Before analyzing the currency pairs, I’d like to talk about one of the most common mistakes that forex and also stock traders make. I have already made the same mistake several times and I still make it if I enter to a trade before enough analysis and correct prediction. This common mistake is selling above the support line and buying under the resistance lines. A support line is a line that doesn’t let the price goes lower. So if you sell short when the price is retesting a support, it is highly possible that the price goes up. A resistance line is a line that doesn’t let the price go higher. So if you buy, the price may go down. Read the rest of this entry »
It is strongly recommended that newbie forex traders focus on one currency pair. The best currency pair to start is a currency pair that has a small spread. So EUR-USD is the best. Most brokers charge 2 pips when you buy EUR-USD and recently I have seen some brokers that charge even less than one pip.
GBP-USD is so similar to EUR-USD but it has a higher spread and greater volatility. You can try the GBP-USD only after few months that you have been working with EUR-USD but if you are happy and comfortable with EUR-USD, forget about GBP-USD.
USD-JPY and USD-CAD are completely different from EUR-USD and GBP-USD because they are dependent on two different countries, Japan and Canada with different economy and situation from Europe, GB and USA.
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Hello my friends 
I hope you could receive my last two days reports and act according to them.
Tip of the Day:
The title of today’s report may have made your surprised but most of you know what I mean. We are all personal traders and the amount we buy or sell individually, doesn’t have any significant impact on the market direction. We simply follow the signals and trends. Our action doesn’t let any of the other traders lose any money unless they act against the trend. So if everybody follows the trend and market he/she will not lose and everybody can collect his/her profit. Read the rest of this entry »
Hello my friends
The market was volatile and suitable for intraday trading. I hope you could use the opportunities.
I have been thinking about the ways that I can keep on publishing the daily reports and I became realized that I should get focused on one currency pair (Eur-USD). Analyzing and reporting so many currency pairs is so time consuming and tiring and if I do it again I will have to stop blogging after a while. I became more confident about this decision when one of the weblog users (John - ForExcellence) also suggested me to focus on one pair. I appreciate his assistance.
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Hello my friends
So I am back to blogging. I have explained why I stopped blogging and why I have started it again here. I hope I can keep on publishing the reports.
I have also published some new articles that you may like to read:
- How I Tripled a $500,000 Forex Account in 6 Days
- What Thomas Edison Can Teach You about Trading Forex
- Vahid’s Daily Forex Market Analysis Will Be Back!
I have linked to all my forex trading articles here. I am trying to write more forex training articles and make a complete training reference for those who are interested. I don’t know how long does it take but I try to write one or two articles per week.
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Hello my friends
I just finished the article I had been writing about technical analysis and the way you can use it in forex and stock market. I wanted to explain everything about technical analysis in one article but became realized that it it is not a good idea and I have to write different articles for it.
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Hello my friends
As you saw today it is good to take a look at the weekly chart at least once every week. This is what we did last night and you saw the result during the day. Weekly chart signals is even more important than the monthly because monthly is a very big time frame and doesn’t work for most of the personal traders like you and me. It is good for the banks and big super swing traders.
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Hello my friends
Today was a slow day again but don’t worry. Forex market will not be stopped and we will have big changes and movements again and again.
You have two options when the market is slow. You can stop trading and just check the one hour and 4hrs charts while you have plotted the trends and patterns and you know what you are waiting for. Then you can take the proper position when the price breaks out of the range.
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Hello my friends
So did you enjoy the breakouts? I saw some of you succeeded to take the proper positions and make some money. If you were not on time enough to take the proper position or you lost money due to taking a wrong position don’t be upset or disappointed. You will be able to take the advantage of the next opportunities.
Just keep in your mind that if you are losing more than what you make, you have to stop trading with the real account. One of my friends who is a very experienced trader says that you are qualified to trade with a real account only if you can triple a demo account. It doesn’t matter how long does it take to triple a demo account. Two months or one year. As soon as you can do that, you are a forex trader.
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Hello my friends
Today was a slow day. Mondays are usually slow maybe because most of the big traders do not open/close their positions on Monday. The banks’ traders need one day to analyze the market and decide about the next positions because they are swing traders and one day doesn’t make a big difference for them.
On the other hand, the market, economy and business is slow in general because of the all of the bad news that can be heard everywhere about the USA and USD recession. After the real Estate recession in USA and then UK, now the world is waiting for the credit card recession in USA. Waiting means indecision and inaction in different markets and specially forex market.
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