You’ve got a great trading system. So why are you losing?

You’ve done your homework.

Countless hours of seeking out the right guru (or piecing together your own system). Weeks of monitoring your guru’s daily trade picks (or paper-trading and back-testing your homemade system). You’ve done it by the book. No seat of the pants trading for you!

OK, now you’re confident. It’s time to put your money where your homework is. You’ve had your coffee and your first trade signal is before you. Confidence high. Trade made. First loss. Not a problem. You understood before you started that successful traders both win and lose and “losing is part of the overall winning”.
You’ve also heard more then once that “successful traders don’t win on every trade.” Moving on, still confident. Next trade made. Another loss, but this one hurt your pride a little because you got stopped out early in the trade, and then the market rebounded and would have hit your profit target if you weren’t topped out.
You double check. Yep, you placed the stop where your trading system told you to place it. You kind of had a feeling that the early weakness in the market was just profit-taking from the previous day’s trading, but you’re trading a system and you must stick to it. Wounded, but resilient.
After a good night’s sleep and a few mouse clicks, your new daily trades are in front of you. Hey, this one looks good! It’s a little bit more risk than yesterday’s trades had, but look at that profit potential! With a smiling face, the trade is executed.
With a nice start to the trade, you’re feeling good and you’ve moved your stop to breakeven, just like your system said. Surprise piece of news - market reverses - blows through your stop - an “unexpected” loss. Is something wrong with the system? Has the overall market “personality” changed, affecting your system to the Core, rendering all your back-testing irrelevant? Your confidence turns to doubt.
You decide to “watch” the next trade… I mean, isn’t it wise to make sure the system gets back on track before you “throw good money after bad?” Isn’t that what a conservative trader does? Trade watched. It wins!
In your head, you beat yourself up a little because you know that when you started your “live” trading, you made an agreement with yourself to take the first 10 trades “no matter what”… and here you wimped-out and missed a big winner that would have gotten you even.
What’s happening?!!
What’s happening is that you are out of control. Your emotions are ruling your trading. The above scenario plays out in every trader from time to time.. newbee and veteran alike.
The winning trader senses what is happening and nips it in the bud. The winning trader spend time EVERY DAY, working on “the discipline of trading”. Reads a chapter in his favorite psychological trading book, scans the “ten commandments of trading” that hangs on the wall over his/her desk, listens to his/her mental training software for futures traders… Something… Every Day… before trading begins.
There are many more losing traders than winning traders… and it’s seldom about the trading system. In my career, I’ve come across at least 50 systems that I consider A+, yet I know for a fact that MOST traders that have traded on these systems have lost. Why? They were not in control of their emotions.
Are you?
ForexGen Demo Accounts Contest]

Win Cash Prizes

[ForexGen] has the pleasure to announce the launching of the Demo Account contest on the first of every month.

Interested clients who wish to participate in this event shall send an e-mail request on demo.contest@forexgen.com including the following information:
- Full name: - Phone number

Also provide us with the following identification document:
" Certified copy of the information pages of account holder current valid passport or government issued photo ID"
After we receive your request we will provide you with further details and with your [demo account] login information which will be used in the trading contest.

By the end of each contest:

1. All participants that manages to open at least 20 lots will be awarded a Live Account with $50 credit 2. All participants that manages to open at least 20 lots and keep their demo account initial balance will be awarded a Live Account with $100 credit 3. The highest 5 accounts with the highest profits (including the floating P/L) will be awarded a Live Account with $250 credit.

The contest starts on the first Sunday of each month at 10 pm GMT and ends on the last Friday of that month at 10 pm GMT.

For more information about our current and future promotions, kindly contact one of our customers support agents at promotions@forexgen.com

Foreign Exchange with ForexGen

Foreign currency – a volatile market?

Although the foreign currencies you’re currently dealing in may be fairly stable, there’s always a risk of volatility in the market.

One of the reasons that so many individuals and businesses use the expertise of a foreign currency broker is because they know that this is a market that is subject to change – and quick change too. When you have a business to run or a busy personal life to lead, you can't spend your time looking at the foreign exchange markets, wondering what's going to happen next and how you can deal with it. The word "volatility" often suggests trouble; in the context of the foreign currency market, it simply means sudden, if small, changes.

