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Speaking Like a Forex Pro – Learn Forex Jargon

One aspect of trading the Forex, or even talking to Forex traders, that can be really intimidating is that the Forex market has an awful lot of jargon. For those of us who have been trading for years, this jargon comes as second nature and we don’t even think about it anymore.

If you’re just getting started, however, you might not know a kiwi from an Aussie, a major currency from a minor, or the base from the cross in a currency pair. When you take all this into consideration, it’s easy to see how intimidating that can be.

This article will set out to help you get started. There is a lot of Forex lingo, but at least now you’ll be able to jump into the game a little bit more after knowing these common Forex terms:

"The major currencies." There are eight major currencies, which are: the U.S. Dollar, Canadian Dollar, Australian Dollar, New Zealand Dollar, the Euro, Japanese Yen, the British Pound, and the Swiss Franc.

"Minor currencies." This is any currency that does not belong to the major eight. So even currencies of large economies like Brazil, Mexico, Russia, China, and India are all still considered minor currencies.

"Base currency." This is the first currency listed in a currency quote, and is always measured in a unit of 1.

"Cross currency." The second currency listed in a currency quote.

"The Aussie." A slang term for the Australian Dollar.

"The Kiwi." A slang term for the New Zealand Dollar.

"The Bid." Refers to the bid price, which is the price the market will currently purchase a specific currency pair for. The bid price will always be higher than the ask price.

"The Ask." Refers to the ask price, which is what you will sell a currency for. The ask price is the one used when selling.

"The Spread." The difference in value between the ask price and the bid price. This miniscule difference is how some brokers make their money off Forex traders instead of charging a commission.

"Bull Market." A market distinguished by an overall rise in price.

"Bear Market." A market distinguished by an overall fall in price.

This is hardly the end all, be all, of Forex lingo, but this article should at least give you a good informed start into getting comfortable with the slang you’ll hear around the Forex markets.

Knowing what these slang terms mean will make the transition into currency trading that much easier.

Author: Jason Fielder

And now I would like to offer you free access to a Forex trading system that is 89.1% accurate, so you can literally start trading the Forex today. You can access it now by going to: http://www.foreximpact.com/reports/89percent/

From Jason Fielder: Founder, ForexImpact.com

Article Source: http://EzineArticles.com/?expert=Jason_Fielder

Knowing The Forex Trade Language
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Reviewing Forex Basics – Don’t Lose the Forest in the Trees

Every so often it’s a good idea just to go back and remember the basics of the Forex market and what the Foreign Exchange Markets are all about. For the seasoned trader this might be a basic review, but that’s never hurt anyone, while the newbie might get some good information out of this.

If nothing else, this article will keep you thinking about the Forex and help keep your mind in the game. This is one market where you definitely don’t want to get caught with your eye off of the ball.

What Is The Forex?
Forex is short for the Foreign Exchange market, and although "Forex" is the most common abbreviation, it can also be referred to as "FX," "Spot FX," or sometimes just plain old "foreign currency trading."

The Forex market is the largest trading market in the world and the competition will never come close. On any given day, the combined trading volume is over $2 trillion, meaning in a single week more currency is traded in the Forex than is currently owed by the staggering debt run up by the U.S. government.

Trading Currency Pairs = Betting on an Economy
What can be confusing early on for someone trying to learn the Forex from either the stock or commodities market is understanding what you’re trading.

In stocks and commodities, it’s easy. You’re buying or selling a part of a company, or corn, or oil. In the Forex you’re exchanging one currency for another because in a sense you are buying a small part of a nation’s economy.

If you’re buying the Japanese Yen (JPY) against the U.S. Dollar (USD), it means you believe Japan’s economy, at least in the short term, will look better than the United States.

When Forex trading, you should definitely stick with the 8 "major currencies" traded. When you make a purchase, two of the currencies will be listed. If you’re buying Japanese Yen with US Dollars, the pair will look something like (USD/JPY). The first currency is the one you currently have and the second currency is the one you wish to purchase.

