My Forex Wiz » Homework http://my-forex-wiz.com Mon, 11 Jan 2010 17:51:34 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Forex Trading Tips – 5 Ways to Avoid Burn Out While Making a Living in Forex Trading http://my-forex-wiz.com/forex-trading-tips-5-ways-to-avoid-burn-out-while-making-a-living-in-forex-trading/ http://my-forex-wiz.com/forex-trading-tips-5-ways-to-avoid-burn-out-while-making-a-living-in-forex-trading/#comments Wed, 09 Dec 2009 05:14:16 +0000 admin http://my-forex-wiz.com/forex-trading-tips-5-ways-to-avoid-burn-out-while-making-a-living-in-forex-trading/ Daniel S. asked:
Making a living in the forex trading market can be very profitable but at timesforex stressful. The trick is to keep the perfect balance that will allow you stay sharp, make money and not go insane. There are a lot of pratfalls that you may fall victim to so here are a few forex trading tips to keep you on your game.

1. Check the economic calendar each and every day

One of the most frustrating things that can happen to you as a trader is to spend half your day spotting a trend only to see it go south all of a sudden. Maybe Ben Bernake made a negative comment or there were economic data releases that you didn’t see. Simply checking a site like Forex Factory at the beginning of your day will ensure that you don’t miss things like this.

2. Join some forums

Forums are a great way of keeping your sanity. If you are doing full time trading forex or working from home, you’re going to find yourself in a lot of lonely situations and rarely around people that can comprehend what you are talking about. By joining an economic forum, you can make use of your slow periods and bouncing forex trading tips off of other traders. You can also exchange views on different forex strategies and checking out some new forex reviews.

3. Get outside and enjoy life

When you are talking to a lot of traders, a common theme is that they spend every waking hour researching their market. You’re going to want to try and get away from this and enjoy some of the money you are making. This is not to say you’re not going to have to do your homework, but surround yourself with real people and get out of the house to have some normal interactions on a daily basis.

4. Make exercise a part of your daily routine

Exercise has an amazing effect on everyone. You find yourself sharper mentally, obviously in better physical shape and with a lot more energy. When you’re sitting in front of a computer staring at a monitor all day, you have to make sure that you are doing something to keep your body in shape and your mind sharp. Here is a good forex tip – get up early and go for a jog or take a nice bike ride after the market closes everyday and you will find yourself better equipped for battle.

5. Don’t be afraid to treat yourself

While the forex market runs a fast and furious pace, is never going to hurt you to make it a point to get up and get away from it for a few minutes every hour or so. Maybe making your goal that every time you have a successful trade you treat yourself to a 15 minute break. Even if you are doing forex scalping, you’re going to have to step away for a few minutes just to recharge your batteries and regain your focus.

]]> http://my-forex-wiz.com/forex-trading-tips-5-ways-to-avoid-burn-out-while-making-a-living-in-forex-trading/feed/ 0 The Importance of Support and Resistance in Forex Trading http://my-forex-wiz.com/the-importance-of-support-and-resistance-in-forex-trading/ http://my-forex-wiz.com/the-importance-of-support-and-resistance-in-forex-trading/#comments Sun, 12 Jul 2009 10:31:08 +0000 admin http://my-forex-wiz.com/the-importance-of-support-and-resistance-in-forex-trading/
Timothy Stevens asked:


Forex trading is one of the most popular forms of solid investment nowadays. While you can earn big money by engaging in the Forex market, you can, in the same way, lose huge sums of money if you’re not careful. One way to ensure your success is to do your homework and understand all concepts that the industry uses, one of which is the plotting of support and resistance.

When you look at the upper and bottom borders found in trade channels, you’ll see what are officially called the support and resistance lines. The resistance lines are the peaks representing the price levels wherein the selling pressure moves to exceed the buying pressure. The support lines, on the other hand, are the troughs representing the price levels wherein the selling pressure fails to exceed and in fact gives in to the buying pressure. One of the tricks in earning significant money from Forex trading is plotting support and resistance in order to check warning signals and make the necessary changes in trend lines.

Trend lines promote the real importance of support and resistance. Trends uphold time and volume; the trend becomes more significant when the prices remain bouncing off the support and resistance levels for longer periods of time. Once a firm support level is penetrated on heavy volume, it enjoys a higher probability of turning into a firm resistance level as well. The converse of this is also true. Thus, by having a firm grip of the support and resistance levels, a trader engaged in Forex trading can make an informed decision to either close or save his or her current position according to the signals shown in the trade channels.



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