Annabel's Top FOREX Trading Tips Building YOUR WORK FROM HOME Business Opportunity

Keep coming back for frequent FOREX Trading Tips to help you make the most of this great 24 hour a day market. I will share with you for free any light bulb moments, insights, my general findings, anything which works well for successful trades! Taking reference from the book - in this business its good to learn from other's experiences - its far less costly to you!

In the FOREX market - the trend is your friend untill the bend at the end.
Price movement has only 3 directions - up, down or sideways.
London is the major dealing centre for FOREX. Trading just at the end of the Asian trading session and the open of the European session is a very good time to trade as volatility is high.
You cannot know what the market or price will do next - nobody knows. You can however develop strategies to cover most market movements.
Don't forget to factor in the spread when calculating your FOREX profit target. The spread is difference between the price you buy/sell the currency when you enter a trade and the buy back or sell price when you exit the trade. Brokers make money on the price they quote for each currency pair and will differ according to which currency pair you are trading.
Use Candlestick charts to trade for a more visual representation of price movement. If you have access to HeikinAshi charts these are the best. Take a look at www.gftforex.com for a great broker with great dealing software with thses charts as standard.
No one broker or firm can directly influence the FOREX market as it is so large. An individual country can have an effect on price when economic news is released. Check out www.forexfactory.com for a very comprehensive weekly calendar covering the main announcements due.
To make consistent profits for a long and successful trading career, your trading strategy should not include trying to make a quick buck riding the major economic news. Consistent trading success will come as a result of high probability trades not risky ones! You may be lucky on occassion but you also maybe very unlucky - in other words trading FOREX this way is a complete lottery!!
Keep a FOREX trading journal. Every trade you take write down why you entered the trade, at what price, what your stop loss was, your exit strategy, expected pips gain and how you felt about the trade. Everyone will trade differently so a journal is the only way to improve as your understanding as a trader will be an on-going learning process.
Plan your trade and trade your plan. Write yourself a trading plan and then stick to it, after which it is a good idea to write down your trades in your journal. Only by doing this can you identify what works and what doesn't.
Keep unemotional and detached from the market and your trades. The majority of traders find this the hardest part of becoming a consistently successful trader.
Follow, learn and trade only one currency pair when you atart out - the most tradeable to start with is argueably the GBP/USD
Use different time frames to assess your entry point, how you manage the trade and your target exit price.
Modification and fine tuning your trading strategy maybe needed but once mastered this will be the basis of your consistency as asuccessful trader.
Profits from trading using the Spreadbetting method are TAX FREE in the UK.
When trading the FOREX you can earn interest on your open position overnight. However you may also have to pay interest. It is therefore a goo idea to understand from your broker how this may effect your open positions and trading decisions. Some experienced traders pre-calculate interest due prior to opening a new position to hold over night and subsequently if correct will gain from the rate of interest carried forward.
Do not trade if you are feeling unwell or less than your best. You may lose trades which would normally have been profitable and you definitly need a clear head when trading. It is too easy to try and make up for mistakes which could cost you more. I know this one all too well!!
Read and learn as much as you can from the experience of others - its much less costly to you.
Every moment in the market is unique. However you can understand the historical patterns of currency pairs to establish a picture of probably price movements. Take a look at previous support and resistence levels and look back to see what the pairing did previously at the same points. You can then draw a horizontal line to indicate these levels and see what happens to price movement at these points.
Some currency pairs will have similar characteristics and can be compared and contrasted. One currency pair may lag slightly behind the behaviour of another in the FOREX market. Once you have entered a trade with one, it is possible to wait for the same entry signals for the correlating pairing.
Some currency pairs act in the opposite way in the FOREX market. With time and understanding of FOREX price movements these characteristics can also be identified and traded accordingly.
Don't trade with too much information in front of you. To trade successfully and consistently you need to be able to think clearly. Having too much data will only confuse you.
Successful trading is about doing everything you can to stack the outcome of the trade in your favour. However the law of probability says that you will not win every time - FACT.
Have a dedicated computer for your trading. Because every trade is live the last thing you need to happen is a virus on your machine whilst you have an open position. You can minimise the probability of this happening by having a computer dedicated to trading.
Paper trade and back test any new strategies before committing your hard earned cash to a live trade.
Only trade with an amount of money which as a worst case scenario you will lose.
Recommended trading software - Tradestation or Esignal.
Establish price support and resistence levels at the start of every period you trade.
Good price support and resistence levels can be calculated using Pivot Points, Fibonacci, Elliott Wave of Gann theories.
Fibonacci is especially liked by many traders as most traders use it. Just by this fact alone it will have an impact on price movement as the mosre widely it is used, the more able trades are able to predict price movement. By using this technique you are again looking to stack the odds in your favour.