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Traders are Talking!
TESTIMONIAL DISCLOSURE: TESTIMONIALS APPEARING ON DECISIONBAR.COM MAY NOT BE REPRESENTATIVE OF THE EXPERIENCE OF OTHER CLIENTS OR CUSTOMERS AND IS NOT A GUARANTEE OF FUTURE PERFORMANCE OR SUCCESS.
"AWESOME. "
"The manual is AWESOME!! Most of the trading books on my shelf are worthless compared to the content in the DecisionBar Trading Manual. I love how DecisionBar zeroes right in on price action, supply and demand, and market sentiment, and captures all three graphically in a way that is easy to interpret. There is brilliance inherent to DecisionBar that isn't even mentioned in the manual (example, cutting losses short and taking profits are two skills that elude most traders, yet are built-in to the DecisionBar method)."
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"Customer Support at its Best!"
"I want to let Les know how much I appreciate Barry assisting me after hours this past Friday. He was very knowledgeable, quick, and did his utmost to assist me. Customer service like this is rare today and I want you to know how much I appreciate his help,"
M.B. Bloomington, IL.
"Amazing"
"Again I wanted to let you know that your software is amazing, it really works!!"
"Prompt Support"
"I just want to say a BIG THANK YOU to you for being so prompt and helpful. I'm really glad to be part of DB family. Just to share with you that I've already made more than enough to cover my annual DB subscription plus data feed."
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"Like Shooting Fish In A Barrel!"
"This is simply fantastic!! It's just like shooting fish in a barrel! It's the greatest thing since sliced bread! I am still in my first month of usage, and although I've had so far three (3) trades that have "stopped out" at small losses, I am way ahead overall. It works great with options, and all my option positions are up by good margins. The method is uncanny in keeping me and my trades on the right side of the market and alerting me when there is a change of character in it at a very early stage. Great Product!! Thank you!!"
"Extremely Original & Fascinating Approach"
"Just a note to thank you for these additional lessons. It is clear that you are a very experienced trader and DecisionBar is an extremely original and fascinating approach. I am very grateful to have the benefit of tutoring in trading from someone of your experience and obvious teaching skill. I enjoyed the Manual very much as well as the video tutorials which were exceptionally fine and these additional lessons you are sending are a very nice and very welcome benefit too."
Steven S., North Dakota.
"Four Trades With No Losses. "
"Dear Les: Thank you for the opportunity to use your software. I am not a new trader. As a matter of fact, I've been following the markets on and off for about twenty years. Like you, I have spent thousands of dollars on software, methods, seminars, systems and methods. always looking for that something that would make me successful. I have to say that your software beats them all! I trade the S&P 500 stock index futures. probably the most difficult market to trade. And during the last two days have logged 22 points on four trades with no losses. truly amazing! I've been using the risk oscillator at default values and really like how it keeps you out of bad trades and on the right side of the market. I have also taken your advice on using previous support and resistance levels plus areas of obvious intermediate support to further enhance profitability and protect profits. Thank you again."
"Indicators Have Worked So Accurately"
"Les, I am really amazed how your indicators have worked so accurately for the past week or so that I have been using it. I am really for the first time since few years of trading now understand how the market works. Thank you a million for your generosity and sincerity in what you do."
Sal S., California.
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"Hey guys, just a line to let you know that I really like DecisionBar В® . have been using it trading the ES on a 5 min chart and it works great. I have sent you 4 people that have bought and all are satisfied as well."
"Professional"
"Thought I'd drop a quick note to let you know what an awesome staff you have from Barry in tech support to Isabel in admin support. Everyone is so nice, efficient and most importantly professional. It's a refreshing to experience. Keep up the good work."
K.Z. Belton, Missouri.
"Quick"
"Thanks for such a quick response. One thing I really appreciate is the customer service.I have not experienced anything like this before."
"It Lets The Little Guy In. "
"There are a lot of people out there selling stuff that doesn't work. Problem is, those schmucks charge thousands of dollars and when you find out later, it's too bad! You guys sell something that works, and I really appreciate the pricing structure you have. It lets the little guy in and, when people stick around, you make money honestly."
"Helped Me Milk Every Pip"
"I received the DecisionBar В® Trading Kit earlier this week, and I wanted to thank you for a top-notch product. DecisionBar is easy to use and the tutorials are very helpful. I ordered DecisionBar primarily to identify optimum retracement entry points in trending markets. I used DecisionBar pivots on two trades today and feel it helped me "milk" every available pip. I trade the Forex market and on short-term charts (5 and 10 minute) I set the pivot lines at 10,10 per your tutorial and it worked great. Thanks again."
Randall F., California.
"Paid for a Year with One Trade!"
"The more I use it, the better I like it! Life and nothing in it is perfect, but DecisionBarВ® is the best I've seen yet for trade guidance. I made enough yesterday on GOOG to pay for it for a year on what I consider a small trade.
"This is BIG!"
"Many thanks to Les for helping traders and investors to see potential "Big Move" trades in real time with his simple to use DecisionBar method. This is BIG!"

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In our opinion Forex Range Bars are superior to time based Forex Charts. A range bar measures Pips of Movement and when price isn't moving you do not get new bars and when market has high volatility you have a lot of bars which lets you have tighter stops and also find entries you can't see on time charts.. In the above EUR/USD chart it shows 6 pips per bar and our intelligent statistically based trailing stop that YOU can adjust to fit any style of trading.
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Our FX IntelliStops and Build Your Own Stops are superior to standard chandelier trailing stops as they allow you to use our statistical momentum tools to know when to have a wider stop and when momentum slows or currency moves statistically too far the stop automatically tightens!
» Trend Explosion Forex Trading System - 100% Trend Following System » Trend Snapback Trend Following Forex Strategy » 4 Hour Statistical Forex Counter-Trend System » Double Hourly Statistical Forex Currency Trading System » Using Fibonacci Retracements and Fibonacci Profit Targets to find Trend and Counter Trend Trades » Trend Reversal Currency Trading System » More Forex Trading Systems taught in our Forex Training Class Videos.

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Admiral Markets Group consists of the following firms:
Admiral Markets Cyprus Ltd.
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Reading time: 8 minutes.
In this article we're going to discuss some of the free Forex trading systems which you can use in your daily FX trading. We'll look at the 4 Hour Scalping Method strategy, the Skyplay System, the Hybrid Scalping System, and the Experimental Breakout/Ranging Double System.
Forex trading should not be viewed as a 'get-rich-quick scheme'. A trader must understand that they will need to invest a significant amount of time and effort into developing the necessary knowledge - and more importantly, they need to learn how to use the different systems needed to succeed in Forex. Forex trading systems vary greatly, and one area with the most noticeable difference is price - as some systems are completely free, whilst others charge hundreds of dollars.
What is a FX trading system?
An FX trading system is what traders will employ to help them to decide whether to buy or sell currency pairs at any given time. The trading system gathers information from a number of trading tools such as charts, signals, news releases, and fundamental analyses. The system can be manual or it can be automated, it depends on the trader's preference. Both ways have their own advantages and disadvantages.
A List of Free FX Trading Systems.
We are going to look at some free trading systems which may help you to be more profitable in your Forex career. When researching such systems, it is important to be vigilant and be aware of scams or fraud. Whilst we are going to look at four free systems which we believe traders may find useful, it is ultimately up to you to decide if they are for you, and whether you trust them. Some of the systems will be shown along with the statistics from 2012-2013, because in those years the systems actually came to light, and were tested for the first time.
The Skyplay System.
This mechanical trading system was made by utilising the MACD, the Coral Indicator, the 20 EMA, and the Time Zone and True Strength indicators. Technically, the system indicates the trend within a 1-hour time frame by zooming in to the 5 minute chart to define the entry. In addition, the system sets a 25-pip stop, and a 20-pip profit target. The statistics were observed as of December 2012 - March 2013.
Generally, the system had a 3.56% profit across four months, which can be considered as good performance. There are some systems that may have performed better at this time - and it's for this reason that this system may not be regarded as the best free Forex trading system - but this is still a relatively decent result. The average win here was 19.73 pips (0.79%), and the average loss was -23.6 pips (0.94%).
If we take a look at the average win, we might think that the system had performed better if the profit target and the stop-loss were tweaked. The winning trades' score was 44 and the losing trades equals 33, which isn't bad. As for the usability, for the beginner it may be a little bit difficult to look at two different time frames - but if the indicators mentioned above are familiar to you, then it will be no problem to manage with the system.
