winner turn into a loser.  More often than not we have forgotten to place our stops appropriately or to utilize prudent money management skills when we attempt to profit from a developing trend.  Markets can move quickly, especially when fundamental data releases hit the airwaves. If you have acted in a planned fashion before entering a position, you would have already made a risk/reward assessment and set a specific profit target.  As the trend unfolded and your paper gain accumulated, now is not the time to jump with glee and pat your self on the back.

Trailing stop-loss orders were invented for just this type of situation.  Many traders never bother using them.  If they do protect their downside risk, a simple stop-loss order generally suffices, but it does not secure your gains unless you continually place new stops along the way.  A breakeven trailing stop will handle the job in a more effective way by moving with the trend and locking in profits after your preliminary target has been reached, the time to employ the trailing stop.  With this active approach, you can protect your capital, let your winners run, book your profits as you go, and then pat yourself on the back along the way if need be. Also, keep in mind that there are no guarantees that your stop-loss will get filled at the exact price that you specified.

Another typical approach used by professional traders is to use multiple lots.  You sell the first one when your target is reached and dispatch trailing stops on the remainder.  This simple money management technique allows you to book winnings as you go, but still protects your downside risk from an abrupt adverse movement in the market.

Unfortunately, the lack of a detailed trading plan, including the proper use of risk management tools and of multiple lots, exposes a trader’s weaknesses more often than not.  Impulsive trading follows, which only exacerbates an already bad situation.  Emotional control is imperative in any trading environment, but more so in forex trading where seconds count and stress is pervasive.  Reckless trading is not the solution for recovering market losses, but it can be a recipe for disaster.

Take a timeout and return to your forex demo.  Structure your practice sessions around placing trailing stops and using multiple lots.  Factor the two processes into your daily trading plan and learn to adeptly place the required execution orders.  Forex brokers are there to support your needs and may offer software shortcuts to accomplish these tasks.  It is always advisable to understand every capability that your trading platform software provides and how and when to use these capabilities to advantage.

Trading forex is risky and one of the most frustrating situations in forex trading is to observe a winning trade take off, only to suddenly reverse itself and turn into a loser.  Worse yet is to react impulsively to the loss by trading recklessly.  Learn to use trailing stops or multiple trades to lock in your gains, and practice your trading plan on a demo system until it becomes habitual.  Paper gains will never pay the rent, but booking profits as you go can lead to financial success over time and block your emotions from adding unnecessary distractions along the way.

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Forex Nedir

Forex ( Foreign Exchange ) yabancı dövizler üzerinde doğrudan arbitraj işlemi yapmaya denir ( bir döviz cinsinden diğer döviz cinsine geçmek ). Bu piyasaların günlük ortalama işlem hacmi 2 Trilyon ABD doları olup, dünyanın en likit piyasalarıdır. Geçmişte bu işlemleri sadece büyük bankalar ve kurumsal işlem yapanların elindeydi. Son yıllarda teknoloji ve online bilgisayar sistemlerinin gelişmesi ile birlikte küçük işlemcilerinde Forex'i kullanarak döviz pariteleri üzerine işlem yapma imkanına kavuştular.

Forex, Fx, Foreign Exchange veya Parite işlemleri; iki döviz cinsinin birbiriyle aynı anda takasıdır.Yatırımcı bir dövize karşı bir diğer dövizi alarak veya satarak, aldığı dövizin diğerine göre değerlendirmesini; sattığı dövizin diğerine göre değer kaybetmesini ve böylece kar elde etmeyi hedefler.

Dünya döviz piyasası ülke merkez bankaların, broker firmaların ve diğer finans kuruluşların oluşturduğu, Günlük 2 Trilyon Dolar İşlem Hacmi ile dünyanın en likit ve en büyük piyasasıdır. Teknoloji ile internetin yaygınlaşmasıyla önceleri sadece bir bankalar arası piyasa konumunda olan Forex piyasası günümüzde her ölçekte yatırımcının, sadece bir internet bağlantısıyla her an ulaşabildiği ve 24 Saat Açık ve Aktif bir piyasadır. Paritelerde hem alış hem de satış yönünde pozisyona girilebilir. Pozisyonun 200'de 1'i kadar nakit'in hesapta tutulması gerekir ve buna marjin(teminat) denir. 1000 Dolarlık Teminatla 200.000 Dolarlık Pozisyon Alabilme İmkanı 'kaldıraç' olarak adlandırılır ve parite piyasasının bu denli ilgi görmesini açıklar.

