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Day Trading Forex In A Live Currency Trading Room
Posted: Mar 26, 2010 | Share Characters leftRelated Questions
Why is it best to get in and out of the day trading markets quickly each day? Just looking for different opinions to settle a discussion. Thanks
What is the best approach to use forex signal in forex trading? Is this driven by fundamental aspect of trading?
Hi Can you tell me what parameters do you use for trading Forex currency pairs?
How do u rate easy forex for trading in currency? have nt been able to set my mind though following it for quite some time now. shall i go ahead?
Have you ever wondered how some traders new today trading "stick around" the trading scene and others who enter the world ofday trading no matter if it be currencies, stocks, futures or commodities leavedisillusionedor with seriously depleted bank accounts?
Amongst the many questions on traders minds, a lot question how some make it and a lot who have come before them have entered the system, traded, lost money (in some cases substantial amounts), spent money on books, tapes and courses (in a lot of cases a significant amount) and left... in some cases pennyless, in a lot of cases substantial devoid of the capital they first started with.
The above questions that were posed are very familiar in the "traders lifecycle" especially those entrants that have come into the market chasing the lure of quick, work from home profits, give up your day job thoughts or worse still the images of ferraris and fast cars locked in their heads from the sales pitch and hype surround the products in the industry only to find that the system they have invested and relied so heavily upon has lead to nothing but psychological frustration and a broker account that is under water.
Starting Out In Forex Trading:
There are many ways you can start out. The market is by far huge, the biggest in the world in fact. The market for educational products is equally huge and there is a right way to start and a wrong way to start.
This article considers having a start in the Forex trading world using a mentor based system of trading.
One-to-One mentoring is perhaps beyond the pockets of most traders, but there is an alternative way to trade using a mentor where you can ask questions and get help in a live trading environment. That way is using a live forex trading room.
Becoming a member of a live forex trading room gives you first hand experience of sitting alongside a seasoned professional in a virtual trading room. In most cases, rooms have moved beyond the text chat based model to a visual display and audio system.
In most rooms, you can see the traders screen duplicated on your own screen and hear his analysis through your computer speakers as the person works through the trades live in the market. The whole process is generally transparent including the analysis, market overview, watchlist, trade setup and logic behind the entry (and when the process of closing the trade - exit is made) as well as placement of stops and take profit levels. The trading room also allows a new to the market member to pick the traders brains and generally you can asks freely all the questions you like during the trading session as its happening live. Live, in the moment situational analysis is generally a better way to learn to trade successfully in the market than trying to interpret data thats happened or something thats been "curve fitted" just for a book by the author. The later is more like driving with a trader going forward looking into a rear vision mirror than trading on the "right hand side of the chart" so to speak and being close to the flame, ie. the market and being exposed to the volatility, market movements, the rise and fall in prices and the chart setups that are occurring as its happening as news, events and other factors are being played out before the traders eyes.
Live Trading Rooms Provide Psychological Guidance:The other benefit of being a member in a live trading room is the degree of patience required to maintain a trade. Having a professional trader will be a measure to ensure that you have someone who is emotionally separated from your trade to tell you what to do. Essentially, you can follow alongside and mimic the traders trades rather than having to go through the stresses of working out what to trade, what too do, how to enter a trade, when to get out, where to place stops, how to place stops, when to take profit. Essentially with an online forex brokers account and forex trading software you can get up and running trading from day one of your membership to the live trading room.
Day Trading - Live Trading Room
Lets take a case example of one live trading room that the author is a member of. This room is currently running and has been achieving good profits since I started as a member of the room in January 2010. The room is called Proforexroom.com
The head of trading is called Saverio Berlinzani. Saverio has appeared on numerous interviews including CNBC Saverio's profile is atSaverio has an easy to understand teaching style in both English and Italian languages.
Time of trading & Pairs Traded:
The trading site's live trading room is suitable for all levels of day & swing traders and will primarily focus on live (or simulation if you choose to follow alongside Saverio using your broker demo platform) trading. Proforexroom trading room is active during the European morning (approximately 8:00 AM to 6:00 PM Central European Time) which includes some the the US forex morning session time. The markets that will be traded include major currencies such as the Euro against the US Dollar, British Pound, Swiss Franc, Canadian dollar, New Zealand and Australian dollar and Japanese Yen as well as combinations of those currency pairs.
During the sessions Saverio is available to answer questions that members have. The fact that the trader is there to answer questions is the key. The ability to have live situational analysis and ask then and there directly on the spot rather than an article that is either out of date or has been "curve fitted" to suit the articles situation and gloss over the realities of the market situation and news at hand.
But aren't Live Trading rooms costly?
Cost to join a live Forex trading room membership should be a lesser consideration in your need for Forex trading education. The traders experience, results andconsistencyof trading system are key ingredients along with the quality of coaching. Remember the old saying "you get what you paid for". At the end of the day Forex trading is a business. If you want to become serious about making real profits in Forex you have to get serious about the quality of training and membership fees to a good quality trading room should be the least of considerations.
Traders who are starting out might also find the added benefit of signing up forFREE trial for 2 weeks.
Key points:
1. live forex trading rooms provide a way to learn to trade forex successfully and get up and running quickly.
2. Trading is a business. Dont let membership fees to a day trading currency room be the sole consideration, you have to consider other factors ie. results, consistancy, support and other benefits on offer.
3. Take advantage of Free Trials.
4. Read, Read, Read and ask questions... especially to the trader in the room.
5. Theres no right and wrong formula.
6. Education is an investment, it will cost money in order to make money.
(ArticlesBase SC #2048917)
proforexroom.com - About the Author:The author has been trading various financial instruments for over 20 years including stocks, bonds, futures, commodities and online forex trading. He is also a member of Rate this Article
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By: JamieEstebanl Financel Nov 18, 2010Day Trading Forex In A Live Currency Trading Room
Day trading Forex has become tempting to a lot of people entering currency trading for the first time but daytrading currencies also has its risks for newbie traders. This article looks at a service that many new to the market traders often overlook in favour of traditional educational literature such as books, tapes, DVDs and attending daytrading or trader training seminars and events. This article looks at live currency trading rooms as an alternative for consideration.
By: proforexroom.coml Financel Mar 26, 2010 Author NavigationAuthor Box proforexroom.com has 1 articles online Contact Author Subscribe to RSS Print article Send to friend Re-Publish article Articles Categories Need Help?- Contact Us
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