How To Build a Forex RenkoTrading Strategy to Yield 40 Pips Every Day - forex trading practice account

How To Build a Forex RenkoTrading Strategy to Yield 40 Pips Every Day ~ forex trading practice account

As traders, we all want to have a positive cash flow, we all want to make enough money to pay for our time and work, here is a Forex Renko Trading Strategy that will help to reach that goal.

What we need is a consistent strategy, a time frame in which we are going to be at the screen to do our trading and the discipline to stick at it until we succeed.

We have to know, also, that we can not get every move in the market place. It is folly to chase every move or every trend. We can only get the moves that our strategy will point out.

I have a Forex Renko Trading Strategy method to help us to achieve a reasonable amount of profits daily.

I will lay it out in simple form, hopefully so that people can understand it and see the simplicity and be able to execute successfully.

For this exercise we will be using Metatrader 4 and setting up some Renko charts.

I will briefly cover how to get the Renko charts built.

First we will open one minute charts for several currency pairs, the majors, to start with. Of course you have your personal preferences as to which pairs you like and feel free to choose. In addition to those, open a one minute chart for the Dax index.

On to each of those charts place the EA Renko 3.4 and set the bar size to 10 pips, except for the DAX which could be about 50 pips.

This action will build an offline chart for each of those instruments, open those and shrink the one minute charts.

Now, on the M2 offline charts. for each one you are going to want to change each to a line chart and go into the properties for each chart and change the line  to have no color...

Now add the Heiken Ashi bars to each chart. and now we have our work charts almost set up. You will have 5 or 8 charts ready to go.

The next step is to get the indicators on the chart, the ones we are going to use to detect our entries.

Configure your chart the same as the chart in this post, the CCI SlingShot;

You need the two CCI in the same lower chart. Have a look at that post and be sure to grasp that simple method.

Do the same for all of your offline charts, perhaps make a template after the first one and apply that template to all the rest..

I think you are seeing how this system is really simple.. We are going to trade slingshots, they happen frequently and they are so easy to spot on a chart.

Now that we have the charts set up, one more thing to do.

Have a look at this post and review the 200 Trendline Break entry.  Study this one carefully.

Get used to spotting this one as it is the entry that will help you with  finding a trend change.

So far, you have a trend change entry and also a continuation move entry.... in other words, when something is moving, you can capture every part of the move, and if you are careful and disciplined you are going to do very well on each move on each pair.

One more thing we have to study before we have this concept.

Have a look at this post about CCI Divergence. Study the diagram and learn to mark this divergence both long and short. This is the warning for a pending trend change in many cases.

Now you have two patterns to enter with and a divergence tool. and nice clean charts.

You can shrink the charts down a bit and probably can watch  quite a few charts ion this way.

While the title of this article mentions 40 pips every day, I know from personal experience that this setup will give you a lot more than 40, especially if you are watching the DAX.

I am not sure if there is a simpler trading system than this, certainly the trades show themselves clearly and you have the indicator to give you precise entries.

I caution you against adding much to the charts, perhaps a 50 moving average, other than that leave the chart clean. 

Chart clutter causes confusion and will help to make mistakes.

Please be sure to use a stop loss with every entry, that is most important!

Enjoy!


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How To Increase The Winning Probability Of Your Forex Trades - forex trading analysis tips in urdu

How To Increase The Winning Probability Of Your Forex Trades ~ forex trading analysis tips in urdu

In this article I am going to teach you some powerful skills that aim to dramatically increase the winning probability of your forex trades. Pay close attention to these concepts and start practicing them in your trading.


Price action trading strategies can be very potent ‘weapons’ to trade the markets with. We just have to learn to use them correctly and accurately. Most of us have a limited supply of bullets (money), so we have to make each bullet count and not waste them on low-probability targets (stupid trades).

So, how can we ‘fine tune’ our price action trading to make it into a high-probability trading ‘weapon’ so that we very rarely waste our bullets? This is your main mission as a price action trader; this mission is not an easy one and it’s going to take discipline, fortitude and the ability to pull the trigger only when your target is present. But, if you dig-deep and really want to be a profitable trader, you can make it happen.
So, without further delay, let’s get down to the business of getting your trading strategy ready to go to ‘war’ in the Forex markets:

Stop voluntarily decreasing the probability of your trading edge

Unlike lifting weights, where doing more typically makes you bigger and stronger, trading more will not make your trading account bigger or stronger. In fact, it will probably make your trading account a tiny little floundering wuss.

If you haven’t read any of my other articles on trading Forex with patience, go back and do that later. For now, I will briefly explain to you why trading less frequently will make you a better and stronger trader.
The reasons are pretty simple. First off, your trading edge is not always going to be present in the market, so you have to have the patience to wait to trade until it is. This typically means you will be out of the market more than you are in it, which is of course totally contrary to what most traders do. Most traders can’t stand to be out of the market, they feel an ‘itch’ to enter a trade that will not go away until they hit that buy or sell button. So they enter a trade not based on their edge, but based on emotion instead.

