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RSI is the Best Trading Indicator For Beginning and Advanced Forex Traders

Featured, Trading System, ,

Have you ever wondered what trading indicator you could always use regardless of your skill level? RSI, the Relative Strength Index, is such an indicator. It is an indicator that can be used as a standalone trading system without the need for any other method.

Helpful for the beginner

If you are new to trading Forex, simplicity is important. The RSI indicator can help you understand what is happening on your charts with a minimum of learning. Most Forex educational formats teach you about every tool in the toolbox when you don’t need all of the tools in the toolbox to trade Forex.

The problem with Forex education

Suppose you went to college to get a degree in a particular kind of mathematics. While you were in school however you had to take classes in every aspect of mathematics so that when you were done you still didn’t really know that much about the area of mathematics you were interested in.

For the most part Forex educational systems teach you about everything in a “vanilla” sort of way so that when you are done you look around – after spending $5,000 – and are still wondering how to trade Forex.

The RSI has 4 signals to learn

Suppose you could learn 4 different signals on one chart. Suppose that when you looked at a trading chart regardless of currency pair or time frame,that with a few calculations you knew more about what was going on on that chart then most professionals.

RSI allows the trader to get an immediate picture of what is happening on a trading chart in a matter of minutes.

Manually or automatically

RSI has been around since 1978 and is still used extensively to determine whether prices on a trading chart are overbought or oversold. This is NOT the correct use of RSI. It does not determine whether prices are overbought or oversold. However this is what most books and educational formats will tell Forex traders.

The 4 signals of RSI are positive and negative divergence and positive and negative reversals. All 4 of these signals can be plotted manually using the drawing tools on a chart or they can be implemented automatically using an indicator called The RSI Paint Indicator.

Why these signals are so important

In the 9 1/2 years – 2000 to June 2010 – there were over 9200 of these signals on RSI hourly charts. You can imagine how many more there were on 15 minute charts. On hourly charts over that period, reversal signals averaged over 70 pips per trade.

If 25% of those trades were one kind of reversal that would mean roughly a total of 17,000 pips per year or 71 pips averaged per trading day on hourly charts.

Nothing else is needed

RSI does not need trend lines to tell the trader when to trade. It doesn’t need Fibonacci, or Gann or Elliott Wave. RSI is a standalone trading indicator that measures momentum in the market and uses the 4 signals above to tell the trader when to trade.

If you are just starting out in Forex or you have been trading unsuccessfully you should consider the small investment in learning RSI a step in the right direction. You can learn more about RSI by reading the eBook, RSI Fundamentals, Beginning to Advanced.

Paul Dean is the owner of You Learn Forex and has been trading Forex for nearly five years. He has worked extensively with RSI, the Relative Strength Index in the past three years developing new insights with trader/programmer, David Moser.

Their research has brought to light important statistical data regarding RSI that benefits traders who use it make better trading decisions.

This information is available in his eBook, RSI Fundamentals:

Beginning to Advanced with 195 pages and over 100 colored charts in downloadable format, all part of a statistically based Forex trading system, The RSI PRO Forex Trading System, which uses 4 signals on RSI to trade.

Requirements For Acquiring A Forex Broker License

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Prospective Forex brokers who wish to apply for a Forex Broker license need to follow the steps outlined below.

1. Invest Minimum Capital

Every country has a capital adequacy legislation which requires Forex brokering firms to invest a certain minimum capital in order to obtain a license. Since the minimum capital would differ according to each jurisdiction, the applicant should ascertain the exact amount for their respective region.

2. Pay the Application Fee

Just like the minimum capital, each jurisdiction has its own government licensing fee. The licensing procedure would also involve legal paper work which would incur additional costs. The applicant needs to pay the licensing fee and also bear the cost of the legal consultancy service fee.

3. Setup an Office

It is mandatory in most jurisdictions for the licensee to hold a full-fledged office in the country where they acquire their Forex broker license. Here again, there are minimum requirements that are stipulated according to each jurisdiction.

4. Employ Qualified staff

Since the brokerage firm would be handling investors’ money, the firm needs to employ experienced and qualified staff who can do the job efficiently. They should be able to produce positive results financially on behalf of the investor.

Finding qualified staff and handling relocation or immigration and work permits in certain cases could be a complex issue. However, every firm needs to handle these issues to run their firm efficiently.

