How To Make Big Profits Everyday

There are many FX day traders whose aim is to make regular profits everyday and over time these small profits mount up. There are plenty of foreign exchange trading systems on the net to choose from - but how do you choose the best for this form of trading?
The fact is you can’t choose the best one because NONE of them work.

Fact:

It is impossible to earn money every day or regularly when trading and it’s impossible with day trading - because day trading simply doesn’t work at all.

The Reality

Day trading systems are sold on hyped advertising copy and use hypothetical track records (that means done in hindsight knowing the closing prices!) so there of no use in proving profitability going forward. Keep in mind you never find a day trading system with a real time track record.
So why doesn’t day trading work?
Quite simply because the data period is to short and you can't get the odds on your side.

Think about it:
There are millions of forex day traders trading trillions of dollars each day and to say that you can judge what they will do in a few hours is laughable, yet many naive and greedy traders take the bait, buy a system and lose.

Forex Brokers:

Most forex traders use a broker to handle their transactions. What exactly is a broker? Strictly speaking, forex broker competition is an individual or a company that buys and sells orders according the investor's decisions. Forex Brokers competition earns money by charging a commission or a fee for their services.

A FOREX broker competition needs to be associated with a large financial institution such as a bank in order to provide the funds necessary for margin trading. In the United States forex broker competitive should be registered as a Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) as protection against fraud and abusive trade practices.

Before trading FOREX you need to set up an account with a FOREX broker. You may feel overwhelmed by the number of forex broker's competition who offers their services online. Deciding on a broker requires a little bit of research on your part, but the time spent will give you insight into the services that are available and fees charged by various brokers.

Customer satisfaction and safety are just part of the story. You want to find forex broker competition who executes orders quickly and with minimum slippage. All online brokers should offer automatic execution and have clear policies regarding slippage. They should be able to tell you how much slippage can be expected in both normal and fast-moving markets.

Forex Technical Analysis:

The difference between technical analysis and f fundamental analysis is that forex technical analysis ignores fundamental factors and is applied only to the price action of the market. Forex technical analysis primarily consists of a variety of forex technical studies, each of which can be interpreted to predict market direction or to generate buy and sell signals. The technical analysis works by correlating the results and moves of current markets to create a short-term outlook for currencies. The rolling data that is produced throughout the trading day creates the interest in the markets and informs traders of the strong markets to back.

The Trend is Your Friend

Forex technical analysis is largely based around forex market movement trends, thus creating the widely used phrase ’the trend is your friend’ amongst traders. Buying and selling at the right time is the key in maintaining good levels of profits, following a trend is also about knowing where to entry a trade and more importantly where to exit.

Support and Resistance

Support and resistance is the basic of forex technical analysis. Support and resistance levels are points where a chart experiences recurring upward or downward pressure. A support level is usually the low point in any chart pattern (hourly, weekly or annually), whereas a resistance level is the high or the peak point of the pattern. Buying and selling at the support and resistance points makes a greater profit margin as long as they remain unbroken.

History Tends To Repeat Itself

Another important idea in technical analysis is that history tends to repeat itself, mainly in terms of price movement. The repetitive nature of price movements is attributed to market psychology; in other words, market participants tend to provide a consistent reaction to similar market stimuli over time. Forex technical analysis uses chart patterns to analyze forex market movements and understand trends. Although many of these charts have been used for more than 30 years, they are still believed to be relevant because they illustrate patterns in price movements that often repeat themselves.

Advantage of hedging:

Hedging can be a useful tool to the Forex trader. When you have an openposition, for example, you are long on a USD/JPY trade and you right click yourtrade on the VT platform, a menu will pop up and you have a choice to Hedgeyour trade.

If you click Hedge, you will automatically open up a position in the opposite direction at the current market price without canceling out your other position and without margin increase! In the above example you would now have a USD/JPY trade long and short. You will now neither gain or lose any equity in your account because the gains and the losses will cancel each other out.Hedge in an emergency: Hedging a losing trade won’t solve your problems, but it will:

1. Keep you from more losses 2. Give you time to think about what happened to your bad trade and 3. Give you a second chance. Some traders will hedge losing trades instead of stopping out their position, because they have a chance to win back the losses of the original bad trade.

Example: You are looking to Trade the Trend? so you go long on theEUR/USD, using the indicators in this guide. The indicators signaled BUYso you opened up a position. In case of a bad trade, you choose tohedge instead of using a stop loss (be careful when doing this). YourTrade the Trend’s indicators didn’t work and your position goes againstyou, you hedge your trade. Now you have a losing position and a winningposition going in the opposite directions. You didn’t use up any moremargin .