The point is this, most of the trades a losing trader makes are ones born out of emotion, or because they just feel like they want to trade. If we really stick to our predefined edge, price action trading in my case, we will naturally be waiting for our edge to form more than we will actually be trading. Any high-probability edge in the market is not going to be present all the time, we have to wait for a market to ‘show us its cards’ first, and it may only do that one or two or three times per week. So, the first and perhaps easiest thing you can do to increase the probability of your trades is to stop decreasing their probability by trading when your edge is not actually present! You can do this by employing the disciplined to ONLY trade when your edge is present…in other words, stop trading just because you ‘want’ to!

Confluence is like ‘steroids’ for a price action setup

Everyone knows I teach and trade price action. However, I know from emails that I get that a lot of people who follow me think that ‘price action trading’ means trading any old price action setup; they seem to totally ignore the market context that the setups occur in, which is actually just as important, if not more than the individual setup itself. Essentially, I am talking about confluence here, and trading price action setups at confluent points in the market is really the ‘core’ of my trading philosophy. I talk a lot about trading Forex like a sniper and not a machine gunner; well, waiting for price action setups to form at confluent points in the market is HOW you trade like a sniper. Traders who just enter any PA setup they see, without considering the context it’s occurring within, are machine gunners, not snipers.

There are many different ‘factors of confluence’ that I teach to my members, but for today’s lesson we will just stick with horizontal and dynamic support and resistance levels in order to illustrate the point. I use the 8 and 21 daily EMAs for dynamic support / resistance, and horizontal support / resistance levels are simply your classic technical analysis support and resistance levels that connect highs to highs and lows to lows.
To trade with confluence, we want to first scan the markets for an obvious, or well-defined, price action setup. If we find a setup that meets our criteria, we then look to see if it has any supporting factors of confluence.

In the chart below, we can see 3 price action setups that each has three supporting factors of confluence. All three of these setups had confluence with the near-term bullish momentum / trend, dynamic support from the 8 and 21 day EMA layer, and support from a horizontal (static) price level. This is one example of trading price action setups from confluent levels in the market.



To contrast, here’s an example of two price action setups that were well-defined but didn’t have any obvious supporting factors of confluence…

In the chart below, we can see two very good looking bullish pin bar setups. Now, the obvious problem with these pin bars is that they are against the near-term trend, which was clearly down at the time. However, on top of that, they also did not have any supporting factors of confluence such as a key horizontal support level, dynamic EMA support, a 50% retrace, or any other factor. It’s setups like THESE that I get emails from traders about asking “Nial, I traded a well-defined pin bar the other day, why did the market go against me”?

The answer is two-fold: First, it’s important to remember that not every setup works out, even a perfect looking setup with 5 factors of confluence can and will fail sometimes. Thus, we need to always practice proper forex money management. Next, in order to use our ‘bullets’ as effectively and efficiently as possible, we need to always make sure we take high-probability price action setups, meaning setups that are well-defined AND that are in agreement with the overall market context they’ve formed in, AKA they have confluence.



The point to take away from the above two charts, and the main point of this article, is that trading price action setups from confluent points in the market is the best thing you can do to improve the probability of your trades. Too often, traders simply aren’t patient and picky enough in regards to their trading, and they thus end up throwing their money away in the markets. Just remember that every time you find a potential trade setup it’s YOUR HARD-EARNED MONEY you are about to lay on the line, so ask yourself if the setup has enough supporting factors of confluence to be worth trading.

Think before you ‘shoot’…not after

Most beginning and losing Forex traders seem to behave as if they are best able to navigate the markets after entering. This is akin to an army general thinking that his army has the best chance of winning a war if they just dive into war first and ask the questions later. Fortunately, in (most) wars, governments usually plan and ask the tough questions first, so that they know what they are doing when they are on the battlefield.
In trading, most traders seem to do the opposite; they try to plan, think and strategize in the heat of the moment, when their money is on the line and they are the most emotional.

I’m not going to get into a long drawn-out discussion about the importance of trading plans and trading journals, because I talk about them extensively in other articles, follow the links if you want to learn more. But, I will say that we need to do our analysis and most of our thinking about the markets BEFORE we enter, this gives us the highest-probability of succeeding as traders. As soon as traders enter a trade and THEN start thinking about it and over-analyzing it, they almost always lower their overall probability of profiting over the long-term.

There’s nothing wrong with checking on your trade every 4 or 8 hours or so, but you should not be thinking about it much, if at all, in between. The best thing to do is to pre-plan all your potential interactions with the market, and then follow that plan to the T, this way you deny the possibility of emotion coming in and destroying your trading account.

