How To Monitor Active Forex Trades?

Monitoring active trades is not as easy it sounds. In this article I’ll take you through several ways of doing it effectively:

No matter what trading style you use it always pays off to watch and monitor your trades once you have placed them. There are several way of doing it and it is up to individual to work out the best method based on his/her personal situation.

• Audible Alerts:

If you happen to use MetaTrader then you have a feature of placing audible alerts. Once set properly MetaTrader would alert you when the price reaches a certain point, it can be your Stop Loss or Take Profit level. To set it up simply press “Ctrl + T” and then select “Alerts” Tab. Right click and select “Create”. I personally use this feature a lot, it helps me get away from PC and do other things around the house while still trading at the same time.

• Expert Advisor:

Unless you are very good at programming I won’t recommend creating your own Expert Advisor for managing trades. However there is an popular free Expert Advisor called “ManageTP” available on forums which works just fine. It helps you to automatically place Stop Loss and Take Profit levels and move them as per price action. Simply Google the name you would find the Expert Advisor along with instructions on how to use it.

• Multiple Monitors:

While on your desk looking at charts it helps if you have multiple monitors. You can then place charts on one monitor and work on something else on the other monitor at the same time. I’ve a setup of 2 x 22” monitors dedicated for trading and third one for other purposes.

• PDA:

Using PDA to monitor trades comes in very handy while on the road. MetaTrader and several other Brokers offer PDA versions of their trading platform. Before buying a new PDA check with your Broker support to see if it is compatible. You can also use a laptop with a wireless internet to do the same.

Forex Trading Calendar

Forex trading has seen sky-high volumes since quiet some years. Every forex trader wants to keep himself updated on the market news and trends in trading scenarios. Automated systems and excellent network are the pre-requisites for any trader to keep at sync with the markets. Such systems have come in the market and also we have forex trading calendars offered by various vendors.

In simple words, a forex trading calendar is a detailed analytical forecast of the forthcoming events in the forex trading markets. Any forex trading calendar is usually given out for the forthcoming economic events in the forthcoming trading week.

It’s the software that provides daily signals on trades for its users, with which they can decide on their trading strategies on the forex markets. Forex markets are highly volatile and this tool works in conjunction with the latest market trends. Whether a currency will do well or fail, company doing good or bad, the forex trading calendar is great at performing analysis on these events and provides a consolidated analysis useful for a trading decision.

Consultants and trade analysts working on these calendars design high end formulas to enable them to take quick trade decisions along while analyzing the market trends. The consultants and analysts working on this tool are veterans of the forex markets and possess immense knowledge on the markets. Hence, investing on such a tool is nevertheless a good decision. And what makes you think it isn’t? Aren’t you buying their in-depth knowledge to use in your decisions? A forex trade calendar provides other statistical and analytical tools also, which can aid a trader in his daily trading decisions.

With the growing trend to trade in forex, one may not have the necessary know how of the markets. At such times, tools like forex trading calendar prove a helping hand in the market decisions. After all, analysis is what matters.

Yen and Dollar Fell While Sterling Excelled

The Yen and the Dollar fell on Thursday, compensating some of the earlier session's gains, while sterling extended gains after the Bank of England kept its quantitative easing target unchanged.A recovery in European stocks helped to buoy the Euro and perceived higher risk currencies, which fell sharply on Wednesday as optimism about the global economy's recovery prospects, waned and investors trimmed risk exposure.European equities jumped by 1.1 %, breaking a five-session losing streak and pushing the yen lower after it surged broadly on Wednesday, hitting a five-month high against the USD.Analysts noted, however, that the current moves are corrective and do not represent any fundamental shift in market sentiment.Sterling outperformed meanwhile after the BoE left its asset buying programme at 125 billion pounds, just as most in the market had expected the central bank to expand the total by 25 billion pounds..Sterling jumped by 1.2 % against the Dollar to $1.6255 , while the Euro lost 0.5 percent against the UK currency to 85.98 pence as the pound extended gains after the Bank of England policy decision. The news that it was not expanding quantitative easing came as the central bank left key interest rates unchanged at 0.5 percent, as widely expected.

Free Guide to Interesting Facts About Forex Trade Market

Forex market is a marvelous place for those who would like to change their lives and become independent and affluent people. If you are the one who is fed up with the need to get up every morning at a certain time in order to get dressed and to come to the work at a prescribed time. If you would like not to worry any more whether you have dressed properly and whether you have come on time at you working place because otherwise you are like to get fines. What is more, if you are fed up with the necessity to take part in the rate race because in order to be promoted to the higher position you have to compete with your colleagues. There is a great chance to escape all these troubles and start making money with the help of forex market. It is an alternative to all your hardships. You do not have to depend on your employer anymore because you will become an independent trader. In other words with the help of forex market you will be able to work on yourself and everything will be depending on you and your skills only.

What is more forex market has many opportunities for those who start trading on it. You can trade any time you like due to the fact that it is open 24 hours a day, 5 days a week. Also there is no difference how many time you devote to trading. It is possible to trade 30 minutes a day and to get profit. That is why you should not be afraid to lose your current job since you can combine your working hours and trading on the forex market.

However it is especially essential for the newcomer to get to know as much as possible about forex market. You have to understand that when you start trading on the forex market you can rely only on yourself. There is no other help you can get than your brains. That is why you need to develop your trading skills as much as possible. There are a lot of things you should be aware of when you start trading on the forex. If you think that it is enough to get to know how to operate the figures you are wrong. There are many of the various aspects which influence trading and the result of the trades a lot.

I wish you good luck. Forex trading is a great chance to change your life and to become a successful person and stop depending on anything else. All you need to do is to put some efforts and you are likely to get a lot of income.

Article source : http://www.fxstreet.com