4H Scalping Method.
The next Forex trading system in our list deals with the GBP/JPY currency pair. It has a 4-hour time frame, and no indicators are used. The entry rules are quite simple. You should use the swing highs and lows as scalp lines, and therefore, enter on the break above or below these levels. The stop-loss and the profit target should both equal 50 pips.
We will use the statistical data from February 2012 - July 2013. The system was profitable on approximately 59.52% of its trades, which can be regarded as satisfying enough. Furthermore, the system was able to produce a positive return of 12% over the period it was tested.
At first sight, one can claim that it is pretty good, but if we take into account the duration of the testing period, which was in fact 18 months, this provides us with nearly 0.75% per month, which isn't as attractive. The per trade was limited to only 50 pips/1% - which is not unusual, and is what would be expected. This stop-loss strategy permitted the system to cut losses in the case that the price fell to either the upside, or the downside of the concrete scalp lines.
This free Forex trading system is more newbie-friendly, and much easier to understand, because technical indicators aren't needed here. That being said, the downside of this system, especially for newbies, is that defining scalp lines or swing highs and lows can be too subjective. Novices are more inclined to make mistakes when attempting to establish them.
Additionally, one also has to be permanently monitoring the charts to expect breaks within the scalp lines. Generally, this is an easy-to-use system, and may be more beneficial to those with experience. The specific characteristic of this system is that it is excessively subjective, that in turn implies that it may be impossible to obtain similar results, compared to other traders' results.
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Hybrid Scalping System.
This is probably one of the best free Forex trading systems, which makes use of Ichimoku Kinkyu Hyo charts. This system integrates seldom used indicators from other Forex systems, such the Hopwood 10.2 system, and the TMS (Trading Made Simple) system. All the necessary indicators can be directly installed into a MetaTrader 4 trading platform. We will use the statistics from May 2013 here, specifically analysing a 5-minute chart of the EUR/USD currency pair.
We've found that this system has a very high level of profitability. Within a single month it had a huge gain of 46.50%. There were 178 FX trading signals generated for the month, and approximately 50% appeared to be profitable. The maximum winning trade in pips equivalent was: 156 at 7.80%. An even more significant feature is that the Hybrid Scalping System manages risk on an excellent level. The average loss in pips was just 9.10, which is less than the half of the inceptive top loss of 20 pips.
This system isn't as novice-friendly. It is a much more intense scalping strategy with a very different type of charting system. In addition, the Hybrid Scalping system implements a lot of indicators which aren't very well known. This system is probably better for those with more in-depth knowledge and experience within the Forex market.
Experimental Breakout/Ranging Double System.
The Experimental Breakout/Ranging Double system consists of two elements - a bounce trade and a breakout trade. It applies only one indicator - the Envelopes indicator. The period tested here was between November 2012 to February 2013. If you are looking at this system in terms of pure profitability over the aforementioned period of time, the system results are quite impressive, with a gain of 18.14%.
Moreover, it was able to do so even though the system only won 6 out of 39 recorded trades. If we try to outline the risk tolerance, we would say that the stop-loss is too tight. The win rate is bounded by the following: 15.38%. As a matter of fact, it loses most of the performed trades due to the 'noise' in the markets. Unfortunately, the drawdown is painfully high : at 16%.
However, the system is quite simple if you follow one simple rule - purchase at the lower band, and sell at the touch of the upper one. That is exactly what beginner traders may be looking for. The only issue that may scare the novices is the use of the Envelope indicator, which is not immensely popular.
Conclusion.
We've talked about some of the free Forex trading systems that work which you may utilise in your FX trading. Although they are free, and there is no guarantee of them meeting your expectations, it does not mean that you should ignore them - they can be an extremely useful addition to your Forex strategy. If you would like to learn more about trading systems, make sure to read the following related articles:
Trading With Admiral Markets.
If you're ready to trade on the live markets, a live trading account might be more suitable for you. Admiral Markets offers professional traders the ability to trade with 80+ currencies, with access to a range of Forex majors, Forex minors, and exotic currency pairs. To open your live account, click the banner below!
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.

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Forex Trading: A Beginner's Gu >
Forex is a portmanteau of foreign currency and exchange. Foreign exchange is the process of changing one currency into another currency for a variety of reasons, usually for commerce, trading, or tourism. According to a recent triennial report from the Bank for International Settlements (a global bank for national central banks), the average was more than $5.1 trillion in daily Forex trading volume.
Key Takeaways.
The foreign exchange (also known as FX or Forex) market is a global marketplace for exchanging national currencies against one another. Because of the worldwide reach of trade, commerce, and finance, Forex markets tend to be the largest and most liquid asset markets in the world. Currencies trade against each other as exchange rate pairs, for instance EUR/USD. Forex markets exist as spot (cash) markets as well as derivatives markets offering forwards, futures, options, and currency swaps. Market participants use Forex to hedge against international currency and interest rate risk, to speculate on geopolitical events, and to diversify portfolios, among several other reasons.
What Is the Forex Market?
The foreign exchange market is where currencies are traded. Currencies are important to most people around the world, whether they realize it or not, because currencies need to be exchanged in order to conduct foreign trade and business. If you are living in the U.S. and want to buy cheese from France, either you or the company that you buy the cheese from has to pay the French for the cheese in euros (EUR). This means that the U.S. importer would have to exchange the equivalent value of U.S. dollars (USD) into euros. The same goes for traveling. A French tourist in Egypt can't pay in euros to see the pyramids because it's not the locally accepted currency. As such, the tourist has to exchange the euros for the local currency, in this case the Egyptian pound, at the current exchange rate.
One unique aspect of this international market is that there is no central marketplace for foreign exchange. Rather, currency trading is conducted electronically over-the-counter (OTC), which means that all transactions occur via computer networks between traders around the world, rather than on one centralized exchange. The market is open 24 hours a day, five and a half days a week, and currencies are traded worldwide in the major financial centers of London, New York, Tokyo, Zurich, Frankfurt, Hong Kong, Singapore, Paris and Sydney--across almost every time zone. This means that when the trading day in the U.S. ends, the Forex market begins anew in Tokyo and Hong Kong. As such, the Forex market can be extremely active any time of the day, with price quotes changing constantly.
A Brief History of Forex.
Unlike stock markets, which can trace their roots back centuries, the Forex market as we understand it today is a truly new market. Of course, in its most basic sense - that of people converting one currency to another for financial advantage - Forex has been around since nations began minting currencies. But the modern Forex markets are a modern invention. After the accord at Bretton Woods in 1971, more major currencies were allowed to float freely against one another. The values of individual currencies vary, which has given rise to the need for foreign exchange services and trading.
Commercial and investment banks conduct most of the trading in the Forex markets on behalf of their clients, but there are also speculative opportunities for trading one currency against another for professional and individual investors.
Spot Market and the Forwards & Futures Markets.
There are actually three ways that institutions, corporations and individuals trade Forex: the spot market, the forwards market and the futures market. The Forex trading in the spot market always has been the largest market because it is the "underlying" real asset that the forwards and futures markets are based on. In the past, the futures market was the most popular venue for traders because it was available to individual investors for a longer period of time. However, with the advent of electronic trading and numerous Forex brokers, the spot market has witnessed a huge surge in activity and now surpasses the futures market as the preferred trading market for individual investors and speculators. When people refer to the Forex market, they usually are referring to the spot market. The forwards and futures markets tend to be more popular with companies that need to hedge their foreign exchange risks out to a specific date in the future.
More specifically, the spot market is where currencies are bought and sold according to the current price. That price, determined by supply and demand, is a reflection of many things, including current interest rates, economic performance, sentiment towards ongoing political situations (both locally and internationally), as well as the perception of the future performance of one currency against another. When a deal is finalized, this is known as a "spot deal". It is a bilateral transaction by which one party delivers an agreed-upon currency amount to the counter party and receives a specified amount of another currency at the agreed-upon exchange rate value. After a position is closed, the settlement is in cash. Although the spot market is commonly known as one that deals with transactions in the present (rather than the future), these trades actually take two days for settlement.
Unlike the spot market, the forwards and futures markets do not trade actual currencies. Instead they deal in contracts that represent claims to a certain currency type, a specific price per unit and a future date for settlement.
In the forwards market, contracts are bought and sold OTC between two parties, who determine the terms of the agreement between themselves.