Trade higher time frames

As I discussed thoroughly in a recent article on trading daily chart time frames, you can significantly improve your trading by ignoring time frames under the 1 hour chart all together. I actually NEVER look at a time frame under the 1 hour. There is simply no reason too, they are messy, full of random market noise and will tempt you to enter a trade that you know you shouldn’t. In short, if you want to improve your accuracy and the probability of your price action trade setups, focus on the higher time frame charts.

Money matters

If you want to give yourself the best chance at taking the highest probability trades and avoiding low-probability / emotional trades you’ll need to make sure you are not A) trading with money you need for other things in your life and B) not risking more than you are comfortable with losing on any one trade.
When you are only trading with disposable income and never risking more than you are OK with losing per trade, you will be much calmer and more objective. This will obviously work to help you to only take high-probability trade setups. Traders who are strung-out and frazzled because they are overly worried about the money they have at risk in the markets are naturally going to take low-probability trades because they simply are not thinking clearly.

Remember, you never know for ‘sure’ what’s going to happen

 

As traders, it helps to always expect a random outcome from our trades, even though we may have mastered a high-probability trading edge like price action. Even if we have say a 60% or 70% win rate, it is a randomly scattered win rate, meaning we never know which trades are going to win and which will lose. For instance, if you have a 60% win rate, you could theoretically lose 40 trades in a row out of 100 before you hit 60 winners. So, knowing this, we have to approach each trade as just another execution of our trading edge, while doing everything we can to put the odds in our favor.

Everyone knows that I don’t sugar-coat anything, so I’ll tell you that there is no ‘perfect’ trading signal, and that goes for ALL trading strategies and systems. Even if we have multiple factors of supporting confluence, a perfect trend, and a perfect price action setup, the trade can still lose. Thus, it’s important to trade with these facts in mind while simultaneously making sure you do everything you can to only take the highest-probability trade setups. If you want to learn more about confluence, price action trading, and how to combine the two for a high-probability Forex trading strategy, check out my Forex trading course and members’ community.
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Simple Forex strategies - forex trading losses tax

Simple Forex strategies ~ forex trading losses tax

I haventt recently updated this blog because, i am currently more focused on Stock Market, and system for sports betting which i recently created. When i will finish it, i wil give you link to this system, i suppose it will be free till the end of the season.

Anyway, simple forex strategies, what i mean by that? In my mind these are strategies that are very simple :). I often see guys with super advanced entry strategies. They use MACD, RSI, ADX, 10 different MAs and EMAs, Fibbonaci retracement, Elliot Waves to predict the best entry point.

I think its funny.

Because often these guys do not realize that actually there are only two types of indicators.

• Trend following - indicates whatever Market is in up or down trend (MACD for example)
• Momentum - tells you if Market is overbought or oversold (RSI)
  

There are also Volume and Volatility indicators but they are not suitable for Forex market. So if you use more then 2 indicators then you can right now narrow your choice down to only two.

How many oscillators do i use? I use none or zero, so in my mind forex strategy with 2 indicators is still complex strategy. Traders often say that you need a lot of indicators to get rid of false signal. But what i found out when i started using many tools was that i got as many signals that i should take LONG position as for SHORT position. So, keep in mind the old saying: sometimes less is more.

After eliminating all oscillators we are left with very simple tools:

• trend lines, as well as support and resistance levels
  
• Fibbonacci retracement

When i trade Forex i also use two other tools the are not as much popular as MACD, RSI but they work for me.

• Andrews Pitchfork
• Standard Deviation Channel

All of them, help me to determine trend, because what forex trading really comes down to is:

Determine trend, but do NOT try to predict future, it is impossible. determine trend based on what you already have on the chart. There are at least three types of trend: up, down, consolidation, i think i already said it, but it is worth repeating over and over.

Determine Take Profit and Stop Loss, GO IN. Thats it.

Ok so to sum this up. You can build a very complex strategy or system if it works for you, it didnt work for me at all. But remember, do not underestimate value and importance of very simple tools like trend lines, fibbonacci retracement and standard deviation channels.
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How the Canadian Loonie is Relating to Other Currencies as at August 12 (updated) - forex trading account with debit card

How the Canadian Loonie is Relating to Other Currencies as at August 12 (updated) ~ forex trading account with debit card

One day after the first Yuan devaluation, how is the loonie’s health?

I have several charts below of different currency pairs.

You can see that nothing too damaging happened with the devaluation of the Yuan, the loonie has remained at similar price levels, it is , in fact, gaining in value at this time.

Here is some very recent commentary:


USD/CAD Technical Analysis: Digesting Losses Near 1.30 - DailyFX
http://news.google.com Wed, 12 Aug 2015 09:14:00 GMT
DailyFXUSD/CAD Technical Analysis: Digesting Losses Near 1.30DailyFXThe US Dollar is digesting losses after breaking two-month rising trend support against its Canadian counterpart. A daily close below the 23.6% Fibonacci retracementat 1.2956 exposes ...

