By Terry Leslie

For many, trading is a passion. Successful traders love their job and feel a thrill when they complete a winning trade. But, just as gamblers can become addicted to the slot machines or poker tables, so can traders become addicted to trading. It’’s a fine line - Kimberly Young, a Pittsburgh psychologist and founder of the Center for Online Addiction, says compulsive online traders are overwhelmingly young and male, are big risk-takers, and trade heavily on margin (using money borrowed from their brokerage).

Of course, many traders fit that profile and aren”t considered trading addicts. Trading is a legitimate business that can generate a healthy living. It becomes a problem when a trader can”t stop trading when they are on a long losing streak.

How can you tell if you, or someone you know, are addicted to trading? The Council on Compulsive Gambling of New Jersey put together the questionnaire below. The organization estimates that approximately 5% of traders exhibit addictive traits.

If you answer “yes” to a majority of the questions, you may be prone to trading addiction.

1. Do you trade options, futures, or commodities for your own accounts?
2. Do you purchase securities on margin?
3. Do you get involved in short term trading (day trading) for yourself or for clients?
4. Do you have unusual work habits and hours?
5. Are you reluctant to take regular vacations?
6. Do you settle your account on a timely and proper basis?
7. Do your clients have a large number of regulation “T” violations?
8. Do you have an inordinate amount of personal or family related trades?
9. Do you borrow from the firm or fellow employees?
10. Is your portfolio heavily weighted in speculative investments?

If you are trading for love, you might find that you have a few obstacles that those who trade for money don”t. Sometimes the thrill of the job might take you off track and you will have to be disciplined enough to come back to your original plan. When you trade for love, you are more likely to bring your emotions and your ego into your trades, which often lead to financial mayhem.

Trading for love means trading with passion. If you are trading for the love of the gig it would probably be useful to you to set some financial goals and rewards along the way to help keep you centered and focused. It is not always easy to remember where you were going when you are celebrating a good trade that you risked on or when you are mourning a poor result from a poor decision. Adding the concrete into your day can help you keep your emotional waves in check.

Certainly, trading is fun and we all need a bit of that! But if you have a problem restricting your trading, even after you have lost considerable amounts of money or when you need to borrow money for your next trade, you may consider seeking help.

In the mean time, Good Luck on your journey to success.

About The Author

If you would like to immensely improve your trading and investing results, check out http://www.Secrets2Trading.com.
AND you will receive a limited FREE copy of the amazing book “Trading In The Zone” which is packed with trading ideas to instantly improve your trading and investing performance.

By Gerald Greene

Forex traders have plenty of volatility to work with this year as the Fed continues to try to postpone the inevitable. By acting so aggressively to prevent a recession and Wall Street stock market sell off rather than to defend the US currency the Fed has placed itself in an uncomfortable position. Whatever action it takes from here forward will likely be harmful to the US economy.

For the short term the US Dollar continues to rebound against the Euro and to act like the Federal Reserve’’s interest rate cutting spree is over, at least for now. With the actual inflation rate soaring the Fed is being forced to pay some attention to the inflation outlook for this year and next.

Against the Euro the dollar hit a low of just over 1.6000, then made a V reversal that quickly carried it to about 1.5350. Forex market traders noticed that at the May 28-29 FOMC meeting FOMC members expressed more concern about the inflation rate and came to the conclusion that further interest rate cuts, if any, would be quite small.

Of course with the Fed funds rate now at 2% the Fed has already used quite a lot of its interest rate cutting ammunition.

A bounce from the 1.5300 handle to just above 1.5500 was short lived and we are again trading in the 1.5300′’s this morning. Against the Yen the dollar has made a similar comeback. From recent lows below 100.00 Dollar/Yen quotes are now above 105.00.

With many soft commodity prices and energy prices making record highs the Fed has to be concerned about the inflation rate getting totally out of control. I don”t think that oil above $120.00 a barrel was in any one’’s playbook for the first half of 2008. With oil, wheat, corn , rice, and soybeans all at record or near record levels the two most sensitive inflation indicators for the public, food and gasoline, are racing to the upside.

