Variety of Forex Scams

Apart from being potentially profitable, Forex market becomes more dangerous nowadays. There many scams in the Forex industry and they vary in types and scales. If you want to start trading Forex you should know a lot about such scams to avoid losing your hard-earned money. And if you are the experienced Forex trader you’ve probably already got hurt from some Forex scam and if not — you should also know about Forex scams to avoid them in the future.

• Forex broker scam. It was very popular several years ago, but its popularity seems to fade now. Usually it’s just some set-up Forex broker site that promises the good trading conditions and offers some basic «bucket-shop» trading simulation to attract large customer base and run away with their money. Just do your research on a broker before depositing money and you’ll be safe from such scams.
• Forex strategies selling. There are hundreds «successful» Forex trading strategies selling on the Internet. Many traders tend to believe that they can spend $300 on such a strategy and become rich with it. In reality the best thing that money can buy is education. Sold strategies are usually nothing but crap. Not only they won’t make you rich, they will probably make you lose your account margin.
• Forex e-books selling. Overrated and hyped e-books with a lot of marketing and a little use (if at all) are the actual problem of many industries. Forex e-books selling for ridiculously high prices and promising to tell you «the best kept secrets of the millionaire traders» are nothing but wasted money. You’d better lose that money in Forex trading, trying to find your own strategy and getting some real practice.
• Scam Forex managed accounts. Some people like the idea of Forex, but don’t like to trade on this market, they prefer to invest in it. That’s where managed accounts come to play. It’s a good idea to have some company or a private trade to trade for you and earn a share of profit. But unfortunately there also scam players here. They will just take your money and disappear. Some scam managers will probably even pretend that they are really trading and will show you some profit, hoping that you’ll deposit more. Don’t fall for such scams, thoroughly research your manager or better invest in some reputable managing company.

Download Come in to my Trading Room- Forex EBook

Hey all,

Well,

Back to the Forex World, Here I got you guys an excellent Forex Book " Come in to my trading room" by Dr Alexander Elder. Download and enjoy!

Download

17 Money Making Candlestick Formations

Hey,

Apologies once again for not been able to keep constantly providing latest stuff for our readers.

Well, Hee i Have the Forex ebook "17 Money Making Candlestick Formations"

Download and ENjoy

If you missed the link for Blogging to the bank's download link. Its in this post

Mastering Elliot Wave by Glenn Neely and Eric Hall

Mastering Elliot Wave by Glenn Neely and Eric Hall

Hey, Another Popular Forex Ebook for download. We had a few requests to make this book available. So here is it .Enjoy!!

DOWNLOAD HERE!


If you have a particular book in mind which you would like to see. Let us know and we will make our best effort to make it available to you for FREE!!


Mastering Elliot Wave: Presenting the Neely Method: The First Scientific, Objective Approach to Market Forecasting with the Elliott Wave Theory

Here's a review!

Elliot wave principle, Elliot wave, Mastering Elliot Wave, Glenn Neely, Eric hall, Forex ebooks, free downloads, forex ebook

If you are looking for a general introduction to Elliott Wave theory and practice, then this book is definetly not for you. In that case, I rather suggest starting with Prechter's "Elliott Wave Principle" from 1979.

If you are prepared to spend a lot of time working through the large number of conditions contained within this book, however, (especially using your own data) you will find this a most rewarding endeavor. Wave theory is not for the faint-hearted, it requires a lot of patience and application to give you the building blocks to come up with a view of the market.

Learn Forex trading!

For someone with zero experience and knowledge in the Forex market, getting started in the trading can be an overwhelming task. Various pitfalls, such as huge losses, can discourage even the most experienced trader. Since Forex trading can be a confusing business, you need to follow several guidelines to success.

First, learn Forex trading by choosing the most qualified brokerage firm. Although some firms are better than others are, you have a ton of options in terms of age, reputation and courses to offer. Generally, you should choose a well-established company with a good reputation that is tied to banks or various financial institutions. To ensure that a brokerage firm is legitimate, check if the company is registered with the Commodity Futures Trading Commission.
To learn Forex trading effectively, the brokerage firm should provide you with multiple research tools, such as charts, real-time quotes, trading techniques and research reports. You should choose a firm that offers its account holders as much information as possible. Be aware that the more knowledgeable you are with Forex trading, the more successful you can become in the market. Lastly, choose a highly regarded brokerage form with favorable spread. Be aware that a company with a good spread means that the firm takes off the top of each trade, translating into more profit for you.