In the futures market, futures contracts are bought and sold based upon a standard size and settlement date on public commodities markets, such as the Chicago Mercantile Exchange. In the U.S., the National Futures Association regulates the futures market. Futures contracts have specific details, including the number of units being traded, delivery and settlement dates, and minimum price increments that cannot be customized. The exchange acts as a counterpart to the trader, providing clearance and settlement.
Both types of contracts are binding and are typically settled for cash for the exchange in question upon expiry, although contracts can also be bought and sold before they expire. The forwards and futures markets can offer protection against risk when trading currencies. Usually, big international corporations use these markets in order to hedge against future exchange rate fluctuations, but speculators take part in these markets as well.
Note that you'll see the terms: FX, Forex, foreign-exchange market and currency market. These terms are synonymous and all refer to the Forex market.
Forex for Hedging.
Companies doing business in foreign countries are at risk due to fluctuations in currency values when they buy or sell goods and services outside of their domestic market. Foreign exchange markets provide a way to hedge currency risk by fixing a rate at which the transaction will be completed.
To accomplish this, a trader can buy or sell currencies in the forward or swap markets in advance, which locks in an exchange rate. For example, imagine that a company plans to sell U.S.-made blenders in Europe when the exchange rate between the euro and the dollar (EUR/USD) is €1 to $1 at parity.
The blender costs $100 to manufacture, and the U.S. firm plans to sell it for €150--which is competitive with other blenders that were made in Europe. If this plan is successful, the company will make $50 in profit because the EUR/USD exchange rate is even. Unfortunately, the USD begins to rise in value versus the euro until the EUR/USD exchange rate is .80, which means it now costs $0.80 to buy €1.00.
The problem the company faces is that it, while it still costs $100 to make the blender, the company can only sell the product at the competitive price of €150, which when translated back into dollars is only $120 (€150 X .80 = $120). A stronger dollar resulted in a much smaller profit than expected.
The blender company could have reduced this risk by shorting the euro and buying the USD when they were at parity. That way, if the dollar rose in value, the profits from the trade would offset the reduced profit from the sale of blenders. If the USD fell in value, the more favorable exchange rate will increase the profit from the sale of blenders, which offsets the losses in the trade.
Hedging of this kind can be done in the currency futures market. The advantage for the trader is that futures contracts are standardized and cleared by a central authority. However, currency futures may be less liquid than the forward markets, which are decentralized and exist within the interbank system throughout the world.
Forex for Speculation.
Factors like interest rates, trade flows, tourism, economic strength and geopolitical risk affect supply and demand for currencies, which creates daily volatility in the Forex markets. An opportunity exists to profit from changes that may increase or reduce one currency's value compared to another. A forecast that one currency will weaken is essentially the same as assuming that the other currency in the pair will strengthen because currencies are traded as pairs.
Imagine a trader who expects interest rates to rise in the U.S. compared to Australia while the exchange rate between the two currencies (AUD/USD) is .71 (it takes $.71 USD to buy $1.00 AUD). The trader believes higher interest rates in the U.S. will increase demand for USD, and therefore the AUD/USD exchange rate will fall because it will require fewer, stronger USD to buy an AUD.
Assume that the trader is correct and interest rates rise, which decreases the AUD/USD exchange rate to .50. This means that it requires $.50 USD to buy $1.00 AUD. If the investor had shorted the AUD and went long the USD, he or she would have profited from the change in value.
Currency as an Asset Class.
There are two distinct features to currencies as an asset class:
You can earn the interest rate differential between two currencies. You can profit from changes in the exchange rate.
An investor can profit from the difference between two interest rates in two different economies by buying the currency with the higher interest rate and shorting the currency with the lower interest rate. Prior to the 2008 financial crisis, it was very common to short the Japanese yen (JPY) and buy British pounds (GBP) because the interest rate differential was very large. This strategy is sometimes referred to as a "carry trade."
Why We Can Trade Currencies.
Currency trading was very difficult for individual investors prior to the internet. Most currency traders were large multinational corporations, hedge funds or high-net-worth individuals because Forex trading required a lot of capital. With help from the internet, a retail market aimed at individual traders has emerged, providing easy access to the foreign exchange markets, either through the banks themselves or brokers making a secondary market. Most online brokers or dealers offer very high leverage to individual traders who can control a large trade with a small account balance.
Forex Trading: A Beginner's Guide.
Forex Trading Risks.
Trading currencies can be risky and complex. The interbank market has varying degrees of regulation, and Forex instruments are not standardized. In some parts of the world, Forex trading is almost completely unregulated.
The interbank market is made up of banks trading with each other around the world. The banks themselves have to determine and accept sovereign risk and credit risk, and they have established internal processes to keep themselves as safe as possible. Regulations like this are industry imposed for the protection of each participating bank.
Since the market is made by each of the participating banks providing offers and bids for a particular currency, the market pricing mechanism is based on supply and demand. Because there are such large trade flows within the system, it is difficult for rogue traders to influence the price of a currency. This system helps create transparency in the market for investors with access to interbank dealing.
Most small retail traders trade with relatively small and semi-unregulated Forex brokers/dealers, which can (and sometimes do) re-quote prices and even trade against their own customers. Depending on where the dealer exists, there may be some government and industry regulation, but those safeguards are inconsistent around the globe.
Most retail investors should spend time investigating a Forex dealer to find out whether it is regulated in the U.S. or the U.K. (dealers in the U.S. and U.K. have more oversight) or in a country with lax rules and oversight. It is also a good idea to find out what kind of account protections are available in case of a market crisis, or if a dealer becomes insolvent.
Pros and Challenges of Trading Forex.
Pro : The Forex markets are the largest in terms of daily trading volume in the world and therefore offer the most liquidity. This makes it easy to enter and exit a position in any of the major currencies within a fraction of a second for a small spread in most market conditions.
Challenge : Banks, brokers and dealers in the Forex markets allow a high amount of leverage, which means that traders can control large positions with relatively little money of their own. Leverage in the range of 100:1 is a high ratio but not uncommon in Forex. A trader must understand the use of leverage and the risks that leverage introduces in an account. Extreme amounts of leverage have led to many dealers becoming insolvent unexpectedly.
Pro : The Forex market is traded 24 hours a day, five days a week--starting each day in Australia and ending in New York. The major centers are Sydney, Hong Kong, Singapore, Tokyo, Frankfurt, Paris, London and New York.
Challenge : Trading currencies productively requires an understanding of economic fundamentals and indicators. A currency trader needs to have a big-picture understanding of the economies of the various countries and their inter-connectedness to grasp the fundamentals that drive currency values.
The Bottom Line.
For traders--especially those with limited funds--day trading or swing trading in small amounts is easier in the Forex market than other markets. For those with longer-term horizons and larger funds, long-term fundamentals-based trading or a carry trade can be profitable. A focus on understanding the macroeconomic fundamentals driving currency values and experience with technical analysis will help new Forex traders to become more profitable.
One of the underlying tenets of technical analysis is that historical price action predicts future price action. Since the Forex market is a 24-hour market, there tends to be a large amount of data that can be used to gauge future price movements. This makes it the perfect market for traders that use technical tools.

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Forex Trading System.
The beginner's guide to FX trading.
School of Pipsology.
Welcome! Are you new to trading Forex? The School of Pipsology is our free online course that helps beginners learn how to trade Forex. If you've always wanted to learn to trade but have no idea where to begin, then this course is for you.
Track Your Progress!
Wish there was a way to keep track of lessons you've completed? Wish granted! Just sign in to unlock this feature and we'll display helpful markers & meters along the way showing just how much you've accomplished!
Get Started!
Course 1 of 11.
Preschool.
Currency trading? Forex trading? FX trading? Totally clueless about Forex? Here's an introduction to the foreign exchange market.
Your Progress.
Course Outline.
Course 2 of 11.
Kindergarten.
Learn the basics on how to choose a Forex broker and analyze the currency markets.
Your Progress.
Course Outline.
Course 3 of 11.
Elementary.
The beginner's guide to technical analysis.
Your Progress.
Course Outline.
Grade 1 Support and Resistance Levels Grade 2 Japanese Candlesticks Grade 3 Fibonacci Grade 4 Moving Averages Grade 5 Popular Chart Indicators.
Course 4 of 11.
M >Learn how to properly use chart indicators, spot chart patterns and use pivot points.
Your Progress.
Course Outline.
Grade 6 Oscillators and Momentum Indicators Grade 7 Important Chart Patterns Grade 8 Pivot Points.