24/6 Trading
Remembering that the Forex market is open 24 hours a day for six days a week is very important, because you want to remember that using stops and trailing stops is critical because while you’re sleeping, there could be news that directly effects your trade and it would really stink to lose a 100-200 pip profit on your trade because of something that occurred at 3 a.m. your time.

Potential is your friend in this market. Knowing when you can make the most profitable trade is vital to your success. Technical analysis and testing is even a better friend in the Forex. Like the old saying goes: "The early bird gets the worm, but the second mouse gets the cheese."

Author: Jason Fielder

And now I would like to offer you free access to a Forex trading system that is 89.1% accurate, so you can literally start trading the Forex today. You can access it now by going to: http://www.foreximpact.com/reports/89percent/

From Jason Fielder: Founder, ForexImpact.com

Article Source: http://EzineArticles.com/?expert=Jason_Fielder

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 Trade Balance Report as a Critical Forex Indicator

There are five major economic indicator reports that Forex traders pay strong attention to, and the Trade Balance Report (also referred to as a Balance of Trade Report) is one of those major five. The Trade Balance report measures the difference between a nation’s imports and a nation’s exports.

A positive number (surplus) means the country is sending out more than it is bringing in, while a negative number (deficit) means the nation is bringing in more than it is sending out.

This can be a major indication of how a nation’s overall economy is doing.

Don’t let those terms trick you, a trade deficit is not necessarily a bad thing. That can be a sign of increased consumer buying, meaning that the deficit may simply be a result of a strong economy that gives the average consumer a lot more money to spend.

This report often times will have a major impact on GDP and can influence the value of a currency, making it important to Forex traders.

This report can give a lot of information that will be helpful in determining how one nation’s economy is doing versus another, but knowing what to look for is important. For example, the United States has had a trade deficit for over 20 years, but no one is going to argue that the economy in the late 1990s wasn’t much better than the late 1970s.

A deficit can be bad or good, or sometimes a little bit of both. It just depends on how that report fits into the overall situation.

Part of the reason for such a long deficit is that the U.S. economy kept expanding during all that time, and other nations have not been able to keep up the same pace. As other nations catch up, this could change. The main concern that worries some people is what is going to happen long term if more money keeps flowing out than coming back in. This is an issue for another report.

The Trade Balance report can move the Forex market, and is interesting because it may be the least predictable from month to month of all the major reports, meaning that it has more ability to surprise individual traders and cause a quick swing in a currency’s perceived value.

The trade balance report is one of the major reports, and learning to pounce on this information as it is released will help give you the edge you need in order to thrive in Forex trading.

Author: Jason Fielder

And now I would like to offer you free access to a Forex trading system that is 89.1% accurate, so you can literally start trading the Forex today. You can access it now by going to: http://www.foreximpact.com/reports/89percent/

From Jason Fielder: Founder, ForexImpact.com

Article Source: http://EzineArticles.com/?expert=Jason_Fielder

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Point-and-Figure Charts – Forex Charts That Show You The Money!

Wouldn’t it be great if you could find a charting system that instead of focusing on minutes, half-hours, hours, days, and weeks, actually followed and tracked the value itself? Point-and-figure charts are charts that do precisely that: they follow the money.

Point-and-figure charts are charts that follow changes in prices, and not time. Many charts are set up on a time scale, and comparisons are then made between the price as it varies from hour to hour or day to day.

These charts are very different in that any column from a point-and-figure chart can represent any amount of time. There is no set amount of time for each figure. Movements take place only when the minimum determined price moves. If the value doesn’t change, no new markings appear on the chart.

Point-and-figure charts differ in several ways from other types of popular charting, but there are 3 major differences that set point-and-figure charts apart.

1.They have simple, well-defined trading rules

2.They eliminate the clutter of price reversals that are below a minimum box value

3.There is no time factor.

Point-and-figure charting was first credited to Charles Dow, who used them around the turn of the century to make a killing on the stock market. Because the technical aspects of point-and-figure were sound, this strategy was picked up for use in analyzing other markets, as well.

Another major difference between point-and-figure charting and some of its technical counterparts is that it has a relatively strict and simple system of buying and selling, so you don’t need to be a math whiz or rocket scientist to figure out when to do what. A "box" is a measurement of a price movement.

