The Forex Tracer Review - Is the Forex Tracer a Scam?

Is it simply possible to make money on the foreign exchange market like the Forex Tracer purports? For those new to this market which put simply is the buying and selling of one currency for another to make a profit; if you are not already aware yet, 90% of traders lose money on the Forex market. This suggests that it's much harder to make money in this market than it would be to produce and publish an automated trading system such as the Forex Tracer.
1. What Are The Secrets That Make 10% of The Remaining Traders Successful?
The absolute, ABSOLUTE critical factor is to have a well proven and profitable system in place, followed by 100% DISCIPLINE. What you DO NOT want to do is start trading willy nilly, with no plan of what you want. The obvious mantra is to start buying low and selling higher to get pips. In the long run this is the well trodden path novices tread, slowly but surely to the Forex graveyard. With no stop losses and take profits in place, greed takes over and closes the door on many fledgling Forex careers.
2. Always Have Your System In Place - Never Divert Until You Jump Ship.
Prior to establishing your system, be true to yourself that you really have the discipline to follow suite until you get out of the trade. Once this is accomplished, you then have the initial knowledge to take stock and understand the reason why your Forex trading is not successful. With this discipline and understanding in place, you have the foundations to apply your confidence successfully.
3. What Exactly Does The Forex Tracer Do and How Will It Help You?
This autopilot software which runs its little robot to route out trades with stop loss and profit margins in place will reduce the stress that comes with trading, as it eradicates rather archaic methods of studying charts and endless hours spent in front of the computer screen.
With complex algorithms and detection mathematics in place, you are then required to input price data each seven days. It will then calculate your stop losses and trade profits. From here autopilot trading will take place within the margins specified, 24/7, thus adhering to a disciplined tried system.
You can put this system to the test on a Demo account first. You can do that here at http://www.forextracertrading.com which allows you to trade with play money, so you won't be risking a penny. After you've tried, tested and retested, you can then open your real account and collect $100 and start trading on Autopilot immediately. STAY FOCUSSED and YOU WILL SUCCEED.

The Benefits of Learning to Trade Forex

During the chaotic uncertain times we live in, people often look at different outlets for income. Whether they are searching for a full time income to replace their job or a part time income so they can save a little each month. One venue people like to look at is trading or investing. Many people look to trade stocks, options, and futures. But most recently forex trading has grown immensely in popularity And for good reason. Here are some of the benefits of learning to trade forex:
1) A 24 hour trading market - With stocks and futures, the markets close at 4 pm est. With forex having an international platform, currency rates are constantly trading even if the US markets are closed. So if you come home from work at 5 pm. (like most people) you'll always find a currency pair you can trade with forex. If you are a stock trader, by the time you get home, the market has already closed.
2) Completely recession proof - No matter how good or bad the US economy is doing, you can always be successful trading forex (as long as you know what you are doing). The dollar can always be traded with or against. As long as you can trade either way of the market, recession is something you never have to worry about, since money can be made on both sides.
3) The ability to trade anywhere - How many people in this world can say that they can travel when and where they want and still do their job? Not too many. Learning to trade forex correctly can lead to the freedom and time to do that. All it takes is a laptop and internet connection.
4) Trading flexibility - Most investment vehicles require a large sum to start trading. Most accounts require you to have 5K-10K to get started if you plan on trading stocks or futures. To be honest you're going to need them, because it takes a lot of shares to make money trading stocks. With forex you can open an account with many brokers for a few hundred dollars. You have the ability to play micro or mini lots so you don't have to trade with full lot sizes as the big boys do.
5) No commissions - Unlike stock brokers, the majority of forex brokers do not charge a commission for each forex trade you make.
These are just some of the many great benefits of forex trading.
Learning to trade forex is much easier than people might think. To see how I learned how to be successful forex trading, make sure to check out LearnForexDirectory.com to see more forex reviews

