Today's fed announcement caught me with an unprotected position. Needless to say, as the floor dropped out of the AUDJPY market, I was given a bit of an unpleasant ride.However, I didn't blow up my account, so hopefully things will settle down and drift towards "the middle" so I can get out without too much pain.

Hey,

Here we have a very Popular Forex book "Forex Conquered" by John L. Person. Download for free!! and enjoy and BOOK MARK US.. we are going to have lots more Forex eBooks coming soon.

Forex Conquered by John L. Person is a very popular forex book that illustrates easy to learn strategies for better trading in the forex market. This book will give you exact and detailed information on factors like how to on when to increase lot size, how to manage risk, whats the best time to move stops, and how to use automated trading programs.

And lots more, In this book he explains clearly as to how an individual retail Forex trader can build a "black box" Forex system. Forex Conquered is presented in seven sections and covers all applicable topics including but not limited pivot points, candle charts, Fibonacci, stochastics, money management, and game psychology.

You might like to browse through our huge collection of forex ebooks!

Hey,

Here is the latest addition to our articles section.

10 ESSENTIAL TIPS FOR NOVICE FOREX TRADERS

If you are new to the world of online FOREX trading you will realise its not as simple as people make out to be or what the ever so promising Forex Brokers promise.
The fact is most people who dont know the in and out of online forex trading will lose and lose quickly.

To win at currency trading online you need to have the right FOREX strategy - Here are 10 tips and if you incorporate them in your trading strategies, you should get a head start in your thirst for consistent FX profits

1. Don't believe the hype
You will see lots of people selling forex ebooks for "only" $100 which promises to make you strike gold in the world of online forex trading. Yes , their is good advice out there - you can get all the information you need free on the internet.

2. Don't day trade
The biggest myth of FOREX trading is you can make money FOREX day trading or Forex Scalping.
You can't!
Many novice traders fall for this myth and lose quickly and wonder why.
As I always say All short term volatility is random and there is no way of predicting where prices may go" up or down", so you might as well flip a coin.

For more on Forex Scalping , read this Article

If you want proof that FOREX day trading systems don't work, ask any vendor for a real time profits track record over the long term and you will not be able to fine one.

3. Work smart not hard
There is a lot of difference in hard work and smart work.You don'thave to work hard in online FOREX Trading, you need to work smart. This means focusing on getting the RIGHT FOREX education and learning and understanding the FOREX tools that actually work in the market not just hypothetically . If you focus on getting the right Forex information, you should be able to learn how to trade in a fortnight.
You will not be rewarded in FOREX trading market for working hard and spending lot of time, you get rewarded for being right and that means working smart.

4. Risk = Reward
If you don't like the idea of risk forget currency trading and pick up something else .
Many traders simply want to avoid as much risk as they can, putting stops to close, or snatching profits. If that's you - you will NEVER achieve currency trading success.
You need to be open minded and accept risk and losses to succeed in online FOREX Trading.

This is because to be a successful Forex trader, you need to be a enterpreneur and have to take risk, not avoid it. No Risk, no reward!

5. Do It on your own
Have confidence in your ability to understand the Forex Market. You are responsible for your own success.
If you follow someone else's strategy you will not have the right mindset to succeed. If you lack discipline and might want to quit after suffering a few losses. Do it on your own and your chances of success are manifolded.

6. Get a simple method
Simple methods always fare better than complicated ones, as they are much more easier to understand and follow.
There is never a correlation between how complicated a trading system is and how much profit it will make.
If you are just starting out in online forex trading, use support and resistance, a breakout methodology and some confirming indicators and that's just about it.
The above way of trading is perfect and will help you should get you the big profits from the big moves.

7. Trade Breakouts
A timeless way to trade FOREX markets.
It works well and will continue to work, simply look in our ebooks section for this powerful methodology.

8. Be patient
You do not get rewarded for how frequently you trade FOREX online- However, You do get rewarded for being quick on your feet and spotting and acting on the best trades and these don't come around very often.
Be patient and only trade FOREX signals from your system - don't be tempted to just trade for the sake of trading Forex.

9. Be realistic
There is potential for huge money in Forex Market, so what's realistic? The best Forex traders compound around 50 - 100% annualy so this is a good number to aim for or may be slightly lower.
These gains will compound quickly and build real wealth in the longer term.
Be realistic and don't try to become an overnight millionaire.

10. Know your edge
If you were good enough to understand the 9 forex tips mentioned above, you will understand that you must have an edge to make money in the long run in online FOREX market.

If after , devising your very own Online FOREX Trading strategy you don't know what your edge is - then you don't have one!
You need to know what your edge is over the majority of the losing traders to win in the Online Forex market.