While a dishonest government may exclude food and energy from its inflation index the public is not fooled with such visible pocketbook benchmarks being excluded from official statistics. But what a fix the Fed has placed itself in. To reduce rates further to continue to help out its undeserving rich whining Wall Street friends runs the risk of tanking the dollar and further accelerating the dollars long term decline. The stock market may benefit from such action but inflation would be further accelerated to truly dangerous levels.

However, to start increasing rates to fight inflation will likely tank the stock market and more than a few stock brokerage firms and banks that the Fed has been pulling out all of the stops to throw a lifeline to.

The most likely scenario is that the Fed will “pause” for awhile while inflationary events spiral further out of control. This would likely mean that for the short term the dollar will further gain strength, perhaps back to 1.5000 Euros, but will set the stage for a high powered Euro and Yen rally later this year as the US economy sinks further into recession.

It is highly likely that due to the uncertainly surrounding the US recession and the worldwide financial crisis that extreme volatility in the forex market will continue for a long, long, time.

Yes, yes, I know. The US government says that in official terms no recession exists but what does it feel like to you?

About The Author

Gerald “Taipan” Greene is a retired forex trader and portfolio manager who worked in Asia for over 20 years. The nickname was acquired in Hong Kong and is now used for a number of financial, political and Internet business related blogs. One of them is at http://www.forex-trading-guru.com

By Corbin Newlyn

Either you are simply starting in Forex or have a expertise in it, but it’’s very important you stay on top with all the Forex news happening in the industry. Staying intact with what happens around the world within your industry can be really addictive at times. Moreover with a globalized world it seems that something happens somewhere every moment of the time.

Financial News

Here we are listing some of latest news that has happened in and around the forex industry and will impact your business as well in some ways. Remember that Foreign exchange currencies are always paired so you will need to receive relevant news about the comparison of two different currencies or commodities. Some examples of relevant news that would have an impact on various currencies around the globe would be;

-A recent story reported that retail traders had just tipped to a net short positioning on the same day that the British pound gained a 200 point plus rally.

-Forex traders watch the U.S. housing slump very carefully, gauging the market for mortgage futures.

-When the U.S. Fed made its recent rate cut, one Forex news service reported that expectations for the U.S. Dollar were “falling like a rock.”

-Recession fears in the United States may drive the dollar even lower than it already is. (In Forex trading, the fact that the dollar drops is not considered negative, as long as the trader leverages the drop when trading for higher priced, more valuable currencies around the glove.

Political News

Most people are under the wrong impression that currency and finance news are the only things that interests any forex trade, yet political news is very important as well as they can give you hint of the political movement of different nations and their where their country is headed. You need to make sure that you follow the trend that goes throughout the world.

Currency and financial news are not the only news stories of interest to Forex investors and traders. Forex traders are also interested in political news that can have an impact on a country’’s currency.

-Tragic events like the assassination of a political leader can affect currency futures in the country where the event occurs and can have a ripple effect in surrounding areas; for example, the assassination of Benazir Bhutto in Pakistan.

-Natural disasters like an earthquake, hurricane, or typhoon can consume a great deal of a country’’s resources; therefore, Forex traders watch news of such disasters.

-Political events, like the U.S. presidential election cycle, has significant effects on currency valuation; therefore, Forex news contains updates on presidential candidates, primary elections, and general elections.

News Analysis

Forex news services add value to the news stories they provide by analyzing current events and predicting how they will affect the exchange rates of various currencies around the globe.

Some popular sources for Forex research and analysis are: Daily FX, Rabobank Technical FX Daily, Scotia FX, TRL, Mizuho Corporate Bank, CIBC World Markets, BHF Bank, and Mellon Foreign Exchange.

About The Author

Listen to Corbin Newlyn as he shares his insights as an expert author and an avid writer in the field of finance. If you would like to learn more go to http://www.fxpreferred.com/ and at http://www.fxpreferred.com/what-are-real-time-forex-charts/

By Ian Armstrong

You might not have heard of Leonardo Fibonacci. He was a well known mathematician who lived in Italy between 1175 and 1250. He’’s responsible for a number of significant contributions to mathematics as we know it, including the introduction of the decimal system to Europe. He also studied a particular sequence of numbers, now known as the Fibonacci Sequence.