5. Furnish personal documents

Every director and beneficial shareholder in the Forex brokerage firm needs to furnish documents regarding their financial status, good reputation and character, apart from proof of professional experience and relevancy to the industry.

These documents could include bank and business references, documents from the relevant police department or law enforcement authority, and other similar documents.

6. Setup relevant software

The Forex brokerage firm needs to have a professional business software package in place which is required to conduct the Forex business. There are a number of issues that need to be taken into consideration like features of the software and the hardware configuration of the server required to support the software.

7. Market and Promote the Business

Mere possession of a Forex broker license may not guarantee a constant stream of clients. The firm needs to employ marketing strategies based on an effective marketing plan. Employing a good marketing agency could be one option even if it costs money for advertising and promotion.

These are the steps required to be followed by a firm that wishes to acquire a Forex broker license.

Forex Trend Signals and Its Six Indications

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Trading systems that shout from the rooftops about how good they are quite honestly two a penny. Many systems promise you the moon on a stick – guaranteed! However all too often the reality falls far short of what’s been promised.

So when I come across a system that looks professional with understated marketing, it gets my attention. Trend Signal has quietly been building a good reputation within the trading community so I made it a priority to review the software on behalf of my members.

The Trend Signals

The Trend Signal package offers six indicators which you can combine to assess a potential trade. Each of these are automatically generated so all you need to do is figure out how best to trade them together. The indicators work for all time frames and across all markets provided there is enough liquidity (enough people trading the market).

Here’s the 6 indicators:

1. Price Envelopes:

these work around a moving average of a stock or Forex price. The most common price envelopes are Bollinger Bands or Keltner channels. The logic behind them is similar to the law of averages, which states that everything revolves around an average or ‘normal’ state. Sometimes things go to extremes and you get activity that is far beyond what is normal.

When this happens, in theory things should slowly start to become normal again. Price envelopes in trading revolve around a moving average with upper and lower bands. These upper and lower bands act like the stretchy ropes of a wrestling ring. Most price action will take place within the confines of the ring, but sometimes price action become extreme and hit the ropes.

The ropes are stretchy so this extreme action is likely to result in a snap rebound. When this happens, you can use price envelopes to predict when a pull back is due. Like an American Wrestler running at the ropes, the harder he hits them, the faster rebounds. Trend Signal draws its own price envelopes.

The idea is to use them to spot points when the trend is likely to reverse or likely to continue. Trend reversals towards the bottom or top of the envelope offer the greatest potential for reward because they indicate that the price has reached unsustainable levels.

In the following screen shot you can see the upper envelope snaking upwards at the top of the picture, the moving average around the centre (finishing around 589) and the half way point between the two denoted by the dotted line.

2. The Trend Signal:

this was the original indicator behind the software. There is a famous trading maxim that states “The trend is your friend”. All very well, but how do you know when a new trend has started or an old one is about to end? Trading with the trend can be very profitable, but getting in too early or too late can be devastating for your financial health.

The Trend Signal helps you to spot the trend direction in one easy indicator. When it changes from green to red it signals that a change in trend in is imminent. The Trend Signal sits at the bottom of the chart moving between a scale of 1 to 100. The line is meant to represent the emotional state of the market.

The line itself changes to green to represent buying pressure and red to represent selling pressure. The strategy is to take signals when the trend signal turns from green to red and vice versa. Good signals occur below 30 and above 70, the best signals occur below 10 and above 90. The idea is that when the trend signal reaches a high level like 90, the market is over bought and ready to make a pull back.

When the trend signal reaches a level like 10, the market is over sold and is ready to bounces. Therefore taking signals based on the change of colour from red to green or vice versa are meant to be more valid.

3. Pivot Points:

Trend Signal automatically draws horizontal lines known as pivots points. These are often based on previous highs and are meant to represent potential future points that the trend will reverse. These pivot points can be very useful for placing stops or price targets. The price usually stumbles or reverses around these levels so they can be incredibly useful.

4. Sniper Circles:

these are yellow circles drawn on the chart that represent a significant potential trend reversal. They appear when Trend Signal detects the following:

A pivot point being close
The Trend signal becoming green or red.
A reversal candlestick pattern.
Sniper Circles are relatively rare but do pick up 60% of high-profit trades. The absence of a sniper circle doesn’t mean a trend won’t reverse.

