In the age of globalization, the demand for foreign currency exchange or forex has skyrocketed. Many travellers, international students, immigrant workers, and global business professionals frequently use the service to meet their various needs. Therefore, knowing the essentials about forex exchange, more specifically finding a reliable ‘forex exchange near me‘, can save you from unfavorable exchange rates and other concerns. In this article, we will highlight the importance of a reliable local forex exchange and how a specialized forex broker can assist you in this process.

Understanding Forex Exchange

The forex exchange market, also known as the foreign exchange market, is the world’s largest financial market where currencies are bought and sold. The forex market operates globally, and it is open 24 hours a day, five days a week. It is decentralized, meaning that it is not controlled by any central banking system, and it involves all aspects of buying, selling and exchanging currencies at current or determined prices. It is the go-to place for currency conversion.

Why is a Local Forex Exchange Essential?

A local forex exchange comes with a lot of advantages. Firstly, convenience is a significant aspect. With a local forex, you can quickly get your required foreign currency without going through lengthy processes and protocols. Also, they generally offer competitive exchange rates than banks or ATMs. If you are a frequent traveller or dealing with international transactions on a routine basis, a local forex exchange could be your best bet.

Secondly, workers with a source of income in several currencies may require regular currency conversions. A local and reliable forex exchange can provide consistency and best rates in this matter.

Role of a Forex Broker

A forex broker plays an essential role in the forex market. They act as mediators between the buyer and seller in the currency exchange market. Utilizing a professional forex broker can significantly smoothen the transaction process, as they have a good grasp of the fluctuations in the forex market. They can guide you to get the best exchange rates.

A forex broker can be especially helpful in locating a reliable ‘forex exchange near me‘. They have a good understanding of your locale’s forex market, and can recommend the best places to exchange your currency while ensuring you obtain the most value out of your transaction.

Finding The Best Forex Broker

In identifying a forex broker to help you find the best ‘forex exchange near me‘, consider some key factors. Check their licensing and regulation status, their commission and fees, account offerings, currency pairs available, trading platforms, customer service, educational resources, and trade execution speed. A well-regulated, transparent broker with positive customer feedback should top your list of choices.

Conclusion

In summary, finding a local ‘forex exchange near me’ is an essential service for those who are dealing with foreign currencies routinely. The role of a forex broker is pivotal in this context since they can guide you through the complex forex exchange landscape and provide you with the best possible options. Yet, proper research is necessary when choosing a broker to make sure your requirements are met, and you get the best value for your exchange.

Do Automatic Forex Trading Systems Really Work?

by

DivisaFX

There\’s a lot of controversy surrounding automatic Forex trading systems at the moment, with many traders dismissing them as a flat out scam, while others have tried them and been badly burnt as a result. The big question that remains in the Forex community is still whether there are any systems out there that actually work?

Logically, you would think that if there are people trading a manual strategy successfully, then there should be successful automatic Forex

trading systems as well. After all, it\’s just a matter of quantifying the rules and decision making processes behind any successful strategy to come up with a winning system, right? Obviously, the reason why so many people are losing money is that either something is lost in translation, or the end user isn\’t using the system as it was intended to be used.

Don\’t get me wrong, I\’m not saying that there aren\’t developers out there who are just in business to scam unsuspecting new traders. There are, which is why you should do your due diligence on credible resources like Forex Peace Army before you make a decision to buy any system. At the same time, you shouldn\’t blame all bad performance on the developer either, because you may not be using it in the right way. So how do you know if your automatic Forex trading systems are truly broken, or if it is actually you who isn\’t using it correctly?Avoiding The Common Mistakes People Make With Automatic Forex Trading Systems

First I want to point out some of the most common mistakes people make with automatic Forex

trading systems that cause them to fail consistently with any and all systems that they use. The biggest mistake of all is definitely believing in the hyped up sales copy that the developer uses to sell more systems. For example, most developers will claim that their system is \”set and forget\”, but I have yet to see one that can truly live up to that promise. At the very least, you need to consider high impact news releases like the monthly NFP and also the various interest rate announcements that affect the major pairs. Personally, I shut down my systems altogether during these event driven trading periods, because it\’s just not worth the risk.