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USD/CAD Fundamental Analysis – August 13, 2015 – Forecast - FX Empire
http://news.google.com Wed, 12 Aug 2015 13:03:00 GMT
FX EmpireUSD/CAD Fundamental Analysis – August 13, 2015 – ForecastFX EmpireThe USD/CAD dipped 94 points as gold and oil rebounded supporting the Loonie. The US dollar tumbled today to trade at 96.47 falling 76 points as the Chinese currency situation ...

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Trade Idea: USD/CAD - Stand aside - Action Forex
http://news.google.com Wed, 12 Aug 2015 14:03:36 GMT
Trade Idea: USD/CAD - Stand asideAction ForexDespite intra-day initial bounce to 1.3158, as the greenback has slipped again, suggesting further consolidation below last weeks high of 1.3213 would be seen in some kind of a wave iv correction and belo ...

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USD/CAD Daily Outlook - Action Forex
http://news.google.com Wed, 12 Aug 2015 07:17:00 GMT
USD/CAD Daily OutlookAction ForexIntraday bias in USD/CAD remains neutral for consolidation below 1.3213. Further rise is still expected as long as 1.2859 support holds. Above 1.3213 will target next projection level at 1.3287. Meanwhile, break of 1. ...

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USD/CAD: Digesting Losses Near 1.30 - Investing.com
http://news.google.com Wed, 12 Aug 2015 12:22:51 GMT
USD/CAD: Digesting Losses Near 1.30Investing.comThe US dollar is digesting losses after breaking two-month rising trend support against its Canadian counterpart. A daily close below the 23.6% Fibonacci retracementat 1.2956 exposes the 38.2% level at ...

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USDCAD break wedge to the downside - TradingFloor.com
http://news.google.com Wed, 12 Aug 2015 08:48:28 GMT
USDCAD break wedge to the downsideTradingFloor.comUSDCAD – The monthly chart highlights the commodity pair stalling close to a pivotal zone seen from the highs in 2008-2009 and consolidation in 2003-2004. A full AB=CD formation is not seen until 1. ...

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How can YOU Earn Thousands of Dollars Each Day - forex trading tax in south africa

How can YOU Earn Thousands of Dollars Each Day ~ forex trading tax in south africa

FOREX (FOReign EXchange market) is an international foreign exchange market, where money is sold and bought freely. In its present condition FOREX was launched in the 1970s, when free exchange rates were introduced, and only the participants of the market determine the price of one currency against the other proceeding from supply and demand.

As far as the freedom from any external control and free competition are concerned, FOREX is a perfect market. It is also the biggest liquid financial market. According to various assessments, money masses in the market constitute from 1 to 2 trillion US dollars a day. (It is impossible to determine an absolutely exact number because trading is not centralized on an exchange.) Transactions are conducted all over the world via telecommunications 24 hours a day from 00:00 GMT on Monday to 10:00 pm GMT on Friday. Practically in every time zone (that is, in Frankfurt-on-Main, London, New York, Tokyo, Hong Kong, etc.) there are dealers who will quote currencies
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How to Partially Close a Position on MT4 - forex day trading advice

How to Partially Close a Position on MT4 ~ forex day trading advice

Let’s say you have a one lot position, but you decide to close half of it and hold the other half. That is possible to do in most trading platforms including MT4. This is what you have to do:

1. Press Ctrl+T to open the MT4 terminal. You can do it through the View menu at the top too.
2. On the terminal, choose the “Trade” tab at the bottom, if it is not already chosen. When you do this, you should be able to see all your open positions:



3. Double click on the open position on the terminal to open the order management window with the big yellow close button:

Please note that if you click on the fields that are under the S/L or T/P columns, a different order management window will be opened that allows you to modify the stop loss and target values, but doesn’t allow you to close the position.

4. To close a portion of your position, you can change the volume at the top left side of the order management window to the value you want to close, and then click on the yellow button. For example, when you have a one lot position and you want to close half of it and hold the other half, then you have to change the volume to 0.5 and click on the close button. Or, when you want to close 0.2 lots and hold the other 0.8 lots, you can change the volume to 0.2  and click on the yellow button.

Please note that if you cannot find the value you want on the volume drop-down menu, you can enter it manually.
The stop loss and target value of the position which is left open will not change when you close a portion of your initial position.
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Very Simple And Profitable Forex Trading System - forex trading advice tips

Very Simple And Profitable Forex Trading System ~ forex trading advice tips

Description:

Use 1H chart on GBP/JPY with Stoch(5,3,3) and RSI(7). The idea is this ...use Stoch and RSI just to define where it is possible to have a breakout. Then use most profitable tool ever – simple candlesticks. If you have strong down trend and Stoch and RSI are oversold, and we have up trend candle (black candle) close at the middle of the last (in this case black one) enter a trade. You are getting 3 signals to confirm your entry – isn’t it great!?

