Not only can these assist you in overcoming some of the volatility that may be available on the Forex market, it can also help you to spot any trends which may be taking place in advance. There are a number of different places where you can find these calendars, but there are some which may be more up-to-date than others.

A number of different things can be placed on these calendars in order to assist you with your trading. For one, news events that may be affecting the various currencies in the market can be placed on the calendar as they occur. The prices of various currencies within the Forex market often change as a result of these news events, so it is important for you to be up-to-date at any given time. As a matter of fact, a simple event that takes place in one of these countries can change the currencies so drastically that you would end up on the losing end of a trade that you would consider to be a winner all along.

Of course, the news that is currently taking place does not always turn out as one may have expected. The time that is leading up to the possibility of these news events taking place can also be a rather volatile time to trade in those currencies as well. This can either work to your benefit or against it, depending on which way the news happens to break. There may be times whenever negative news is expected and the currency may drop considerably but whenever the positive news is actually released, the currency will go far higher than what it was originally.

These Forex economic calendars are available on a number of different websites and many times, you can access this information for free. It is important for you to understand, however, that not all of these calendars are updated in a similar way. Since it has to do with personal opinion in some cases, a forecast may be made as to the outcome of a news story which is about to break over the course of the next few hours or perhaps a day or so. If the opinion is wrong, it can end up costing you in the long run.

That is why most people look for calendars that are available within their online Forex platform that they are currently using. By using the same calendar on a regular basis, you become accustomed to the information that it provides and you learn how to trust what it says implicitly. That will help you to be a better trader and to increase the amount of successful trades that you’re placing.

The current momentum seems to be technically with buying at the moment and
we might find intra-day traders focusing the same way.
Info by Automaticx.com

Most think it means trading with stops, but that is only a small part of it. Below is a short part of the complimentary report I’ve been trying to give you called How to Safely Double Your Profits in 2010 Trading ETFs. This little tip alone could save your trading account.

Why use risk controls?

Every trader/investor must guard himself against drawdowns, which refers to the percentage drop in his account size after one losing trade or consecutive losing trades. For example, imagine that after losing a few trades in a row, your $20,000 account is reduced to $12,000; that would be a drawdown of 8,000/20,000 = 40%. If I were to ask some new traders, “In order to be back up to $20,000, what percentage return do you need to generate?” Many would answer, “Since I lost 40%, I have to make back 40%!” This couldn’t be more wrong! Note that after losing 40%, the trader now starts with a lower base, i.e. to undo the $8,000 loss, the return he needs to generate is 8,000/12,000 = 66.6%! That is why I share free training videos on my website to help dispel some of the myths of trading.

The more severe the drawdown, the harder it becomes to undo the damage, as shown in the numbers below.

That is why all professional money managers only risk 1-2% per trade. It’s because no matter how good your trading system is at some point it is a statistical fact you will have 10 losers in a row. Based on risking only 1-2% per trade this is only a 10-20% drawdown and easily recovered. 99% of the hype trading and investing courses in existence don’t say or do this. They say risk 5-10% per trade. It is wrong and will cause you serious financial pain if you follow their advice.

Many of them also use arbitrary stop loss advice. For example, they say, “Place your stop at $100.10 because that is on the other side of a major support or resistance, trend line, MA, etc.”

This makes your risk based on the size of the stop. That is also wrong because the risk can be too large and it’s not the same risk on each trade.

Others reverse this and say risk only 2% total period and let that determine your stop. This is also wrong and will hurt you because it is important to have the correct technical stop.

The answer is to do both. Use a percentage and technical stop together. It works like this. Let’s say the technical stop is $100.10, but based on your entry price that is a 3% risk. Since your plan calls for a 2% risk you simply lower the number of shares you are trading. This lets you stay within your 2% risk and have the correct technical stop. This is exactly what most professional money mangers do.

Some say that this will lower their profits because of trading fewer shares. So what! Study the numbers above again. You know the old quote, “More risk equals more reward.” Well it’s not always true. Sometimes more risk equals more risk! If you lose your money you have no chance to make a profit. Even losing 50% is disastrous because you would then need to make 100% to get back to even.

Like Warren Buffet says, there are only two rules in investing. Rule #1: Don’t lose money. Rule #2: Don’t forget rule #1.

I’d like to add a third rule. Correct money management and position sizing must be mastered to ensure your long term success.

The good news is that it is easy to have correct money management and position sizing. I just explained how to use a combo of a % stop and a technical stop. If you want more of an explanation please visit the free video area on my homepage and click on the “Why have risk controls” video.

The system of entries, stops and profits taking is only half of your key to success. The other half is money management. If you get this part wrong you will lose your account every time regardless of how good your system is.

Click here for the newsletter on how to safely average 6% per month trading Exchange-Traded Funds.

Thanks,
Alex

PS – In order to access his powerful FREE videos you must first opt in for the complimentary report.

This downward fall is due to the pair (GBP/USD) recently breaking through the 1.5240 support.

We can report that Valeria Bednarik who is an independent analyst for FXStreet.com that:

“The pound remains under selling pressure, weighed [down] by rumors of an early election in the U.K. after earlier GDP positive revision give the U.K. government the chance to claim the economy is on the way to recovery,”

There are a number of different places where you can find this historical data on the Internet. Some websites will provide you with the currency rates at any given time, and you can also look at these rates retroactively on the same websites. You can also download the information and print it out on a chart in order to look at how the currency rates have changed over the course of time. Although this is not always going to be an indicator of what may happen in the future, it is certainly one step that will help you to become a better trader that is more well-rounded.