Avantajları

1-  Diğer yatırım işlemlerinde olamayan güçlü bir kaldıraç etkisi bulunmaktadır. Örnek vermek gerekirse normal hesaplarda $1.000 lık bir teminatla $200.000 lık parite arbitraj işlemi yapabilirsiniz.

2- Riskin Sınırlandırılması; İşlem platformunda zarar etseniz bile hesabınızda bulunan teminat dan fazla bir kayıp vermenize bilgisayar sistemlerince izin verilmez.Yani hesabınız hiçbir zaman eksi (-) bakiye olmaz. Ayrıca yatırımcı olarak siz stop-loss emirler kullanarak riskinizi işlem bazında sınırlaya bilirsiniz.

3- FOREX günde 24 saat devam eden ve literatürde dünya üzerinde güneşin doğuşu ile Avustralya dan başlayarak ,Hong Kong , Uzak Doğu, Avrupa ve ABD ye uzanan , önemli sayı ve miktarda yatırımcının işlem yaptı dünyanın en likit piyasası durumundadır.Bu da piyasaları doğrudan kontrol etme ve üzerinde manüpilasyon yapabilme açısından imkansız hale getirmektedir.

Introduction to Forex

What is Forex ?

Foreign Exchange describes the purchase of a particular currency from an individual or institution and the simultaneous sell of another currency at the equivalent value or current exchange rate. Essentially, the process of exchanging one currency for another is a simple trade based on the current rates of the two currencies involved.

At the core level of the world’s need for money exchange is the international traveler. When traveling from the US to England, for example, you will of course need the local currency to pay for transportation, food, and so on. Upon arrival at the airport you will surrender (sell) your US Dollars in order to receive (buy) the equivalent in British Pounds. In this example, you sold the USD and bought the GBP, conversely the foreign exchange counter bought the USD and sold the GBP. The prices at which you buy and sell currencies at are known as exchange rates. This rate or price fluctuates based on demand, political, and economic events surrounding each country’s currency.

The example above illustrates foreign currency trading in basic terms as it relates to world travelers. However, the market is also utilized globally by each country's central bank (i.e., America's Federal Reserve), investment and commercial banks, fund management firms (mutual funds and hedge funds), major corporations, and individual investors or speculators. Depending on the timing of such transactions, purchasing a currency with the intent of later selling it at a better exchange rate (and vice versa) can potentially yield profits for investors, of course there is a strong potential for loss trading currencies as well.

Utilization by so many parties is why the Foreign Exchange market is the world's largest financial market, with a daily dollar volume exceeding $1.9 trillion ($1,900,000,000,000). This mind boggling volume is probably what led you to research the topic.

Now let's put the market's trading volume in perspective. In 2003 the reported trading volume for the NYSE (New York Stock Exchange) was a mere $9.6 trillion; the previous year was just above that at $10.2 trillion. These seem like respectable figures, but in comparison to the Foreign Exchange Market, which is commonly trading $1.9 trillion in a single day, these numbers pale in comparison. This is probably why so many fund managers and Fortune 500 companies invest heavily in this highly liquid market. The high volume of this market makes it one of the riskiest markets to trade in.

It is important to note that retail traders, such as yourself, will most likely be accessing the off-exchange foreign currency market (or Forex market) via an FCM (Futures Commissions Merchant) or broker. You will not be trading in the actual Interbank market itself. Your access to the total market will be determined by your chosen broker’s limitations. FCMs or brokers act as a bridge between you and their liquidity partner (sometimes larger global banks) that you would otherwise not have sufficient capital to do business with. The large majority of off-exchange retail foreign currency brokers act as market makers, meaning that by keeping many trades in house they create their own liquidity. Some retail brokers clear trades directly through to the larger banks that provide their liquidity. If you are new to the Forex market it would wise to research and understand your broker’s particular business model and method of clearing trades.

