FXcast Forex Broker Review

FXcast is an online forex broker based in Antigua that provides trading facilities to forex traders all over the world.

They cater to both beginners and professional traders. Inexperienced traders can open a demo account to try out their platform and to become accustomed to placing trades, or they can start trading with real money for just $10.

The more experienced traders can benefit from the excellent Metatrader 4 platform, widely regarded as the best charting software available, which is ideal for traders who use technical analysis to determine their trading entries and exits.

Traders can also benefit from tight spreads and the ability to trade up to 35 different currencies if they so wish.

Also, one of the major benefits of Fxcast is that they promise guaranteed order execution and ensure that there is no slippage even during volatile periods. There are also no hidden costs or commissions.

You can deposit and withdraw money extremely easily with a range of payment options available including credit card, wire transfer and a host of e-currency and e-gold options.

Overall I can highly recommend Fxcast because their spreads are extremely competitive, they provide live support during trading sessions, have easy deposit and payment options and use the popular Metatrader 4 platform, plus you can open an account and start trading in minutes.

Click here for more information.

Read More......

Forex Trading Machine Review

Avi Frister's Forex Trading Machine is essentially an ebook package consisting of three profitable forex trading systems that the author uses to great success, and best of all they are all price-driven, which means that no technical analysis is required.

It sounds impressive but can you really be a profitable forex trader using only price as your leading indicator?

Well Avi Frister has spent many years studying hundreds of technical indicators, systems and strategies, and finally came to this exact conclusion, that the only indicator you really need is price.

The 180-page Forex Trading Machine package is basically the result of his studies, and includes three unique strategies that you can use to successfully trade forex currencies. So what are these trading strategies?

Well without wanting to give too much away, they are as follows:

1) Forex Cash Cow Strategy

This is a great strategy for less experienced traders and those who have full-time jobs because it doesn't require you to be constantly watching the market all day, and is completely mechanical. It basically requires a few minutes of your time at the end of the trading day to look for possible set-ups and then place your orders if the criteria are met.

This is more of a long-term strategy as you will have to be patient and wait for suitable entries (you may only get a handful of set-ups per month), but when you do get good set-ups it's proven to be a very profitable method, yielding 100+ pips profit, and is fairly low risk as well.

2) Forex Runner Strategy

If day trading is more your thing then you may well find this method (and the next one) more suitable. This is another mechanical system that again does not use any technical indicators, but this strategy produces far more set-ups.

Indeed I've had great success using this method just trading the GBP/USD pair during the day, and although not perfect (what system is?), it is a profitable system because it keeps your losses to a minimum and aims to produce a far greater profit with each trade.

3) Forex Flip And Go Strategy

Another day trading method, this is arguably my favourite strategy as it aims to produce consistent profits of around 40 pips and limits your losses to around 15 points or less.

It focuses on the EUR/USD pair, and generates profits by taking a slice of the daily trading range of this pair, and takes advantage of the pair's unique behaviour.

So to conclude this review, I should state that this ebook package detailing three profitable forex trading strategies is of course not the holy grail which so many are looking for (it doesn't exist), and you will still incur occasional losses whichever method you use.

However, in the long run, with losses deliberately kept small, each of these strategies should produce consistent profits over time, and the best thing is that you don't have to use any technical analysis at all. Price is the only indicator you will need.

Overall, I can highly recommend this product as each strategy is easy to follow and implement, and more importantly is capable of producing regular profits.

For more information about Avi Frister's Forex Trading Machine package please click here.

Read More......

Best Forex Trading Signals

here are very few forex trading signals providers that are genuinely consistently profitable month after month. There are many that claim to be and have impressive looking performance records but very often it transpires that they massage their numbers, and use hypothetical figures in their calculations, rather than trade their signals themselves.

I've come across many different forex signals providers in my time. It's hard not to as the internet's full of them. Nearly all of them have turned out to be a waste of time. I thought I'd found a great site a while back in the shape of Forex Live Pro, but after having several highly profitable months, even they ended up going on a losing streak and have since closed down.

That's why there's only one company that I'm more than happy to recommend and that's ZuluTrade.

ZuluTrade is basically an extensive database consisting of some of the best forex traders from around the world. You can trade any of the signals that these traders provide automatically in your ZuluTrade account. All you do is open an account, deposit some cash, and choose which traders' signals you wish to trade (based on their past performance record). Then whenever the signals are provided by your chosen provider(s), the same positions are opened and closed automatically on your behalf in your account.

It's basically a managed forex trading account where you're in complete control over which signal providers you use, and all trading is completely automated.

Click here to find out more and to open a free demo account where you can experiment with different signal providers before trading with real money.

Read More......

Using The Relative Strength Index Technical Indicator

Many traders use the Relative Strength Index indicator, or RSI for short, but it can be a very dangerous indicator if used in isolation and indeed a lot of traders don't use this indicator correctly.

I remember not long after I first started trading I discovered the RSI indicator. I was immediately impressed. I had read that an RSI reading above 80 indicated an overbought position and a reading below 20 indicated an oversold position. After doing a lot of back-testing I realised how good this indicator was at predicting reversals.

However after doing a lot of live trading on both shares and forex, I quickly realised that trading wasn't this easy. Many times the RSI will indicate an oversold position, only for the price to reverse slightly before falling even further and creating another oversold position.

