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Everything posted by mohsinqureshii

  1. After the union of southern and northern parts of Yemen in 1990 both Southern Dinar and Northern Rial was used as legal lender. However in 1996 Dinar was withdrawn from circulation and only Rial was considered to be the official currency of Republic of Yemen.
  2. Yard is conceived from the word “milliard” which is common in many European languages – Different countries have different terminologies for large numbers, Yard can be called as One Billion or one thousand million, one arrab or one milliard.
  3. The name given to the currencies traded in foreign countries are called Xeno currency. For example when Chinese yuan or Korean won are traded in US markets or exchanges it is considered as Xenocurrency. Governments or corporations deposit into foreign banks is also called XenoCurrency.
  4. It is a fact that forex trading became a highly preferable investment method in the last decade. Combined with the internet as a global 24/7 network forex is reachable to everyone. I'll not give about the basic explanations of forex trading in this. I am sure that i do not have to tell what forex trading is. People which familiar or have an interest in an investment, know forex already. Don't They? Forex trading is basically just an investment. As any other investment, there are always benefits and risks beyond forex trading. Many people/organization, especially forex brokers, its affiliate and those who earn their income by providing some forex related services says that forex trading have so much advantages compared to other investments, Forex is easy, with its non-stop 24 hour market, its wide range adjustment leverage, its automated trading platform, its offered better opportunity for income resource,and many more.. You name it as such as you want to... Blinded by its beautiful dream imagination, many small/personal traders, especially for the new ones forgot that forex trading is basically still an investment program. Traders should never have a thought that forex trading is an income resource. Common Beginner Traders scenario Beginner forex traders are usually follow the trend of forex trading without preparing and providing themselves with an adequate understanding about what's inside forex trading. Their common scenarios are: 1. Know about the forex trading 2. Have an interest in forex trading 3. Looking for an easy and profitable forex services (Usually by looking for some services with less margin, high leverage, automated trading platform, and less risk. Which is too good to be true) 4. Start gambling with their trades 5. Unable to achieve profits as what their imagination 6. Repeating scenarios 3, 4, and 5 7. Repeating scenarios 3, 4, and 5 again...and again.. 8. Realizing that they are loosing too much or that their imagination along these days/weeks/months is wrong (i doubt that it would reach years) 9. Give up and quit their trading for good. Where did they do wrong in above scenario? Is that wrong to always searching for a better service to back up our trade? In my point of view, there are no mistakes in that scenario at all. But it is just incomplete, and that is the most dangerous mistakes made by most beginner traders. How to Overcome Traders Mistakes and Begin to Make Some Profits In Forex: The facts are, there are just 5% of forex traders which successes with their trading. To become as they are, we should insert step 2.5 in scenario above. This step will simplify above scenarios by eliminating the fourth and eight and changing ninth step became TRADERS GOAL ACHIEVED. 2.5: Preparing yourself with a solid basic knowledge of Forex Trading # Know about the fundamental of forex trading. # Learn about what and how forex market really is. # Train yourself to getting familiar with the technical analysis in forex trading. # Learn how psychological factor affecting in the trading and define our best trading personality. # Be aware in our risk and money management. # Develop your most effective unique trading system based on your knowledge. We should keep in mind deeply that forex trading is an investment. There is no way that we should be our master in some investment that we have just dive in to for days or weeks. We have to do it by the right way, and do not forget to eliminate your rush in the goal achievement. You will surely find your best trading system that suits you. I guarantee that. But it would cost you some time for several trial and error system testing while you developing your experience in forex trading. By using an analogical approach as a computer, forex broker is the application programs and operating system. We do need them to make sure that all we need it's done ,served and executed properly. But, how good the computerization execution speed and its performance are depends on the basic computer specification, which analogically as you . How to Get Yourself Completely Forex prepared: Learning and education materials are world widely spreading around us. 1: The first and the most value added a resource of forex trading is through book reading. Forex and investing categorized books are available in countless numbers in many bookstore and online bookstores. You should pick some of them to educate yourself with valuable knowledge of the theory beyond forex trading. 2: try to get into some traders forum to know more about forex trading and the markets. Forex forum also a place to give you an information for forecasting the crowd psychological factor to forecast the currency price movement by examining on how do other traders react in some financial forex related world events. 3. Get a Forex Course. An expert forex traders or forex broker are offering this kind of forex educational method. the course are usually about basic knowledge of forex, technical analysis technique usage and its tools,an expert trading advice or maybe in how to develop a particular tested forex trading system which profitable (if done right and backed by your forex basin knowledge) 4. Forex magazine subscription. Some forex magazines are published weekly, monthly and others might be yearly. These materials usually give you information about he updated forex market behavior overview and analysis Which can be use for the input of the fundamental analysis of your Forex Trading.