Unlike other financial markets, the Forex market operates 24 hours a day, 5.5 days a week (6:00 PM EST on Sunday until 4:00 PM EST on Friday). Through an electronic network of banks, corporations and individual traders exchange currencies, though as the market is primarily used as a means for speculative investing, actual physical delivery of currencies is almost never intended. Forex trading begins every day in Sydney, moves to Tokyo, followed by Europe and finally the Americas.

The History of Forex Trading

Many centuries ago, the value of goods were expressed in terms of other goods. This sort of economics was based on the barter system between individuals. The obvious limitations of such a system encouraged establishing more generally accepted mediums of exchange. It was important that a common base of value could be established. In some economies, items such as teeth, feathers even stones served this purpose, but soon various metals, in particular gold and silver, established themselves as an accepted means of payment as well as a reliable storage of value.

Coins were initially minted from the preferred metal and in stable political regimes, the introduction of a paper form of governmental I.O.U. during the Middle Ages also gained acceptance. This type of I.O.U. was introduced more successfully through force than through persuasion and is now the basis of today’s modern currencies.

Before the first World war, most Central banks supported their currencies with convertibility to gold. Paper money could always be exchanged for gold. However, for this type of gold exchange, there was not necessarily a Centrals bank need for full coverage of the government's currency reserves. This did not occur very often, however when a group mindset fostered this disastrous notion of converting back to gold in mass, panic resulted in so-called "Run on banks " The combination of a greater supply of paper money without the gold to cover led to devastating inflation and resulting political instability.

In order to protect local national interests, increased foreign exchange controls were introduced to prevent market forces from punishing monetary irresponsibility.

Near the end of WWII, The Bretton Woods agreement was reached on the initiative of the USA in July 1944. The conference held in Bretton Woods, New Hampshire rejected John Maynard Keynes suggestion for a new world reserve currency in favor of a system built on the US Dollar. International institutions such as the IMF, The World Bank and GATT were created in the same period as the emerging victors of WWII searched for a way to avoid the destabilizing monetary crises leading to the war. The Bretton Woods agreement resulted in a system of fixed exchange rates that reinstated The Gold Standard partly, fixing the USD at $35.00 per ounce of Gold and fixing the other main currencies to the dollar, initially intended to be on a permanent basis.

The Bretton Woods system came under increasing pressure as national economies moved in different directions during the 1960’s. A number of realignments held the system alive for a long time but eventually Bretton Woods collapsed in the early 1970’s following president Nixon's suspension of the gold convertibility in August 1971. The dollar was not any longer suited as the sole international currency at a time when it was under severe pressure from increasing US budget and trade deficits.

The last few decades have seen foreign exchange trading develop into the worlds largest global market. Restrictions on capital flows have been removed in most countries, leaving the market forces free to adjust foreign exchange rates according to their perceived values.

In Europe, the idea of fixed exchange rates had by no means died. The European Economic Community introduced a new system of fixed exchange rates in 1979, the European Monetary System. This attempt to fix exchange rates met with near extinction in 1992-93, when built-up economic pressures forced devaluations of a number of weak European currencies. The quest continued in Europe for currency stability with the 1991 signing of The Maastricht treaty. This was to not only fix exchange rates but also actually replace many of them with the Euro in 2002.

Today, Europe has embraced the Euro in 12 participating countries. The physical introduction of the Euro on January 1, 2002 saw the old countries currencies made obsolete on July 1, 2002.

In Asia, the lack of sustainability of fixed foreign exchange rates has gained new relevance with the events in South East Asia in the latter part of 1997, where currency after currency was devalued against the US dollar, leaving other fixed exchange rates in particular in South America also looking very vulnerable.

While commercial companies have had to face a much more volatile currency environment in recent years, investors and financial institutions have discovered a new playground. The size of the FOREX market now dwarfs any other investment market.

It is estimated that more than USD 1,200 Billion are traded every day, that is the same amount as almost 40 times the daily USD volume on the American NASDAQ market.

