Forex is a 24hours market and it is operational for five days in a week.
We have the Asian; European; London and New York Sessions.
The Asian Session opens on sunday at 1.00A.M GMT or better still 8.00P.M EST and closes at 8.00A,M GMT or 3.00A.M EST. The European Session opens at 7.00A.M GMT which is 2.00A.M EST and closes at 3.00P.M GMT i.e 10.00A.M EST. the London Session which run almost at the same time with the European Session opens 1hour after the European Session and closes 1hour after the European Session closes.
The New York Session opens at 1.00P.M GMT or 8.00A.M EST, while it closes at 8.00P.M GMT which is 3.00P.M EST.
It is advisable to watch the historical price data on the forex chart to see what time frame that suits you to trade and what time you could be busy doing something else. The idea is to trade when the trading range is worth it, while you stay out of the market when the trend is not favourable.
Thursday, October 2, 2008
Tuesday, September 30, 2008
TERMS AND LANGUAGES OF FOREX
First let us get used to the terms and languages as being used by the pros in forex trading.
You get to hear things like Pairs; Base/counter currency; Bull/Bear;Pips; Margin; Spread; Leverage etc.
Currencies are traded in pairs like USD/JPY which means the US dollar/ the Japanese Yen. The USD being the Base currency here while the Japanese Yen is the counter currency.
When you hear the pros say it's Bull, that means the base currency is strong and at this point a trader buys but when they say it's bear, then that means the counter currency is stronger and this is when a trader sells.
A pip is an acronym for Price Interest Point which is the movement of the price of any pair from a point to another it equally determines the volume of your profit or loss and your mean goal is to gain as many pips as the market permits you.
Margin is the amount of money a trader invested in the Forex trading, it's a sort of bond to ensure against total loss of his/her deposit.
Spread is the difference between the BID and the ASK price and this is the token fee being charged by the broker.
Leverage is the amount of money your broker loans to you, it give a trader the ability to control a bigger trade with your little money. Any market movement will have an equally proportional effect on your deposited fund. See you in the next lesson.
You get to hear things like Pairs; Base/counter currency; Bull/Bear;Pips; Margin; Spread; Leverage etc.
Currencies are traded in pairs like USD/JPY which means the US dollar/ the Japanese Yen. The USD being the Base currency here while the Japanese Yen is the counter currency.
When you hear the pros say it's Bull, that means the base currency is strong and at this point a trader buys but when they say it's bear, then that means the counter currency is stronger and this is when a trader sells.
A pip is an acronym for Price Interest Point which is the movement of the price of any pair from a point to another it equally determines the volume of your profit or loss and your mean goal is to gain as many pips as the market permits you.
Margin is the amount of money a trader invested in the Forex trading, it's a sort of bond to ensure against total loss of his/her deposit.
Spread is the difference between the BID and the ASK price and this is the token fee being charged by the broker.
Leverage is the amount of money your broker loans to you, it give a trader the ability to control a bigger trade with your little money. Any market movement will have an equally proportional effect on your deposited fund. See you in the next lesson.
INTRODUCTION TO FOREX TRADING
Are you new to Forex Trading? Do you want to grasps the currency market fast? If YES then come along with me in my serial post while I lead you almost by the hand. But you have to acquaint yourself with the Forex terms, master the languages as being used by the pros.
Now, What is Forex. The Foreign Exchange market commonly referred to as Forex was established way back in 1971, when the exchange rates began to materialize. And all is about buying and selling of currencies. Trading in the Forex Market is a challenging task where above average returns are available for investors who are willing to take above average risk. The Market carries with it a high degree of capital risk and only those who have risk capital, should be trading in the market. Therefore before deciding to participate in the FOREX Market, you should carefully consider your investment objectives; level of experience and the ability to shoulder risk. On a final note and most importantly DO NOT invest money you CANNOT afford to loss.
Now, What is Forex. The Foreign Exchange market commonly referred to as Forex was established way back in 1971, when the exchange rates began to materialize. And all is about buying and selling of currencies. Trading in the Forex Market is a challenging task where above average returns are available for investors who are willing to take above average risk. The Market carries with it a high degree of capital risk and only those who have risk capital, should be trading in the market. Therefore before deciding to participate in the FOREX Market, you should carefully consider your investment objectives; level of experience and the ability to shoulder risk. On a final note and most importantly DO NOT invest money you CANNOT afford to loss.