Some people reports: With this system make more than 1500 pip only from GBP/JPY for week. (Use it just for GBP/JPY)

1 – RSI oversold    2 - Stoch oversold    3 - candle (black candle) close at the middle of the last one in opposite direction.

Buy/Sell rules Sell when RSI and Stoch are bought or they are close to overbought (75) line, and we have down candle which has closed at least at the middle of the last up candle.

Buy when we have oversold RSI and Stoch and we have up candle which has closed at the middle of the last down one.

Exit rules if we are in a sell trade and ... we have oversold RSI and Stoch and we see this up candle which has closed at 50% of the last down one - exit and enter another trade.

Stop loss: Place a stop loss 3 pips below your signaling candlestick – in this case figure #3 – see screenshot above.

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How to Build Your Career in this Competitive World See Some Career Building Tips - free forex trading classes online

How to Build Your Career in this Competitive World See Some Career Building Tips ~ free forex trading classes online

5 Rules You Must Follow to Get Ahead in Your Career

Many of the job seekers—and even employees—I talk to are stuck in their careers right now. Why? They’re playing an old set of rules. They are struggling to find jobs or to get ahead in their current ones because they haven’t noticed that the economy and global workforce have changed, and they haven’t adapted.

Corporations want to do more with fewer resources. They are looking for entrepreneurial-minded workers who can move business forward. They are looking for the best talent at the lowest price, which means job seekers and employees alike are competing with professionals from all over the world.
These days, just doing your job isn’t enough—you have to constantly expand your role, learn new skills, and grow your network if you want to stay relevant. Regardless of your current occupation, the following five rules will help you survive and thrive in this new world of work.

1. Always Be Open to New Opportunities
A decade ago, you could graduate from college and have a secure job for life. But these days, you could get laid off on a moment’s notice, your team could be outsourced, or your company merged or acquired.
That means, you always need to be looking for new opportunities (as well as building a strong online presence so that you’ll attract them, too). This is not to say that you should be job-hopping all the time—my rule of thumb is to stay in one role for at least a year, unless you’re presented with an opportunity you can’t refuse. But a new Careerbuilder study shows that 74% of workers are either actively searching for a new job or open to a new opportunity. If you want to get ahead in your career, don’t close yourself off.

2. Have a Consulting Mindset
We’re living in what I call “ROI Nation” right now, where companies aren’t willing to take risks hiring people. They want to be 100% confident they are hiring someone who can get the job done flawlessly and add value to the company.
So if you’re a job-seeker, you need to prove your worth, and the best way to do this is to act like a consultant. Instead of just applying for a job, make a presentation on how you can add more value to the company. Come with a case study to show that you’ve improved sales of your last client or company by 50% or that you helped increase efficiencies that led to a decrease of costs by 70%. If your salary is $40,000, then deliver $70,000 worth of value to justify it. Don’t just tell a company that you’ll add value—show it.

3. Be Able to Change and Adapt
Be prepared for your job situation to change constantly. I know so many people who were finance or marketing majors in college and who now have a completely different career. Even if you’re certain of your career path, you could find yourself with a new manager and need to adapt to his or her leadership style on short notice. Or, if you own a company, you might find your business model changes over time based on demand and on how your customers are using your products and services.
You can best position yourself for these changes by understanding your core strengths and gaining skills that can be used across various business functions and roles. Being able to roll with the punches will be key to your long-term success.

4. Learn the Skills of Today and Tomorrow
This next rule is emphasized in a recent New York Times article: Workers are working nonstop to stay relevant in their careers. And you should be, too. Read the WSJ or other major newspapers, and get a sense of what the market is looking for. Then, “skill up” accordingly.
There are many ways to acquire new skills, whether you prefer online training modules, YouTube educational videos, open source courses (such as MIT’s), books, or finding expert mentors online. It’s also important to read up on industry news daily, so you’re aware of relevant events and can sound intelligent in meetings and in job interviews.

5. Surround Yourself with the Right People
You need to build a strong network for several reasons. First, if you’re around the right people, you will become smarter and more confident about your career. Second, if you get laid off, you’ll have a network to help guide you to new opportunities—finding a job by submitting a resume doesn’t usually work because you’re just one resume in a stack of thousands. Your network can help you cut through the clutter and get noticed.
Finally, you appear to be more valuable when you’re around other ambitious and intelligent people. Surround yourself with people who will build you and your career up, not bring you down.

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Signal today 1 00pm GMT 8 - forex trader tax haven

Signal today 1 00pm GMT 8 ~ forex trader tax haven

GBPJPY Sellstop 155.30, SL 156.18, TP1 154.80, TP2 154.05. GBPUSD Sellstop 1.6432, SL 1.6482, TP 1.6382

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Profit Able No Loss Forex Trading Strategy - forex trading analysis tips

Profit Able No Loss Forex Trading Strategy ~ forex trading analysis tips

The strategy is very simple and would only take a few minutes of screen time per day (using 4HR candles).