Final words
If you incorporate the above 10 Forex tips in to your online FOREX Trading plan, You should be on your way to become a good Forex Trader.
Welcome to the world of Online FOREX trading! and Best of Luck!

You might like to read other articles in our Forex Articles section or download one of the huge number of forex ebooks in our Forex Ebooks section.

Now Master the Currency Market by Trading from Home! This Forex ebook how I trade for a living "Gary Smith deals in reality. If you are an amateur investor and interested in learning how to trade for real profits, not just all hype no substance trading platforms, this book is a must read for you.

In this Forex Ebook Gary Smith recounts the obstacles he overcame on his wat to trading mastery and describes the strategies, indicators, and insights he used to reach his goals."
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You might also check the huge number of ebooks in our Forex Ebooks section

Freedom Rocks trading platform review:Freedom rocks ROCKS!

Hey, here is a review of freedom rocks platform. It has as many critics as its supporters.

Yeah.. so lets get started with the review!

Yes, it does have an MLM aspect to it IF you want to share the product with others. It is a refreshing twist to finally have a product one can use and make money WITHOUT telling another soul, if they want to. So for me, whether or not you like or not, or are indiferent to MLM/NWM really doesn't have any bearing on what the product is and what it can do in helping me/others diversify their investments by entering the FOREX market. So, I say to those who hate MLM, ..JUST GET OVER IT !!!

I've been curious about the FOREX market for quite a few years now, but whenever I took a look at learning it, I was always leary of the systems out there that cost so much and have you try to outguess the market by reading charts, etc. Plus, those late night hours really didn't seem worth it.

So, last fall (about Sept 06) when someone I know emailed me about FreedomRocks, I became curious, but put it on the 'back burner' for a month or so. Then, after watching the movie and listening to a couple of calls (one with the owner and designer of the product), I decided to use the FREE trial to see if it was as easy as it was made out to be. So, i decided to make a little plunge in the freedom rocks platform.

Also, the owners were quite conservative and answered to questions straight forwardly. No tall claims or hype thats not worth with freedom rocks.

So, I invested some time in the demo on the FREE trial beginning about the end of Nov, '06. I was lucky enough to extend my trial through December. I was very much impressed with the ease of their system, and the returns in Dec were pity decent.

So, onthe 1st of January I decided to pay the monthly fee of $100 to use the software, and kept demo trading. At one particular point of time I had around a dozen demos opened with 3 brokers using various strategies to see how things would play out.

Since some of my demos had quite high margins (against the advice of FreedomRocks I must add) I did have 3 of the dozen that margined out by the end of January. Still, all the demos that were left and did have the margins low as well as better currencies chosen, did very well indeed.

So, on Feb 28 I took the actual plunge and opened a live account. For the next 10 days or so I watched as my account dipped to a 50% 'paper loss'. It was kind of 'interesting', I will say, but I just kept on doing what the system is set-up to do and waited for things to work out.

What I learned through that period was a confidence in this system that it DOES work as it claims AS LONG as you follow the system to wach single and don't try to 'change/adjust' anything. Even though this downturn in early March was global and massive, my account DID NOT come close to being margined out.

I also took note of Freedom rocks suggestion to take out profits periodically when the account is up until you have your inital investment back in your pocket, and that's what I have done. It took me about four months to get my initial investment back and now I am trading essentially on 'house funds'.

Todate, even though I am down in paper losses of nearly 30% , I know that I am earning interest daily and always buying low and selling high, so I can't loose (unless I get a margin call, which I've taken care of by following the system and what I've heard on the company calls).

For those whose experience has been negative with freedom rocks and there are quite a few of these people it might be a good idea to ask yourself a few questions, assuming you can be really truthful with the answers you give. I say this because I see things being said that are not what I've been hearing from the company for nearly 9 months now.

An interesting list of questions to answer for those who traded and lost with freedomrocks

So, did you follow the system verbatum? Did you listen to the corp calls where Mark answers anyones quesions about anything to do with the system and the market? Did you go through the excellent webinar trainings and follow everything laid out there and in print to set-up your trades? Did you demo trade long enough to really be comfortable and confident with this system BEFORE you choose to open a live account?



I'll end this 'reviewl' by asking you a couple more questions: How much dollars have you lost with other FOREX programs 'promising' to teach you how to profit in this risky but exciting market? What are you going to do now that you've cancelled one of the fewbut simple to learn and use systems for trading in the FOREX and for hopefully profiting in the FOREX.....OR, have you now totally given up on ever profiting from the FOREX?

Wishing you all the very best in trading or in whatever you choose to do for your investments.



You might also like read the review of Easy Forex trading platform here

You might like to browse through our huge collection of forex ebooks!