Course 5 of 11.
Summer School.
Take your technical analysis and chart reading skills to another level by learning Elliott Wave Theory and harmonic price patterns.
Your Progress.
Course Outline.
Course 6 of 11.
High School.
Dig deeper into more technical analysis concepts like trading divergences, breakouts and using multiple time frames on your charts.
Your Progress.
Course Outline.
Grade 9 Trading Divergences Grade 10 Market Environment Grade 11 Trading Breakouts and Fakeouts Grade 12 Fundamental Analysis Grade 13 Currency Crosses Grade 14 Multiple Time Frame Analysis.
Course 7 of 11.
Undergraduate - Freshman.
Learn how to gauge whether the market is bullish or bearish, how to trade during news releases and how to potentially make money without price moving.
Your Progress.
Course Outline.
Course 8 of 11.
Undergraduate - Sophomore.
Learn how other asset classes like stocks, bonds and commodities can affect the foreign exchange market.
Your Progress.
Course Outline.
Course 9 of 11.
Undergraduate - Junior.
Learn how to develop a trading plan, create a trading system and maintain a trading journal.
Your Progress.
Course Outline.
Course 10 of 11.
Undergraduate - Senior.
Develop the proper risk management skills and mindset so you don't become part of the 95% of new traders who end up losing all their money.
Your Progress.
Course Outline.
Course 11 of 11.
Graduation.
Some final words of wisdom before you venture out into the challenging world of trading Forex.
Your Progress.
Course Outline.
You only have to do a very few things right in your life so long as you don't do too many things wrong. Warren Buffett.
BabyPips.com helps individual traders learn how to trade the Forex market.
We introduce people to the world of currency trading, and provide educational content to help them learn how to become profitable traders. We're also a community of traders that support each other on our daily trading journey.

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Forex Day Trading in Russia 2019 - Tutorial and Brokers.
Forex trading is a huge market. Billions are traded in foreign exchange on a daily basis. Whether you are an experienced trader or an absolute beginner, finding the best Forex broker and a profitable Forex day trading strategy or system is complex. So learn the fundamentals before choosing the best path for you .
With this introduction, you will learn the general Forex trading tips and strategies applicable to currency trading. It will also highlight potential pitfalls and useful indicators to ensure you know the facts. Lastly, use the trusted broker list to compare the best Forex platforms for day trading in Russia 2019.
Read on to discover the A-Z of Forex, how to start trading, and how to judge the best platform...
Top 3 Forex Brokers in Russia.
Why Trade Forex?
The Forex market offers the day trader the ability to speculate on movements in foreign exchange markets and particular economies or regions . Furthermore, with no central market, Forex offers trading opportunities around the clock.
Liquidity - In the Forex market there is an average volume of over $3.2 trillion dollars traded per day. So, there is an abundance of trades and moves you can make. Diversity - Firstly, you have the pairs stemming from the eight major global currencies. On top of that, many regional currency pairings are also available for trade. More options, more opportunities to turn a profit. Accessibility - The Forex market is readily accessible, open twenty-four hours a day, five days a week. As a result, you decide when to trade and how to trade. Leverage - A significant amount of Forex currency pairings are traded on margin. This is because leverage can be used to help you both buy and sell large quantities of currency. The greater the quantity, the greater the potential profit - or loss. Low commissions - Forex offer relatively low costs and fees compared to other markets. In fact, some firms don't charge any commission at all, you pay just the bid/ask spreads. True ECN firms may also offer 0 spread!
Currencies Traded In Forex.
Major.
In the international Forex day trading world, the vast majority of people focus on the seven most liquid currency pairs on earth, which are firstly the four 'majors':
EUR/USD (euro/dollar) USD/JPY (dollar/Japanese yen) GBP/USD (British pound/dollar) USD/CHF (dollar/Swiss franc)
In addition, there are three emerging pairs:
AUD/USD (Australian dollar/dollar) USD/CAD (dollar/Canadian dollar) NZD/USD (New Zealand dollar/dollar)
These currency pairs, in addition to a variety of other combinations, account for over 95% of all speculative trading in the Forex market. However, you will probably have noticed the US dollar is prevalent in the major currency pairings. This is because it's the world's leading reserve currency, playing a part in approximately 88% of currency trades.
Minor.
If a currency pairing doesn't include the US dollar, it's known as a 'minor currency pair' or a 'cross-currency pair'. Hence the most popularly traded minor currency pairs include the British pound, Euro, or Japanese yen, such as:
EUR/GBP (euro/British pound) EUR/AUD (euro/Australian dollar) GBP/JPY (British pound/Japanese yen) CHF/JPY (Swiss franc/Japanese yen)
You can also delve into the trade of exotic currencies such as the Thai Baht and Norwegian or Swedish krone. However, these exotic extras bring with them a greater degree of risk and volatility.
Finding The Best Forex Broker.
The "best" Forex broker will often be a matter of individual preference. It may come down to the pairs you need to trade, the platform, trading using spot markets or per point or simple ease of use requirements.
Below are a list of comparison factors, some will be more important to you than others but all are worth considering. Details on all these elements for each brand can be found in the individual reviews.
Lowest Trading Costs.
Spreads, commission, overnight fees - everything that reduces your profit on a single trade needs to be considered. High frequency trading means these costs can ratchet up quickly, so comparing fees will be a huge part of your broker choice. Inactivity or withdrawal fees are also noteworthy as they can be another drain on your balance.
Trading Platform.
The trading platform needs to suit you. Whether you want a simple cut down interface, or multiple built in features, widgets and tools - your best option may not be the same as someone else's.
Demo accounts are a great way to try out multiple platforms and see which works best for you. Remember also, that many platforms are configurable, so you are not stuck with a default view.
Mobile Trading.
Trading Forex on the move will be crucial to some people, less so for others. Most brands offer a mobile app, normally compatible across iOS, Android and Windows.
If this is key for you, then check the app is a full version of the website and does not miss out any important features. The download of these apps is generally quick and easy - brokers want you trading.
Customer Service.
Is customer service available in the language you prefer? Is there live chat, email and telephone support? When are they available? How high a priority this is, only you can know, but it is worth checking out.
Asset List.
Does the broker offer the markets or currency pairs you want to trade? A pretty fundamental check, this one. If you are trading major pairs, then all brokers will cater for you. If you want to trade Thai Bahts or Swedish Krone you will need to double check the asset lists and tradable currencies.
Regulation.
Do you want a broker regulated by a particular body - the FCA, SEC or ASIC perhaps? Remember European regulation might impact some of your leverage options, so this may impact more than just your peace of mind. We cover regulation in more detail below.
Spreads Or Commission.
Partly covered in trading costs, but the spreads are often a comparison factor on their own.
This is because you are not tied down to one broker. If you trade 3 or 4 different currency pairs, and no single broker has the tightest spread for all of them, then shop around. There is nothing wrong with having multiple accounts to take advantage of the best spreads on each trade. Beware of slippage 'hiding' wider spreads too often.
Payment Methods.
Deposit method options at a certain Forex broker might interest you. Do you want to use Paypal, Skrill or Neteller? Are you happy using credit or debit cards knowing this is where withdrawals will be paid too?
Some Forex brokers now accept deposits in Bitcoin or a range of other crypto's too.
Security.
Most brands will follow regulatory demands to separate client and company funds, and offer certain levels of user data security. Some brands might give you more confidence than others, and this is often linked to the regulator or where the brand is licensed. A worthy consideration.

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Demo Accounts.
Try before you buy. Most credible brokers are willing to let you see their platforms risk free. Trading on a demo account or simulator is a great way to test strategy, back test or learn a platforms nuances. Try as many as you need to before making a choice - and remember having multiple accounts is fine (even recommended).
Account Types.
From cash, margin or PAMM accounts, to Bronze, Silver, Gold and VIP levels, account types can vary. The differences can be reflected in costs, reduced spreads, access to Level II data, settlement or different leverage. Micro accounts might provide lower trade size limits for example.
Retail and professional accounts will be treated very differently by both brokers and regulators for example. An ECN account will give you direct access to the Forex contracts markets. So research what you need, and what you are getting.
Leverage.
For European Forex traders this can have a big impact. Forex leverage is capped at 1:30 by the majority of brokers regulated in Europe. Assets such as Gold, Oil or stocks are capped separately.
In Australia however, traders can utilise leverage of 1:500. That makes a huge difference to deposit and margin requirements. Australian brands are open to traders from across the globe, so some users will have a choice between regulatory protection or more freedom to trade as they wish.