In order to learn Forex trading, you need hands-on courses that allow you to experience the market firsthand. Of course, investing money without proper knowledge can lead to disastrous losses, so opening up a demo account should be your next move. With this demo account, you learn Forex trading firsthand because you will be given a pretend balance, which you could use to play around and experience the feel for Forex trading before using real money.
Most demo accounts are free-of-charge for an entire month. During this time, you can learn Forex trading and all its features, techniques and tricks without losing any money. Plus, you are able to master the software, which enables you to make fast trades when the time comes to trade. It is important not to rush the 1-month trial period because this is the most important phase of your trading course.

Once you learn Forex trading and experience a whole month's worth of market experience, then you can now use a real account with actual money. However, never invest large amounts of money; start small and try not to break the bank when getting started in the market place. By choosing a good broker, maximizing the benefits of a demo account and taking your investment one-step at a time, you learn Forex trading can be a fulfilling experience when executed the right way.

How to be a successful forex trader!

Any investor would be genuinely attracted by the Forex market due to its superiority over other financial markets. Some obvious attractions are the superior liquidity, better execution, 24 hours market and lots more. For details on the superiority of forex over other financial markets, you would love the "Why Forex?" article.



Making money in the Forex market might appear a cake walk to outsiders.





Does this mean that it is easy as pie to make money on the Forex market? Absolutely not! Since we now know that it is not as easy as it seems to make money on the Forex market, why do some traders succeed while others fail? That is not an easy question to answer. Something does set apart the profitable traders. They do not follow the crowd. These traders think independently from the crowd. How long does it take to see consistent profitable results in the Forex market? This, too, is not an easy question to answer. It varies from person to person. One thing is for sure - this cannot be done in a short time frame. It is a process that could take years to see desired profits.





Here are a few things to consider if you decide to trade in the Forex market that may hasten the process of realizing a profit: have a trading system in place, education, use money management, be aware of psychological issues and have the proper discipline to follow your trading system as well as your trading plan. Benefits of Online Forex Trading Thanks to the Internet being available to almost everyone, the Forex market may be accessed with ease. Computers are now able to make complex charts that are very beneficial when you go to trade in the Forex market. Forex traders can do business 24 hours a day no matter what their geographical location may be. Daily transactions in the Forex market have increased to two trillion USD. It is quite easy to open a forex trading account. There are even free practice accounts that can be set up which allow you to test your skills before you make any transactions with real money. Traders can trade with different currencies in different markets at the same time and not have a problem doing it.





Online forex trading touts a lot of liquidity and flexibility. The trader can trade and access quotes in real time when he deals with online forex transactions. A very important benefit is that forex trading has virtually eliminated the bears and bulls of the trade. This is the only trade market that does not have these elements. There are no commissions, exchange fees or any other hidden costs involved with online forex trading. The trade is done very quickly and there is no delay of any kind. It literally takes just seconds to execute a trade or fill or confirm the same. Small traders have more leverage in the Forex market. There are indeed many benefits to online forex trading, but you also have to look at the other side of the coin. Online forex trading is risky. You should not invest any more money than you are willing to lose. Remember, it takes education, patience and practice to become good at forex trading.

Most Frequently asked questions on the forex market!

Hey guys,

Its article time again. Worked on this for a while.

I compiled the most frequently asked questions with regard to the Forex market. Here it is. feel free to put it on your blog or site but just make sure you mention where you got it from.

MOST FAQ about the FOREX MARKET

With over $1.4 Trillion traded daily, the Forex market stands out as the largest financial market in the world currently. Still, it is an unfamiliar territory to many common people and amateur investors. If you are a fresher or a pro and would like to refresh your knowledge on the Forex market, you are on the right page. In this article, I will cover the most commonly asked questions related to the Forex market. For free ebooks and guides on getting started with Forex trading, Go here! And also check on the same site, the article “Why Forex?” (Its in the blog archive and gives you some awesome reasons why you really must invest in the forex market) And to enlighten yourself on the FAQ regarding the Forex market, please continue reading this article.

