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August 25 2013

Q: Can anyone recommend a website which invests in the forex trade with investors money so I dont have to?

forex broker

Q&A: Can anyone recommend a website which invests in the forex trade with investors money so I dont have to?

I want to trade in forex but would rather get an agent to do this,does this happen? and can anyone recommend a website to do this?…I am not looking for scam HYIP websites

goldsenze.com Answer:

That’s right…. there’s plenty of legit web sites/brokers that trade in Futures & Forex for clients. They are not hyped & to a large degree are “legit”. Most of the traders that are successful & trade for average sized accounts $ 10,000 – $ 500,000 can do well…. at times. Other times they can easily lose 50% or more of an accounts value. This happens especially with the ones with outrageously high returns for a small period of time.

Even though you won’t be trading, you need to understand the market in order to pick the best trader. Read some books. Read some magazines;

http://www.currencytradermag.com/

http://www.futuresmag.com/

You should also understand how even some of the most respected large and small firms blowup and destroy account value (ie: PFG);

http://www.futuresmag.com/2012/08/20/pfg-victims-give-trustee-f-in-communication?ref=hp

PFG Traded customer accounts for Futures and Forex. They were one of the biggest firms out there. Fraud brought them down.

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August 23 2013

FAQ: Is it possible to lose more money than you invest in Forex trading?

Q: Is it possible to lose more money than you invest in Forex trading?

They have those auto pilot programs that have you invest 50 dollars starting. Not a huge investment, and wont spit out a lot of money in the long run, but If you invested 50 dollars in a forex program, is it possible to end up owing more than you invested? Or is it just that you can lose 50 dollars and end up back at 0, and not in the negative? Just curious.

Goldsenze Answer:

i think it is, unlike stock your losses and gains are theoretically unlimited.

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August 22 2013

Q&A: Do I buy or sell when the candlesticks go down alot?

forex broker

Question: Do I buy or sell when the candlesticks go down alot?

Im new to Forex and Im still not sure on what way to buy and sell. Do you buy when the candlestick chart goes up?

www.goldsenze.com Answer:

Forex trading is personality bound which makes it difficult for someone to figure out what works for you. You’ll have to start studying the most popular technical indicators and find out which setup works for you. Some traders are successful with for example a “moving average-candle patterns-oscillator” configuration, others fail with the very same setup.
So you need to work at it in making a trading plan that is consistent and that you can use over and over again.
You could do a course but then again there’s no guarantee of success exactly because someone else’s’ trading plan is not always “transferable”.
You need to feel comfortable with certain technical indicators and the most popular ones are the following (in random order):

- Moving averages
- Bollinger Bands
- RSI
- Stochastics
- Fibonacci
- Candle patterns
- CCI
- MACD

These indicators are all you need to find your personal setup. You do not need to use all of them, 2 or 3 is enough. Some traders use RSI with Boll. bands and an oscillator, other only exponential moving averages and candle patterns, …etc.

Keep in mind, however, that price is the ultimate indicator. Technical indicators are merely tools to help you guide through the waves of the market, in other words, how price is currently behaving. You therefore need to establish whether price is ranging or trending up or down). Once established how price is moving , the next step would be applying the indicators.

One more tip, the larger the time frame the more reliable signals are. A buy signal on a daily chart is more reliable than on a 5 minute chart because a daily chart holds much more market information. This doesn’t necessarily mean you can’t trade with 5 minute or other short term timeframes, it means you need a larger timeframe to back up your trading decisions on the 5 minute.

Words of wisdom:

- Always start with a free practice account
- The Forex market is not a get-rich-quick opportunity
- Beware of fear and greed, you HAVE TO be relaxed
- What you see on the charts is the absolute truth, so believe what you see. If the charts don’t make sense then you are absolutely right. Wait for the market to be less confusing.
- Patience is a virtue.
- Losses are part of the game, with a solid trading plan there’s no need to fear a loss once in a while, because the confidence you have in yourself and the trading method let you know the next trades will be winners.
- Always limit your losses, either with a automated stoploss or a mental stoploss.

Websites:

www.babypips.com
www.investopedia.com
www.forexfactory.com
www.fxcm.com

the better brokers:

FXCM, FXSOL, ACM, DBFX, Saxobank, MGForex

Success and always think positive…

Some brokers are extremely popular people to their clients, but there are those that are not. Brokers may work for insurance companies, real state, and even …

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August 20 2013

Question: How can I buy options on Hong Kong dollars?

forex broker

FAQ: How can I buy options on Hong Kong dollars?

What’s the symbol? Does it have to be done through a forex account or with regular options?

goldsenze.com Answer:

Symbol is

USD/HKDUS Dollar / Hong Kong Dollar

The currency abbreviation or currency symbol for the Hong Kong dollar (HKD), the currency for Hong Kong. The Hong Kong dollar is made up of 100 cents and if often presented with the symbol $ or HK$ .