Your Forex broker may also have access to this Forex historical data as well and can provide you with the data that you are looking for. This can either be done through an online platform, if they have the tools available on the inside or you may be able to have him email or fax you the data that is specific to what you’re looking for. Don’t be afraid to ask for this information, as it is one way that your broker can be of service to you.

A number of different programs also use historical data along with a number of other trading signals in order to assist you in placing your trades successfully. Although most people don’t understand the ins and outs of exactly what is going on with these trading signals, they do realize that they can be a good indicator of which direction the Forex market is moving in. By having one of these tools available on your computer, you may be able to use the historical data along with any current trends in order to place additional trades successfully as well.

The most important thing for you to do when trading on the Forex market is to be as diversified as possible. By looking at the old data and light with the new data, you can begin to formulate your own ideas about where the market may be heading. That is when you take a step from a learning trader to one that is more seasoned.

The first step in the entire process is to decide which broker you are going to be using in order to trade on the market. It is impossible for you to trade directly on the market, and you must use a broker in some form or another in order to do so. Many people use an online Forex platform in order to trade, and they can trade in real time while still having a broker behind them as they are the ones who are running the platform. This is the first step in coming up with an FX trading system that will work well for you.

The next thing that you need to consider is that there are a number of tools that are available which can help to walk you through the entire process. Many of these tools are going to help you to identify the various trends that are available within the Forex market and to assist you in knowing when to get into and out of the trade successfully. There are also a number of different tools which are either fully or semi automated, allowing you to trade on the Forex market without any effort on your part other than the initial set up.

Although we recommend that you at some time or another experiment with one of these automated trading systems, we would also recommend that you keep your wits about you at any given time. These automated systems can do a good job, especially if you get one which is of good quality. The unfortunate thing is, they also can make mistakes and you can find your Forex account empty as a result of a few bad mistakes that one of these FX trading system programs did.

Regardless of which system you choose, always make sure that you are continually learning about trading in Forex and that you become more and more comfortable over the course of time with your trading practices. You can either do this by utilizing the tutorials that are available in your trading platform of choice, or by using one of the online tutorials which are available from an outside source.

Although there are a number of these exchange rate calculators that are available, one of the most important things for you to look for in the calculator is that it will be able to switch between multiple currencies. Although you may have a favorite type of currency that you enjoy trading on the Forex market, it always helps to broaden your horizons and to leave the possibility open for trading in other currencies as well. By using an exchange rate calculator which uses these multiple currencies, you can switch from one to the other at any time you like.

It might also be possible that you can find one of these calculators which is bundled together with a number of other forex tools which will assist you in trading. Many of these tools help us to find the trends that are taking place within the Forex market and to use them to our advantage. If you have a calculator available directly within these tools, it can keep you from having to switch back and forth from one program to another. This will save you a considerable amount of time over the long run.

Many forex platforms will also include a currency exchange rate calculator in their list of online tools. Although we may not use all of the tools that are available within the Forex platform, having one of these calculators is going to really boost your productivity, especially if we are able to check these different currencies at a glance. It is also one way for you to make sure that the calculator is kept up to date, as the prices of these different currencies will be changing on almost a daily basis.

There are many things for you to learn whatever you first get started in the Forex market. By understanding the exchange rate and being able to keep up to date on the current differences between these rates, you can help to make your trading even more successful.

One of the first things that you will want to check is whether the broker has an online forex platform or not. I know that this sounds rather simplistic, but you would be surprised with the amount of brokers who have still not utilized the Internet in order to allow their customers to trade on the Forex market. It certainly is possible for you to pick up the phone and call your broker at any time and place the trade, but it is much more convenient if you are able to do so in real time by using their website.

Even if you do find a broker that gives you the opportunity to use their online platform, you would still want to check and make sure that the opposite is true. It is only if the broker is approachable and they have several different ways of contacting them that you should be comfortable with using them permanently. Not only should you be able to pick up the phone and call them whenever you have a question, they should be available through such means as email, online chat or perhaps through fax.

Different Forex brokers are going to target different segments of people as well. For example, some brokers will be all about people that are just starting on the Forex market and they will contain a number of different online tutorials within their platform that will walk them through every step of the process. Other brokers, however, may be more geared towards those who have been trading on the Forex market for a length of time. These are the ones that offer online tools that help you with advanced trading.

Personally, I like to have a mixture of almost everything that will be necessary at some point during my trading practices. Although I do like to have the tutorials that are available in order to get me used to the type of trading that they offer within the platform, I also like to have the advanced tools available as well. Even if I don’t use these at first, they will help me to grow with the platform and can keep me from having to switch to a different broker as my trading becomes more seasoned.

Keeping the current moment into mind, we might see EURUSD taking retrace
from here towards 1.3600 level and then resume its downwards trend. The next
target for EURUSD seems around 1.3325 level.

On the upper side if EURUSD breaks above 1.3600 level, then we will be
looking EURUSD targeting 1.3780 level but the current scenario suggests that
mostly traders will be looking to sell EURUSD at the moment.

Created by www.Automaticx.com