How does this market differ from other markets?
It differs from other markets like stock market in the simple fact that its not regulated by a central governing body. There exists no clearinghouses to guarantee the trades and there is also no arbitration panel to resolve and decide upon disputes. Credit agreements are what the trading is based on. So, truthfully speaking, business in the largest liquid market depends simply on a metaphorical handshake.

This might seem out of the world or plain weird to investors used to structured exchanges like the NYSE or CME. But this arrangement actually works out pretty well in practice as investors and brokers must compete and co-operate with each other at the same time.

The FX market is so different from other markets in some ways that are sure to raise eyebrows. If you feel that the EUR/USD is going to spiral downwards in near future? Feel free to short the pair at will( Selling short is the opposite of going long. That is, short sellers make money if the stock goes down in price. This is an advanced trading strategy with many unique risks and pitfalls. Novice investors are advised to avoid short sales.)

There is no limit to the size of the position you can gain. Theoretically speaking, you could sell $100 million of currency if you had the capital to do so. If you could some how manage to gain information on the immediate future of a particular currency, you could well be a millionaire in no time. The Fact is European economic data, such as German employment figures, are often leaked days before they are officially released.

Before we leave you with the wrong impression that Forex or Foreign exchange is the Wild West of finance, we must also note that this is the most liquid market in the world. Forex is a 24 Hours trading opportunity. It’s not going be like you wait for the Forex shop down the street to open. As a Forex Trader, you get the opportunity to trade 24 hours from Sunday 5:00 pm (ET) to Friday 4:30 pm.

This means you can do trading upon your convenience and based on your schedule. It also provides you the opportunity to act immediately upon golden breaking news from the market.

Where is the commission in FX?

Investors in stock market, futures or options generally use a broker who acts as an agent in the subsequent transactions. The broker does an exchange based on the investor’s instructions. For this, he gets paid a commission.

However, the Forex market doesn’t have commissions. It is a principals only market.
Forex firms are dealers, and not brokers. This is a very critical distinction that all investors must understand. Commission is not charged by them. They make their profits through the bid-ask spread (The amount by which the ask price exceeds the bid. This is essentially the difference in price between the highest price that a buyer is willing to pay for an asset and the lowest price for which a seller is willing to sell it. For example, if the bid price is $20 and the ask price is $21 then the "bid-ask spread" is $1.

What is a pip?

Pip is an abbreviation used for “Percentage in Profit” It is the smallest increment of trade in the Forex market. In the Forex market,prices are stated to the fourth decimal point. For eg: a Cadbury bar that costed $2.70 in your nearby supermarket will be quoted as $2.7000 in the Forex market. A change in the fourth decimal of that will be a pip.

We can simply put it that it is 1/100^th of 1% or 0.0001 %

What are you really selling or buying in the currency market?
Simply “NOTHING”. The Foreign exchange or Forex market is merely a speculative market. There is no physical exchanging of currencies there. All the trades are present as computer entries and netted out based on the market prices.

For accounts that are denominated in dollars, all the profits and losses would be calculated in dollars and recorded on the traders account in dollars.

Which currencies are traded?

Some mind blowing and exotic options would be the Thai bath or the Czech koruna , but the majority of trading in the Forex market is based on the seven most liquid currency pairs.

They are

EUR/USD (euro/dollar) USD/JPY (dollar/Japanese yen) GBP/USD (British pound/dollar) USD/CHF (dollar/Swiss franc)

and the three commodity pairs:

AUD/USD (Australian dollar/dollar) USD/CAD (dollar/Canadian dollar) NZD/USD (New Zealand dollar/dollar)

These currency pairs, along with their various combinations (such as EUR/JPY, GBP/JPY and EUR/GBP) account for more than 95% of all speculative trading in the Forex market..

FX Jargon

Every field possesses its own jargon and the Forex market is no different as such.

Here are some terms which are worthwhile learning.

Cable, sterling, pound – the alternative names for GBP Greenback, buck - nicknames for the U.S. dollar Swissie - nickname for the Swiss franc, Aussie - nickname for the Australian dollar . Kiwi - nickname for the New Zealand dollar Loonie, the little dollar - nicknames for the Canadian dollar Figure - FX term connoting a round number like 1.2000 Yard - a billion units, as in "I sold a couple of yards of sterling."