This sequence starts with zero and one. Each new number is the sum of the two numbers that have gone before. That means that the second number is one. Since one and zero added together equal one, this is the third number. The first numbers in the Fibonacci sequence are zero, one, one, two, three, five, eight, thirteen, twenty-one, thirty-four, fifty-five, eight-nine, a hundred and forty-four, etc. The sequence theoretically continues into infinity.

The interesting thing about the numbers in this sequence is how frequently they turn up in the world around us.

They even show up in Forex trading. Ratios found in the Fibonacci sequence can be seen in currency price moments. They also appear in the price movements of stocks and other types of investment. The big three numbers you should pay attention to in Forex trading are 0.382, 0.5, and 0.618.

There are plenty of other numbers, but these are the most important. That’’s because they”re used to calculate what are called retracement levels. These are used by a lot of traders to decide when they should place their buy and sell orders. This works as follows:

If you assume that the price of a pair of currencies, or even of a company’’s stock is trending upward, you”ll also need to assum that prices will hit a peak. They”ll then go into a temporary reversal, and resume the trend after a little while.

This reversal is where Fibonacci numbers come in handy. That’’s because the price of currencies that are trending can be expected to reverse back into a Fibonacci number, then bounce back, contining the trend. A correct forecast can allow you to buy in just before the upward trend starts up again. You could make a bit profit this way.

Use an online trading platform that can chart these numbers for you. Draw a line from a particular low point to a high point, and the retracement levels should be mapped automatically on a chart. Of course, it’’s not as simple as just trading when the price is the same as a Fibonacci number.

There are plenty of other things to remember. For one thing, you don”t know what level the price will stop at. Choosing .382 when it could drop to .618 will cause you to lose a lot. Also, it’’s important to choose the right low and high points to make sure the retracement levels are correct.

Also, even though they can be incredibly accurate at times, Fibonacci numbers don”t always work a hundred percent of the time. There are two many variables at work in the Forex market. You can”t rely on just one method to find out what the prices are going to do.

About The Author

Ian Armstrong is an avid Forex enthusiast.

Make sure to take advantage of the varios (free) forex trading tools at http://www.forexshortcuts.com/forex-tools.php

By Corbin Newlyn

For anybody that is intrigued with a highly liquid as well as highly profitable foreign exchange market, managed Forex with performance records is one option that you can take since although you do not need to educate yourself about terms, charts, indicators as well as other types of technicalities before you actually taste success in this kind of speculation, the historical data can give you some idea as to what you might expect.

Moreover, managed Forex with performance records is much simpler and also can be a more sound investment because it means holding accounts in foreign exchange market that will be managed by other traders. These traders are then paid by the investors which hopefully results in growth in their their account. Also, bearing in mind the past performance; you might hope to achieve the same type of results in the future.

Keep Your Expectations Realistic

The benefit in selecting managed Forex with performance records is that you are in a better position than if you trade in a casual manner on your own because Forex market trading demands quite a bit of hard work and not everyone can succeed at it. Also it should not raise your hopes too much in an unrealistic fashion.

With greater than 2 trillion dollars in value of trade being executed on a day-to-day basis in a gigantic market, some individuals might actually end up losing some of their money, which according to various statistics means 90 to 95% of those who lose money are the new traders.

What It Takes

You need to properly learn as much can for managed Forex with performance records or else you stand a chance to lose your shirt, so to speak, quite easily and to become properly educated in this type of field requires spending some money.

Hence, it might be better to just let the experts handle the trading for you and because you are engaging them on the grounds of managed Forex with performance records you will have the ability to see some of their past history and their historical performance and also be in an ideal position to make a judgment to their level of performance.

Past Performance and Future Results

Nevertheless, with regard to managed Forex with performance records, the US federal government has specific rules in place that are less than encouraging towards the account managers when they are revealing the historical performance records with various disclaimers for instance “past performance of any trading system or methodology is not necessarily indicative of future results.”