5. Vector Average:

this is a shorter term indicator than the trend signal and flicks from red to green and vice versa. The vector average is displayed with the price like a moving average. Green indicates and uptrend while red indicates a down trend.

6. Step Stop:

this indicator will follow the price up and down and will adjust depending on the severity of the trend. This stop isn’t perfect but is a very useful guide.

 

Forex Trend Following – How to Make Big Gains With Low Risk

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Forex markets trend and if you look at a forex chart the big trends last for weeks or months and it’s these trends you need to lock into to make big profits. Forget, short term moves forex trend following means longer term and bigger profits.

If you want to forex trend follow and make a lot of money with low risk, use the tips below in your forex trading strategy and you could soon be making triple digit gains.

First – you need patience the high odds breaks were looking for don’t come around every day, you will get probably 5 – 6 big high odds trades per currency each year.

You need to wait for them.

Don’t worry, I know traders who make triple digit gains trading just a few times a year. Remember – you are judged on the accuracy of your trading signal and market timing, nothing else and to be accurate you need to wait.

Second – Buy breakouts.

It’s a proven fact that most big trends start from new market highs or lows and while it may appear, you have missed a bit of the move, the odds favor a continuation.

You need breakouts though that are valid and not all breakouts are the same in terms of the odds.

The best breakouts, feature several tests in several different time frames and the wider they are spaced apart the better. Generally, the more uncomfortable you feel and the more people who disagree with your trading signal the better – remember only a small minority win.

Most traders hate breakouts, they want to wait for a pullback ( which never comes) to get in at a better price – grit your teeth the odds are in your favor!

You should also use some momentum oscillators to confirm the move. We don’t have time to discuss them here ( look up our other articles ) but they will tell you price velocity is moving in your favor and increase the odds of success.

NEVER – Buy or sell a breakout which is NOT supported by momentum.

Once the breakout occurs, your stop is easy – right below the breakout point.

The real key to forex trend following and milking the trends for all there worth is the way you move your stop. Most traders trail to quickly and get bumped out.

They then see the trend go back the way they though piling up thousands of dollars!

Don’t let this happen to you. WAIT.

You want the trend well underway, before trailing your stop and you want to keep it behind random volatility ( if you don’t know what standard deviation of price is make it an essential part of your forex trading education).

Accept that to hold the longer term trends, you are going to have to take short term price swings against you which eat into your open equity in the short term.

Don’t worry to much about this.

You are after the bigger price at the end of the trade. Once a trend is in motion, we like to trail stops behind the 40 day ma. Sure, we give a bit back at the end but you don’t know when a trend is over, or how long it will last, so there is no point in predicting.

Keep in mind, if you caught just 50% of every major trend, you would be very rich.

Does the above sound simple?

It is in terms of theory – but you must be disciplined in the execution and holding of your trades. No second guessing what the market may, or may not do!

Trend following forex, with a simple robust forex trading system based upon breakouts, will make money and will continue to make money and can help anyone achieve currency trading success.

What Are They and How Can You Profit From Them?

Featured, Forex Signals, ,

Perhaps no asset class has seen a proliferation in signals services anywhere on par with the forex market. That’s not surprising given how fast forex has grown in recent years. It wasn’t until the mid-1990s that retail traders had access to currency trading.

The evolution of the Internet and technology solved that and now anyone can trade forex from anywhere in the world that has an Internet connection. The rapid growth in access to forex trading has fueled the surge in forex signal services that are available on the market today.

To get a glimpse of just how many forex signals services are available on the market today, just enter the term into any search engine and look at how many results pop up. It would take you hours to sift all the forex signals services on the market.

Most of the lower-tier forex signals services share one trait in common:

They promise outlandish returns for very minimal costs. These promises raise suspicions among astute forex investors and we’re going to take a look at how to really profit from legitimate forex signals.

Develop Your Own Signals or use a Ready-Made System?

We don’t want to imply that all forex signal services are bad. That’s not true and there definitely some reputable products available. These systems are ideal for active investors that want a helping hand in their trading or for investors that don’t have the time to be at their trading computer for an entire market session.