Dealing with foreign exchange volatility
A currency can be subject to change for many reasons. Both internal and external factors can make a difference to the currency's value against foreign currencies, and these factors can change all the time. An economic report on high levels of unemployment released on one day can affect the currency, as can interest rate cuts in another country on another. It's keeping track of all these variables that's the key skill when it comes to dealing with foreign currencies – and it is these variables that can make the currency market seem to be so volatile. Remember that, when you're dealing with large sums of money such as a property purchase, or buying supplies for your business, even a small change in the value of currency can cost you money – so you don't just need to protect yourself from the big swings in currency value, but the small movements too.

Finding the right person to help
The obvious answer to making foreign currency exchange work for you is to find an expert to help. Not only will they have an intimate knowledge of the market and the forces that control it, but they have the experience and the time to look ahead at factors which may affect the currencies you're dealing in and give you the information you need in order to make the most of your money.

ForexGen is a commercial currency brokerage based in Norway. We help thousands of clients move hundreds of million pounds across the globe every day. From large businesses to private individuals who wish to send regular payments abroad, you can save money by getting a better currency exchange rate than your bank. ForexGen buys currency at wholesale rates and can help you save money with our fast secure service.

For more information can be found in forexgen

ForexGen Trading Strategies

To be a successful FOREX trader you need a trading strategy. There is no one set strategy that is good for all traders; rather, each trader needs to develop his or her individual approach to the FOREX. Some traders rely solely on technical analysis while others prefer fundamental analysis,
but many successful FOREX traders use a combination of both to get a broad overview of the market and for plotting entry and exit points.
Technical analysis relies on one key concept: Prices move by trends. The common saying in FOREX is 'The trend is your friend.' Market movements have identifiable patterns that have been studied over many years and a thorough understanding of these trends and how they can be read forms the basis of a good trading strategy.

There are many analytical tools available in ForexGen to understand market movements. The beginner FOREX trader is well advised to study each one separately for getting a working knowledge of their concepts and application. Once one has been understood, keep on using it while studying others. Each tool tends to reinforce the others.
Support and resistance levels are used in many FOREX trading strategies. 'Support' refers to the price level that is repeatedly seen as the bottom – when the price reaches this level it tends to rise. Resistance levels are upper prices that the currency rarely trades beyond. Support and resistance levels contain price movements for a period of time.
When currency prices break through support or resistance levels, the prices are expected to continue in that direction. For example, if the price rises above the previous resistance level, it is seen as bullish – the price should continue to rise.

To find support and resistance levels, price charts need to be analyzed for unbroken support and resistance levels. Charts can be analyzed in any time frame; however longer time frames establish more important support/resistance levels. Traders can use support/resistance levels to determine when to enter or exit a transaction.

Moving averages are another common tool in FOREX strategies. The simple moving average (SMA) shows the average price in a given period of time over a specified period of time. Moving averages serve to eliminate short term price fluctuations giving a clearer picture of price movements. FOREX traders can plot a SMA to determine when prices have a tendency to rise or fall. If prices cross above the SMA they have a tendency to keep on rising. Conversely, prices below the SMA have a tendency to continue their downward motion.
These are two examples of trading strategies that can be used individually or in combination. In practice, the FOREX trader should have a repertoire of trading tools to examine market conditions and to support the findings of one study or another. If several indicators show that the market is moving in a particular direction the trader can act with more assurance than when relying on a single indicator.

Similarly, fundamental analysis can be used to reinforce technical findings, or vice versa. Ideally, the FOREX trader will take several indicators into account when plotting a trading strategy.
Every trading strategy should provide clear guidelines about when to enter a trade, what to expect in terms of market movement, when to exit a trade, and how much loss can be accepted in case the deal moves against the trader. Following these simple guidelines and learning about technical analysis can help you become a successful FOREX trader.
One of the best online FOREX trading strategy courses is offered by professional experts in ForexGen. They are an authority in currency trading education and demonstrates simple yet powerful currency trading strategies used by banks, financial institutions and professional Forex traders.

For more detailed information can be found here