What is forex Trading

Foreign Exchange Market, or Forex as it is commonly called, is an international exchange market to buy and sell different currencies from around the world. An investor has the ability to buy and sell these currencies in order to create gains from small movements in the value of one currency over another. The forex market is open from Monday at 0:00 GMT until Friday at 10:00 GMT. For this reason Forex traders are not limited to the general time constraints of the New York Stock Exchange or NASDAQ.

This versatility attracts many investors to become Forex traders. The liquidity of the Foreign Exchange Market is also very attractive for the Forex investor as trades range from 1 to 1.5 trillion dollars on a daily basis. These massive amounts of trades make it extremely difficult for any one trader to affect the market.

Foreign Exchange Trading is simply the purchase and sales of currency based on the strength of the currency and the fluctuation in the value of that currency. For example, if one were to invest $1,000 against the British pound at 1.7999 with a 1% margin and anticipate the exchange rate to climb. If that occurs and you close the exchange rate at 1.8050 you would earn roughly $400. Forex is giving you a 40% return on your investment.

Forex offers the possibility of huge profits in relatively short periods of time. The stock exchange is very different in that positions are generally maintained over a longer period of time. Although there are day traders, Forex traders have much shorter hold times on positions. Similar to the stock market marginal accounts can be obtained in the Foreign Exchange Market as well.

Forex marginal accounts are very engaging as they allow Forex traders to take large positions without having to make a large deposit. In many circumstances one can fund a marginal account with .05% the necessary funds. In other words, $500 would allow a $100,000 position. In order to trade Forex effectively and profitably, one must have some type of method to follow. There are two methods used in determining what Foreign Exchange trades one should make. There are two methods, fundamental Forex analysis, and technical Forex analysis.

Technical analysis is the most commonly used practice and uses the assumption that the changes that occur in the Foreign Exchange Market happened for a reason and are accurate. The belief is that if a currency has been trading towards a high then that currency will mostly continue towards that high with the adverse being true as well. The technical Forex view does not try to make long term predictions about the market but instead simply tries to take advantage of what has already been seen in the past.

The fundamental Forex method takes into account all aspects of the country in which the currency is traded. Things such as the economy, the countries prime interest rates, war, poverty level, and other factors are taken into account. If there is a sharp rise in the prime interest rate a Forex trader may take a position based on that information.

Online Forex trading has the potential of being extremely lucrative. One can learn to trade by creating an online Forex Account and begin by using a learning account without real funds. This will help you to understand the Forex trading process and how currencies are affected by different things that are happening on a global scale.

Understanding the Basics of Currency Trading

Investors and traders around the world are looking to the Forex market as a new speculation opportunity. But, how are transactions conducted in the Forex market? Or, what are the basics of Forex Trading? Before adventuring in the Forex market we need to make sure we understand the it, otherwise we will find ourselves lost where we less expected. This is what this article is aimed to, to understand the basics of currency trading.

What is traded in the Forex market?

The instrument traded by Forex traders and investors are currency pairs. A currency pair is the exchange rate of one currency over another. The most traded currency pairs are:

USD/CHF: Swiss franc
GBP/USD: Pound
USD/CAD: Canadian dollar
USD/JPY: Yen
EUR/USD: Euro
AUD/USD: Aussie

These six currency pairs generate up to 85% of the overall volume in the Forex market. So, for instance, if a trader goes long on the Euro, she or he is simultaneously buying the EUR and selling the USD. If the same trader goes short or sells the Aussie, she or he is simultaneously selling the AUD and buying the USD.

The first currency of each currency pair is referred as the base currency, while second currency is referred as the counter or quote currency. Each currency pair is expressed in units of the counter currency needed to get one unit of the base currency. If the price or quote of the EUR/USD is 1.2545, it means that 1.2545 US dollars are needed to get one EUR.

Bid/Ask Spread
All currency pairs are commonly quoted with a bid and ask price. The bid (always lower than the ask) is the price your broker is willing to buy at, thus the trader should sell at this price. The ask is the price your broker is willing to sell at, thus the trader should buy at this price.