Not sure whether it will be trader through forex or regular options? Why donot you simply take help from you broker.

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August 19 2013

Q&A: What is the best Forex trading strategy? – goldsenze

forex trading

Q: What is the best Forex trading strategy?

I want to know your Forex strategy, when to buy, when to sell, when to wait.

www.goldsenze.com Answer:

You’re in for a big, rude surprise….. there is no such thing. Day Trading Forex, Stocks etc can take 3-5 years to master…. assuming you’re not one of the 95% that fail within the first year.

To believe someone could pass this type of information on to you via Yahoo Answers means you’ve got a lot to learn. Trading is an art & a science. Two of the most important factors are psychology and trading money management. Technical Analysis is less than 50% of the “formula”.

Two of the most well known FX Traders wrote a book titled;
Millionaire Traders
This book by Kathy Lein & Boris Schlossberg will be the start of many books you’ll need to read…… Start here… so you at least get a sense of what you’re up against.

http://www.amazon.com/Millionaire-Traders-Everyday-People-Beating/dp/0470452544/ref=sr_1_1?s=books&ie=UTF8&qid=1299186948&sr=1-1

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August 17 2013

No-commission forex trading site with tight spreads?

Q&A: No-commission forex trading site with tight spreads?

I’m looking to get into forex trading, of course first practicing with a practice account first for a while. What’s a good site where I could start with practicing and would later on have no commission trades and tight spreads? Preferably, a site that allows microlots would be great. Any suggestions? Thanks.

Goldsenze Answer:

With OANDA, you can have no commission, tight spread, and lot as low as USD 1.

http://fxtrade.oanda.com/

Forex Trading http://www.tradingcollege.co.uk/fxwebinar Forex Trading is the process of trading within the foreign exchange market (also known as the FX or c…

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August 15 2013

FAQ: What is the best Foreign Exchange (Forex) platform out there?

FAQ: What is the best Foreign Exchange (Forex) platform out there?

I’m thinking of going into the Forex market but I’m doing my research first. Which one do you think is the best and why?

www.goldsenze.com Answer:

It’s not depend on platform its depend on best quotas means not repeat quotas. Platform doesn’t matter the thing matter is price movement where its headed.

look one for that offers low spreads.

If you traded in the Forex market before or if you’re still trading now, you may have heard the term Forex broker a lot of times. However, as an individual t…

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August 14 2013

What is mean by hedging in forex trading. Plz explain?

forex trading

Q: What is mean by hedging in forex trading. Plz explain?

What is mean by hedging in forex trading. Plz explain. thanks

www.goldsenze.com Answer:

Hedging means:

Corporations in which individual investors place their money have exposure to fluctuations in all kinds of financial prices, as a natural by-product of their operations. Financial prices include foreign exchange rates, interest rates, commodity prices and equity prices. The effect of changes in these prices on reported earnings can be overwhelming. Often, you will hear companies say in their financial statements that their income was reduced by falling commodity prices or that they enjoyed a windfall gain in profit attributable to the decline of the Canadian dollar.

Read more of it below:

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August 12 2013

Q: How was your Forex trading impacted by the recent market activities? – goldsenze

forex trading

FAQ: How was your Forex trading impacted by the recent market activities?

I am just wondering how different people were impacted by the stock market movements these past few days. Where your Forex accounts impacted as much or less than people with stock and mutual funds accounts?

Answer:

The news affected my long stocks although some have recovered pretty well. One coming up to earnings next week (NTO) gained back everything and a little more. I had opened up 3 shorts on Monday morning (IMGN, PRXI and MEH) that far exceeded my expectations because of the China sell-off. Two longs I also opened on Monday got dumped (OPSW and ACTU)

I’m making a killing on the USDJPY. Sold $ 100k on Sunday when it broke 121, sold another 200k late Monday night when it broke 120 and did another 100k Tuesday morning when it broke 119. Closed out 300k today at 116.73 and am holding the other 100k over the weekend.

Between stocks and Forex, this is one of the best weeks I’ve had in quite a while.

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August 10 2013

Q&A: Forex seems to be more difficult to profit than the stock market? – goldsenze

Q: Forex seems to be more difficult to profit than the stock market?

I trade stocks regularly but was wondering if anyone found Forex more appealing than trading the DOW, NYSE or NASDAQ? Also, has anyone profited more than they thought they would? Please no answers trying to sell me your proven methods. Thanks.
Poloman1690, thank you for your honest answer and the link.

Goldsenze Answer:

Tough question. Pretty much you are just speculating which way the currency will go without any true analysis.

Go ahead and give me the thumbs down but there are no earnings or financial statements to make an educated guess. Sure there will be some who make money at this moment but who knows about the future. Someone could think that selling crack is a great investment but they will get burnt at some point.