Just note that higher leverage increases potential losses, just as it does potential profits.
Tools Or Features.
From charting to futures pricing or bespoke trading robots, brokers offer a range of tools to enhance the trading experience. Again, the availability of these as a deciding factor on opening account will be down to the individual. Level 2 data is one such tool, where preference might be given to a brand delivering it.
Education.
Forex trading beginners in particular, may be interested in the tutorials offered by a brand. These can be in the form of e-books, pdf documents, live webinars, expert advisors (ea), courses or a full academy program - whatever the source, it is worth judging the quality before opening an account. Bear in mind Forex companies want you to trade, so will encourage trading frequently.
MetaTrader 4 or 5.
Integration with popular software packages like Metatrader 4 or 5 (MT4 or MT5) might be crucial for some traders. Many brands offer automated trading or integration into related software, but if you are going to rely on it, you need to make sure.
Bonus.
From cashback, to a no deposit bonus, free trades or deposit matches, brokers used to offer loads of promotions. Regulatory pressure has changed all that. Bonuses are now few and far between. Our directory will list them where offered, but they should rarely be a deciding factor in your Forex trading choice. Also always check the terms and conditions and make sure they will not cause you to over-trade.
Execution Speed.
Desktop platforms will normally deliver excellent speed of execution for trades. But mobile apps may not. While this will not always be the fault of the broker or application itself, it is worth testing.
Scams.
Our reviews have already filtered out the scams, but if you are considering a different brand, avoid getting caught out with these checks;
Were you 'cold called'? Reputable firms will not call you out of the blue (This includes emails, or facebook or Instagram channels) Are they offering unrealistic profits? Just stop and consider for a minute - if they could make the money they are claiming, why are they cold calling or advertising on social media? Are they offering to trade on your behalf or use their own managed or automated trades? Do not give anyone else control of your money.
If you have any doubts, simply move on. There are plenty of legitimate, legal brokers.
With all these comparison factors covered in our reviews, you can now shortlist your top Forex brokers, take each for a test drive with a demo account, and select the best one for you. We have ranked brokers based on our own opinion and offered ratings in our tables, but only you can award '5 stars' to your favourite!
Read who won the DayTrading.com 'Best Forex Broker 2019' on the Awards page.
Forex Broker Reviews.
Use this table with reviews of the top Forex brokers to compare all the FX brokers we have ever reviewed. Note that some of these Forex brokers might not accept trading accounts being opened from your country. If we can determine that a broker would not accept your location, it is marked in grey in the table.
Forex Broker Reviews Broker Demo Min Dep. MT4 Bonus 24Option Yes $250 Yes No Avatrade Yes $100 Yes Yes AxiTrader Yes 0 $/€/£ Yes No Ayondo Yes £1 Yes No BDSwiss Yes 100 $/€/£ No No Binary.com Yes $5 Yes No Capital.com Yes £/$/€100 No No CityIndex Yes £/$100 Yes Yes CMC Markets Yes £ 0 Yes No eToro Yes $200 Yes No ETX Capital Yes £250 Yes No Finq.com Yes $100 Yes Yes Forex.com Yes $50 Yes No Fusion Markets Yes No Minimum Yes No FXCM Yes £300 Yes No FXPro Yes $100 Yes No IC Markets Yes $200 Yes No IG Group Yes £250 Yes No Interactive Brokers Yes $10000 No No Invest.com Yes £0 Yes Yes Investous Yes $250 Yes No IQ Option Yes $10 No No LCG Yes 0 $/€/£ Yes No Markets.com Yes $100 Yes No Nadex Yes $250 No No NinjaTrader Yes $50 Yes No NordFX Yes $10 Yes No Oanda Yes $0 Yes No Pepperstone Yes £100 / $200 Yes No Plus500 Yes $100 No Yes Saxo Bank Yes 0 $/€/£ Yes No Skilling.com Yes 100 £/€/$ or 1000 NOK, SEK No No Spreadex No $1 No No TD Ameritrade Yes None No Yes Trading212 Yes €/£/$100 No No UFX Yes $100 Yes No VantageFX Yes $200 Yes Yes Videforex Yes $250 No Yes XM Yes 5 $/€/£ Yes Yes XTB Yes $250 Yes No ZuluTrade Yes $1 to $300 (Broker choice dependent) Yes No.
Forex Regulation.
Regulation should be an important consideration. Whether the regulator is inside, or outside, of Europe is going to have serious consequences on your trading. ESMA (the European Securities and Markets Authority) have imposed strict rules on Forex firms regulated in Europe. This includes the following regulators:
CySec (Cyprus Securities and Exchange Commission) FCA (Financial Conduct Authority) BaFin - (Bundesanstalt für Finanzdienstleistungsaufsicht) Swiss Financial Market Supervisory Authority (Switzerland)
ESMA have jurisdiction over all regulators within the EEA.
The rules include caps or limits on leverage, and varies on financial products. Forex leverage is capped at 1:30 (Or x30). Outside of Europe, leverage can reach 1:500 (x500).
Traders in Europe can apply for Professional status. This removes their regulatory protection, and allows brokers to offer higher levels of leverage (among other things).
Outside of Europe, the largest regulators are:
SEC - Securities and Exchange Commission (US) CFTC - Commodity Futures Trading Commission (US) CSA - Canadian Securities Administration ASIC - Australian Securities and Investments Commission.
These cover the bulk of countries outside Europe. Forex brokers catering for India, Hong Kong, Qatar etc are likely to have regulation in one of the above, rather than every country they support. Some brands are regulated across the globe (one is even regulated in 5 continents). Some bodies issue licenses, and others have a register of legal firms.
So to reiterate, an ASIC Forex broker can offer higher leverage to a trader in Europe.
Which Currencies Should You Trade?
Investors should stick to the major and minor pairs in the beginning. This is because it will be easier to find trades, and lower spreads, making scalping viable. Exotic pairs, however, have much more illiquidity and higher spreads. In fact, because they are riskier, you can make serious cash with exotic pairs, just be prepared to lose big in a single session too.
How Is Forex Traded?
The logistics of Forex day trading are almost identical to every other market. However, there is one crucial difference worth highlighting. When you're day trading in Forex you're buying a currency, while selling another at the same time. Hence that is why the currencies are marketed in pairs. So, the exchange rate pricing you see from your Forex trading account represents the purchase price between the two currencies.
For example - the rate you find for GBP/USD represents the number of US dollars one British pound will buy you. So, if you have reason to believe the pound will increase in value versus the US dollar, you'd look to purchase pounds with US dollars. However, if the exchange rate climbs, you'd sell your pounds back and make a profit. Likewise with Euros, Yen etc.
Contracts.
Forex contracts come in a range of types:
Spot Forex contracts The conventional contract. Delivery and settlement is immediate. Futures Forex contracts Delivery and settlement takes place on a future date. Prices are agreed directly, but the actual exchange is in the future. Currency swaps Where two parties can 'swap' currency, often in the form of loans, or loan payments in differing currencies. Options Forex contracts An option gives a trader, the option (but not the obligation) to exchange currencies at a certain price on a date in the future.
Forex Orders.
There are a range of Forex orders. Some common, others less so. Using the correct one can be crucial.
The two main types of Forex orders are:
1. Instant order or Market order.
2. Pending orders.
Instant Order / Market Orders.
These are executed immediately at market prices.
A Buy is an instruction to 'go long' or profit from rising markets. A Sell means opening a short position with an expectation of falling values.
Pending Orders.
A Stop loss is a preset level where the trader would like the trade closed (stopped out) if the price moves against them. It is an important risk management tool. It instructs the broker to close the trade at that level. A guaranteed stop means the firm guarantee to close the trade at the requested price.
A stop loss that is not guaranteed may 'slip' in volatile market conditions, and a trade closed, close to, but not on, the stop level. The shock of the Swiss Franc (CHF) being 'unpegged' was one such event.
A Trailing Stop requests that the broker moves the stop loss level alongside the actual price - but only in one direction. So a long position will move the stop up in a rising market, but it will stay where it is if prices are falling. It allows traders to reduce potential losses in good times, and 'lock in' profits, whilst retaining a safety net.
A take profit or Limit order is a point at which the trader wants the trade closed, in profit. It is a good tool for discipline (closing trades as planned) and key for certain strategies. It is also very useful for traders who cannot watch and monitor trades all the time.