The premise behind most of the good signal services is easy to understand. They simply give you a trading idea, sent via email or accessed through a members-only Web site, and it’s up to you as the trader to decide to take it or not.

Of course, we want to know why a system is generating a particular trade and that information is easily obtained by reading your system’s user manual.

For example, if your signals service recommends just one or two trades a day, it probably uses longer-term charts such as 30 or 60-minute charts to find trades. You know this going in, so you won’t be surprised to get a small amount of trades per trading day.

On the other hand, you can take the reins yourself and use a combination of chart patterns, indicators and oscillators to develop your own signals. This would be a good example of “rules-based” trading, which is what you should be doing anyway and we’ll take a more detailed look at it below.

Using the Tried and True Signals

In reality, you don’t have to develop your own signals, you can simply rely on some of the signals that traders have used for years. Some of the best buy and sell signals can come from studying charts and being able to discern when a certain pattern has formed.

One of the favorite chart patterns of forex traders is the head and shoulders. Head and shoulders patterns are easy to spot and occur frequently in currency trading. They represent the reversal of a bullish trend, so the signal they give off is to go short.

In addition to the head and shoulders, there are several other chart patterns that tip traders off to certain moves, so being able to recognize these patterns can really bolster your bottom line. Start with studying the double top and double bottom and some of the triangles to find other important chart patterns.

For traders that prefer the use of indicators and oscillators, choices abound for finding profitable forex signals. Take Stochastics for example. Stochastics are the combination of a fast and slow line that measure overbought and oversold conditions in a currency pair. Scaled from 0-100, a Stochastic reading of 70 or above is considered overbought and reading of 30 or below is considered oversold.

That may sound easy, but there is no “holy grail” combination of indicators that will lead you to forex millions. It’s just a matter of personal preference.

Putting It All Together

The bottom line is we do like forex signals services. That is, we like the reputable ones that are easy to use and are forthright about their trading results and why they take certain trades while passing on others.

We also favor traders learning as much about the forex market as they possibly can and this includes studying chart patterns. Taking a pass on using indicators like Stochastics is one thing, but if you consider yourself a technical trader, chart study is objective number one.

Using forex signals is all about tacking more pips onto our trading accounts, so in the end, it doesn’t really matter where your signals come from, as long as they’re helping you net more pips.

And if you do opt for an automated signals service, that’s fine, just don’t make it the entire backbone of your trading system. Make it a complement to the other tools you’re currently using.

Forex Trading EAs Vs Forex Trading Signals

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Forex trading online has quickly become one of the most popular as well as easiest ways to earn money online. With an average daily turnover of around $1.3 trillion, more & more people are realizing the amazing potential of trading online.

Let’s face it, you can get started with just a $1 & steadily grow your trading account to earn a fortune.There are many great tools that can be used to trade Forex, two of the most popular are Automated EA’s & Forex trading signals (from a trusted signal service of course).

Today, we’re going to go over both Automated EA’s & Signal Services so that you can decide which is truly best for you! With so many options out there, it can be tough to truly decide which will serve you best.

By analyzing each aspect of an automated Forex EA or a Forex signal service, you can choose which will earn you the most money & which offers options that are best for your trading style!

Automated Forex EA

An automated EA can be an excellent option for anyone looking to trade Forex. Once installed on your account, most EA’s proceed to trade your account automatically, offering a hands free approach to your trading needs. While this can be a great option, especially if the EA is particularly accurate, it also puts the Forex robot in more control of your account than you are.

A completely automated Forex trading EA lets you set your Forex trading account to your own customization & literally walk away & go for a run, go to the beach, hangout with your girlfriend or anything else you would like to do while the automated trading robot earns you money in Forex!

Automated EAs are usually software packages which can be deliver to your computer as a file, once downloaded & installed, you can utilize the automated Forex EA with your Forex account.

By modifying the settings however you like (some are for higher profits with larger traders some are for safe, very small trades), you can decide how you would like the automated EA to trade your Forex account.

Some traders like this completely automated, hands free approach, while others tend to go for the more “in control” approach offered by a trusted Forex signal service!

Forex Trading Signals

Trading signals online can be a great tool for anyone trading Forex, whether you’re a complete beginner or seasoned online Forex trader.

While there are many signal services online, it can be tough to find the best one. Clever advertisements can fool you into thinking one is best while in reality there may be a better one!