Another critical mistake is not shopping around for a good Forex

broker with a competitive spread and good execution. If you don\’t know this already, the difference of even half a pip in the spread of the pair that you frequently trade can net you a surplus of hundreds of not thousands of dollars per year. Certain ECN brokers can offer you a spread of as little as 0.5 pips on the EUR/USD and 1 pip on the GBP/USD and AUD/USD, so if you\’re not getting that spread from your broker right now you should stop everything you\’re doing and find a Forex broker that does.

Finally, most people tend to jump in with two feet and trade their automatic Forex trading systems without doing any proper testing at the start. You are bound to make mistakes when you first begin trading any system, so why risk all of your valuable capital during this period? The first month of trading a new system should always be considered a trial period, where you observe and determine the benchmark performance of the system before you risk the full amount you planned to. Personally, I like to do my testing on a micro account instead of a demo, because a demo account will never replicate the real conditions of trading, and as such will give erroneous results.Winning With Automatic Forex Trading Systems

As the old saying goes, to succeed where others have failed, you have to do what the others failed to do. So knowing the common mistakes people make is one thing, but you\’ve got to make sure that you take the necessary action to prevent yourself from falling into the same trap of failure that they did as well. The most important thing that you can do to succeed where others have failed is to treat your trading as a business. Don\’t just \”set and forget\” your system, study it and understand how it works. Why does it enter positions? Why does it exit positions? Are you applying the correct money management strategy? All these things are vital!

Finally, don\’t be afraid to think outside the box. Whoever said that you have to buy the same old canned automatic Forex trading systems that everyone else buys? You can design your own from manual Forex strategies, or hire someone to do it for you! Divisa Capital

LP (\”DCFX\”) is an investment house incorporated in New Zealand under the Companies Act 1993 and registered with both the Financial Services Providers Register(FSPR) and Financial Services Complaints LTD (FSCL).

Article Source:

ArticleRich.com

Submitted by: Winsor AGA Hoang

Michael Jordan was one of the best basketball players in the world. So what do Michael Jordan and automated Forex trading have in common? It is known in sports terminology as a cold streak or slump. Michael Jordan has missed more than 9000 shots in his career. He and his team have lost almost 300 games, and he failed to make the final game winning shot more than 25 times in his career. Does this make him a poor basketball player because he has failed over and over again during his career?

An athlete will go through a losing streak, and every trader will go through a similar losing streak, a period of consecutive losses with no profitable trades. In trading, this term is defined as drawdown, and it can be defined as a percentage or a number. Regardless of whether you are trading manually or using any automated Forex trading systems, you will experience a period of consecutive losses. It does not matter if you are Michael Jordan of the basketball world or the Warren Buffett of the investment world, everyone will face losses during their career or investment period. Losses are inevitable, and as investors/traders, we cannot avoid them. Trading involves both risk and reward; hence, it is impossible to obtain any type of reward without involving some risk.

An automated Forex trading system cannot avoid a losing streak; however, it is with proper money management that it can minimize the losses during the cold streak. For example, if an automated Forex trading system has a maximum drawdown of $3,000 using a 0.1 standard trading lot, it is not advisable to start trading with this system using $5,000 as starting capital. If you are unlucky and a drawdown immediately starts right after you have turned on your automated Forex trading system, you will see your trading account going from $5,000, to $4,000, to $3,000, to $2,500 and then to $2,000. In this example, you just experienced a losing streak of $3,000, or a 60% drawdown.

Before using any particular trading systems, you want to know what is the largest loss you can face when an automated Forex trading system starts incurring losses due to changes in the volatile Forex market. You must understand that this is a temporary worsening condition of a trading system. This period is the trading risk, and it will pass. With this risky period, a good trading system will recover and provide you with ample rewards (a.k.a. profits). Depending on your level of risk tolerance, a 60% drawdown is quite extreme in one s trading account. If you know that the drawdown is $3,000, you may want to start trading with $10,000 instead of $5,000. During a losing streak of $3,000, you will only experience a drawdown of 30%, which is a lot more tolerable.

Be a good investor scout and always prepare for the largest losing streak during your investment period. A drawdown period can be as long as three months; hence, don t jump from one system to another system looking for the Holy Grail. If you have found a profitable trading system, stick with it during its three months drawdown period and you will be handsomely rewarded for your patience. Alternatively, follow a profitable automated Forex trading system and wait until it starts losing and then jump in. Just like Michael Jordan of basketball, after missing three baskets, he will likely score on the fourth basket, so don t give up on him too early.