What do you do now?My recommendation: When your position is hedged, you are safe andyou won’t lose any more money in your account. Here is what you shoulddo:1. Wait until another chart set up occurs and proceed to step 4. or Exitthe trading platform.2.Wait till the next trading day or session3. Look for the DTF indicators the next day.4. Instead of opening up another position, simply get rid of the badposition that was hedged. So if the indicators the next day signaled long in the EUR/USD, like in the above example, then you would get rid of the short, losing hedge and hope that the price will rise enough to erase the previous days losses to make a profit.5. If your position moves against you again you can hedge that positionagain and repeat steps 1-4.Hedge a winning trade: You may also hedge a winning trade to protect yourgains, if you don’t want to completely close your position.

When you do this youwon’t gain or lose any more money with that position. The advantage to thiswould give you the opportunity to keep trading those positions in the future andgive you a break. You can always right click on your position and choose ?closewith hedge? to close both positions at once. If you hedge a winning position youcan follow the above steps 1-4 to keep trading your position the next trading day. Please note that hedging can get complicated. Try to keep it as simple aspossible and try not to have a web of hedged and un hedged positions open atthe same time as it becomes exponentially more difficult to keep track of, andwhat positions to let go etc...Hedging is also optional and you don’t need to learn how to use this tool if youchoose not to. You can be a successful trader by simply using stop and limitorders.

Disadvantage of hedging :Big disadvantage with futures is the fact that the futures market is much less liquid than the forex market. If you need to open a position whilst the futures market is closed it could be very difficult. Overnight contract do exist, but they tend to be very thinly traded which can often mean very high spreads.Another disadvantage is the execution of trades is often slower than the forex market, especially when liquidity is low. Also, leverage is much lower in the futures market. It is not uncommon for forex brokers to offer 200:1 leverage or even more. Leverage on futures contracts is much lower.Futures are used by international corporations to hedge their currency risks and also by traders seeking to profit from speculative positions.Foreign Exchange Rate Risk Exposure - Foreign exchange rate risk exposure is common to virtually all who conduct international business and/or trading. Buying and/or selling of goods or services denominated in foreign currencies can immediately expose you to foreign exchange rate risk.

If a firm price is quoted ahead of time for a contract using a foreign exchange rate that is deemed appropriate at the time the quote is given, the foreign exchange rate quote may not necessarily be appropriate at the time of the actual agreement or performance of the contract. Placing a foreign exchange hedge can help to manage this foreign exchange rate risk.
Interest Rate Risk Exposure - Interest rate exposure refers to the interest rate differential between the two countries' currencies in a foreign exchange contract.

The interest rate differential is also roughly equal to the "carry" cost paid to hedge a forward or futures contract. As a side note, arbitragers are investors that take advantage when interest rate differentials between the foreign exchange spot rate and either the forward or futures contract are either to high or too low.

In simplest terms, an arbitrager may sell when the carry cost he or she can collect is at a premium to the actual carry cost of the contract sold. Conversely, an arbitrager may buy when the carry cost he or she may pay is less than the actual carry cost of the contract bought. Either way, the arbitrager is looking to profit from a small price discrepancy due to interest rate differentials.

Foreign Investment / Stock Exposure - Foreign investing is considered by many investors as a way to either diversify an investment portfolio or seek a larger return on investment(s) in an economy believed to be growing at a faster pace than investment(s) in the respective domestic economy. Investing in foreign stocks automatically exposes the investor to foreign exchange rate risk and speculative risk. For example, an investor buys a particular amount of foreign currency (in exchange for domestic currency) in order to purchase shares of a foreign stock.

The investor is now automatically exposed to two separate risks. First, the stock price may go either up or down and the investor is exposed to the speculative stock price risk. Second, the investor is exposed to foreign exchange rate risk because the foreign exchange rate may either appreciate or depreciate from the time the investor first purchased the foreign stock and the time the investor decides to exit the position and repatriates the currency (exchanges the foreign currency back to domestic currency). Therefore, even if a speculative profit is achieved because the foreign stock price rose, the investor could actually net lose money if devaluation of the foreign currency occurred while the investor was holding the foreign stock (and the devaluation amount was greater than the speculative profit). Placing a foreign exchange hedge can help to manage this foreign exchange rate risk.

Hedging Speculative Positions - Foreign currency traders utilize foreign exchange hedging to protect open positions against adverse moves in foreign exchange rates, and placing a foreign exchange hedge can help to manage foreign exchange rate risk. Speculative positions can be hedged via a number of foreign exchange hedging vehicles that can be used either alone or in combination to create entirely new foreign exchange hedging strategies.


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