The best signal services come with a very easy to use members area, specialized predictions just for you, many trading strategies fully implemented for you, great customer service, Forex trading signals for all major currency pairs, very accurate signals, a great trial offer & a 60 day money back guarantees you can use the 100% automatic signals risk free on a demo account (which is also free)! Getting started earning your fortune in Forex has never been easier!

Forex Trading Chart and Signals for Beginners

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As a suggestion, you might need to do a small mixing & matching with the charts & the trading process so as to meet whatever special needs you might have. The trick is to receive a lovely match with the four so that you don’t go in to any trade situation blind.

You’ll become more discerning with the tools that you use four times you start to refine your skills. Features of the Forex charts will stand out more as you gain more knowledge & keep sharpening your skills.

Even though the trading signals will all look standard initially, finally you’ll start to see how they integrate with the charts, as well as whether or not the mixing of definite charts with definite signals will function in accordance to the style of trading that you have established to meet your needs.

When it comes to the signals, you’ll need to do some searching for the ones that fit your particular needs in much the same way that you establish which charts you need to use.

The more you approach your education in this manner, the quicker those skills will create & the sooner you will be making trades that you profit from. Your process will become more refined the more you practice. & that is fundamentally why using a Forex demo process is the best way to train & educate yourself before getting in to the thick of things.

Try not to get frustrated & permit yourself a broad learning curve. The Forex charts & the Forex trading signals that you encounter from all the different brokers will get frustrating – there is no four ways about it.

The bottom line is that you need to be persistent & continue to practice. You’ll finally work through that frustration since you are being repetitive about things.

There’s a few other suggestions while we are on the subject of training & grooming for that first trade. Here are four suggestions to help you.

Secondly, seldom accept the advice of relatives or friends that trade in the Forex market. You may love & respect them dearly, but the bottom line is that everybody is different. What works for them may equate to disastrous consequences for you, so don’t risk it.

First of all, seldom settle for the first charts & signals that you experiment with. That is like buying the first automobile you ever sit in when you are shopping for your first automobile.

Picking your Forex trading process using the right combination of charts & signals should involve learning from articles, relatives and/or friends (if there’s any trading in the money market), & trainers. However, the key is to find the perfect blend of all the information mentioned here, & then make that process exclusively your own.

Finally, get comfortable with what you are doing when it comes to the chart & signals that you use to formulate your process. You are going to be like a husband & wife spending a lot of time together so be committed to your education method.

Forex Signal System

Featured, Forex Signals, ,

The forex is a somewhat complex ground in the financial markets that is used in trading. Put simply, it is the ground in which different worldwide currencies are traded. The forex market is currently open to any individual who wants to trade in currencies.

Just like the normal market, the forex market will give a platform to anyone who wants to do the trade. Depending on the nature of the business, the trader’s alert mind and other factors affecting the trade, one can make a living out of this trade.

What is the forex signal system?

These are systems that allow the trader to make certain moves in terms of purchases and sales. The forex signal system is an alert signal that will give the trader an indication that there are some movements that are happening in the forex market.

Whenever these fluctuations take place, there is always an opportunity for traders either to make purchases or sales in the forex market, in the hope that it will amount to a certain profit.

What is an automated forex signal system?

The automated forex signal system is an advancement of what was once quite a hard system to understand and consequently work with. Over the years, forex trading has advanced to an automated form, so that so many people are now able to be involved in trading in the forex market.

This automation has opened trading to literally everyone, seeing as it is an easier system to work with, and provides a quicker, easier and a more secure option for trade.

Why are they being used?

Put simply, the automated forex signal systems do a lot of work for the trader. Some even go as far as placing certain orders depending on the prevailing conditions of the market. With all this technology, it is easy to see why they are being used.

Secondly, the trader is given the opportunity to do a lot more during the day instead of sitting around and waiting for some fluctuations in the market to take place.

Where can they be acquired from?

Brokers do sell some software that can be used in someone’s computer as an automatic forex signal system. They are also acquired online. There are free online forex trade software that will give the trader an opportunity to get the information via mail or text, depending on which settings the programs has been adjusted to.

Forex Signal Service Best – Trading With A Vision

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Forex signal service plays an important role in forex trading. This type of forex system provides an updated information on currencies, prices and fluctuations on the forex market.