If you see a box of X’s, the overall value went up. A box of O’s means the overall value went down. When a box of X’s has an X one higher than the last box’s, it’s time to buy. When a box of O’s goes one below the last column of O’s, then it’s time to sell. There are variations, but that is the base system.

What’s sometimes bizarre about business is when everyone gets caught up in a new system or trend and they’re so intent on adding to it and perfecting it that an old system that works stops getting used. Where’s the common sense in that?

If you’re trading, you want to be able to keep track of the money. If there’s a charting system that let’s you follow the money, and make a profit, who gives a darn if it’s trendy or not? Going back to common sense, point-and-figure charting is the one method that shows you the money, because it’s the charting system that only moves with the money.

Author: Jason Fielder

And now I would like to offer you free access to a Forex trading system that is 89.1% accurate, so you can literally start trading the Forex today. You can access it now by going to: http://www.foreximpact.com/reports/89percent/

From Jason Fielder: Founder, ForexImpact.com

Article Source: http://EzineArticles.com/?expert=Jason_Fielder

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Forex Orders – Do You Want Your Pips Crispy, Fried Or Super-Sized?

There are many different kinds of "orders" that can be used when making a trade in the Forex market, and the sheer variety of them can be intimidating and confusing to someone just starting out. Even for the trader who has already gotten their feet wet a couple of times, it’s never a bad idea to go back over the options available and make sure that you have everything down.

There are several basic types of orders, but this article will concentrate on only six of them to keep things simple, and keeping orders as straight forward and simple as possible is one sure sign of an experienced trader.

Market Orders
Market orders are orders that are made by buying a currency pair for the market’s current quoted value. For example, if the EUR/USD=1.4312, you would immediately get 1.4312 USD for one Euro. With market orders, you make trades with a single click, and you’re in the market. There is little to no waiting.

Limit Orders
A limit order is made when you want to wait for a currency pair to hit a specific price. If you think you see a trend, but don’t like the current price, you can set an order to buy when your ideal price is hit. For example, if USD/JPY is at 120.25, but you prefer it starting at under 120, you can put in a limit order for 119.99. If the currency falls to that, you buy in. If it doesn’t, you don’t get involved. A limit order can also be used for picking a point to at which to sell.

Stop-Loss Orders
A "Stop-Loss Order" is an order to sell at a specified exchange rate that is below the current market rate. This can be referred to as a Forex trader’s "safety valve." A stop loss order means if the trade turns against you and usually this is done to liquidate part, or even all, of an open position when the market conditions turn enough to cause the open position to lose value. In other words, this is put in place to minimize losses if things go really badly, so the trade is automatically closed before you can lose anymore. This order can also be used to get you into the market that the specified price or worse.

GTC (Good ‘Till Cancelled)
With a GTC order, the order is good until you cancel the order or the order is triggered by the market.

GFD (Good for the Day)
GFD orders last until the end of the trading day. What time that is depends on what time zone and nation you live in. This means you’re betting that by the end your order will be triggered, or if you’re not, that it’s time to move on anyway.

OCO (Order Cancels Other)
An OCO is an order where you set up for two possible orders based around two separate values that work as "triggers." When the market hits one trigger, that order is put in and the other automatically cancelled.

Simple orders are usually the best. Keeping in mind your options here and sticking with the normal tried and true orders will help you to guarantee trading success.

Author: Jason Fielder

And now I would like to offer you free access to a Forex trading system that is 89.1% accurate, so you can literally start trading the Forex today. You can access it now by going to: http://www.foreximpact.com/reports/89percent/

From Jason Fielder: Founder, ForexImpact.com

Article Source: http://EzineArticles.com/?expert=Jason_Fielder

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Forex Trend Trading – The Early Bird Gets the Cash

Trend trading is where the big money is in the Forex market. While there is money to be made in counter-trending markets, there is only so much that can be made when the market is essentially moving sideways.

Trading when the market trends is where there is the opportunity to make (and if you’re on the wrong side without a stop-loss, possibly lose) major money.