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One Cancels Other.
A One Cancels the Other (OCO) Order is a combination of a Stop and Limit order, but if one is triggered, the other order is removed or cancelled. It is an important strategic trade type.
Cryptocurrency.
Leading Cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP) are often traded as a currency pair against the US dollar. These can be traded just as other FX pairs. Their exchange values versus each other are also sometimes offered, e.g. BTC/ETH or ETH/LTC etc.
Charts.
Charts will play an essential role in your technical analysis. So you will need to find a time frame that allows you to easily identify opportunities. In fact, the right chart will paint a picture of where the price might be heading going forwards. For example, day trading Forex with intraday candlestick price patterns is particularly popular.
See our charts page for further guidance.
Strategy.
Any effective Forex strategy will need to focus on two key factors, liquidity and volatility. These are two of the best indicators for any Forex trader, but the short-term trader is particularly reliant on them.
Intraday trading with Forex is very specific. While your average long-term futures trader may be able to afford to throw in 12 pips hedging (smallest price movement is usually 1%) here and cut 12 there, a day trader simply cannot. This is because those 12 pips could be the entirety of the anticipated profit on the trade.
Precision in Forex comes from the trader, but liquidity is also important. Illiquidity will mean the order won't close at the ideal price, regardless of how good a trader you are. As a result, this limits day traders to specific trading instruments and times.
Volatility is the size of markets movements. So, firm volatility for a trader will reduce the selection of instruments to the currency pairs, dependant on the sessions. As volatility is session dependent, it also brings us to an important component outlined below - when to trade.
When To Trade.
Despite being able to trade 24 hours a day, 5 days a week, you shouldn't (Forex trading is not quite 24.7). You should only trade a Forex pair when it's active, and when you've got enough volume. Trading Forex at weekends will see small volume. Take GBP/USD for example, there are specific hours where you have enough volatility to create profits that are likely to negate the bid price spread and commission costs.
The Forex market is alive 24 hours a day because there's always a global market open somewhere, as a result of differing time zones. Despite that, not every market actively trades all currencies. As a result, different Forex pairs are actively traded at differing times of the day.
For example, when the UK and Europe are opening, pairs consisting of the euro and pound are alight with trading activity. However, when New York (the U.S and Canada) are at their desks, pairs that involve the US dollar and Canadian dollar are actively traded.
So, if you were trading EUR/USD pairs, you'll find the most trading activity when New York and London are open, or Tokyo for JPY and Sydney for the AUD.
Utilise Forex daily charts to see major market hours in your own timezone. The below image highlights opening hours of markets (and end of session times) for London, New York, Sydney and Tokyo. Crossover periods represent the sessions with most activity, volume and price action.
Forex Trading Sessions.
Each session has a unique 'feel':
Asian Session: Made up of the Asian markets, opening in New Zealand and Australia and moving west. This session generates lower volume and smaller ranges. The JPY, NZD and AUD are popular markets and news events can move prices significantly. The London ('European' Session): Actually kicks off in Frankfurt, and London an hour later. The UK opening sees larger volume in the Forex markets, plus volatility will peak during this session. European institutions, banks and account managers will be active and macro-economic data is released. The New York (US) Session: This opens at 9.30am New York time, but US fundamental data can be released at 8.30am. This can create early volume before the 'official' 9:30 opening.
The London and New York 'crossover' sees the most volatility and liquidity. Key fundamental data is released, financial institutions trigger Forex contracts and 'smart money' is involved.
Trading Alerts Or Signals.
Forex alerts or signals are delivered in an assortment of ways. User generated alerts can be created to 'pop up' via simple broker trading platform tools, or more complex 3rd party signal providers can send traders alerts via SMS, email or direct messages. Whatever the mechanism the aim is the same, to trigger trades as soon as certain criteria are met.
These criterion usually rely on chart patterns and/or candlestick formations. Our charting and patterns pages will cover these themes in more detail and are a great starting point. Paying for signal services, without understanding the technical analysis driving them, is high risk. It is impossible to judge a service, if you do not understand it.
Traders who understand indicators such as Bollinger bands or MACD will be more than capable of setting up their own alerts. But for the time poor, a paid service might prove fruitful. You would of course, need enough time to actually place the trades, and you need to be confident in the supplier. It is unlikely that someone with a profitable signal strategy is willing to share it cheaply (or at all). Beware of any promises that seem too good to be true.
50 Pips A Day.
If you download a pdf with Forex trading strategies, this will probably be one of the first you see. Beginners can also benefit from this simple yet robust technique since it's by no means an advanced trading strategy. However, before venturing into any exotic pairs, it's worth putting it through its paces with the major pairs.
So, when the 07:00 (GMT) candlestick closes, you need to place two contrasting pending orders. Firstly, place a buy stop order 2 pips above the high. Then place a sell stop order 2 pips below the low of the candlestick. As soon as price activates one of the orders, cancel the one that hasn't been activated.
In addition, make sure you place a stop-loss order anywhere between 5-10 pips above the 07:00 high/low. This will help you keep a handle on your trading risk. Now set your profit target at 50 pips. At this point, you can kick back and relax whilst the market gets to work.
If the trade reaches or exceeds the profit target by the end of the day then all has gone to plan and you can repeat the next day. However, if the trade has a floating loss, wait until the end of the day before exiting the trade.
But for more detailed examples, see our strategies page on intraday trading techniques.
Get access to an IQ Option demo account here.
Forex Trading Software.
There is a massive choice of software for Forex traders. Costs and benefits will be the main considerations, and we do look at a few software platforms in detail on this website:
These platforms cater for Mac or Windows users, and there is even specific applications for Linux.
Social trading (or 'Copy trading') platforms are another variety of software associated with Forex trading. The leading pioneers of that kind of service are:
We expand on the choices for software trading platforms on our Software page.
Education.
If you want to increase that Forex day trading salary, you will also need to utilise a range of educational resources:
Books - You can get profitable strategies books, books on scalping, regulations, price action, technical indicators, and more. In addition, there are plenty of niche books. So, you can find the best books on strategies for beginners or two-step trend analysis, for example. Chat rooms & forums - Day trading Forex live forums are a fantastic way to learn from experienced traders. Some will even share their best free trading systems. Just beware the quality of advice. Blogs - If you want to hear success stories from Forex millionaires, then day trading Forex blogs might be the place to go. Again, tread carefully with any advice offered. Forex websites - There are a number of specific Forex websites. Some offer free signals, techniques for spotting trend lines and setting up your platform. PDFs - Online you will find a number of Forex trading system PDFs. Unlike live chat rooms, charts will often be provided to support written evidence.
Money Management.
The most profitable Forex strategy will require an effective money management system. One technique that many suggest is never trading more than 1-2% of your account on a single trade. So, if you have $10,000 in your account, you wouldn't risk more than $100 to $200 on an individual trade. As a result, a temporary string of bad results won't blow all your capital.
Then once you have developed a consistent strategy, you can increase your risk parameters. The Kelly Criterion is a specific staking plan worth researching.
Automation.
Automated Forex trades could enhance your returns if you have developed a consistently effective strategy. This is because instead of manually entering a trade, an algorithm or bot will automatically enter and exit positions once pre-determined criteria have been met. In addition, there is often no minimum account balance required to set up an automated system.
However, those looking at how to start trading from home should probably wait until they have honed an effective strategy first.
For further guidance, see our automated trading page.
Taxes.
When you read a blog about Forex traders, such as 'a day in the life', they often leave out the impact of tax. In fact, it is vital you check the rules and regulations where you are trading. Failure to do so could lead to legal issues.
See our taxes page for details.
Webinars & Training Videos.
They are the perfect place to go for help from experienced traders. This is because Forex webinars can walk you through setups, price action analysis, plus the best signals and charts for your strategy. In fact, in many ways, webinars are the best place to go for a direct guide on currency day trading basics.

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3 Mistakes To Avoid.
1. Averaging Down.
While you may not initially intend on doing so, many traders end up falling into this trap at some point. The biggest problem is that you are holding a losing position, sacrificing both money and time. Whilst it may come off a few times, eventually, it will lead to a margin call, as a trend can sustain itself longer than you can stay liquid.
This is particularly a problem for the day trader because the limited time frame means you must capitalise on opportunities when they come up and exit bad trades swiftly.