Currency Trading Strategy - How To Use The Fib 127 For Consistent Profits

A solid currency trading strategy consists of entering a trade at the right place, having a stop that is properly calculated, and setting a reasonable profit target level that works time after time after time.
Many newer traders set too ambitious profit targets expecting the trade to be "the big one" and hoping it will help offset the losses they have accumulated.
However, a far more effective currency trading strategy is to set a reasonable profit target each time, not expecting the home run, and being satisfied with smaller profits which on a consistent basis will build the equity in the account surprisingly quickly once the compounding action kicks in.
Here is where the Fibonacci tool comes in.
This article assumes a trader knows how to use the Fibonacci tool which comes as a standard technical analysis tool on most charting software packages.
While the key retracement levels are 38, 50, 62 and 70 percent, two extension levels are commonly used - 1.27 and 1.62 percent.
The Importance Of Fib 127
It is the 1.27 level we are interested in.
Why?
Because price regularly gets to the 1.27 level, or at least within a few pips of it. Price also gets to the 1.62 level fairly often but not nearly as often as the 1.27 level.
So if you are trading with the trend, always a safe currency trading strategy, and price has pulled back to the 50 or 62 retracement levels, there is a very reasonable chance price will reach the 1.27 target.
If price pulls back to the 79 retracement level it may not go so far. If you trade from that retracement, you will want to take the first profit at the end of the swing as price may not extend beyond that point to the 1.27 or 1.62 level.
Some traders just focus on this currency trading strategy when going with the trend:

• In at the Fib 50 retracement
• Out at the Fib 127 extension

Why is this such a sound currency trading strategy?
Because the Fib 38 retracement level does not offer such a good risk reward ratio many times. There is always the risk price will pull back further and take out your stop.
On the other hand, price frequently fails to reach the 62 or 79 retracement levels so the trader is left on the sidelines as the trade fails to get filled.
The 50 level is frequently reached so the trader has a good chance of getting his order filled.
On the other hand, the 127 extension is not too ambitious. In at 50 and out at 127 will often net a profit of somewhere between 25 and 40 pips. With a 20 to 25 pip stop the risk reward ratio is satisfactory.
How To Use Fib 127
Here are some other factors to consider when using the Fib 127 extension:
Look to see if this level coincides with other factors such as

A previous key level of support or resistance on the higher time frames such as 1 hour, 4 hour, daily, or even weekly.

The 200 EMA (Exponential Moving Average) on the 1 hour or 4 hour. This often provides quite a strong level of support and resistance.

A pivot point (Central Pivot Point, R1, R2, S1, S2, or M1-4 levels ) calculated from the previous day's High, Low and Close.

Even when targeting the Fib 127 as the profit taking point, it is wise to trim a couple of pips of the limit order. So often price will nearly reach Fib 127 and pull back.
Yes it might go on to touch it later but in the meantime price retraces and you have to have the mental stamina to be able to handle that.
Many traders would rather just take a slightly smaller profit and save themselves one or two hours of price consolidation with the risk they may lose the profit altogether.
A solid currency trading strategy develops over time. A key ingredient is not being too ambitious. The Fib 127 extension level is a reasonable profit target you can use regularly to extract your wages from the Forex market!
For a free Fibonacci calculator, pivot point calculator, and the best free economic calendars click here:
http://www.vitalstop.com/Forex/tools.html
For a free candle & chart pattern recognition reference tool click here:
http://www.vitalstop.com/Forex/Candle-Chart-Patterns
See how to use trendlines to get an optimum trade entry point:
http://www.vitalstop.com/Forex/trendline.html

Use Forex Automated Trading Software to Help You Make Money 24-7

Forex trading is one of the largest financial market in the world and it has grown increasingly popular over the years due to the introduction of forex automated trading software. This market that was only available to banks and other large financial institutions has now been made available to just about anyone with a few hundred investment dollars to spare.
Due to the size of the forex market, where trades happen around the clock with transactions of trillions of dollars each day, it can become tiresome to constantly monitor the market to keep on top of things. That's exactly why forex automated trading software are a great tool that helps trade for you 24/7 without you needing to be there. These automated software helps you specify a currency, asking price and selling price beforehand. And with the help of a broker, your purchase can be made instantly.
Another great advantage to using forex automated software is that you don't need to be an expert to start trading. These reliable trading platforms can save you a lot of time and they can be run nonstop 24/7. Forex automated software also gives you an advantage of trading multiple systems simultaneously, which is not possible to do through manual trading.
Forex automated software makes sure to only trade when all conditions are right to ensure the least amount of loss. They also allow you great flexibility to take advantage of multiple forex strategies and have the opportunity to diversity your investments as well as your risks.
As easy as they make for newcomers to enter the market, it is still advised to learn the basis of forex trading so you understand the fundamentals and technical analysis. This is to ensure you can enjoy the maximum profits in the long run.
Despite being automated, they can also be fully customized to your needs so you will always have full control over the entire process. A great forex automated software, Forex Autopilot is one of the cheapest on the market and right now you can take advantage of a 75% discount to this great piece of software.
To find out more about forex autopilot and automated software in general, check out Forex Autopilot System