GONE FISHING STRATEGY

Platform: Metatrader 4
TIMEFRAME: 4HR, DAILY (Shorter timeframes work but reduced winning %)
INDICATORS: FX Fish, MA_CROSS_OC (I overlay bigbears FTC as well to spot possible oversold/overbought)

SHORT ENTRY:

DOWN Orange arrow AND Red line on FX Fish indicator
ONLY ENTER AFTER BAR CLOSES!
STOP LOSS: Last swing
TAKE PROFIT: I personally slide to break even at +50 then wait for closing signal

LONG ENTRY:

• UP Blue arrow AND Green line on FX Fish indicator
ONLY ENTER AFTER BAR CLOSES!
STOP LOSS: Last swing
CLOSING SIGNAL, STOP LOSS, AND TAKE PROFIT SAME AS SHORT ENTRY

CLOSING SIGNALS:
• Opposite arrow appears (take opposite trade if FX Fish turns a different color as well)
• FX Fisher gets an opposite line color (no arrow needed)
See attached pics for samples.
And thats all there is to it. Works with most pairs (I use majors and yen pairs).
Check the charts every 4 hours for signals then turn the monitor off and come back again in 4 hours (or next day if using daily).

 

Attached Files

Download

GONE FISHING TRADING SYSTEM

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How to make perfect entry point on Forex - forex trading tax philippines

How to make perfect entry point on Forex ~ forex trading tax philippines

If you find out that you make trades to early and before price starts moving in your direction the stop loss is already hit. The source of this problem is you are probably using to big timeframe. Don’t get me wrong on this one it is not that you need to change it, but you need to focus more on last candles, you are to concentrated on overall picture.

Anyway if you find yourself doing such trades then do not worry, this is easy to handle I had the same issue when I started trading.

Let’s break it down.

First of all your chart interpretations are ok. You make good trades but to early. So next time try this simple strategy.

After selection of new trade, find smaller trend in opposite direction and wait for reversal, when you will be sure that smaller trend is reversed make your trade. Sure you will loose some pips by getting late in to trend, but trust me there is no better point of entering the trade.

But what is the trend reversal confirmation?

Basically it is when you have more evidences that trend is reversed I won’t talk more about it now because this is covered in my other article, besides you probably have some techniques to determine trend reversal on Forex.

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Day Trading Forex Currency - forex trading tax implications uk

Day Trading Forex Currency ~ forex trading tax implications uk

Right, day trading today. People are very interested in the concept of day trading. And i think there are at least few reasons for this. Before i will go into details, lets define day trading, what it really is.

On Forex day traders are guys who make a lot of trades (like over 10) in a single. Each of the trade is closed by the end of trader trading session, on Forex it usually means turning your computer off. Note that this is not the same as scalping. The only similarity between scalping and day trading is that, a lot of traders fail there.

Main resaon for this is that traders are tempted with huge profits, when doing day trading people are almost always using huge lavereages, like 100:1, it means buying 10 Lots with 10 000$. I think you can easily see how much one PIP is worth then, yeah it is 100$. It seems great at first, looks like a quick cash, but consider the fact that you only need 100 PIP move in the wrong direction to meet mr. Margin Call.

In reality when you trade on such high leverage it looks like everything is happening with a speed of light, while in fact it all happens with a normal speed, it is this ridiculous leverage that makes things harder.

Next thing you need to consider when you want to do day trading on forex currencies, is that not every broker will be happy with what you are doing, they may close your account or limi your leverage if ... you will start making money. So chose your broker wiseley checkout Forex forums and read brokers reviews make sure they allow day trading.

You may now think, wow day trading is hard. Well in fact it really is harder then you think. I am not saying it cannot be done, i am not saying you cannot earn like 200% a month. I am just saying that success with day trading want happen overnight, if you focus on it and commit to becoming day trading the success will come with time and experience.
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How to Overcome Negative Feelings - education on forex trading

How to Overcome Negative Feelings ~ education on forex trading

Your negative emotions are powerful guides to what needs to change in your life.
Because youre a human being, youre going to feel emotions while youre at work. Its hoped that the bulk of your emotions will be positive, such as excitement, wonder, gratitude, and joy.



However, its inevitable that youll also feel some negative emotions. But heres the thing: The way you handle your negative emotions will largely determine how successful youll eventually become.

After all, its easy to manage a business or do a job when everythings all sweetness and light. Whats difficult is making things happen when times are rough and things dont work out the way youd prefer.

With that in mind, here are the six most common negative emotions that people feel at work, along with a plan to transform those emotions into something to help you become more, rather than less, successful.

