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SoloTrader’s latest update has been officially released with added functions and features to the Volumes Indicators. The Volumes indicators is located on the main menu bar of the forex chart under the label ‘Indicators’. It currently carries the following indicator types: Accumulation Dist…Read More
SoloTrader, a leading provider of trading solutions to brokers and traders alike, has officially launched the Company News and Forex Articles. This new feature that is found in the hompage of the solotrader website is the latest addition to the growing functionalities for brokers and traders. Written by experts from various fields of the forex industry, these news and articles are provided with the intent of keeping solotrader clients in the know of the latest happenings within the company and making a platform for new knowledge regarding all things forex. The Company News deals specifically with the various topics about SoloTrader: updates on the SoloTrader features including tools and services, company news such as performance reports and awards received, company events that clients can participate in, and other company concerns that is important for clients to know. The Forex Articles are essays, stories, and advices on the different aspects of the foreign exchange industry. SoloTrader clients can find useful information here such as what the best ways to trade and how to trade effectively. People who browse through will certainly gain knowledge about trading. Check out the SoloTrader Company News and Forex Articles today and start learning more.
SoloTrader, a global developer of professional trading software, has recently released an updated version of the SoloTrader trading platform and trading terminal. Included in the update is the optimum version of the Tick Slideshow and the Most Active Pair. These mini toolbars offer additional information to help the user trade better. The SoloTrader Tick Slideshow that appears below the Market Watch in the SoloTrader trading platform and trading terminal shows the graph of price movement of a given symbol. It’s called a slideshow because it shows all the charts of every symbol with the following intervals: 5 seconds, 15 seconds, 30 seconds, and 60 seconds. The user can click on the time interval desired and the Tick Slideshow will start its presentation. Brokers and traders can use the information to get a peek at the other symbol’s status thus having a general idea of what the market condition is. Meanwhile, the SoloTrader Most Active Pair shows the graph, as indicated in the name, of the the most active pair in the market at the moment. Brokers and traders use the information indicated here to keep up with the market trend, and hopefully profit from the activity in the symbol’s price movements. This feature is a special toolbar developed by SoloTrader to increase the functionality of the the trading software. Traders and brokers can use this handy toolbars to always keep an eye on everything else happening in the forex market without having to click away from their main focus of business in the platform.
SoloTrader, the global provider of technology solutions for trading, has officially launched their social media accounts through the following platforms: Facebook and Twitter. The launch of SoloTrader’s social media accounts is a milestone in the company’s service. This new media platforms will help SoloTrader connect to their clients better by directly communicating with them. This way, clients can also contact SoloTrader faster to share their experience, talk with their fellow brokers and traders, and suggest ideas to the social media team. Like SoloTrader on Facebook at facebook.com/SoloTraderTerminal to get to know more of the SoloTrader products and services. The social media team post here tips and helpful articles to help you trade better. Follow SoloTrader on Twitter @SoloTraderFX to get the latest updates, witty one-liners, and promos (Links to the https://twitter.com/SoloTraderFX )
It can be easy to lose capital and optimism in forex trading without the right amount of knowledge and experience. Since the forex market is run by pure speculation, several people find themselves quickly frustrated. However, mistakes can be smoothly avoided once you learn the best forex trading tip…Read More
Most of the losses made in forex trading is due to failure to prepare in advance. This can be prevented by improving your trading plan to enjoy consistent profits. In order to acquire greater profit, you must either win most of your trades or reduce the losing ones. Here are more ways to limit your losses in forex trading: Trade less It’s important to assess the number of trades you make and how much of them you lose and win. Experienced traders tend to manage profit consistently which makes it alright for them to take on several trades. Manage the amount of trades you make in a month. It only takes one good set up coupled with a good trading plan to make a considerable amount of money. A good trade can be worth as much as 6% of the profit as you could only be risking 2% of your account balance. Once you reduce your losing trades the amount of winning trades will be valuable and will produce a larger impact. Increasing profit means limiting losses. The daily time frame Using the daily time frame implies that you have to trade less frequently since there are lesser quality opportunities. However, this doesn't mean you can make less profit. The daily time frame also provides traders with several advantages. The daily chart gives you an ample amount of time to analyze the market, develop a plan and execute it without feeling rushed. Since technical analysis works best in highly liquid markets, a daily candle provides more activity throughout the day and will likely perform better when it comes to technical analysis. The daily time frame produces sustainable trends compared to any lower time frame. Choosing a higher time frame will allow you to avoid much of the day-to-day volatility. Both time frames provide the same potential risk, however with the daily chart your ability to resist sudden jumps in volatility has grown significantly. Awareness of outside factors It’s highly important to be aware of what the headlines are and their corresponding potential impact to the market. Carefully consider these factors and incorporate them into your technical approach to place you in a better position to lower trading losses. Trading strategies Strategies must be mastered one at a time. Attempting too much too soon or all at the same time will not only slow the learning process, but might also lead to undesirable outcomes. Select one strategy that resonates with you, study and master it completely. Once you have done so, only then should you look into adding more as you trade.
