At MarketClub we cover all major and minor Forex pairs in real-time, and their popularity is growing by the day. Traffic to our Forex pages is almost double what it was less then two years ago, and with all the great Forex material (including this post by Bill) I asked Jason Gospodarek from FastPips.com to throw his knowledge into the mix and give us thirteen Forex tips that we ALL can use! Please enjoy the article and if you have any additional tips we want to hear them!
At FastPips.com our goal is simple. We want to help you learn how to create a profitable trading business by executing low-risk, high-reward trades in the best market conditions possible.
#13: Back-test, but be logical. Back-testing a given strategy can prove priceless when done correctly, but remember to take the results with a grain of salt. Be especially wary of trade results shown on websites claiming astronomical gains since most of these results simply are not attainable under live market conditions for many reasons.
#12: Always analyze similar pairs in the forex market before placing any trade. Similar pairs can be defined as any tradable currency pair containing 1 of the 2 currencies you are about to trade. For example, by looking at no less than 4 US Dollar pairs before trading, one can determine if the pair will be moving based mostly on the US Dollar or the opposing currency. This can easily be done with the Japanese Yen and others as well.