My Favorite Trading Strategy

What I'd like to do in this very short article is give you an overview, looking at the strategic level, of how I trade my favorite setup, which will be the one referred to in most of the analysis on my website. We're talking, 'the big picture'.
Too many people make a critical error in focusing exclusively on their entry triggers, and trying to enter on every occurrence of that signal, without ANY consideration for where that trigger is occurring within the bigger picture market structure.
Too many novice traders spend far too long trapped in this stage of learning. They discover a new trigger and a part of their mind then becomes excited that maybe they've found the holy grail of trading. It doesn't matter if it's an EMA 10/20 crossover, or perhaps a MACD crossing above zero, with stochastic rising, and RSI above 50. It is NOT the holy grail. It is just an entry trigger.
The fact is:
* Market Structure tells you where to trade.
* Entry triggers tell you when to get in and out of your trades.
Focus on defining the structure of the market first, and then look for a trigger.
Let's say for example that our entry trigger is a candlestick reversal pattern... in this case a Bullish Engulfing Candle. Where would you find the higher probability trade?
Would it be at the top of an extended rally, where the Bullish Engulfing pattern is pushing straight up into the overhead resistance?
Or is the higher probability trade where the Bullish Engulfing pattern shows that a major support level has held and there is significant profit potential still available from the entry point to a projected target at the overhead resistance level.
It's exactly the same entry trigger, but obviously the market structure tells us that the second entry is the higher probability trade.
REMEMBER: The market structure (in this case Support & Resistance) tells you where you should trade. The trigger tells you when to get in or out.
Now, market structure doesn't need to be just support and resistance. YOU need to consider, 'what is the reality of price action as you see it? What do you believe causes price to move?'
Have a look at a number of charts... What do you see?
Is it perhaps a framework of support and resistance levels defining areas of price stall or reversal in the market?
Do you see a "rubber band" type concept, with the market reaching extremes and then reverting to the mean, or centerline moving average? Moving back and forward between the upper channel line, the centerline, and the lower channel line.
Do you see swings? Higher highs & higher lows, lower highs and lower lows, with impulses of momentum in between?
Define how you see the bigger picture of market movement. What is it that you see when you look at charts? What is the market structure? And only then should you look for an entry trigger that gives you a low risk and/or high probability trade within the context of your bigger picture.
So, what do I see as the reality of price movement? How do I trade? What is my strategy?
Well, in this short article I can't go into the tactical level - I can't talk about my entry and exit triggers, and trade management strategies. It would take a whole book because it's not just a simple indicator based entry or exit. It's based on price action - on an understanding of the nature of movement of price. That takes a long time to develop, and it's something I'll cover in my website in a lot more detail.
However, for now I can share a very broad overview of my strategic level trading concept. At least my favorite one anyway.
The reality of price movement for me is supply and demand. And that supply and demand leaves footprints that can be read in a price chart.
All price movement, all turn points, and all areas of support and resistance are a function of the balance or imbalance of supply and demand.
In particular, the key areas which allow for low risk or high probability entries, are areas of support and resistance.
I trade within a framework of support and resistance.
I define all major support and resistance based on a higher timeframe, and then look to profit from movement between these areas on a smaller timeframe.
For me, my markets of choice are forex & equity indices. The longer timeframe for defining major support and resistance, is an hourly chart, and the trading timeframe is anywhere from a 1 to 5 minute chart.
The strategy works with other markets as well, because it's based on the truth of price movement. And because markets are largely fractal in nature, you can adjust the timeframe to suit. Say you wanted to trade the daily charts - then you just get your major support and resistance off the higher timeframes - being weekly or monthly charts.
So, the major support and resistance areas are placed on the chart, and I'm looking for any low risk or high probability trades (based on my entry triggers as defined in my trading plan), going long off major support or going short off major resistance.
And for the price movement in-between major support and resistance?
If it's an uptrend I look for low risk or higher probability entries at areas of minor support.
If it's a downtrend I look to go short at low risk or high probability entries off minor resistance.
And if it's a sideways trend, then I aim to identify low risk or high probability entries off both minor support and resistance.
Key point though for all entries - It must be a low risk or high probability entry, based on the clearly defined criteria in my trading plan
So there you are... It sounds simple when looked at from this high level overview. The reality is though, that it's really hard. The statistics of failed traders clearly show that. Success takes a long period of time. Whether you relate to my view of the markets, or prefer some other method of defining market structure, spend a lot of time just watching price movement. Learn to 'read the tape' as it used to be called, internalizing the patterns and flow of movement of price. It takes time. Be patient, and embrace the challenge.
Stop just blindly entering at every occurrence of your entry trigger. Remember:
* Market Structure tells you where to trade.
* Entry triggers tell you when to get in and out of your trades.
Happy trading
Lance Beggs
(c) Copyright Lance Beggs
http://www.YourTradingCoach.com All Rights Reserved Would you like to learn more about how I trade the forex and equity index markets? Check out the articles, videos and trading resources on my website right now at http://www.YourTradingCoach.com