Forex Scalping for beginners!!!!

Forex scalping is “the word” these days! It offers to give you handsome profits with out much of a risk. So lets get started in this article. We are going to cover the facts related to forex scalping for beginners.

Forex Scalping works this way. You look to make a neat profit by making small regular trading within a set time frame. I would put it in a more simple way. You make very small trades, therefore risking a small amount of money ( Of course when you profit as well, you a gain a small amount). You make plenty of such small transactions within a day. So you actually hope that little drops of water will make a mighty ocean. The fact of the matter is that it has never worked and never will.

Why?

Because Forex scalping is simply based on an incorrect belief or logic or whatever you want to call it. Infact, I am going to show you in the article why forex scalping can be the easiest way to lose your money in forex trading. Read on!!

Let us first take a look at the market and how they move.

We have approximately Trillions of dollars traded in the market daily by millions of traders. So, it will be ridiculous for us to assume that we can predict what this vast mass of traders will do in a short period of time

Let me direct you towards a Fact:

“All short-term volatility is random.”

That means?

Yes, that means prices can go up and down ( up or down? No one can predict). Infact , Neither Support and resistance levels are valid nor any of the technical indicators you have. All will fail in this random environment.

“I have seen successful track records though!”

Sure you have – and they are sold by vendors with a vested interest.

There are loads of them and they are all designed to bring forex scalping to beginners - for a few hundred bucks you get rich, Ha Ha ! that’s Laughable to me!

Please Consider a reality check!

These vendors make the much promising forex scalping systems. Hey , why don’t you guys do forex scalping instead of making these systems. They know it wont work. Hence, lure the unsuspecting ones in to forex scalping

What will be shown to you by them are amazing track records with neat profits with draw downs being a rarity and almost non-existent. A little of your common sense coming in to play will tell you that its too good to be true. And when you get an intuition like that, it probably is “TOO GOOD TO BE TRUE”

Many traders fall in the scheme, lose big time and still wonder “WHY?” or worse “WHY ME”

Take a closer look at the forex scaling track records, you will see the words “hindsight” or “simulation” written all over the track record as a disclaimer.

What does this imply?

That the track record is done in hindsight and simulated, knowing the closing prices!

How hard is that?

Any eight year old kid could do that and so could anyone who can read and write and you can to – My friends, these track records are useless and not even worth the paper they are written on.

Of course , you can try looking for an authentic track record. Take my word that it will take you a long time. I never found one in my life. SO if you do come across one, sure let me know.

The fact is forex scalping for beginners takes advantage of innocent and gullible investors who think making a profit is that easy and they don’t stop to think how authentic these systems are or what logic is in scalping?

If You Want to Win

You need to have odds in your favour. That simply means that you need to trade within longer time frames. That rules forex scalping out

If you are just a beginner at forex trading and looking to make a plunge in the forex market, Make a detailed study on the market. Follow the market for few months before investing your hard money in it. You can find some great ebooks here to get you started.

Do avoid the scheming companies wanting you to try forex scalping for the much-promised handsome profits, which will never materialize and do visit my blog for more articles and updates.

Forex Ebooks!

Hey Guys,

I am working on making a little collection of decent ebooks on forex trading.

I will get them posted on the blog soon.

So keep checking back for updates!! and yeah bookmark US

Thank You

Free e-Book

TREND DETERMINATION : A quick, accurate and effective methodology by John Hayden

For other free e-books including a beginners guide for newbies in forex, refer previous posts.


25 RULES OF FOREX TRADING DISCIPLINE: by Douglas E. Zalesky

Free Forex Ebooks

Hey,

Ill post a few free ebooks on forex in this post..

so that you can familiarise yourself with the world of Forex

Introduction To Forex

by 1st Forex Trading Academy. This trading course intends to provide to all of the students analytical tools on the trading system and methodologies. In this respect, the purpose of the course is to provide an overview of the many strategies that are being used in Forex market and to discuss the steps and tools that are needed in order to use these strategies successfully.


Another Good free EBOOK

THE SIX FORCES OF FOREX

by Scott Owens. A small e-book covering the basic and the main problems of Forex trading


Ill keep updating..

Pls check back for more updates