Many MarketClub members trade or at-least keep an eye on the Forex market, and for good reason, it is THE largest market in the world. We do however hear many misconceptions daily about the Forex Market and many traders still have the mind set that it is not for them. That may very well be the case, but as with everything it is best to fully understand all aspects. I've invited Forex Pro, Jason Fielder to shed some light into the world of Forex and why he likes it so much. Be sure to check out his article below and grab a copy of his new report for more on Forex.
The Forex Market is the largest financial marketplace in the world...The Bank of International Settlements estimates that average daily turnover in the FX Market is around $4 trillion. In comparison, the New York Stock Exchange turns over about $75 billion a day. That means the FX Market is over 50 times larger than the NYSE!
I was recently talking to James Mound, Founder of Futures Press Inc. We started talking about current market conditions and why he thought a majority of the "predictions" he was hearing were pretty far off base. I must admit he had some good points and I asked if he would do a guest post to address some of the issues. Take a look and be sure to comment with your thoughts. If you like what you see be sure to visit James here.
I apologize in advance if this particular report offends any analysts or traders as it is not my intention. I am here to tell it like it is, and right now many of the pundits have it DEAD WRONG about the future of the stock market, the dollar, bonds and commodity prices.
The world’s financial industries – currencies, interest rates, stocks, real estate and commodities – are all being driven by one critical issue. That issue is confidence. If you can predict the future track of investor confidence you might be able to forecast these critical industries and that is what I am going to do right now. Continue reading "What is this confidence thing all about?"→
Chuck Hughes' recent guest post received such a phenomenal response from Trader's Blog readers that we decided to bring him back for weekly wrap-up. Today Chuck is going to tell us about a basic trick he uses in volatile markets. Be sure to comment with your thoughts on how to play volatile markets and visit Chuck at Wealth Insider Alliance.
Since this continues to be the 'year of volatility', let's take a look at how you can continue to go for consistent profits without being stopped out – or wiped out – by whipsaws.
Being a professional trader is a dream many investors strive for. According to Moby Waller of Big Trends, it is an attainable goal that like everything else, requires a strong foundation. Here are 5 tips to becoming a full timer from Moby that you or may not have considered. Be sure to comment and let us know what your ultimate trading goals are and what you have found to be important parts of your trading routine.
So you want to be a professional trader? Here are some aspects of the job that you might not have thought of.
1. Have a dedicated working environment and structured work hours.
Create a space for your trading that is solely devoted to that and make sure it is suitable for your needs. What kind of computer power do you need? How many monitors will you be using? What software packages and scans will you be running? Do you want CNBC or other channels on a television? What newspapers, magazines and websites will be perused each day? And so on…
Next, devote a set amount of time to trading every day. Whether it’s the 6.5 hours that the U.S. market is open, or 1 hour at the open/close, or 2 hours before the open and after the close, find a time that works for your trading and stick with it like a real job.
I knew a trader in Chicago who began “scalping” U.S. Futures vs. German DAX Futures, which required him to go into the office every night from about Midnight to 5 am. Is this a sacrifice? Yes … but the pay and profits from it made it worth his while.
Today's guest is Mark Hodge of Rockwell Trading. The very basics of trading are often overlooked by new traders and I think we all can agree that you need a solid foundation to prosper in today's markets. Mark decided to write a post on what, in his experience, makes a successful trader. Be sure to comment and feel free to share your success (and horror) stories of becoming a trader. Also, don't forget to visit Mark at Rockwell Trading.
With the way the markets have been behaving these days, it’s no surprise that more and more people are interested in trading. If you’re new to trading, you’re probably attracted to the potential to make money, but you’ve heard horror stories about traders that have lost money in the markets as well. If you’ve been trading for awhile, you probably have a horror story or two of your own. These stories and experiences are important to share, but it’s unfortunate when many of these horror stories could have been avoided by understanding what it takes to become a trader, and by having direction early on.
The following “10 Steps to Becoming a Trader” provide a structured and systematic approach to becoming the trader you want to be. By following these “10 steps” you will be in the best position possible to achieve your goals as a trader:
Step 1 – Determine the type of trader that you want to be.
Sounds simple enough, but if you don’t address this key step it will be difficult to progress as a trader. What markets and time-frame will you trade? You’ll discover that your situation and goals will have a direct impact on the type of trader you decide to be. So ask yourself, what type of trader will you be? Continue reading "10 Steps to Becoming a Trader"→