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How to Prepare for a Forex Trading Competition

So, you want to join a Forex trading competition?

Whether you are looking for the thrill of competition to spice up your boring routine or simply want to learn more about the markets, trading competitions are indeed a great idea to get into.

Before you do that however, it’s important that you make some necessary preparations. You want to do better than blowing up your account trying to win the cash prize.  Just because you’ll be using a demo account doesn’t mean you should trade recklessly. And whether you win or not, this will reinforce just why doing that is never a good idea when trading with a real account.

Here are a few things you should consider before joining a trading competition. These should make it easier for you to keep your preparation simple, organized and keep you sane!

Secure Your Spot in A Trading Competition

Many Forex brokers offer trading competitions and you’ll want to choose one that would give you an ample amount of time before the competition begins. This will depend on your level of experience and the effectiveness of the trading plan you intend to use. Some traders are able to prepare in just a few weeks; while others take months.

Signing up for a trading competition should be pretty straightforward. If you do not have a trading account, you will need to open one with the broker holding the trading contest and deposit a minimum of $50 in order to receive your trading credits which you’ll use throughout the competition. Also, be sure to familiarize yourself with all the terms and conditions of the contest.

Develop Your Trading Plan

After taking note of the date and reserving your spot, the next thing http://fapoker.net/ to do is develop and test your trading plan. This is a critical factor in refining your trading approach. It will guide you in making the right, logical decisions while analyzing the market as well as help you avoid becoming an emotional trader.

Practice, practice, practice

After developing blackjack online your trading plan, it is time to test it in a real-market condition. Here is where you should take advantage of demo accounts.  Don’t mistake these as only for beginners who are learning Forex trading for the first time. Demo accounts are also an excellent ground for seasoned traders to assess the effectiveness of their plan before using it in We are not responsible for the privacy practices or the content of these other web trustedrxreviews.com s. a real account.

Along the way, you may find the need to tweak your plan from time to time. Well, nothing is wrong with this, as long as you are improving your trading plan and not throwing away money and thus certainly objective, you are on the right path.

Take Care of Yourself

As a Forex trader, your biggest asset is your mind and body. If you get sick or feel cranky, miserable or just not up to par, this can badly affect your trading decisions and thus lose your trades.

So before the competition, give yourself the advantage of good health. Keep a healthy diet, get enough rest and exercise. Additionally, be sure to take breaks at least once an hour throughout the day. These things will not only keep you in good shape before the competition but also avoid the damaging effects of a sedentary lifestyle.

So there you have it folks. Nothing beats a good preparation and practice when it comes to Forex trading.  Follow these tips and you’ll surely get the most out of a trading competition, win or lose.

HY Markets is going to launch its first demo trading competition on October 1, 2012. Get a chance to win up to $3,000 (US) in trading credits. See here for more details.

Good luck!

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Reasons to Join a Forex Trading Competition

Whether you are a beginner or seasoned Forex trader, participating in trading competitions is a great opportunity to improve your skills and earn free trading credits. There are so many incentives to join a trading competition that you probably are aware of already|:

Free to participate

A chance to win large prizes

Gain more knowledge of the market

If you need more reasons for that added push to join a trading competition, here are three advantages based on the experience of trading competition winners:

Risk Free Trading

Most trading competitions work by crediting the participants’ account with virtual money for them to trade. And because the funds won’t come from your pocket, you can trade the funds using any strategy you like. Of course, just because you can risk your whole account while trying to win the prize doesn’t mean you should. Treat the contest as a chance to execute your well-crafted trading plan and evaluate its effectiveness.

Competition Atmosphere

This applies to traders who are currently on demo accounts either to test their trading plans or simply get their hands dirty. A lot of traders tend to slack off and not take things seriously after just a couple of months or even weeks of paper trading. Participating in a trading contest can motivate even the least competitive trader. Competitions make you stronger and the tension will sharpen your thinking skills.

Opportunity to Interact with Other Traders

Some trading competitions give the participants access to community blogs, forums and other features that allow them to interact with other traders. Now, this is slot maschinen a great opportunity to meet like-minded people from different backgrounds and learn trading techniques that you wouldn’t learn otherwise. You never know if this can later trigger the latent trader in you as you put to use the strategies and tips that you’ve picked up along the way.