Well, it has been a few days since then, so I can't remember the full details, but I was able to catch an up-trend with a significant amount of my net asset value slipped in.Basically, when an initial foray is in-profit, I'm ready to put in more when the trend seems apparent and things are acting rationally. So, after a few ups and downs, perhaps within an up trend, I could have accumulated

Interesting article by Susan C. Walker - check it out!

By Susan C. Walker, Elliott Wave International
September 7, 2007

Central bankers who "follow the yellow brick road" end up in Jackson Hole, Wyoming, every Labor Day weekend for their annual symposium sponsored by – who else? – the Kansas City Fed. (Who can forget Judy Garland saying to her little dog, "Toto, I've got a feeling we're not in Kansas anymore," in the 1939 movie, The Wizard of Oz?)

The Jackson Hole Resort serves as the Federal Reserve's equivalent of the Emerald City, as Fed governors and presidents meet with central bankers and economists from around the world to discuss economic issues. This year, the symposium focused on housing and monetary policy. Usually, the Fed chairman kicks off the symposium and, this year, the new chairman, Ben S. Bernanke, did the honors. He closed his speech with these words:

"The interaction of housing, housing finance, and economic activity has for years been of central importance for understanding the behavior of the economy, and it will continue to be central to our thinking as we try to anticipate economic and financial developments."

Then came the other speeches. And it seems that some of the guests in Emerald City were waiting for their chance to pull back the curtain and prove that the Wonderful Wizard of Oz isn't such a wizard after all. Bloomberg reported that "Federal Reserve officials, wrestling with a housing recession that jeopardizes U.S. growth, got an earful from critics at a weekend retreat, arguing they should use regulation and interest rates to prevent asset-price bubbles." Apparently, one academic paper presented at Jackson Hole graded the Fed an 'F' for the way it has handled the repercussions from the rise and fall of the housing market.

Truth be told, these folks are a little late to the table as critics of the Fed. We're glad they're joining us, but here's what they still haven't learned: It isn't because the Federal Reserve messes up by allowing credit, asset and stock bubbles to form that it's not a wizard. The Federal Reserve isn't a wizard for one particular reason that it doesn't want anybody to know – and that is that the Fed doesn't lead the financial markets, it follows them.

People everywhere want to believe in the Fed's wizardry. But all this talk about how the Fed will be able to help the U.S. economy and hold up the markets by cutting rates now is as much hooey as the Wizard of Oz promising Dorothy, the Scarecrow, the Tin Man and the Cowardly Lion that he could give them what they wanted: a return to Kansas, a brain, a heart, and courage. Because when the Fed does do something, it always comes after the markets have already made their moves.

If you don't believe it, you should look at one chart from the most recent Elliott Wave Financial Forecast. It compares the movements in the Fed Funds rate with the movements of the 3-month U.S. Treasury Bill Yield. What does it reveal? That the Fed has followed the T-Bill yield up and down every step of the way since 2000. And the interesting question becomes this: Since the T-bill yield has dropped nearly two points since February, how soon will the Fed cut its rate to follow the market's lead this time?

[Editor's note: You can see this chart and read the Special Section it appears in by accessing the free report, The Unwonderful Wizardry of the Fed.]

We've got our own brains, heart and courage here at Elliott Wave International, and we've used them to explain over and over again that putting faith in the Fed to turn around the markets and the economy is blind faith indeed.

"This blind faith in the Fed's power to hold up the economy and stocks epitomizes the following definition of magic offered by Teller of the illusionist and comedy team of Penn and Teller: a 'theatrical linking of a cause with an effect that has no basis in physical reality, but that – in our hearts – ought to be.'" [September 2007, The Elliott Wave Financial Forecast]

Because, you see, what makes the markets move has less to do with what the unwizardly Fed does and more with changes in the mass psychology of all the people investing in those markets. The Elliott Wave Principle describes how bullish and bearish trends in the financial markets reflect changes in social mood, from positive to negative and back again. To extend the metaphor: The Fed can't affect social mood anymore than the Wonderful Wizard of Oz could change the direction of the wind that brought his hot air balloon to the Land of Oz in the first place.

As our EWI analysts write, "With respect to the timing of the Federal Reserve Board rate cuts, we need to reiterate one key point. The market, not the Fed, sets rates." Being able to understand this information puts you one step closer to clicking your ruby red shoes together and whispering those magic words: "There's no place like home." Once you land back in Kansas, your eyes will open, and you will see that an unwarranted faith in the Fed was just a bad dream.

Susan C. Walker writes for Elliott Wave International, a market forecasting and technical analysis company. She has been an associate editor with Inc. magazine, a newspaper writer and editor, an investor relations executive and a speechwriter for the Federal Reserve Bank of Atlanta. Her columns also appear regularly on FoxNews.com.

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