Profiting with Forex
December 13, 2008
Looking for an “official” text book for learning to trade forex? Profiting with Forex might be the right thing for you. If you’re like me, you probably like subjecting yourself to rigorous training in Foreign Currency trading techniques before going live with real money. I mean, we don’t let fighter pilots fly a jet plane their first day of training. Why let someone trade without ANY classroom education on how to do so? Profiting with Forex seems like a REAL hardcover text book you’d get in a school or academy for trading forex. It introduces investors to the advantages of investing in the global foreign exchange market and teaches them how to capitalize on it as effectively as possible. You will see why Forex is the ideal supplement to stocks and bonds. In a real sense, Forex is unmatched by any other market in respect to profit potential and ease of use (with a little common sense), this book helps underscores that fact. Learn how you can generate profits, even when the other markets are going down. Read more
Beat The Forex Dealer
November 11, 2008
It’s no secret, Brokers are out to get your money, whether that’s a good or bad thing is up to you! Detailing the dealer-inspired trading techniques developed by MIGFX Inc, consistently ranked among the world’s leading currency trading firms. this book helps turn beginner traders into winning traders.
“BEAT THE FOREX DEALER” offers more than the basics of trading Forex, this book brings to the table many insights into some of the greatest trading triumphs and critiquing unacceptable losses. The book is quite easy to follow and a truly worth the read.
Fibonacci Levels in Forex
May 14, 2008
Using Fibonacci Levels is the cornerstone of many successful forex traders’ systems and it is based on centuries old mathematical techniques that can be applied to almost everything in nature. The numerous Forex trading systems based on this “Fibonacci numbers sequence” result in billions of dollars in profit annually by traders worldwide, and indeed, after trading Forex for a few years, I have come to use them myself every chance I get.
I’ve learned that the ratio between numbers in the Fibonacci sequence that is significant, rather than the actual numbers in the sequence. Read more
Using DiNapoli Levels in Forex
February 7, 2008
Published at (www.mo4forex.com) My notes on the significance of DiNapoli levels in Forex trading. I recently came across a site made for and/or by Joe DiNapoli, a name I’ve heard thrown around and a name an indicator in MetaTrader4 fhat I have seen and tried out a few times in the past never really knowing what it did or the signficance it had on Forex Trading. This post is a brief outline of the things I’ve learned about trading DiNapoli levels and why they are indeed a great indicator of where price movment might reach. Read more
RSI (Relative Strength Index)
February 5, 2008
RSI stands for Relative Strength Index. The RSI measures the markets activity as to whether it is over bought or over sold. It gives a trader an indication as to which way the Market is moving. It is important to note, that this is a leading indicator and thus allows one to see what the market is about to do and then act accordingly. The higher the RSI number, the more over bought it is and conversely the lower the RSI number, the more over sold it is. It is a great leading indicator for the micro and macro reversals in the forex market. In the example avove, RSI is in the middle window and I have made two red lines to indicate when the pair has been overbought or oversold, respcetively, I put my lower line at 20 even though most exeprts say put it at 25. Here I’ve used RSI on a longer time frame, but for swing trading, you might want to drill down to 5 or 1 minute charts (or 50 to 100 tick charts).
Got this advice elsewhere, please someone verify if this helps in Forex, I can see it does but have little indication why these settings are the best.
By using an RSI on the 1 minute chart set at a period of 18 and overlaid on the bottom of your charts tend to give the best entry signals. This can also be applied to the 5-minute chart as well. The two significant entry numbers are 25 and 75.
RSI does not (and I believe CAN not) be an accurate way to find the top and bottom of a move in Forex. Sometimes an overbought market in Forex (after a move upward) will be followed by retracement (or a correction downward) in order to gather momentum so it will continue its trend upward. Conveersely, an oversold market in Forex will be followed up by a retracement upward and gains momentum and goes down further, continuing the downtrend.
Drawing Fibonacci levels will help the most at this stage to determine possible retracement levels. In the example above, I’ve used the trend lind approach to find entries and exits in addition to reading the RSI indicator.