While you will be trading with virtual money, it’s all about learning good habits and smart strategies in the end. Trading recklessly just to win the competition is just not worth it in the long run. So get your solid trading plan ready and sign up for a Forex trading competition whether it’s hosted by your broker or an independent Forex trading website. The experience will surely be invaluable whether you win or lose.

Ready to take the challenge? HY Markets, a leading brokerage company is going to launch its first trading competition on October 1, 2012 with big prizes at stake. See here for more details and how you can join.

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Forex Trading Expert Advisors and VPS – Are They Necessary?

Of all the available Forex trading platforms, the most widely used is the Meta Trader 4 or simply MT4. This trading platform is especially designed to give retail Forex traders access to the markets in the conveniences of their offices and homes. Aside from Forex, the MT4 platform is also used in CFD and future markets.

The MT4 consists of everything in an entire trading cycle so Forex traders can use the system right away without the need for any middleman interaction.

The MT4 is a highly effective platform as it covers all financial markets so it is flexible and allows for several profit opportunities. And because it’s also a muti currency system, traders can trade with different currencies. The Meta trader 4 can also support thousands of traders even with limited server configurations. It uses a specially programmed data transfer protocols for productive and efficient trading.

The Use of Expert Advisors and VPS

Many Forex traders, both beginner and veterans alike make use of expert advisors to automate some of the trading activities. Basically a Forex expert advisor is a software system that is designed to run on a Metatrader 4 platform and can automatically trade in the Forex market without any human intervention. In other words, this software can directly place online casino orders to the broker’s servers as well as adjust stop losses and trailing stops. Additionally, expert advisors can advise traders if there are any trading opportunities.

There are numerous expert advisors available in the market today. Just glьcksspiel online a simple query of these in the search engines will bring up thousands of results.

Each expert advisor is different and has its own rules to follow when entering and exiting trades. Some software also function based from a certain Forex trading strategy.

Another important system in addition to the trading platform itself is the VPS or Virtual Private Server. One of the most common concerns among Forex traders is the crashes and other technical problems with their computers  while in the middle of the trade, therefore sabotaging their  trades. A Forex VPS hosting allows Forex traders to benefit from a virtual environment on their VPS provider’s systems so that their MT4 platform can run 24/7 nonstop. Forex VPS systems are always online, unlike a computer or laptop used by a trader. These are ideal for heavy traders as well as those who have unreliable internet connection.

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Forex Trading Essentials for Beginners

p>The Forex market is one lucrative avenue to invest in. And if you want to be a Forex trader, you don’t need to work for a bank in one of the world’s financial centers. These days, investors can trade currencies in the comforts of their own offices or homes, thanks to the Internet.

Since the advent of the Internet, Forex trading has become more accessible for anyone who wants to invest their money regardless of whether they have a few hundreds or thousands to invest.

Now, with the entire buzz going around Forex trading, one could easily get confused and overwhelmed with the vast amount of information that can be found online. How does it really work?

Dealing Currencies for Profits

Forex or Foreign exchange basically deals in currencies of different countries. A Forex trader exchanges one currency to another for the purpose of making profits. Forex trading is speculative nature. Traders would sell roulette or buy a currency based from different factors that indicate the competitiveness of a currency over another.

In a currency trade, there are always two currencies involved and these currencies are always expressed in 3 letters. For example, the US dollar is indicated as USD, Euro is EUR, Japanese Yen is JPY and Australian dollar is AUD.

A lot of investors start out trading in the EUR/USD pair because this is the most liquid pair compared with other pairs in the market. Other most traded pairs include AUD/USD, USD/JPY, GBP/USD, and EUR/JPY. In general, there are 18 pairs that are conventionally quotes by the Forex market makers as a result of the overall liquidity.

The Forex market online casinos in australia may be a lucrative market. However it is also very risky. Currency rates rise and fall steeply and any slight fluctuation can either make or break a trade. In fact, some losses are inevitable when trading Forex. No wonder it requires a considerable amount of patience and diligence from traders.

The Importance of a Trading Plan

Having a detailed trading plan is the key to profiting from the Forex market in the long term. This is important considering the traders’ tendency to make trading decisions based on emotion like greed and fear which likely lead to huge losses in the end. A complete trading plan consists of a few simple rules which the trader will check before entering a trade. It also has the following:  entry, stop loss, target and a risk to reward ratio among several other things.

If you’ve decided to leap into Forex trading, it’s important to have a realistic goal whether you’re trading for long term or short term. This will help control emotions and keep them at bay when the market conditions get tough.