Types of Orders in the Forex Market

No doubt if you get into the FOREX market you will be, at some point, placing an order with a broker. But what type of order you place, and at what time, could affect your financial prospects.
Basically, orders should be placed keeping in mind your trading style. The crux of an order should be when you want to enter and exit the market. The worst thing you can do is give an improper order and throw off your entry and exit points, the points at which you should be making your profit.
Let's take a look now at some of the orders you may come across.
The Most Common: A Market Order
Market orders are all over the FOREX. Essentially, it's just when you place an order to buy or sell at the current market price, which is displayed as the bid or ask price. You can use the market order to enter or exit an existing position.
One thing to remember is that a market order is basically a guarantee of execution. If you are not completely certain about the trade you want to make, take the time to think it through. You won't get another chance when you place a market order.
Your Best Friend: the Stop Order
A stop order is a type of unfulfilled market order. It becomes a market order when a specified price (specified by you and your broker) is reached in the marketplace. This is a great order for limiting your loss or locking in a predetermined profit. It's commonly used by investors leaving for vacation or those that know they are going to be busy and unable to monitor the situation themselves.
There are a few different type of stop orders to be aware of. First, the buy-stop order is an order to the broker that you want to buy a currency pair a market price once the market reaches your specified price or higher. A sell-stop order is an order telling your broker that you want to sell a currency pair at the market price once the market reaches a certain price you've indicated to him.
Stopping the Leaks
You are going to lose money in the FOREX, as in any market. Accept it, it's a part of life. At some point, you will have losses no matter what you do. But the smart investor takes positive steps to prevent these customary losses from becoming huge disasters. The stop order is your best way to do this.
If you are going to trade, make sure you go in with an idea of where you want to get out (called your exit position). The order you place to get out at a predetermined price is called a stop-loss.
There's also limit orders to think about. This is where you are willing to enter or exit a new position, but only on your terms i.e. at a specific price or quantity. The order will only be filled, if at all, at the price you specified. Keep in mind that limit orders cost more than market orders. But, this can be offset by the fact that limit orders are so darn useful on a low-volume or volatile investment.
Before you put in your trade, make sure you have an idea of where you want to take profits if the trade happens to go in your direction. This is where the limit order really shines. It allows you to exit the market at your pre-set profit objective.
Keep the Orders in Order
Make sure you understand what orders you need to put in when. Orders are tools, they're tools that are right in front of you, ready to help you make the profits that will make your time in the FOREX worthwhile. However, as with any tool, they have to be understood first, and then used.
Of all the orders to be understood and used, the market, stop and limit orders are the ones you're going to be hearing the most. And for good reason. Few investors use more than these so make sure you know what they are and what they do, and you won't lose money because you weren't sure what kind of order to execute.
Kevin Davis has been investing online for 10 years and just recently started looking into expanding his investments into the FOREX market. To learn more about Kevin, visit his blog at http://www.KevinHDavis.com