Therefore, though you might consider managed Forex with performance records as being an ideal course of action, you still have to have somewhat of a skeptical mindset of those types of traders that make the claim that there products and services will furnish you with the gigantic returns with a minimum amount of risk.

These types of disclaimers in regards to managed Forex with performance records are in place to protect you and to stop you from getting any unreasonable hopes of receiving assaults results that have been achieved prior to the present since trading is basically speculative.

Forex Predictability

Also, any type of performance results are basically unpredictable which is why the majority of traders, when offering to use their various services will be pretty less than enthusiastic in providing you with prior results, so in that way you will not have excessive expectations from them.

The bottom line is that managed Forex with performance records will only help potential customers recognize what the possibilities are when pursuing this type of Forex trading, although they”re typically are disclaimers provided that will assist in protecting the Forex managers from any type of legal liability should their future performance not match their past achievements.

About The Author

Listen to Corbin Newlyn as he shares his insights as an expert author and an avid writer in the field of finance. If you would like to learn more go to http://www.fxpreferred.com/ and at http://www.fxpreferred.com/what-you-need-to-know-before-buying-forex-signal-software/

By Dean Whittingham

You may have heard the statement before; the biggest battles traders will face are within. If there was an explanation as to what these sorts of battles are it’’s more than likely along the lines of overcoming bad habits, emotional issues, biases, beliefs and so on. But why are these so important to master, and why is it so hard to do so?

I”ll address why it is so important first, as a lot of traders believe that trading should not be so difficult in that if one set of rules works for trader A, they should work for trader B.

When a math teacher is attempting to teach a class the 12 times table, some students get it straight away, some take a bit of time, and some can”t grasp it at all. Now let’’s just assume that it is important for children to learn the 12 times table, if some are grasping it straight away and some are not, then is it the method being used to teach it the reason some can”t grasp it? Well yes and no.

If it’’s working for some students then the method is not flawed, but what is missing is that the other students have a different set up, a self image or belief system at the sub conscious level that is not enabling them to grasp it. But it is not the job of the teacher to find out what these sub conscious issues are, otherwise they are no longer just a math teacher.

So if a trading system works for one person and not the other, the reason has far less to do with the system and a lot more to do with what’’s going on at the sub conscious level. Put simply, you can not make a success of trading if you have a self image or a belief system that is not in line with success.

The two quickest ways to determine what your self image is at the sub conscious level is to one, look at your results, and two, listen to yourself when you talk both out loud and within. Negative talk is negative talk, that’’s all there is to it. You either have faith in your ability to achieve what you put your mind to, or you allow the world to influence your results in life.

Now being negative is a problem for almost everyone that walks the earth. I”m not going to say otherwise as I”d be lying; but admitting your negative is only half the battle. Overcoming negativity is difficult because we are actually addicted to it. Just saying I”m going to think positively is not as easy as some people make it out to be.

Thoughts, behaviours (which occur with thought) and beliefs (also occurring with thought), whether at the conscious level or the sub conscious have emotions attached to them; some more potent than others but they all have emotions attached.

Our brains way of keeping us alive in our primitive days was to create a chemical rush when experiencing strong emotions such as a dangerous situation, a rush so powerful that the receptors (whose job is to receive the chemicals) in our body would never forget them. Should we face a similar situation, the past memory (and thus thought) is triggered and the brain would be called upon to release the same chemicals, readying our body for action.

However, our receptors will become addicted to a chemical (and thus a thought process) if it receives it at higher than normal levels and on a consistent basis. Can you think of any negative thought processes going on in your mind that have been there since your childhood? My guess is that you most certainly will.

The reason we find it hard to break bad habits which create unsatisfying trading results is because we are addicted to our chemically fed bad habits and poor self image.

So the biggest battle any trader will face is within, but now you know why. You need to step away from the negative and into the world of ”I can!”, and at the same time, stop the negative feeds.