  5. Hey samuel i Hope this link will help you in that http://www.traderslaboratory.com/forums/tech-analysis/12462-candlestick-pattern-dictionary.html
  6. Beware the Source and Follow Your System!!! When you turn on the TV (especially mainstream media) you are inundated with news of the demise of the Dollar. Business news, national news and even your local news channels are leading into events with reports of the dollar and the economy. Analysts are featured and opinions are smattered across the airwaves in an attempt to provide an oracle response to current economic events. Beware the source and follow your system In these volatile times it is easy to get caught up in the hype provide by all the news media and analyst. It is natural to want to look for guidance. Remember to trust your system and more important trust yourself. You, after all, are the single largest determinant of your success. Your approach should remain consistent, almost impervious to the events occurring because you follow your plan with discipline and ruthless detail to executing at optimum performance. Be disciplined and follow your plan. If market conditions don't suite your style...... Sit this one out until conditions provide you with your personal edge.
  7. you can concern with: Gold, Silver, Gold Price, Silver Price, Gold Rate, Gold News | Kitco you can find all information and history there .
  8. I am not in favor of mental S/L. Forex Markets play with your emotions and it is not a wise choice to use a stop loss in your mind.Remember that it is a beginners forum and many beginners learn with that. So in my point of view every beginner should place a stop loss. If they really want to learn. Beginners should embraced their mistakes because it is the only way to learn Forex trading. We all did many mistakes when we were beginners. didn't We? So it is part of our education. With stop loss beginners can learn Risk management and many other things. Your second option is really good and acceptable. (this is only My point of view. I hope you don't mind)
  9. I don't think so. It is just a lame excuse in my view. I use stop loss order in any trade and it is not hurting me any more because i put it after picking my desired price. It is difficult to wait your desired price but when you got your price than of course you have a plan in your mind about Stop loss and profit limit as well. So just plan your trade and trade your Plan. Many time i face the condition that my stop loss survive only 1 or 2 pips difference and many time markets just hit my stop and go in my desired direction. But it is part of the game. So always be positive and Trust yourself.
  10. Agree With that. I am also not believe on trading without stop loss. Specially for new comers. Stop loss is a way to manage your funds properly and wisely. In my point of view one should wait a level where his stop loss is very low, obviously technical studies will help with that. When you got your level just hit the price and place a stop at technically resistance or support's breakage. And if your stop hit then wait for new formation or level.It will help you a lot.
  11. Agree With you i am also looking for it around 1.2100 or below 1.2000 that will be a good level for long term buying.
  12. Thats the Reason i Start my Comment With "In My Opinion" just mention it because Technical Studies are much Profitable In my case.
  13. This Article is Just Awesome. You write it very simple and straight and most of us do the same mistakes again and again. Really if we just focused on our plan and control our emotion we can be successful in this market. Thanks for sharing such a nice thoughts on this forum. I'll be waiting your Next article.
  14. First I just Want to say that this is very cool and Nice article Dear Obsidian! Well...In my opinion it is not possible to make sustainable profits trading economic Data releases simply because any subsequent movements after the announcements are often highly volatile and highly unpredictable. They are basically open to interpretation, and any subsequent movements are based on traders initial reactions to the news, Which is itself can be unpredictable. Sometimes you will find that straight after a news announcement, The market will move strongly in one direction or the other. This can either continue, or completely retrace and head in the opposite direction, making it impossible to trade. This is because there is often a knee-jerk reaction to the news, and hen a subsequent move a few minutes later once traders have fully digested the figures. You will find sometimes that seemingly good news for the dollar, for example, will see a surprise sell-off and vice versa. It's all about traders perception of the news and is basically too unpredictable to trade with any confidence so my advice would be to stay away from the economic data releases, because there are plenty of easier ways to profit from the forex markets.