Japanese Candlesticks Can Predict Reversal of Major Trend

Observing the movement of stock prices in Japanese Candlestick format and in real-time depiction is somewhat akin to watching the printout of an electrocardiogram in motion. One is seeing at first hand the story of an unfolding investor psychology. The first practitioner of Candlestick price representation, so many centuries ago in Japan, was no doubt seeking to develop a strategy or a system of tactics which would deliver to him a trading advantage which would assist him in planning his next moves. The technique of price recordation which he developed was based on the principle of expanding the "line," or "bar," on a chart representing the range of prices for a given time period so as to create a fattened-out line, or cylinder, in which the opening price and the closing price for that time period would be the upper and lower limits of the cylinder. If the closing price of the day were higher than the opening price, then the cylinder would not be filled in, or would be left "white;" whereas if the closing price of the day were lower than the opening price, then the cylinder would be filled in, or made "black."
This style of price display presented a visual picture which was instantly recognized by the eye. It was easy to discern the mood of the rice traders which was in effect during that session; and, depending on the relationship of that particular Candle bar's relationship to adjacent and nearby bars, the operator had a basis for making a prediction of the direction of prices for the next day.
Furthermore, when interpreted properly in the light of human judgment, the shape of a bar, especially when considered in conjunction with adjacent or nearby bars, was found to possess an ability to forecast a reversal of major trend.
After long and expensive historical research and translation of old records into English, the Candlestick approach to price charting was brought to the Occidental world about 25 years ago. In the early years, the Candles developed a following only very slowly. More recently, however, professional traders and investors, as well as those who do not trade or invest for a living, have begun to appreciate the advantages of the Candlesticks, to the point at which it seems reasonable to predict that they will be the standard within the foreseeable future.
What is so unusual about the Candles? In short, they form patterns which have meaning in terms of revealing traders' theretofore-hidden investment rationale, and also in terms of allowing forecasts to be made regarding the future course of price action. Some of these visual formations or images are useful in foretelling the end of a trend and a possible topping out and rollover to the downside (if the major trend has been one of increasing prices) or of bottoming out and rolling to the upside (if the major trend has been one of declining prices).
At the top of an extended rising market, one of the more dependable reversal patterns is the "Evening Star," a three-bar pattern in which the first bar is a tall white bar; the middle bar is a small "Star" which usually sits higher than the first bar; and the third bar is a tall black candle which usually sits lower than the Star. This formation is bearish in its implications; and the implication is strengthened if the Star is a "Shooting Star," which looks like its namesake. At the end of an extended declining market, the inverse pattern can also appear; and, perhaps not unexpectedly, its name is the "Morning Star."
The opposite of the Shooting Star is the "Hammer," which appears only at the end of an extend downtrend. The Hammer is considered to be one of the more reliable predictors of a possible change of trend to the upside, especially when the next day's closing price is higher than the closing price of the Hammer.
A "Doji" is a price bar in which the opening price and the closing price are the same. It is considered to be an indicator of a reining-up - of indecision - and of a possible change of trend, when it appears at the end of an extended move in either direction. A Star whose opening price and closing price are the same is called a "Doji Star." A "Bearish Engulfing" pattern occurs at the top of an uptrend, and is marked by the "real body" (i.e., the cylinder in the price bar) engulfing the real bodies of one or more previous bars. The "Bearish Engulfing" formation is, quite naturally, bearish. Its converse is the Bullish Engulfing pattern, which occurs at the bottom of a downtrend; and, obviously, carries a bullish signal.
In Candlestick parlance, gaps ("windows") are celebrated as being generators of support and resistance. Often, a comparison of price action before and following a gap clearly reveals the power of a gap to repel prices which venture within it.
The Candles are useful in any time frame, including day trading. Although they are valuable in foretelling reversals, they do not predict the extent of a move. They are perfectly compatible with all "Western" Indicators, and the synergy which often results from the Candles and the Western Indicators used together can be remarkable. Furthermore, the Candles are equally adaptable to use in every financial market, including stocks, indexes, commodities, and Forex.
Technical analysis of Japanese Candlestick price imaging is founded on the hypothesis that price action in the financial markets is not random or mechanical; rather, that it is patterned (if the practitioner is following Elliott Wave theory), and that it is the result of human emotion in action.
There are many practitioners of Candlestick analytics who make their services available to the investing public. Some of them publish investment advisory newsletters (alternatively called "investment newsletters" or "market letters" or permutations thereof); some offer instructional and training seminars, forums, and chat rooms; some publish books; and some of them offer multiple services and products. Their observation of the Candlestick world sometimes leads to a critique of the common wisdom as propounded by the media, and to explicit review of, and commentary on, the state of the markets. Expostulation of the Candlestick analytical technique is not commonly a part of financial news programs, either in the popular printed media or on television; nor are the particulars of Candle theory often the subject of study, research, investigation, or illustration for the benefit of the investing public.
This is unfortunate, because the information which flows from these concepts could often open up new possibilities for investors and be of value to them in their decision making process.
http://www.candlewave.com