Reprogram your mind for success, not failure; there are plenty of tools around that can help you do this, and surround yourself with positive people and traders, not those that will drag you down. It’’s your choice and always will be if you just allow yourself to make the right choices. As Dirk du Toit once wrote - “The winners and losers are divided not two years down the road or even six months down the road, but from day one.”

About The Author

Dean Whittingham owns http://www.atradersuniverse.com a resource site for traders, with education, courses, videos, newsletters, trading systems, simulations and 7 steps to building a profitable stock, futures or forex trading system. His coaching program is at http://www.pentagonaltrading.com

By Corbin Newlyn

Forex trading is an abbreviation for Foreign Exchange Trading. At times, it is also known as “FX” however that particular nickname frequently gets people confused, because FX is also shorthand for “special effects”. It is also the name of a cable channel. With the introduction of the Internet Forex trading has exploded in popularity. You would be unable to do forex trading without Internet access.

What Is an Over-The-Counter Market?

One of the benefits of educating yourself in Forex training that you do not have to do it through a broker. You have the ability to accomplish this yourself via the almighty Internet. Because of this reason, professional stockbrokers as well as the business press frequently refer to any stock play that you can accomplish yourself as “over-the-counter markets”, or OTC markets.

This is a not so subtle tongue in cheek type of nickname as a comparison of Forex to over-the-counter medication in place of the frequently more powerful medication that you would need a prescription for from a doctor.

So, What Is It, Already?

In terms of Forex training, what you do is download a program so you can learn Forex trading. You would do everything that you would normally do in Forex trading, only you would not be using any of your real money.

It is best if you take at least two months of educating yourself in Forex training software prior to you putting any type of real money into it. Nevertheless, not everybody has the ability to get rich, or even break even for that matter, with the regular stock market, much less Forex trading.

You can get Forex training software packages that are free from various Forex websites who are in the hopes of getting your business eventually. They are sort of like free samples that you would get at a cosmetic store. They would rather give you a period of game trading and are more than willing to lose some of the short-term profit so that they can reach the long-term financial goals with getting repeat types of customers.

Additional Advantages

Other benefits are that you will not have any commissions to pay, the brokers typically make their money on the spreads and there is a consistent flow of people who wish to trade, as everybody wants money.

The odds for the average individual to make money are typically higher with Forex trading then with the traditional stock market. You also have incredible leverage you can employ in your trades (also known as gearing).

There is quite a bit more to Forex training than the actual scope of this article can furnish. However understand that Forex training is not a surefire method of making money. It is also not a simple or easy way of making money, there is a lot of education as well as gambling involved. Over 50% of Forex trading is speculative in nature, which actually means, taking a gamble.

About The Author

Listen to Corbin Newlyn as he shares his insights as an expert author and an avid writer in the field of finance. If you would like to learn more go to http://www.fxpreferred.com/ and at http://www.fxpreferred.com/what-is-a-forex-chart-and-how-it-can-help-you/

By Asoka Selvarajah

Forex Trading is catching on like wildfire amongst private traders, and there are good reasons for it. Forex is the largest known financial market in the whole world, and the most liquid to trade in. Also, the requirements to open a currency forex trading account are much less stringent than for stock trades.

The term “Forex” is short for Foreign Exchange. The daily turnover in currency markets is currently $1.9 TRILLION dollars. Amazingly, this is over TEN times the average daily turnover of ALL the global equity markets put together. It’’s more than 40 times the daily turnover of all securities on the New York Stock Exchange.

So what is Forex? In layman’’s terms, Forex trading means the simultaneous buying of one currency and the selling of a second currency. In other words, the currencies are traded in pairs, i.e. one currency traded for another.

Interestingly, only 5% of the turnover in daily forex currency trades comes from companies and governments buying and selling products and services from foreign countries. These entities then engage in forex trades in order to convert their foreign currency profits back into their respective domestic currencies. Amazingly, the remaining 95% of turnover is pure speculation, i.e. forex trading entirely for profit!

If you”re new to FOREX currency trading, familiarize yourself with the most liquid currencies. These are the most traded, and where you stand your best chance of trading success. They include the US dollar, Euro, Japanese yen, British pound (also nicknamed “Cable”), Canadian dollar, Swiss franc and the Australian dollar.