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FAQ: Volume indicator for forex markets?

Q: Volume indicator for forex markets?

Hello, i trade forex markets and i want to find an indicator similar to “volume” which i use when i trade commodities because this indicator is very critical in my trading disicions. Can someone help?

goldsenze.com Answer:

Hi buddy,

due to the decentralized nature of forex, there is no real volume. The best volume you can get is only your broker’s.

Do read my article on what forex is at my forex learning blog to understand more.

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August 09 2013

Question: What is the best platform for Forex Trading?

Q&A: What is the best platform for Forex Trading?

I want to invest in forex market.It seems more hopeful in future.which plat form gives the best analysis and free practice account with some bonus.I need real answers!!!!!!!!

www.goldsenze.com Answer:

I suggest you to try Marketiva, they give you 5$ bonus on account opening and there is no need to deposit.

Here you can find more details: http://www.brokers4forex.com/preferred-forex-brokers/marketiva-trade-forex-with-5-free.html

In this site you can also find reviews of other brokers

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August 08 2013

FAQ: what should i tell to the bank i am confused?

forex trading

Q: what should i tell to the bank i am confused?

like i do forex trading online (ETORO) and if i hit a profit of 200,000$ and deposit it to my bank using paypal, will they ask me where did you get the money and how can i show them that i trade onlnie sitting at home?

goldsenze.com Answer:

You only pay capital gains tax on whatever profit you’ve made. I don’t trade online, but this information can presumably be downloaded somewhere from the website as well as your entire transaction history. This is paid annually. Don’t the companies you invest in mail you a statement for tax purposes?

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August 06 2013

Question: what is the best EA (max profits, min drawdown) to run automated forex trading with metatrader 4 (mt4)?

forex market

FAQ: what is the best EA (max profits, min drawdown) to run automated forex trading with metatrader 4 (mt4)?

EA is a file that can compute and perform trades in the MT4 application – the forex market, for brokers that support mt4.

Answer:

I think Forex Tracer is the best out there at the moment which works with mt4. The Forex Tracer is USD/EUR pairs.

http://www.forextracer.forexrobotreviews.com

Or if you want USD/JPY pairs then you should be considering Forex Funnel.

http://www.forexfunnel.forexrobotreviews.com

Good luck

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August 05 2013

Q&A: which forex brokers allow to withdrawal by other or different payments methods?

Question: which forex brokers allow to withdrawal by other or different payments methods?

for example i want fund by master card then withdrawal my profits by money bookers or perfect money or any other methods.

goldsenze.com Answer:

No legit broker would allow funding by credit card.

Your proposal looks so much like money laundering that it would likely fail KYC (Know Your Customer) rules.

If you think forex is a source of easy profits, you are badly misinformed. It is one of the most challenging markets, and full of scams (robots, EAs, systems, binary options, etc.).

Please read the CFTC (US regulator) warning below.

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August 04 2013

Q&A: How can i get investors ? – goldsenze.com

forex trading

Q&A: How can i get investors ?

I am a good forex traders, i made very good profit in forex trading on demo accounts of many brokers ….i dont have much money to invest fore real account, i am ready to trade for others who is willing to invest for forex ?
how can i get investors ?

www.goldsenze.com Answer:

Hi!
Don’t worry! Me too seeking for Investor in a Very Profitable Business Concept. This concept is suitable for Tourism, Web Services, Electronic Goods.

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August 03 2013

Question: Has anyone used Everest Markets as a broker?

forex trading

Question: Has anyone used Everest Markets as a broker?

I want to start Forex trading and I’m looking at trading with Everest Markets, has anyone tried them out?

Answer:

If you are in the US, the government regulating agency for forex is the CFTC (Commodity Futures Trading Commission). Research any firm there.

While on the CFTC site, read their warning about “Foreign Currency Trading Frauds”. Link below.

A novice forex trader is a lamb among wolves. The pros will quickly take your money.

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August 02 2013

Q: What does it mean to place an order inside the spread?

forex market

Question: What does it mean to place an order inside the spread?

This is regarding the FOREX
Do you think FOREX is gambling?

goldsenze.com Answer:

1) The first rule of gambling is to understand the rules ..
(so you had better find a good book that explains all the technical terms before starting :-) )

2) see one :-)

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August 01 2013

Graphs that show prices at the market closing time?

FAQ: Graphs that show prices at the market closing time?

I’ve found plenty of graphs which show stock/commodity/forex prices by day, but they seem to use calendar days. I’m interested in the closing price. For example, the price of Gold each day at the time the NYSE closed.

goldsenze.com Answer:

Have you tried http://www.netdania.com/Products/live-streaming-currency-exchange-rates/real-time-forex-charts/FinanceChart.aspx?m=c

This could help.

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