GDP had slowed to 2.7% qoq in annualised terms in Q1. Consumer spending, business investment and inventories had expanded moderately, whereas spending on housing and external trade had made a negative contribution to growth. The pattern in Q2 will probably have been similar. According to personal spending and retail sales
Monday, July 26, 2010
US Economic Indicators Preview
Sunday, July 25, 2010
How to Get Rich Trading Forex – How to Make Big Forex Profits Quickly
Can you get rich in Forex trading? The answer is anyone has the potential to do it but the fact is 95% still manage to lose all their money. If you want to get rich, you need to ignore so called accepted investment advice and follow the steps enclosed.
Now lets look at how to build a great second or even life changing income…
Have Confidence in Your Ability
Forex trading intimidates many traders, even though anyone can learn it quickly and easily with the right education and you don't need a college education to do it either. This group of people think they should follow someone else and buy a cheap, Forex software program which promises them financial freedom, for a couple of hundred dollars or less and despite the fact it's obvious these programs lose, they buy them and other sure fire systems and lose.
No one else is going to make you rich, your on your own and you need to take charge of your financial destiny but the good news is:
You can soon learn and get confidence in what your doing – two weeks study and your all set to trade and you don't need to spend a long time on your trading strategy either, just 30 minutes a day is enough but what strategy should you use?
Let's take a look at a basic Forex trading strategy for success.
Your Strategy – Should be Simple and based on Long Term trend following
There are lot's of clever people, who think because they are clever they will win at Forex, so they build complex strategies and lose. In Forex trading, simple strategies are best as there more robust with fewer elements to break than complex ones – so keep yours simple too.
Most traders day trade or scalp looking for a few pips but all there doing is trading the noise of the market and they lose. You can't win when your trading random volatility so don't try.
Instead, be patient and wait for the big trends, they last for weeks, months or years so wait for the high odds trades get into them and hold them. Why work harder than you need to? Long term trend following is by far the best way to trade and yet, most traders simply won't do it.
A Mindset for Success
Most traders fail due to there emotions and that's a fact – they simply can't trade with discipline. If you can't trade your strategy with discipline, you don't have one.
Most traders cannot accept that to win, you have lose cheerfully and keep your losses small. If you want to be right all the time or want to fight the market – do something else, because you won't win at Forex.
To win you need to take losses, keep them small and have the mindset to stay on course until you hit profits again. I know traders, who make hundreds of percent in terms of annual profits yet, only win 50% of the time or less! They win, because losses are kept under control and they have the courage to run the big profitable trends.
You Can Win but You Must do this ..
Have a burning desire to succeed and the confidence to stand on your own two feet then, You t only need a simple system which is easy to learn and the mindset to apply it, with rigid discipline and Forex trading success can be yours.
Can you get rich trading Forex? The answer is anyone has the potential and the opportunity is there and the rest is up to you.
Money Management and Building Your System
The final, and by far one of the most important factors to your success is money management (sometimes also referred to as position-sizing). To illustrate just how important it is to your final results, there has actually been a mathematical study which confirms that even completely random entries, based upon a coin toss and yielding only a 35% "win" ratio, can produce steady profits when combined with proper money management formulas. As a matter of fact, to break it down by level of
Creating a trading strategy
One of the most common mistakes new forex traders do, is that they have no trading strategy. Because of the many appealing characteristics (24 hours, trade both short and long, leverage etc) most of the new traders entering the market are eager to prove themselves in an often egoistic approach. Egoistic in that they believe that they can become very profitable and make a fortune in the short term, but soon enough they end up with a bad psychology which at the end accelerates their loosing
Understanding the Forex Market
These days a Foreign exchange market or is commonly known as a forex market trading has been growing so fast that it becomes the leader of financial market in the world. To the traders, Forex market is something familiar in which they know how all the systems in it work. But most people don't have a very deep understanding of the Forex market. So, this article will try to explore and show you the basic important things about forex market trading.
The activity of foreign exchange to pay for a business has been commonly done. If you are travelling abroad, you will of course need to exchange your money with the currency of the country you are going to. Or a traveler's check can be another solution when you need to pay for a transaction abroad. When you are doing all these, you already engaged in foreign exchange, but it is NOT the kinds of activity happened in the Forex market. In the Forex market, the traders are trading foreign exchange in which the main purpose is 100% to make a profit from certain currency being traded for another currency.
Forex market trading is done all over the world 24 hours a day and 5 days a week by dealers at major banks or forex brokerage companies. Before the development of online trading, the market is dominated by banks, major currency dealers and large speculators. But now, thanks to the internet, small traders are also able to take part in the Forex market. The larger sized inter-bank units are broken down into small units by Foreign exchange market brokers so that it is affordable for individual traders to buy or sell the units. This way, the brokers give the opportunity for any traders to take position in the market at the same rates and price movements as the big players who once dominated the market. The traders can also have an overnight position without waiting for the opening market because the market itself runs 24 hours a day. Trading in Forex market moves from major banking centers of the U.S. to Australia and New Zealand, to the Far East, to Europe and finally back to the U.S., so that the currency trading is not centered on an exchange. This is where the difference from the futures and stock markets lied down.
Unlike the stock market, the price movements on the forex market trading are relatively very smooth. It is because the market is 24 hours-open non stop in which the trade can be continuously executed so that there is no gaps occurred. Even on September 11, 2001, the forex market was still open. The danger in which an investor is not able to enter and exit positions whenever they want is eliminated because the Forex market's daily turnover reaches a fantastic number around $1.2 trillion.Read more…
An Overview About Forex Trading
The Forex market is a non-stop cash market where currencies of nations are traded, typically via brokers. Foreign currencies are constantly and simultaneously bought and sold across local and global markets and traders' investments increase or decrease in value based upon currency movements. Foreign exchange market conditions can change at any time in response to real-time events.
The main enticements of currency dealing to private investors and attractions for short-term Forex trading are:
- 24-hour trading, 5 days a week with non-stop access to global Forex dealers.
- An enormous liquid market making it easy to trade most currencies.
- Volatile markets offering profit opportunities.
- Standard instruments for controlling risk exposure.
- The ability to profit in rising or falling markets.
- Leveraged trading with low margin requirements.
- Many options for zero commission trading.
Forex trading
The investor's goal in Forex trading is to profit from foreign currency movements. Forex trading or currency trading is always done in currency pairs. For example, the exchange rate of EUR/USD on Aug 26th, 2003 was 1.0857. This number is also referred to as a "Forex rate" or just "rate" for short. If the investor had bought 1000 euros on that date, he would have paid 1085.70 U.S. dollars. One year later, the Forex rate was 1.2083, which means that the value of the euro (the numerator of the EUR/USD ratio) increased in relation to the U.S. dollar. The investor could now sell the 1000 euros in order to receive 1208.30 dollars. Therefore, the investor would have USD 122.60 more than what he had started one year earlier. However, to know if the investor made a good investment, one needs to compare this investment option to alternative investments. At the very minimum, the return on investment (ROI) should be compared to the return on a "risk-free" investment. One example of a risk-free investment is long-term U.S. government bonds since there is practically no chance for a default, i.e. the U.S. government going bankrupt or being unable or unwilling to pay its debt obligation.
When trading currencies, trade only when you expect the currency you are buying to increase in value relative to the currency you are selling. If the currency you are buying does increase in value, you must sell back the other currency in order to lock in a profit. An open trade (also called an open position) is a trade in which a trader has bought or sold a particular currency pair and has not yet sold or bought back the equivalent amount to close the position.
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