About the Author: Winsor A.G.A. Hoang is a registered Professional Engineer and the founder of

ctsforex.com

. He has developed five

automated Forex trading robots

for managed forex trading. His automated software is internationally ranked with live trading results published every 30 minutes. Visitors can use the published trading results as free Forex trading signals

Source:

isnare.com

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One of the reasons why only 5% of the traders are successful and the majority of the 95% fail in the Forex market. Besides that, a lot of people lack a mindset that is essential for successful Forex Trading. Below are the 4 factors that most people lack of:

1. Discipline – This is a very important factor. Whether you are able to maintain successful Forex Trading in the long run will depend on this. As a disciplined trader, you have to follow the rules of a Forex Trading system and you do not break them. But on the other hand, you do not react to any signals appeared in the trading system blindly, you have to also understand the Forex market conditions. E.g. You may not want to go long on GBP/USD, when there are weak economic concerns about the U.K. market.

2. Trading Psychology – The inability to control the greed factor could lead to a downfall of your trading career. Always be satisfied with the profit target that you have planned and forget about the losses that you incurred in a failed Forex trade, there will always be more trading opportunities. Another bad habit of trading psychology is the Fear of losing a trade, meaning people may cut losses earlier or later. Leave it all to the target profit and stop loss that you have set, which means that you are consistent in everything you trade.

3. Money Management – Forex Trading is also about how good you manage your money. Do not trade all your capital, but only the amount that you can afford to loose. Plan on how much are you willing to risk per trade. I would recommend trading on 1% to 5% of your trading capital per trade. This ensures you have enough money to trade Forex when you loose some.

4. Consistency – If you can be consistent in the above 3 factors, then you should be making profits in Forex Trading, and consistently. A Forex trader can make a huge sum of profits in a short period of time, but if he/she lacks consistency, I can guarantee that the trader won’t make a successful trader in the long haul.

I understand that as a newbie trader, you may find it tough to follow the above 4 points. I have gone through that too. This is why Forex Trading is not as easy as one may think. But by learning to abide those rules and following my Forex Trading guide, which teaches Forex system trading, I can be sure that through hard work and determination, you can be one of the successful traders as well.

Learning To Trade Overnight Trading Range Breakouts

by

James Woolley

Trading breakouts is one of the most tried and tested methods of trading the forex markets because when the price breaks out of an established trading range, it often continues to move strongly in that direction. Therefore there are some excellent profits to be made.

There are lots of different ways you can trade breakouts. You can wait for a quiet period of the day for instance when the price is barely moving and is confined to a very narrow range, and wait for a breakout to take place, or you can use bollinger bands and wait for them to narrow because this often precedes a strong breakout. However in this article I want to talk about a particular strategy that involves opening ranges.

I’ve been experimenting with this strategy on the GBP/USD and EUR/USD pairs recently and it seems to work very well. What you basically do is to look at the opening hours between 00.00 and 06.00 GMT (or 08.00 if the price is still within this range up until this time) and draw two horizontal lines marking the high and low points for this period.

Then you simply wait for the price to break out and close above (or below) one of these lines and take a corresponding long or short position. This method works well when there is a narrow opening range and the reason it works is simple. Every pair has an average daily range (the GBP/USD is roughly 220 points and the EUR/USD is roughly 180 points according to 2008 figures) so if the opening range is a small fraction of this number, then you know that there are a lot of points to be made either above or below the current opening range.

It’s not a method that can be used every day on a certain currency pair because sometimes the price will move quite substantially in the opening few hours, but it’s well worth putting into practice when the opening range is very narrow.

There are various ways you can actually trade this system. You can either jump in as soon as the breakout bar or candle closes, or if you want to place the odds substantially in your favour, you can wait for an initial breakout followed by a pull-back into this trading range, then trade the subsequent breakout (if there is one) because this continuation pattern is a very profitable signal.

Either way you should find that these strategies (or variants of these strategies) are generally very effective because the price will very often move strongly out of this opening range at some point during the day.

Click here to read a full

Forex Profit Accelerator review

and to discover lots of free tips and strategies relating to

online forex trading

including the exact 4 hour trading strategy that James Woolley uses to trade the markets.

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Learning To Trade Overnight Trading Range Breakouts