Success in forex trading can be done by mastering how to trade off of support and resistance levels. It is important to identify these key levels when they take place. Having this skill is beneficial for traders with active trades who are after the best potential exit points. Support Support defines an area below which price action of a currency pair is not able to go below following repeated contacts of the price action within that area. The support area often acts as the price floor since prices cannot move below the level. The importance of support is that buyers usually take control of the market at this point since they speculate that prices will head higher. Resistance Resistance depicts an area above which price action of a currency pair is not able to go above following repeated contacts of the price action with that particular area. The resistance area will likely act as a price ceiling since prices cannot move above this level. The importance of resistance is that sellers begin to take control of the market at this point because they see the possibility that prices might start moving lower. Support and Resistance in Forex Trading Support and resistance levels can be used in trade entries and exits. It is important to determine if prices will suspend at key levels or support/resistance or break them. Trade Entries If the price action suspends at these levels and are also tested, a reversal will tend to follow and this can be traded subsequently. But if a price action ends up breaking the key level due to a strong price action, then the standards of breakout trading should be applied and Limit orders are used for entry. Trade Exits The nearest key level along the line of the trade for trade exits must constantly be used as the first profit target. As the price nears the target, the trailing stop can then be applied to see if the trade breaks this point and price is followed to the second key support and resistance level. Support/Resistance Tools Proper identification and knowledge of how to start and exit trades with these support/resistance tools is advantageous. The levels mentioned can be recognized through the following setups. Trendlines Trend lines are straight lines that can be drawn to reach at least three areas of price highs or price lows. These can be used to outline support and resistance levels. Trendlines are often seen in chart patterns like triangles, channels, flags/pennants and wedges. At times, only a single trend line can be traced either across price highs to form a resistance or across price lows in order to form a support. At other times, two trend lines can be drawn, which is one across highs while the other across lows. Psychological support/resistance At times, several entry and exit orders are placed in the price zones where round numbers are found. As a result of the heavy activity, which goes on at these levels when orders are placed around the round numbers, prices begin to suspend at those particular areas. This eventually creates support or resistance levels. Indicators like Fibonacci levels, pivot points Indicators are also able to form the basis of support and resistance. These include the moving average line, pivot points, the Fibonacci retracement/expansion levels and Fibo fans. Indicators can be used in combination with each other in order to gain the best possible result.
Placing orders with a forex broker must be done carefully to limit losses. The trader should place orders on the basis of a trading plan, which means how they want to enter and exit the forex market. To avoid potential losses here are detailed information on the common types of forex orders: Market Order This is often used when buying a position at the market price right away. The market price is the bid/ask price shown on the screen. The market order can also be used to sell an existing position. Stop Order Stop order is the type of order that turns into a market order when the price of a currency pair hits a particular value. This can be used to buy a new position and sell a current position. The buy stop order is given when a currency pair will be bought and its price reaches the level you have specified. The buy stop order must be higher than the prevailing market price. The sell stop order is given for selling a currency pair at the time that it reaches the level you have specified. The sell price must be less than the prevailing market price. Stop orders are usually done to enter a market when trading breakouts. An entry stop order can also be used for trading a downside breakout. When doing this, the trader must place a stop sell order at a few pips below the currency pair support level. This will bring about the opening of a short position when the price of the currency pair reaches the price you have specified or in case it moves below it. A stop order is used to limit potential losses. Before entering a trade, the trader must know when and where to exit a position if the market works against his/her favor. A pre-determined stop order level often known as the stop-loss order is one of the best ways to limit losses. In order to protect gains, traders often use stop orders which should be moved in a profitable direction. If a long position becomes profitable, the stop sell order must be moved to the profit zone to protect the trader from incurring a loss. In the same manner, the stop buy order can also be moved to the profit zone once short positions have become profitable in order to protect gains. Limit Order Limit orders can be used when planning to open a new position or exit a current position. This must be done only at a specified or better price. A limit buy order is an instruction for buying a currency pair as soon as the market price reaches the price you have specified, which is lower compared to the current market price. The limit sell order indicates as to what the currency pair should be sold. These orders are usually made for entering a market when the trader fades breakouts, which means that they do not expect the price of the currency pair to break past the resistance or support levels. The limit order can also be used for going long when the price is near a support level.