Being an information provider, it certainly helps the traders to minimize risks as well as losses if this is properly used.Since the information came from a specialist, you can be sure that it is accurate and you can make decisions without any risk at all.

Most forex traders recommend the use of forex signal service, a forex system software because it is not possible for a trader to monitor the market 24/7. In addition, traders must fully understand the basics of forex trading and learn the logic of using such signal service.

Some information provided by professionals can cost you a lot but on the other hand you can also find information that is free of charge. There are some forex signal service that provides free services but you have to understand how the signal works that you have access and you should have the knowledge on how the market works.

This will be the basis of how you can arrive at a good or bad decision. Forex analyst or professionals are not involved in this automated forex system because it is fully automated so all the data from the market are all accurate.

On the other hand, the fee based subscription is more professionals and they provide signals and commendations based on expert views. The data from the market is being evaluated before sending the signals to the forex traders.

There are some aspects which are responsible on the movement of currency in the market. This forex signal service, points out the buying and selling of foreign currencies in the world market. Since this forex system is fully automated, many technical indicators are used in calculating the type of signals to be generated.

Hence, its advanced technology and advanced signal trading systems works together to continuously monitor the activities of currency trading all over the world. Its state of the art technology also enables the traders to do currency trading 24/7.

The use of automated machines lessens the work of a trader and they are assured of accurate data in comparing prices and values from different countries at the same time. This software gives you comparison of complicated charts made from the past and gives you an updated one.

You can select your signal provider by analyzing its activities in the past and the exact information given by them. You may also ask from someone’s opinions what provider they can recommend. People who can give you the best options are usually traders that have enough experience on forex trading.

But there are also providers that give information to people who has less experience. If you belong to the 2nd category, you must have some knowledge on the basics of forex trading, otherwise you will not able to use the information given to you by the specialist.

You should also consider the validity of time when the information is provided to be used. Sometimes it is valid for a very short time maybe 24 hours but if you want to be successful and to make the correct decisions you must read all the tips that are given. All information can also be sent through email or on your phone and with this data, you can make the right decision at the right time.

Forex Day Trading- Two Step Trend Analysis

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If you approach forex day trading by just looking at the 5 minute and 15 minute charts there is a strong possibility your account will evaporate sooner rather than later.

In order to get a feel for the market and an indication of the current trend it is necessary to do an analysis by looking at multiple charts on different time frames starting with higher level charts first.

Rather than having the charts cluttered with numerous indicators and signals which can cause signal paralysis, I recommend just two:

1. MACD (with default settings)

2. 200 EMA (Exponential Moving Average)

Now examine your charts using a top down approach:

Daily

4 Hour
1 Hour

As you check each chart take note of these two factors:

Has MACD crossed down or up and is it above or below the water line?

Is price above or below the 200 EMA?

While it is not crucial to have them all lined up on these three time frames for successful forex day trading, if you want to be a cautious trader and go for high probability trades then certainly MACD on the 4 hour chart and 1 hour chart should be in agreement as also should price in relation to the 200 EMA.

The daily chart can be useful in seeing the larger picture and for noting key levels of support and resistance. They stand out on a daily chart so if price is within 100 pips of a crucial level of support or resistance as seen on the daily chart, make a note of the figure.

Then scale down to the lower time frames and see if this level matches with other indicators such as pivot points or Fibonacci levels.

Once you have done this groundwork, NOW you can look at the 15 minute and 5 minute charts for a suitable entry point.

Remember, for successful Forex day trading you need to adhere to the No. 1 commandment: Buy The Dips and Sell the Rallies!

So avoid chasing the market and going with the flow. Instead, wait for price to come the level you want, set your entry order, and let price pull you into the trade.

The Danger With Lower Time Frames

Just concentrating on the 15 minute and 5 minute charts will not give you the bigger picture. You could see what looks like a perfectly good trade and set your stops and limits only to find you get blown out within a few minutes.

By looking at the higher time frame you would probably have seen you were close to a key support or resistance level and either not gone into the trade or adjusted your stops and limits accordingly.

For the novice, Forex day trading can involve a huge learning curve. Include this simple daily top down analysis approach to your trading and protect yourself against making trades you wish you didn’t!