1. If youre feeling fear...

Step back for a second and try to see the situation objectively. Ask yourself: "Is my business or career truly at risk?" If not, then you may just be feeling nervous and excited rather than fearful, just like when you get on a roller coaster. So enjoy the ride.

If you decide that the situation is truly serious, then do something physical, like taking a walk, to clear your mind. When you return, create an action plan for how youre going to handle the situation right now.

Think of all the times that youve successfully handled similar situations or other situations that were personally challenging. Have faith that youll be able to do the same this time. Then take the first step in your action plan.

2. If youre feeling rejected...

Decide whether you actually respect the opinion of the person who "rejected" you. If the rejection came from an idiot, a blowhard, or a mooncalf, a "rejection" is actually a backhanded compliment.

If you DO respect the other persons opinion, recognize that you may be interpreting the situation incorrectly. The only way to find out is to ask. Say something like: "The other day, you said ____ and I felt hurt. Can you clarify what happened?"

Finally, realize that, in a very real sense, "rejection" is an illusion. It almost always stems from a difference in the "rules" by which people interpret events. Probably you got "rejected" because the other person had different rules. So wheres the sting?

3. If youre feeling angry...

Your first task is get some distance from the situation. If you can, get up and go for a walk, or do something that will distract you for a moment. If you cant take any of those actions, use Moms old standby and slowly count from one to 10.

Now that youve calmed yourself down, pinpoint the reason that youre angry. You will find that in EVERY case, its because somebody has violated a rule or standard that is deeply important to you.

Rather then "blowing up" or "letting off steam," figure out how to communicate to the other person the importance of that rule or standard so that the same situation doesnt recur in the future.

4. If youre feeling frustrated...

At work, this emotion emerges when you feel that your results arent what you expected, given the amount of work and effort that youve expended. You know your goal is achievable, but it continues to seem out of reach.

Your first step here is to reassess your plan and your behavior. Is this really the best way to achieve this goal? If not, your frustration is telling you that you need to change the plan and the execution of the plan.

If your plan is solid and your behavior appropriate, its time to exercise patience. Stop worrying about the goal. Let go of your results and concentrate on the behavior and have faith that "Gods delays are not Gods denials."

5. If youre feeling inadequate...

Welcome to the club! Whether people admit it or not, even those who seem the most self-confident secretly worry that theyre not going to measure up or that theyre ill prepared for the challenges ahead.

The wonderful thing about this emotion is that its the easiest to handle. Your sense of inadequacy, like everyone elses, stems from a lack of skills, experience, and strategies in an area where youd like to be successful.

Your plan is therefore simple: Decide that youre going to work on your skills in this area until you master them. Find a role model or a mentor. Read books or take seminars. Worst case, youll learn in the "school of hard knocks." Its just part of life!

6. If youre feeling stressed...

Theres no question that todays business world puts extraordinary demands on peoples time and energy. Whether youre an entrepreneur, an executive, a line manager, or a worker, youre constantly being asked to do more with less.

Even so, you (like everybody else) are constrained by the limits of time and space. Regardless of how you feel about it, youve got a limited amount of time to get things done and to keep yourself healthy and happy at the same time.

Therefore, the best way to use stress is as a signal that its time to prioritize. Do whats important rather than whats urgent. Remember: Twenty percent of your work generally produces 80 percent of your results! So focus on the 20 percent!

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Polish Currency - forex trading tax ireland

Polish Currency ~ forex trading tax ireland

If you are considering, long term investment, like one or two months than Polish currency might be interesting for you. For the last year it got stronger and stronger. Just checkout the charts below, this are EUR/PLN and USD/PLN, timeframe 1 year, on both charts you can see what i would call quality trend. Line is at 45 degrees, almost no corrections.

EUR/PLN

Lets start with EUR/PLN, i wont even talk about technical analysis, indicators and so on, you can see what is happening here. Just draw the line wait for minor correction and get into trade. You maybe wondering.

Ok it went down for a year, wont it turn back? This is a good question, i think this trend can end up pretty soon maybe 3 or 4 months, hard to say really. The problem here is that Polish bussiness has a problem with strong PLN against EUR, because a lot of companies export their products to west Europe. With strong Polish currency, their products are actually more expensive and thus less competetive.

The bottom line is, Polish bussinessmen want this trend to stop, and i believe that government will do what they ask for, the question is when?


USD/PLN

Now look at USD/PLN chart it looks almost the same as EUR/PLN, so again i wont go into details how to trade it.
Now to answer the same question as earlier, is this trend here to stay? I think it is, because gas price in Poland pretty much depends on gas price in USA. When gas price in USA gets more expensive it also gets more expensive in Poland (and rest of the world btw).

However, if gas price will go up, but at the same time Polish currency would get stronger against dollar, then it wont affect Poland as much as it would without USD/PLN going down.