2. Trading Too Soon After the News.
Big news comes in and then the market starts to spike or plummets rapidly. At this point it may be tempting to jump on the easy-money train, however, doing so without a disciplined trading plan behind you can be just as damaging as gambling before the news comes out. This is because illiquidity and sharp price movements mean a trade can quickly translate into significant losses as large swings take place or 'whipsaw'.
The solution - wait for the volatility to subside and you can verify the trend.
3. Days of Interest.
It's great having an effective once a day trading method and system. However, even a consistent strategy can go wrong when confronted with the unusual volume and volatility seen on specific days. For example, public holidays such as Christmas and New Year, or days with significant breaking news events, can open you up to unpredictable price fluctuations.
Countries.
The country or region you trade Forex in may present certain issues. For example, Forex traders in the USA and Canada will need to read up on pattern trading rules (Canadian traders have it slightly easier).
Trading in South Africa might be safest with an FSA regulated (or registered) brand. The regions classed as 'unregulated' by European brokers see way less 'default' protection. So a local regulator can give additional confidence. This is similar in Singapore, the Philippines or Hong Kong. The choice of 'best Forex broker' will therefore differ region by region.
Trading Forex in less well regulated nations, such as Nigeria and Pakistan, means leaning towards the more established European or Australian regulated brands.
Forex Trading; Is It Profitable?
Many people question what a trader's salary is. However, the truth is it varies hugely. The majority of people will struggle to turn a profit and eventually give up. On the other hand, a small minority prove not only that it is possible to turn a profit, but that you can also make huge returns. So it is possible to make money trading Forex, but there are no guarantees. 75-80% of retail traders lose money.
Bottom Line.
Currency is a larger and more liquid market than both the U.S stock and bond markets combined. In fact, a surplus of opportunities and financial leverage make it attractive for anyone looking to make a living day trading Forex.
Unfortunately, there is no universal best strategy for trading Forex. However, trade at the right time and keep volatility and liquidity at the forefront of your decision-making process. Follow these general rules for FX day trading and you'll be on the right path.

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Trade Forex with a globally recognized broker.
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We offer tight spreads on all the major and minor currency pairs. Choose between our powerful OANDA Trade platform or MT4.
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Choose from our standard and premium accounts which offers 2 pricing options, free trading tools and volume rebates.
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Margin reflective of 50:1 max leverage.
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Already have a live trading account? It's easy to fund your account using one of the following payment methods.
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Forex prices can move quickly, especially during volatile market conditions. Our award-winning trading platform is engineered for reliability and speed, helping to ensure that you never miss out on the price you want. Our trades are executed in 0.012 seconds^.
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Access more than 50 technical tools, including 32 overlay indicators, 11 drawing tools, and 9 charts. Trade through charts.
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Frequently asked questions.
What are OANDA's hours of operation?
Our hours of operation coincide with the global financial markets. In the US, trading is available from approximately 5pm Sunday to 5pm Friday (New York time). Please note: these times are subject to change during daylight savings time.
What are the deposit options to fund my OANDA account for Forex trading?
Our deposit options vary based on the OANDA division with which you hold your account. Please check the relevant deposit funds section for more details on how to fund your account.
Which Forex currency pairs and spreads can I trade?
You can find a comprehensive list of available currency pairs and current spreads.
To add pairs to your Rate list on the OANDA trading platform, go to Tools > User Preferences > Rates. To view all pairs on your MT4 platform, right-click any of the symbols listed in Market Watch section and choose "Show All".
Can't find what you're looking for?
*OANDA does not requote orders that are executed at the valid market price when the request is received at our server. Spreads from 0.2 pips available on our core pricing account where clients can enjoy low spreads with a commission.
​^Execution speed and numbers are based on the median round trip latency from receipt to response for all Market Order and Trade Close requests executed between January 1 and May 1, 2019 on the OANDA execution platform.
Powerful partner tools and APIs.
Identify potential trading opportunities using our powerful analysis tools and partner APIs.
Globally recognized Forex broker.
Trade over 70 Forex pairs using a range of trading platforms, including OANDA Trade and MT4.
4 ways to trade, plus MetaTrader 4.
Our range of platforms include OANDA Trade web, desktop and mobile, as well as MetaTrader 4.
© 1996 - 2019 OANDA Corporation. All rights reserved. "OANDA", "fxTrade" and OANDA's "fx" family of trademarks are owned by OANDA Corporation. All other trademarks appearing on this website are the property of their respective owners.
Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances. You may lose more than you invest. Information on this website is general in nature. We recommend that you seek independent financial advice and ensure you fully understand the risks involved before trading. Trading through an online platform carries additional risks. Refer to our legal section.
OANDA Corporation is a registered Futures Commission Merchant and Retail Foreign Exchange Dealer with the Commodity Futures Trading Commission and is a member of the National Futures Association. No: 0325821. Please refer to the NFA's Forex INVESTOR ALERT where appropriate.
Trading FX on margin is high risk and not suitable for everyone. Losses can exceed investment.

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Part 1: What Is Forex Trading ? - A Definition & Introduction.
An Introduction to Forex Trading:
This free Forex mini-course is designed to teach you the basics of the Forex market and Forex trading in a non-boring way. I know you can find this information elsewhere on the web, but let's face it; most of it is scattered and pretty dry to read. I will try to make this tutorial as fun as possible so that you can learn about Forex trading and have a good time doing it.
Upon completion of this course you will have a solid understanding of the Forex market and Forex trading, and you will then be ready to progress to learning real-world Forex trading strategies.
What is the Forex market?
• What is Forex? - The basics...
Basically, the Forex market is where banks, businesses, governments, investors and traders come to exchange and speculate on currencies. The Forex market is also referred to as the 'Fx market', 'Currency market', 'Foreign exchange currency market' or 'Foreign currency market', and it is the largest and most liquid market in the world with an average daily turnover of $3.98 trillion.
The Fx market is open 24 hours a day, 5 days a week with the most important world trading centers being located in London, New York, Tokyo, Zurich, Frankfurt, Hong Kong, Singapore, Paris, and Sydney.
It should be noted that there is no central marketplace for the Forex market; trading is instead said to be conducted 'over the counter'; it's not like stocks where there is a central marketplace with all orders processed like the NYSE. Forex is a product quoted by all the major banks, and not all banks will have the exact same price. Now, the broker platforms take all theses feeds from the different banks and the quotes we see from our broker are an approximate average of them. It's the broker who is effectively transacting the trade and taking the other side of it...they 'make the market' for you. When you buy a currency pair...your broker is selling it to you, not 'another trader'.
• A brief history of the Forex market.
Ok, I admit, this part is going to be a little bit boring, but it's important to have some basic background knowledge of the history of the Forex market so that you know a little bit about why it exists and how it got here. So here is the history of the Forex market in a nutshell:
In 1876, something called the gold exchange standard was implemented. Basically it said that all paper currency had to be backed by solid gold; the idea here was to stabilize world currencies by pegging them to the price of gold. It was a good idea in theory, but in reality it created boom-bust patterns which ultimately led to the demise of the gold standard.
The gold standard was dropped around the beginning of World War 2 as major European countries did not have enough gold to support all the currency they were printing to pay for large military projects. Although the gold standard was ultimately dropped, the precious metal never lost its spot as the ultimate form of monetary value.
The world then decided to have fixed exchange rates that resulted in the U.S. dollar being the primary reserve currency and that it would be the only currency backed by gold, this is known as the 'Bretton Woods System' and it happened in 1944 (I know you super excited to know that). In 1971 the U.S. declared that it would no longer exchange gold for U.S. dollars that were held in foreign reserves, this marked the end of the Bretton Woods System.
It was this break down of the Bretton Woods System that ultimately led to the mostly global acceptance of floating foreign exchange rates in 1976. This was effectively the "birth" of the current foreign currency exchange market, although it did not become widely electronically traded until about the mid 1990s.
(OK! Now let's move on to some more entertaining topics!)...
What is Forex Trading?
Forex trading as it relates to retail traders (like you and I) is the speculation on the price of one currency against another. For example, if you think the euro is going to rise against the U.S. dollar, you can buy the EURUSD currency pair low and then (hopefully) sell it at a higher price to make a profit. Of course, if you buy the euro against the dollar (EURUSD), and the U.S. dollar strengthens, you will then be in a losing position. So, it's important to be aware of the risk involved in trading Forex, and not only the reward.
• Why is the Forex market so popular?
Being a Forex trader offers the most amazing potential lifestyle of any profession in the world. It's not easy to get there, but if you are determined and disciplined, you can make it happen. Here's a quick list of skills you will need to reach your goals in the Forex market:
Ability - to take a loss without becoming emotional.
