When many people think about a trade log, they often think along the lines of keeping a diary you write down your trade details in pen (or pencil) and paper, right? While this may be one way of keeping a trade log, it's actually not the best one.
If you don't understand a currency, don't trade in it. Understanding the reasons behind why you are making a trade are paramount to a successful trade. A trade may look profitable from the outside, but if you don't understand the reasons behind it, you could lose out. Learn your currency pairs before risking money in the market.
Range Trading forex online There are some trends that rise quickly instantly as soon as they fall or vice versa. The investor can thus invest in a falling rate and sell the same as soon as it rises. This policy can be a bit risky and one has to make a careful analysis of the rising and falling trends.
While you are demo trading your account, you must develop your own unique trading strategy, by understanding the market movements and picking your best technical indicator which you can read and use with the currency trend to make decision. Your developed trading strategy will be your blueprint for making profit in the market. Stick to it and be disciplined at all time.
2) Options Barriers Options barriers are often placed at big figures and this often leads to talk of a defense of these levels. When a barrier is at a pivotal big figure it often has a bigger attraction as stops are also often placed at those levels. I am not sure why anyone would use a big figure as an options strike but this is often the case. A discussion of options and the impact on spot forex trading will be left to a future article. The point here is that options strikes are often set at big figures.
Another big change in the currency trading world in recent years has been the development of forex robots. A forex robot is a currency trading software tool that controls your account and trades for you automatically. You can leave it on 24 hours so it will open and close trades according to its program and your settings, without you having to be near the computer.
The online investor typically joins a service that provides realtime charts that updates on currency activity. Charts can be checked on a minute to minute basis. For those who primarily do their trading based on historical accuracy this can ease the burden of prediction.
Whichever method you choose, just make sure that you're comfortable and consistent with it. Don't use voice recordings today and then use a Word document tomorrow to log your trades. Your notes will end up all over the place, which makes future data retrieval a nightmare. Keep things simple and neat: always use the same format to log your trades.