  15. Trying to Simply trade with GTC orders. For an example when you are in trade Just Put a stop loss and Limit profit set on your software with the help of OCO (One Cancel Other) order type. And Always place your limit @ double of your Stop.its mean if you place a stop @20 Pips away and place a limit @ 40 pips away of current market Price and after a day or Week you make 10 decisions in which with the ratio of least 50%/50% you Lose 200$ in your Stops and earn 400$ in your limits. Result will be in your favor. The only key is Plan your trade and trade your Plan.
  16. If you only want a chart then you have many sites where online charts are available. and there are many brokers in UK who offers a demo accounts in MT4. For Demo you obviously do not need to send an application. Just Download any Broker's MT4 Software from their site and you can run your Demo Account as long as you wish. You can see your desired charts their and the Beauty of MT4 Platform is that it can work on very low speed of internet as well.So you can use it easily and comfortably.
  17. 6.you have to plan your trade and Always trade your plan. ou must have written business plan that will detail all aspects of your trading. When are you going to trade, how much to risk, strategies for entries and exits are just o name few. To become a consistent (profitable) Forex trader you have to plan your trade and trade your plan. 7.Be Realistic About Your Expectations Let me tell you loud and clear right now. Every one is right and everyone is wrong,You have to make a personal commitment to become a successful trader, find a trading style that works for you and expect a slow and steady approach to wealth building through forex. 8.DO Not Gamble With Forex! 9.Embrace your mistakes. Embrace your mistakes and don\t beat yourself up! No more "I am not good enough to make money in forex" thinking. Anything fully experienced will soon vanish! 10.Trading Need Breaks.....!!! Have you ever been in a trade when things got hot and out of control? Well, that is the time to stop trading and time to Relax and regroup!
  18. Wow Amazing story. Thanks for Sharing this one....
  19. Agree With Obsidian.A non U.S broker is Very best option for you. there are any UK based brokers who provide the same platform ( MT4 ). You can find them with the help of google aswell.
  20. It is very common. In my Point of view the beauty of Technical studies is that there are rules and every trader follow them because studies are same for every trader who understand the Technical. I consider it like Any Other Profession which is Study base(Doctor, Engineer Etc). Every one doing same stuff but only with his own style.... So don't be afraid...
  21. Well i am also personaly like # 2.. And i am also agree with obsidian
  22. Yes i Was noticing about that also.Lolz I think if it give us any day closing below 1.3000 it will fall. at this point a good support for Buy..With the stop loss of 1.2970 we can buy it about @ 1.3030. but in long term i am a seller of Euro/USD pair....
  23. You thinking same like me.... Thnx for sharing this chart
  24. It is really cool and simple introduction to options. Everyone can understand it easily. I found it very useful and knowledgeable as well. Thanks for Sharing...
  25. Trading the forex market i have found to be a great analogy of life. We trade as we live , with our strengths and weaknesses. Our feeling about ourselves, our cultural views on money and abundance and specially our perception of wealth creep into every aspect of our trading. This is the reason I place such a heavy emphasis on personal self-mastery. Becoming aware of whom we are as an individual, our strengths and weaknesses, and our perspective on life will determine how well we can deploy the correct principals of strategy and risk management and remove the mask of mental poverty in our trading. Self mastery is taught within the context of Forex trading, but in reality it is all about identifying who we are as a person. What drives us and what holds us back. Each aspect can help or hinder us from becoming successful traders. Identifying our personal traits is so critical to our trading. Mastery of yourself not only will lead to success in the Forex market , but also success in whatever venture one decides to pursue. Forex Journey is my journey and from personal experience I have found that to experience success trading this market you will come to know yourself. The 90% that do not succeed fail because they did not acknowledge who they are as a person, which determines who they are as a trader. Trading Currency is hard, but not because of complex strategies or risk management models. Forex is hard because the market is comprised of living, breathing emotional beings that can think and act both independently and as a group. It is the human element that makes the market what it is. Know the psychology of the market through fundamentals is mandatory, but what most people ignore is that they themselves are the other half of equation. It all starts with becoming aware of who you are as a person to fully understand the strength and weakness you will bring to the table as a trader. Becoming aware will lead to an understanding which in turn will lead to overcoming. Success in the Forex market cannot be borrowed or outsourced. It must be earned piece by piece and the first piece is stats with you. Thanks for your precious time. Happy Trading..
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