In short, the RSI indicator should not be used in isolation. It should be used in conjunction with several indicators like stochastics, MACD and moving averages, for example, in order to build up a bigger picture of what the price is likely to do in the future.

In addition there is arguably a better way you can use the RSI indicator to enter positions and that's by using the 50 level rather than the extreme 20 and 80 levels.

Very often the price will be overbought, for example at say 70 or 80 and will reverse to about 55 or 60, taking the price down slightly, before continuing it's uptrend. In other words it was a false reversal. However when the RSI moves through 50, this is a strong indication that a true change of trend is taking place. So the RSI crossing upwards through 50 indicates a bullish trend and vice versa.

You do miss some of the initial reversal trading this way but at least you can be more confident of your position when the RSI moves through 50.

For an even more productive method of trading you can combine the RSI with other indicators. For example when short-term trading one of my trading methods is to go long when the RSI crosses upwards through 50 in conjunction with the stochastic crossing through 50 and the MACD and EMA's crossing at the same time, for additional confirmation.

This is a much more profitable and reliable trading method, in my opinion, than just using the RSI on it's own to identify overbought and oversold positions.

(If you would like information about my main 4 hour trading method please subscribe to my newsletter by filling in the short form above).

Read More......

Weekly Trading Update - July 14-18

A quick trading update this week because I only ended up making one trade. That one trade, though, turned out to be a beauty.

It was on the USD/JPY pair and occurred on Thursday. I should really only have been looking to go short on this pair because the daily Supertrend had turned red, but there was an upwards EMA crossover on the 4 hour chart that was backed up by certain other indicators so I decided it was worth the risk.

As I say the EMA's crossed upwards whilst at the same time the RSI was crossing upwards through the 50 mark, the CCI was crossing upwards through 0, and the MACD and TRIX were both crossing upwards as well. So this looked like an excellent long position and I entered at 105.39.

Luckily for me the price surged upwards during the afternoon session (UK time) and I resisted the temptation to close half my position like I usually do because the various indicators were all so bullish. I was looking for at least 100 points but ended up holding on until 106.85 to bank just short of 150 points, which was nice :-)

So overall it was a nice profitable week and it just goes to show that you don't necessarily have to be scalping the markets all day taking multiple positions in order to make big profits. Just one decent trade a week is all you need.

If you would like full details of my main 4 hour trading strategy please subscribe to my newsletter by filling in the short form above.

Read More......

Introduction to Forex

What is Forex?

Foreign Exchange describes the purchase of a particular currency from an individual or institution and the simultaneous sell of another currency at the equivalent value or current exchange rate. Essentially, the process of exchanging one currency for another is a simple trade based on the current rates of the two currencies involved.

At the core level of the world’s need for money exchange is the international traveler. When traveling from the US to England, for example, you will of course need the local currency to pay for transportation, food, and so on. Upon arrival at the airport you will surrender (sell) your US Dollars in order to receive (buy) the equivalent in British Pounds. In this example, you sold the USD and bought the GBP, conversely the foreign exchange counter bought the USD and sold the GBP. The prices at which you buy and sell currencies at are known as exchange rates. This rate or price fluctuates based on demand, political, and economic events surrounding each country’s currency.

The example above illustrates foreign currency trading in basic terms as it relates to world travelers. However, the market is also utilized globally by each country's central bank (i.e., America's Federal Reserve), investment and commercial banks, fund management firms (mutual funds and hedge funds), major corporations, and individual investors or speculators. Depending on the timing of such transactions, purchasing a currency with the intent of later selling it at a better exchange rate (and vice versa) can potentially yield profits for investors, of course there is a strong potential for loss trading currencies as well.

Utilization by so many parties is why the Foreign Exchange market is the world's largest financial market, with a daily dollar volume exceeding $1.9 trillion ($1,900,000,000,000). This mind boggling volume is probably what led you to research the topic.

Now let's put the market's trading volume in perspective. In 2003 the reported trading volume for the NYSE (New York Stock Exchange) was a mere $9.6 trillion; the previous year was just above that at $10.2 trillion. These seem like respectable figures, but in comparison to the Foreign Exchange Market, which is commonly trading $1.9 trillion in a single day, these numbers pale in comparison. This is probably why so many fund managers and Fortune 500 companies invest heavily in this highly liquid market. The high volume of this market makes it one of the riskiest markets to trade in.

It is important to note that retail traders, such as yourself, will most likely be accessing the off-exchange foreign currency market (or Forex market) via an FCM (Futures Commissions Merchant) or broker. You will not be trading in the actual Interbank market itself. Your access to the total market will be determined by your chosen broker’s limitations. FCMs or brokers act as a bridge between you and their liquidity partner (sometimes larger global banks) that you would otherwise not have sufficient capital to do business with. The large majority of off-exchange retail foreign currency brokers act as market makers, meaning that by keeping many trades in house they create their own liquidity. Some retail brokers clear trades directly through to the larger banks that provide their liquidity. If you are new to the Forex market it would wise to research and understand your broker’s particular business model and method of clearing trades.

Unlike other financial markets, the Forex market operates 24 hours a day, 5.5 days a week (6:00 PM EST on Sunday until 4:00 PM EST on Friday). Through an electronic network of banks, corporations and individual traders exchange currencies, though as the market is primarily used as a means for speculative investing, actual physical delivery of currencies is almost never intended. Forex trading begins every day in Sydney, moves to Tokyo, followed by Europe and finally the Americas.

Read More......