A market goes into a trend anytime there are more buyers than sellers or more sellers than buyers over a prolonged period of time. This trend can be with prices going up (more buyers than sellers) or down (more sellers than buyers). There is money to be made regardless of which way the trend goes, since all trading is done with pairs.

Figuring out the best way to trade trends involves knowing extensive technical analysis, so having a proven and profitable trading system helps immensely. Without a prove and profitable trading system, it’s very unlikely that over the long run, you will profit from Forex trend trading.

While there are all sorts of technical tools for analyzing trades, the simplest way to spot a trend, or what might be the beginning of a trend, is to watch and see if each time period’s high keeps getting higher, indicating the market is steadily trending up in price, or if each period’s low continues to get lower, indicating a downward trend in price.

If you decide to use bands to help your trend trading, remember that a basic rule when using bands is to wait and see when the high price penetrates the upper band. This is your signal that an upward trend is about to start. You want to buy when that price penetrates the upper band and go long, with a trailing stop loss. There’s a good chance the market will make an upward trend that a long position can profit from.

When the price penetrates the lowest band of your corridor, you want to sell and go short, watching the market for any confirmations on any further trends, counter-trends, or pivot points that indicate a trend reversal.

The basic goal of trend trading strategies is always the same. While you don’t want to be the first to test the market, once a market trend reveals itself: join the move early!

Then hold your position, making as much money as possible, until the trend reverses and then get out. This is where using a trailing stop loss can help maximize the profits you earn from any market movement.

Trend trading is where the big money is at, and recognizing and getting in on trends early will make you a very happy (and wealthy) trader in the Forex market.

Author: Jason Fielder

And now I would like to offer you free access to a Forex trading system that is 89.1% accurate, so you can literally start trading the Forex today. You can access it now by going to: http://www.foreximpact.com/reports/89percent/

From Jason Fielder, Founder, ForexImpact.com

Article Source: http://EzineArticles.com/?expert=Jason_Fielder

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Forex Channel Breakouts – Riding a Tsunami of Profits

Forex channel breakouts occur anytime that a price, either going high or low, breaks one of the set lines of a channel that is developed through technical analysis.

A channel occurs when two lines are made to show the range of a current market. This can be done whether the market is in trend or in counter-trend. One line represents the high of a current channel, while the bottom line represents the low. The channel is found through technical analysis.

Any time the price of a currency pair rises above the top line, that is an upwards channel break. When the price of a currency pair drops below the bottom line of a channel, that is a downward channel break, also sometimes referred to as a "breakdown" as opposed to a "breakout." The channel breakout in a Forex market can happen either up or down, just as long as it escapes the channel created by your technical analysis.

Not every break in the line becomes a full blown breakout. There are often times when a price may temporarily just break one of the lines, then retreat back into the channel. These are called "false breaks" or "false breakouts."

These can be frustrating because a lot of money can be made in the Forex market off of being in early on a major breakout, so false breakouts tend to get the hopes up before dashing them again, but this is all part of trading Forex. Being on the right side of a true channel breakout is worth all the false alarms you might find along the way.

Besides, if you use your stops correctly, a fake channel breakout shouldn’t cost you much, and it may even lead to a very slight profit. It’s certainly worth the risk because when you hit the right side of a Forex channel breakout, the profits in some extreme cases can even be hundreds of pips.

A true Forex channel breakout that takes off however, can provide fantastic profits, and is a major reason why technical analysis is used in the market: to try and determine when these channel breakouts are going to occur and to get in the market early can bring good profits.

Channel breakouts can often lead to the forming of another channel, so constant analysis should take place even as the market is in the middle of a breakout in either direction. If you are riding the price up, a trailing stop can be a good idea since reversals can happen rapidly, and sometimes seemingly without warning.

Read more about forex trading strategies.

Author: Jason Fielder

And now I would like to offer you free access to a Forex trading system that is 89.1% accurate, so you can literally start trading the Forex today. You can access it now by going to: http://www.foreximpact.com/reports/89percent

From Jason Fielder – Founder, ForexImpact.com

Article Source: http://EzineArticles.com/?expert=Jason_Fielder

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