Confidence - to believe in yourself and your trading strategy, and to have no fear.
Dedication - to becoming the best Forex trader you can be.
Discipline - to remain calm and unemotional in a realm of constant temptation (the market)
Flexibility - to trade changing market conditions successfully.
Focus - to stay concentrated on your trading plan and to not stray off course.
Logic - to look at the market from an objective and straight forward perspective.
Organization - to forge and reinforce positive trading habits.
Patience - to wait for only the highest-probability trading strategies according to your plan.
Realism - to not think you are going to get rich quick and understand the reality of the market and trading.
Savvy - to take advantage of your trading edge when it arises and be aware of what is happening in the market at all times.
Self-control - to not over-trade and over-leverage your trading account.
As traders, we can take advantage of the high leverage and volatility of the Forex market by learning and mastering and effective Forex trading strategy, building an effective trading plan around that strategy, and following it with ice-cold discipline. Money management is key here; leverage is a double-edged sword and can make you a lot of money fast or lose you a lot of money fast. The key to money management in Forex trading is to always know the exact dollar amount you have at risk before entering a trade and be TOTALLY OK with losing that amount of money, because any one trade could be a loser. More on money management later in the course.
• Who trades Forex and why?
Banks - The interbank market allows for both the majority of commercial Forex transactions and large amounts of speculative trading each day. Some large banks will trade billions of dollars, daily. Sometimes this trading is done on behalf of customers, however much is done by proprietary traders who are trading for the bank's own account.
Companies - Companies need to use the foreign exchange market to pay for goods and services from foreign countries and also to sell goods or services in foreign countries. An important part of the daily Forex market activity comes from companies looking to exchange currency in order to transact in other countries.
Governments / Central banks - A country's central bank can play an important role in the foreign exchange markets. They can cause an increase or decrease in the value of their nation's currency by trying to control money supply, inflation, and (or) interest rates. They can use their substantial foreign exchange reserves to try and stabilize the market.
Hedge funds - Somewhere around 70 to 90% of all foreign exchange transactions are speculative in nature. This means, the person or institutions that bought or sold the currency has no plan of actually taking delivery of the currency; instead, the transaction was executed with sole intention of speculating on the price movement of that particular currency. Retail speculators (you and I) are small cheese compared to the big hedge funds that control and speculate with billions of dollars of equity each day in the currency markets.
Individuals - If you have ever traveled to a different country and exchanged your money into a different currency at the airport or bank, you have already participated in the foreign currency exchange market.
Investors - Investment firms who manage large portfolios for their clients use the Fx market to facilitate transactions in foreign securities. For example, an investment manager controlling an international equity portfolio needs to use the Forex market to purchase and sell several currency pairs in order to pay for foreign securities they want to purchase.

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Retail Forex traders - Finally, we come to retail Forex traders (you and I). The retail Forex trading industry is growing everyday with the advent of Forex trading platforms and their ease of accessibility on the internet. Retail Forex traders access the market indirectly either through a broker or a bank. There are two main types of retail Forex brokers that provide us with the ability to speculate on the currency market: brokers and dealers. Brokers work as an agent for the trader by trying to find the best price in the market and executing on behalf of the customer. For this, they charge a commission on top of the price obtained in the market. Dealers are also called market makers because they 'make the market' for the trader and act as the counter-party to their transactions, they quote a price they are willing to deal at and are compensated through the spread, which is the difference between the buy and sell price (more on this later).
Advantages of Trading the Forex Market:
Forex is the largest market in the world, with daily volumes exceeding $3 trillion per day. This means dense liquidity which makes it easy to get in and out of positions.
• Trade whenever you want: There is no opening bell in the Forex market. You can enter or exit a trade whenever you want from Sunday around 5pm EST to Friday around 4pm EST.
• Ease of access: You can fund your trading account with as little as $250 at many retail brokers and begin trading the same day in some cases. Straight through order execution allows you to trade at the click of a mouse.
• Fewer currency pairs to focus on, instead of getting lost trying to analyze thousands of stocks.
• Freedom to trade anywhere in the world with the only requirements being a laptop and internet connection.
• Commission-free trading with many retail market-makers and overall lower transaction costs than stocks and commodities.
• Volatility allows traders to profit in any market condition and provides for high-probability weekly trading opportunities. Also, there is no structural market bias like the long bias of the stock market, so traders have equal opportunity to profit in rising or falling markets.
While the Forex market is clearly a great market to trade, I would note to all beginners that trading carries both the potential for reward and risk. Many people come into the markets thinking only about the reward and ignoring the risks involved, this is the fastest way to lose all of your trading account money. If you want to get started trading the Fx market on the right track, it's critical that you are aware of and accept the fact that you could lose on any given trade you take.

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ECS: Elite CurrenSea.
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With over 30 years of combined trading experience, we design, test, and provide successful Forex, CFDs & Crypto trading systems and solutions for retail and institutional traders alike.
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Please note that our prices are VAT exclusive. VAT will be billed to EU customers in line with the applicable rates of their member state unless a valid VAT number is provided.
Over the last 10 years technical analysis, and education have been at forefront of Chris' trading career. Chris is particularly fond of Wave Analysis and analyzing the market structure via trend, momentum, patterns, and support and resistance.
"Simple Wave Analysis and Trading" (SWAT) - a method that makes wave analysis/trading achievable and accessible for all trader types, was developed as a result of his fascination with these methods of trading. This approach has already helped hundreds of traders without dwelling deep into technicalities of wave analysis and momentum trading.
For their partnership with Admiral Markets, Nenad and Chris were awarded the UK Forex Awards as creators of the best Forex and CFD education program. Favorite Tools: Trend Lines, Moving Averages, Fibonacci Levels, Fractals and Elliott Waves.
Some of you might recognise Nenad by his Forex Factory nickname Tarantula. Besides trading his main passions are Market Analysis and Education.
Nenad is a regular contributor to high-profile trading communities such as Forex Factory, FXStreet, FXempire, Investing.com. He is also a frequent guest-speaker and educator at FX Expos and various Live panels. Since 2013 Nenad and Chris have been running Education & Market Analysis program at Admiral Markets - our long-time partner, and award winning Forex and CFD broker.
Among Neanad's recent awards are, "Best FXStreet Video Podcast" and a second place for the "Best Analysis". Favorite tools: Price Action, Camarilla, MACD, Wolfe Waves, Patterns and Candlesticks.
Over the last 10 years technical analysis, and education have been at forefront of Chris' trading career. Chris is particularly fond of Wave Analysis and analyzing the market structure via trend, momentum, patterns, and support and resistance.
ecs.SWAT or "Simple Wave Analysis and Trading" - a method that makes wave analysis and trading achievable and accessible for all types of traders, was developed as a result of his fascination with these methods of trading. This approach has already helped hundreds of traders without dwelling deep into technicalities of wave analysis and momentum trading.
For their educational partnership with Admiral Markets, Nenad and Chris were awarded the UK Forex Awards as creators of the best Forex and CFD education program. Favorite Tools: Trend Lines, Moving Averages, Fibonacci Levels, Fractals and Price Action.
Some of you might recognise Nenad by his Forex Factory nickname Tarantula. Besides trading his main passions are Market Analysis and Education.
Nenad is a regular contributor to high-profile trading communities such as Forex Factory, FXStreet, Fxempire, Investing.com. He is also a frequent guest-speaker and educator at FX Expos and various Live panels.
Since 2013 Nenad and Chris have been running Education & Market Analysis program at Admiral Markets - our long-time partner, and award winning Forex and CFD broker.
Among Neanad's recent awards are, "Best FXStreet Video Podcast" and a second place for the "Best Analysis". Favorite tools: Price Action, Camarilla, MACD, Wolfe Waves, Patterns, and Candlesticks.
FREE analysis and education.
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Dear Traders, When it comes to trading, discipline is maybe the hardest to achieve. That said, discipline is also one of the most important elements for becoming a successful trader.
USD/JPY is Neutral Prior to the NFP.
Dear Traders, The USD/JPY is neutral prior to the NFP. Today's NFP should spark volatility in markets.
🎯 Bullish GBP/USD Aims at 1.2440 on Critical NFP Day 🎯
Hi traders, the GBP/USD is in a bullish vibe after breaking the resistance trend line (dotted red) earlier this week. Can the bulls push the price higher during today's Non.