EUR/USD 1.2645/48 or 1.2645/8

The bid price is 1.2645

The ask price is 1.2648

A Pip
A pip is the minimum incremental move a currency pair can make. A pip stands for price interest point. A move in the EUR/USD from 1.2545 to 1.2560 equals 15 pips. And a move in the USD/JPY from 112.35 to 113.40 equals 105 pips.

Margin Trading (leverage)
In contrast with other financial markets where you require the full deposit of the amount traded, in the Forex market you require only a margin deposit. The rest will be granted by your broker.

The leverage provided by some brokers goes up to 400:1. This means that you require only 1/400 or .25% in balance to open a position (plus the floating gains/losses.) Most brokers offer 100:1, where every trader requires 1% in balance to open a position.

The standard lot size in the Forex market is $100,000 USD.

For instance, a trader wants to get long one lot in EUR/USD and he or she is using 100:1 leverage.

To open such position, he or she requires 1% in balance or $1,000 USD.

Of course it is not advisable to open a position with such limited funds in our trading balance. If the trade goes against our trader, the position is to be closed by the broker. This takes us to our next important term.

Margin Call
A margin call occurs when the balance of the trading account falls below the maintenance margin (capital required to open one position, 1% when the leverage used is 100:1, 2% when leverage used is 50:1, and so on.) At this moment, the broker sells off (or buys back in the case of short positions) all your trades, leaving the trader "theoretically" with the maintenance margin.

Most of the time margin calls occur when money management is not properly applied.

How are the mechanics of a Forex trade?
The trader, after an extensive analysis, decides there is a higher probability of the British pound to go up. He or she decides to go long risking 30 pips and having a target (reward) of 60 pips. If the market goes against our trader he/she will lose 30 pips, on the other hand, if the market goes in the intended way, he or she will gain 60 pips. The actual quote for the pound is 1.8524/27, 4 pips spread. Our trader gets long at 1.8530 (ask). By the time the market gets to either our target (called take profit order) or our risk point (called stop loss level) we will have to sell it at the bid price (the price our broker is willing to buy our position back.) In order to make 40 pips, our take profit level should be placed at 1.8590 (bid price.) If our target gets hit, the market ran 64 pips (60 pips plus the 4 pip spread.) If our stop loss level is hit, the market ran 30 pips against us.

It’s very important to understand every aspect of forex trading. Start first from the very basic concepts, then move on to more complex issues such as Forex trading systems, trading psychology, trade and risk management, and so on. And make sure you master every single aspect before adventuring in a live trading account.

How To Get Started In Forex Trading

The foreign exchange market (FOREX) offers many advantages to investors. But you need to know where to begin. This short guide will give you the FOREX basics, so you can quickly start participating in this fast growing market.

In the past, foreign exchange trading was limited to large players such as national banks and multi-national corporations. In the 1980’s the rules were changed to allow smaller investors to participate using margin accounts. Margin accounts are the reason why FOREX trading has become so popular. With a 100:1 margin account, you can control $100,000 with a $1,000 investment.

A Learning Curve

FOREX is not simple, though, so you’ll need some knowledge to make wise investment decisions. Although it is relatively easy to start trading on the FOREX, there are risks involved. Your first move as a beginner should be to find out as much as possible about the forex market before risking a dime.

Find A Forex Broker

FOREX traders usually require a broker to handle transactions. Most brokers are reputable and are associated with large financial institutions such as banks. A reputable broker will be registered as a Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) as protection against fraud and abusive trade practices.

Open an Account with a forex borker

Opening a FOREX account is as simple as filling out a form and providing the necessary identification. The form includes a margin agreement which states that the broker may interfere with any trade deemed to be too risky. This is to protect the interests of the broker, since most trades are done using the broker’s money.
Once your account has been established, you can fund it and begin trading.

Many brokers offer a variety of accounts to suit the needs of individual investors. Mini accounts allow you to get involved in FOREX trading for as little as $250. Standard accounts may have a minimum deposit of $1000 to $2500, depending on the broker. The amount of leverage (how much borrowed money you can use) varies with account type. High leverage accounts give you more money to trade for a given investment.

Trades are commission-free, meaning that you can make many trades in one day without worrying about incurring high brokerage fees. Brokers make their money on the ’spread’: the difference between bid and ask prices.