Monday, September 29, 2008
QUESTIONS THAT BUGS THE MIND
I have decided to leave the first topic i.e Preparing Our Minds; for commentaries before I proceed. Hence I will delve into Forex. When you about to start anything you ask yourself one or two questions i.e HOW and WHERE. Bearing this in mind, I have set out series of posts to help any would-be investor in any field. These postings will afford you the opportunity to get direct answers to these questions bugging the mind.
On Forex Trading for instance, successful trading has to do with YOU. Your discipline; Your Courage; Your Personal Knowledge and Development. But bear it in mind that becoming a successful Forex Trader and being self-sufficient is NOT an "event" but a "process". "Arnold Glascow" in his book said "success isn't a result of spontaneous combustion-You must set yourself on fire". Trading in the Forex market is a challenging task where above average returns are available to investors who are willing to take above average risk. Trading Forex carries with it a high degree of capital risk and only those who have risk capital to trade should be trading in this market. Therefore , before deciding to participate in Forex Trading , you should first carefully consider your investment objectives, level of experience and your ability to take risk. But DO NOT invest money you CANNOT afford to loss.
On Forex Trading for instance, successful trading has to do with YOU. Your discipline; Your Courage; Your Personal Knowledge and Development. But bear it in mind that becoming a successful Forex Trader and being self-sufficient is NOT an "event" but a "process". "Arnold Glascow" in his book said "success isn't a result of spontaneous combustion-You must set yourself on fire". Trading in the Forex market is a challenging task where above average returns are available to investors who are willing to take above average risk. Trading Forex carries with it a high degree of capital risk and only those who have risk capital to trade should be trading in this market. Therefore , before deciding to participate in Forex Trading , you should first carefully consider your investment objectives, level of experience and your ability to take risk. But DO NOT invest money you CANNOT afford to loss.
Sunday, September 28, 2008
Preparing Our Minds And Making Money
To Build real and HONEST wealth we have to prepare our minds.I will take you through all the stages of Building and maintaining REAL WEALTH.
VISION
MIND OF A SUCCESSFUL PERSON
A CLEAR MENTAL PICTURE OF A BETTER TOMORROW, GIVEN BY GOD, MOVES A PERSON TO BELIEVE THAT IT NOT ONLY COULD BE DONE, BUT IT SHOULD BE DONE.
Once you have captured this vision, you must find ways to communicate it to your people,in order for it to work. Winston Churchhill they say is a master at communicating vision to his people and tools he uses were:"Strong Beginning; One Theme; Simple Language; Pictures and Emotional Ending".
BIRTH OF A VISION
For many people their vision began just like an idea, without much details or clarity.With time, the idea turns into a major area of interest, and later than sooner it becomes a passion. It then takes shape right inside their mind. Therefore in many ways, the birth of a VISION is much like the birth of a CHILD. It goes through various stages before it matures.
Before you can have a clear cut vision you need to have intimacy with GOD, in order to conceive a true vision. people who gets vision from GOD have spent time with HIM in worship, quietness, solitude and reflection. This type of union enables GOD to speak and reveal what HE wants that person to do. That is when GOD plants the vision-seed inside him/her.
Keep posted. Next time I will take you ,through types of vision and their stages of growth.
VISION
MIND OF A SUCCESSFUL PERSON
A CLEAR MENTAL PICTURE OF A BETTER TOMORROW, GIVEN BY GOD, MOVES A PERSON TO BELIEVE THAT IT NOT ONLY COULD BE DONE, BUT IT SHOULD BE DONE.
Once you have captured this vision, you must find ways to communicate it to your people,in order for it to work. Winston Churchhill they say is a master at communicating vision to his people and tools he uses were:"Strong Beginning; One Theme; Simple Language; Pictures and Emotional Ending".
BIRTH OF A VISION
For many people their vision began just like an idea, without much details or clarity.With time, the idea turns into a major area of interest, and later than sooner it becomes a passion. It then takes shape right inside their mind. Therefore in many ways, the birth of a VISION is much like the birth of a CHILD. It goes through various stages before it matures.
Before you can have a clear cut vision you need to have intimacy with GOD, in order to conceive a true vision. people who gets vision from GOD have spent time with HIM in worship, quietness, solitude and reflection. This type of union enables GOD to speak and reveal what HE wants that person to do. That is when GOD plants the vision-seed inside him/her.
Keep posted. Next time I will take you ,through types of vision and their stages of growth.
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