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Understanding the Forex Market Hours

p>The foreign exchange markets hours stretch from Monday morning in Sydney, Australia to Friday afternoon in New York. Throughout that time the market is accessible at some place in the world at all hours of the day or night.

Nevertheless this is not a 24/7 market because it does close down on weekends. 24/5 would be more correct.

If you would like to identify the specific periods that the markets open and close, you have to take time zones into account. It is very easy when stated in UTC. This is Universal Coordinated Time, formerly known as Greenwich Mean Time. This is the normal (winter) time in Greenwich, London which is the point of zero longitude on the whole world.

So, the standard currency exchange market hours are 22.00 Sunday UTC to 22.00 Friday UTC. This is 10 pm in the UK in winter season.

New York is 5 hours behind the UK so the global Forex market opens and closes at 5 pm Sunday/Friday in New York, 2 pm on the US west coast, 11 pm in Germany, 8 am Monday/Saturday in Sydney.
Things get a little complex when you begin to try to take summer time daylight saving into account. This makes one hour difference in countries that observe it. Daylight saving also functions in a different way in the southern hemisphere countries such as Australia which have summer time from September to March instead of March to September.

The hours of the different major national markets are in this manner:

Sydney: 10 pm to 7 am UTC
Tokyo: 12 midnight to 9 am UTC
London: 8 am to 5 pm UTC
New York: 1 pm to 10 pm UTC

Or we can express that in EST (Eastern US time):

Sydney: 5 pm to 2 am EST
Tokyo: 7 pm to 4 am EST
London: 3 am to 12 noon EST
New York: 8 am to 5 pm EST

You can see that these correspond to 24 hour cover.

There is no sure-win period when trading in the Forex markets. Just after a major market opens, the prices can be very volatile and erratic especially if there is a major economic event happening. Many traders will stay out of the Forex market for up to an hour four times a day when the financial markets are waking up in these major cities.

The US dollar is the most traded currency by a long way, involved in 2.5 times as many trades as its nearest rival – the euro. This means that events in the USA, whether in its economy or politics, have a greater impact on the financial markets than events in other countries. The New York market tends to slow down around 3 pm local time (8 pm UTC) and if you are trading the US dollar pair, this can be a good time to stop trading for the day.

So in theory, you can trade 24 hours a day from Sunday night to Friday night. Automating your trading by using a Forex robot can even make this possible. Nevertheless, a careful and disciplined trader will choose the times and will not be active during all Forex market hours.

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Forex Trading Basics – How Does it Work?

p>A beginner in Forex may tend to be overwhelmed with all the complexities involved but fact is, the basics are quite easy to learn. If you are looking to get started in Forex trading, you just need to understand the terms and grasp a basic understanding of how the Forex market works. The learning curve may be steep at first but as you get the hang of it, Forex trading should be very feasible.

What is Forex?

The Forex market is basically about the exchange of two currencies against one another. Almost, if not all countries are involved in this massive market that has a volume of about 4 trillion dollar a day. If you have ever traveled and needed to exchange the currencies from your hometown to that in your destination, then you have participated in this massive market. And because casino jameshallison this is a very active market, it is quite possible for investors to make a substantial amount of money. However, let’s not forget that just play online casinos like other kinds of investments, Forex trading also has some risks.

The rates of different currencies in the markets are constantly fluctuating and there are many reasons for this. Some include bank interest rates, economic growth expectations, trade balance, employment outlook and any action caused by the central bank.

Forex Trading Basics

Forex traders who deal with currencies for investment purposes do so by using a special trading platform provided by their Forex broker. It’s interesting to know that these days almost all transactions are handled online and in Forex trading, this is no exception. There is also the opportunity to trade in margins where a small balance held by your broker can manage much larger deals.

Since the slowdown of the stocks market, a lot of investors have been resorting to Forex trading. What’s more, investors have found several benefits with trading in currencies. For one, an investor is not limited to dealing in his own country. He can trade any two currencies regardless of where he lives. This is because Forex is a 24 hour market and can be accessed at any time.

How Currencies are Expressed in the Forex Market?

Each currency in the markets is represented by 3 letters. For example, the US dollar is indicated as USD, British pound is GBP, Euro is EUR, Japanese Yen is JPY, Australian dollar is AUD and Canadian dollar is CAD. Other currencies in the market have their own corresponding symbols.

 
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