Paper Trading Forex Market

Beginning traders are strongly advised get accustomed to FOREX by doing "paper trades" for a period of time. Paper trades are practice transactions that don’t involve real capital. They allow you to see how the system works while learning how to use the various software tools provided by most FOREX brokers.

Most online brokers have demo accounts that allow you to make free paper trades for up to 30 days. Every new FOREX investor should use these demo accounts at least until they are consistently showing profits.

FOREX Software

Each forex broker has its own set of software tools for making transactions, but there are a few tools that are common to all FOREX brokers. Real-time quotes, news feeds, technical analyses and charts, and profit-and-loss analyses are some of the features you can expect to see on most online brokers’ web sites.

Almost every broker operates on the Internet. To access a broker’s online services you’ll need a reasonably modern computer, a fast Internet connection, and an up-to-date operating system. Once your account is set up, you can access it from any computer just by entering your account name and password. If for some reason you are unable get to a computer, most brokers will allow you to make trades over the phone.

There are lots of ways to make money. FOREX trading is just one more potential stream of income — if you are prepared to learn and practice.

Forex Technical Analysis

The difference between forex technical and forex fundamental analysis is that forex technical analysis ignores fundamental factors and is applied only to the price action of the market. Forex technical analysis primarily consists of a variety of forex technical studies, each of which can be interpreted to predict market direction or to generate buy and sell signals. The technical analysis works by correlating the results and moves of current markets to create a short-term outlook for currencies. The rolling data that is produced throughout the trading day creates the interest in the markets and informs traders of the strong markets to back.

The Trend is Your Friend

Forex technical analysis is largely based around forex market movement trends, thus creating the widely used phrase ’the trend is your friend’ amongst traders. Buying and selling at the right time is the key in maintaining good levels of profits, following a trend is also about knowing where to entry a trade and more importantly where to exit.

Support and Resistance

Support and resistance is the basic of forex technical analysis. Support and resistance levels are points where a chart experiences recurring upward or downward pressure. A support level is usually the low point in any chart pattern (hourly, weekly or annually), whereas a resistance level is the high or the peak point of the pattern. Buying and selling at the support and resistance points makes a greater profit margin as long as they remain unbroken.

History Tends To Repeat Itself

Another important idea in technical analysis is that history tends to repeat itself, mainly in terms of price movement. The repetitive nature of price movements is attributed to market psychology; in other words, market participants tend to provide a consistent reaction to similar market stimuli over time. Forex technical analysis uses chart patterns to analyze forex market movements and understand trends. Although many of these charts have been used for more than 30 years, they are still believed to be relevant because they illustrate patterns in price movements that often repeat themselves.

Forex Trading Systems

You should build your own trading system

A trading system on the Forex market is a type of strategy that allows traders to trade with a set of rules. There are many free trading systems and strategies printed in trading articles, journals, books and on trading-related websites. I would have to say that if you are not inclined to learn how to develop your own trading methodology, then perhaps you should consider giving your money for someone else to invest. Give it to someone who is trading a system that he developed and tested himself because he is more likely to have the confidence and courage to follow his own trading system.

Why you need a forex trading system?

1. It’s easy to trade with a system.
2. A good system provides consistent result.

What makes a good trading system?

• It’s simple. Forget complicated systems with lots of rules - it’s a proven fact that simple systems work better - and are less likely to fail, in the brutal world of trading.
• A trading system with profitable expectation.
• It provides good ratio of reward/risk.
• A system of comprehensive risk management including market exposure weightings, stop-loss provisions and capital commitment guidelines that preserve capital during trend-less or volatile periods.

Once you learn how to develop trading systems and strategies, you can then be better equipped to test them as well. By this point you might even find that the system created by yourself is the best one for you, because it becomes the system more suited to your profit objectives while operating within your risk tolerance levels. It is likely that once you develops this level of competence, you will simply acquire other trading systems only to dissect them, grab the parts you likes and add them to your own system. To me, the irony is that for a trader to know which system to purchase, you must first learn how to create a system. And after knowing how to create a system, he will no longer have the need to buy one.