Great Forex Resource Blog for successful Curency Trading

Complaints about brokers are very frequent. Some are scams, others are using nifty little tricks to draw more money out of your pocket and then are those who seek their own advantage against their customers. One of the tricks they use are changing margin requirements. Dukascopy from Switzerland changes margins for weekend leverage from 100 to 30. If you exceed new weekend margin, they open a trade against you that will cost you a fee and you will be responsible to close it again. They don't just cancel your existing trade for free. Saxobank has problems in showing exact margins to people who frequently open and close FX options on the same day. It can occur you open a new spot trade that is well within existing margin requirements to be stopped out at a loss just seconds later with explanation of insufficient cash or margin call. Very frustrating experiences.
My new goal in FX trading will be to trade FX options and not spot. This way I will not derive my profits from other traders' losses but from the cash balance of my broker. Revenge is sweet!

Frequently, I am catching myself staring at charts. It has paralyzing effects. I just keep staring onto the screen in hope to discover a new pattern or in desperation to see my trade materialize in just seconds, although it is far away from targets or stop out. Is this a form of addiction or just an exaggerated impatience? I am afraid, it might be both. Anyhow, without going into details I see need to get rid of this bad habit. Prices won't move just because my eyeballs are focused on charts and sooner or later I am going to run into issues with my eyes. Come on market, why are you so unpredictable at times?

Okay, hands down: In 3 years of Forex trading I lost around 200k to 300k US$. This is the actual amount that went from my bank account to fund my FX broker. At times I was highly profitable, so if you count the drawdowns from my peaks to zero, the actual loss would be closer to a Million bucks. Hey, but that's just theory - annoying enough to even think about it from this point of view.
Now, why would I still want to trade Forex? And why the hell would I believe to be profitable again? To be honest, to a certain degree it is addiction to trading (gambling). With more rational approach I do know how to trade and be profitable.

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Last year I mentioned Henry Liu's program 10k to 1 Million. From my memory it was marketed as a program taking an FX investment from 10,000 US$ to 1 Million within 13 steps of around 46% profit each. The initial marketing suggested, this aim would be appreciated within a time frame of around one year. After 8 months equity is drained down to 3500 US$ from 10k and provider is neither updating account statement nor sending out signals for his subscribers.

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Staying on top of news is a must for every currency trader. Forex Factory provides one of the most complete calendars of economic events. Events like CPI, PPI releases and interest rate decisions by Central Banks are published by date together with numbers of previous items combined with expectations. This alone can help traders to find pre-release sentiments. Some of those can develop into powerful trends. Taking advantage of expectations towards news releases is usually more profitable as trading news itself.

As previously mentioned alternative ways of trading currencies to volatile spot trades exist. I did already talk about exchange trades funds (ETFs) for regions and specific currencies like Japanese Yen and Euro. Most high value professionals trade future contracts. Futures are available for currencies as well as for commodities. Optimus Futures is an US-based online broker with Ninja Trader platform for retail investors who wish to explore future contract trading.

There are tons of websites around offering information on currencies, but sometimes it's better to go to the source to get the real deal. The highest monetary authority for the Euro provides precise information about it's next meetings and moves that could move markets. Follow their calendar and comments to stay on top of EURUSD next rate hike. Don't rely on interpretation of other questionable sources, but build your own opinion based on hard facts.

This is the other website of Huskins Forex, a provider of signals and education about trading systems. Huskins is not the best web designer and his sites are dated, but he does enjoys a fine reputation for teaching. You can sign up for his newsletter that may include trade analysis of past events and offers for his FX mentoring program.