Now if i got you interested in this form of investment, you will need a broker, which allows to trade Polish currency or at least EUR/PLN and USD/PLN. As far as i am concerned there are not much brokers who allow this. The ones who do are Oanda and maybe SaxoBank however i am not sure of that.

That is not end of the problems, even if you will find broker who allows to trade this pairs, probably spread on them will be somewhere between 20 and 40 pips, so like i said it is only good to trade them if you are looking for long term investment not scalping or even swing trading.

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How forex market should operate - forex trading income tax uk

How forex market should operate ~ forex trading income tax uk

Interesting article at Vanguard, author explains how Forex market should operate. Article is based on proposal for a liberalized foreign exchange market in Nigeria and its economic benefits.

Two most interesting sections selected by author are:

• How market will operate
• Payment for import and forex auction

"3.6 HOW THE MARKET WILL OPERATE
The CBN will consolidate the distributable portion of the dollar earnings monthly (or at worst bimonthly) in arrears. The realizable values will be published in appropriate government bulletins monthly.

3.6.1 The CBN would issue warrants denominated in dollars monthly without fail to each beneficiary of federally derived dollar revenue according to constitutional provisions with regard to sharing of such revenue.

3.6.2 The beneficiary of the dollar warrant (strictly not cash) (federal, state, local governments, statutory agencies etc) will approach their separate bankers with their dollar warrants for conversion of all or part of the dollar warrant into naira for its corporate budgetary obligations which cannot be paid in dollars (since the dollar is not legal tender in Nigeria).

3.6.3 All buying and selling of currencies will be carried out through a bank or any other such denominated financial institution.

The local bank officer on receipt of the request would seek current rate confirmation from its head office before concluding a deal."

Read more here: Dollar allocations
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Standard Deviation Channel - forex trading tax in usa

Standard Deviation Channel ~ forex trading tax in usa

I recently read article about, about standard deviation channel, (which as you may already know is one of my favorite indicators), and I was shocked, although author of this article explained what standard deviation channel is in mathematics but it had very little to do with Forex or any other financial market. Furthermore, I read other articles about standard deviation channels and what I found out is that they all were giving useless information to readers, so here is the right way to use standard deviation channel.

First of all, authors suggest that, when price will reach upper line, it is time to take SHORT position and vice versa, when price will reach lower line you should take LONG position because market is oversold.

This is true only if market is trending. It is quite safe to treat then lower line as support line and upper line as resistance line, and more over (depending on your standard deviation channel settings) 95% of price movement will happen between this two lines, as long as market is trending. The obvious question here is how to tell if Forex is trending, but this question is beyond the scope of this article, at least for now J.

What I like about standard deviation is that it allows to easily determine trend, you just need to draw channel over the selected period of time and that’s it, you have detected trend. However to use this indicator efficiently you need some experience, ideally you should see channel on the chart before you draw any lines on it. If you don’t see it, then do not worry it is all about experience.

How to use correctly Standard Deviation Channel

If market is in uptrend, you should take ONLY long positions, when price will reach lower line. Never take SHORT position in uptrend when the price will reach upper line, that do NOT mean that market is overbought, in uptrend price can easily go waaay over upper line and hit STOP LOSS, of trader who was stupid enough to take SHORT position in bull market.

Obviously, the opposite goes for market in downtrend, do not take long positions on lower line, NEVER.

Most importantly, this indicator is called standard deviation channel and you should use it only with CHANNELS not with any random piece of chart, below is the stock market chart with two correctly drawn channels.

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The 95 of all Forex traders fail Lie! - forex trading tax malaysia

The 95 of all Forex traders fail Lie! ~ forex trading tax malaysia

I refer 95% lie to sentence: “95% of traders fail”. Although this are calculations made by brokers, based on their account history. I suppose those are accounts that were blown out by newbie traders.

Anyway I have to admit that it is true that 95% of account ends up empty within less then three months. But hose who were trading them … were they really traders? I think not, in my opinion they were gold diggers or just uninformed fools.

It happens often that after forex success story in newspaper or magazine, people without knowing anything about forex think: “Hey this is easy way to make money! If that guy in the newspaper made millions, I can make at least few thousands I am not stupid”. I don’t have to tell you how wrong this guy is. He takes loan, and starts trading, within 3 months he has got no money but a big loan to pay.

I believe this are the people who goes by 95% rule. But it doesn’t have to be that way. You can make money, but you have to understand it is not going to happen overnight. Probably not even within two years. But it is possible.

What it takes to become trader? In my opinion the only difference between successful and unsuccessful trader is … experience. All you need to do is trade and get some experience.

But there is something more important. As you may lack successes within this two years it is crucial to believe that you can really do it, that it is possible to achieve success. If you have problem with that then, do yourself a favor and buy Anthony Robbins “Awaken the giant within” great book on positive mindset.

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