The Daily <b>Forex Trading Systems</b> Megablog: Mar 20, 2008

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Thoughts On Forex

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DCIO issued an additional advisory in 2007 concerning foreign currency trading by retail customers (PDF). The DCIO Advisory addresses the following issues: (1) registration requirements for associated persons of firms registered as introducing brokers (IBs), commodity trading advisors, and commodity pool operators that are involved in forex transactions; (2) the permissibility of certain unregistered affiliates of a futures commission merchant (FCM) to act as proper counterparties in forex transactions; (3) claims that forex customer funds are segregated; (4) introducing entities acting as FCMs; (5) the applicability of the IB guarantee agreement to forex transactions and prohibiting guaranteed IBs from introducing forex transactions to an FCM that is not its guarantor FCM; (6) prohibiting forex account statements of an FCM�s unregistered affiliate from being included in the FCM�s account statements to its customers; and (7) prohibiting retail customers from acting as counterparties to each other in forex transactions.
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As compared to any other financial trading, Forex day trading has many advantages. Trading currencies is in many ways more advantageous than trading stocks or futures. The forex market is a true 24-hour market. This means that a currency trader can basically choose his/her own hours to trade. Forex day trading currencies require a lot less starting capital than day trading stocks. Thus, you could start out small in the currency market. Traders need to concentrate on a few major currencies only rather than on tens of thousands of stocks.

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In the process of trading you can create pending positions, that will be activated when the price reaches the agreed level (open price). When creating and closing orders, a temporary delay occurs, and lasts for about 30 to 40 seconds. When you make an inquiry, you are given a real market price, which is the current price at the moment of proposal, not at the moment of inquiry.
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British Pound Soars on Surprisingly Strong Retail Sales Report

Thu, 20 Mar 2008 22:00:28 -0400
The British pound is the only currency that has managed to strengthen against the US dollar today.

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Forex Trading - Can You Use Too Many Technical Indicators

By: James Woolley

The majority of people who trade forex use technical analysis to make their trading decisions. They generally use a wide variety of the hundreds of technical indicators available at their disposal, but how many should you use if you want to be a profitable forex trader, and can you use too many?

There's no question that the internet, and the subsequent ease of access to technical charts and indicators, has led to more and more traders being able to learn and become accomplished at using technical analysis to help them make trading decisions.

Indeed, people will spend hours on end experimenting with numerous different technical indicators in order to find that holy grail combination that will help them to become rich from trading the forex markets.

However no combination will prove to be 100% successful. The key is to find a combination that suits your trading style, and enables you to make high probability trades that will give you a positive equity curve (ie profits) in the long run.

If you have a sound stop loss policy and a rigid and disciplined trading system based on certain indicators, then you can make a good income from forex trading.

You don't need to use several indicators at once. Indeed many top traders argue that you should minimise the number that you use, simply because the more you use, the more you will get conflicting information, and confusion and uncertainty does not equate to profits.

For instance you may use six different indicators to help you make your entry and exit positions, but you may, for example, have four of them indicating an oversold position and telling you to enter a long position, but the other two are crossing downwards and indicating a forthcoming downwards movement, so in this case you would probably abandon the initial long trade you were going to make.

This is further complicated when you use multiple time frames because this becomes even more of an issue. Multiple indicators over different time frames will invariably give you conflicting information and the net result will be that you end up not trading at all, and essentially always being afraid to take a position.

This is why so many top traders recommend using just a few tried and tested indicators. You don't need to have a really complex set-up to be successful. You can make a decent living from forex by just sticking to a few basic indicators like RSI, stochastics and MACD, or just using support and resistance levels to make trading decisions.

Furthermore, some traders, like Avi Frister for example, only use one indicator, and argue that it's the only one you really need - price.

So if you're striving to become a profitable trader, don't overcomplicate things. You can be just as successful using just a few simple indicators than constantly trying out the latest and greatest new indicators in order to find that elusive winning combination.

To read more about Avi Frister http://theforexarticles.com/forex-trading-machine-review/

Quick Forex Ideas
foreign exchange risk

Retail sales reports are the third economic factor that is often used in analyzing the Forex. This is the total receipt of all retail stores in any country. Usually, this measurement is not every single retail sale, but is a sample of diverse retail stores throughout the country. This is considered a very reliable and important economic indicator because of the consumer spending patterns that are expected throughout the year. This factor is usually more important that lagging indicators and gives a clearer picture of the state of the economy in any country.

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Forex is all about how to hit the next ball correctly rather than worrying about something of a distant future. The next ball may be for 2 pips or 20 pips or 200 pips or 500 pips depending on a trader?s style.
Anything is possible in Forex.

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The highly liquid and volatile currency markets offer opportunities for speculators every day. Most speculators tend to focus on the so-called �majors,� which are the most actively traded currencies and include the U.S. dollar, the euro, the Japanese yen, the British pound, the Swiss franc, the Australian dollar and the Canadian dollar.

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