The good news for small traders is that the Foreign Exchange Markets cannot really be manipulated. Their enormous size and liquidity, as well as the fact that forex markets are not under the jurisdiction of any one country means that no single investor can usually hope to move a major currency market in a serious manner (of course, there are always rare exceptions and George Soros” famous exploits in taking the British Pound out of the EMS is a famous and extremely rare exception to the rule).

Forex Markets entertain a wide variety of participants with varying goals. Some enter the market with a long term investment goals, while other are day traders acting for the extremely short term only.

Forex trading, involving foreign currencies on an exchange, is not centralized. It takes place via telecommunications. Also, currency trading is open twenty four hours a day. Currency dealers will quote all the major currencies in every time-zone in the world.

Forex currency trading can be an extremely rewarding business, provided you thoroughly know what you are doing. However, like any other business there are always risks (and potentially disastrous ones) for the novice who foolishly dives in without thorough preparation.

Where there are risks, there are also rewards. The upside potential, with limited downside risk (provided you know how to place trades with discipline and exercise excellent risk management) can be enormous.

Hence, in order to profit from trading in Forex, it is critical that you become an excellent student first and really STUDY forex markets in particular and good online trading principles in general. The Forex markets lend themselves particularly well to Technical Analysis, i.e. forecasting via price charts.

Some general awareness of current events around the globe, be it political or economic, is important in order to understand underlying driving forces. However, don”t get too anal about this and focus your time on the hot air voiced by self-appointed economic market experts on business and market programs. Most of them know nothing about the process of trading itself, and their opinions are often plain wrong.

In conclusion forex trading can be a very attractive and highly profitable business. You can trade currencies very profitably from home and, depending upon your trading knowledge and appetite for risk, the sky’’s the limit as to how much you can make. However, be prepared in advance to invest a large amount of time and practice before you start to make money from forex trading on a consistent basis.

About The Author

Discover FREE expert Trading videos, podcasts and articles packed with secret strategies to super-charge your Trading and rocket your profits. Dr. Asoka Selvarajah also offers you his critical FREE report, “The 7 Deadly Mistakes Of Forex Trading”. Visit http://www.ForexTradingRebel.Com right now!

By Endru Djusena

Amazingly said, the growing numbers of daily transaction has been growth more than people can imagine. With daily transaction of more than $2 trillion per day, have you ever thought of any possibility you can get even 0.0001% of those numbers as your daily profits?

Then where to start if you want to become successful forex trader? The fastest way to become successful forex trader is to find mentor that already in the place you want to go. Whether that is become forex trader with five figures income, six figures income, you need to find someone who already achieve that.

And then, you learn everything you can from that person, in this case, you shortcut your learning process considerably. That is when free forex forum and chat room playing a role.

This is the perfect place to find a mentor that fit your need.

How to Find Perfect Mentor

First off, you need to find free forex forum and chat room. The fastest way is through Google. As the number 1 search engine in the world today, Google can give a list of hundreds of any forum and chat room in a mere of seconds.

However, just find the list of the forum won”t help you much. You need to filter these forums into just 2 or 3 forums. It is not productive to visit hundreds of forum in a day, added to the fact that not all of those forums reliable in terms of advices and information you will get.

First, you can filter those rooms by looking at how active the forum is. Is there new message every day and how much?

Second, how reliable the forum is? You can look at this from the content of the conversation. Conversation that meaningful such as “different bias in creating trading system” or “various exit signal in trading system” considered have more weight rather than the one that simply said “market will bottom in 3 days”.

Find Hidden Gold

If you are lucky enough, you can even find some hidden gold there. Some financial firms have their staffs watching this forum to find generalization of market conception, in case you can show your capability backed with proven track record, you can even get a job at this firm.

Getting a job a this kind of firm can open many ways of opportunities to you, for instance clients for your future trading venture or research facilities that you can used to find your own trading formula.

About The Author

Discover 4 proven steps to make 5 figures income from forex trading in 90 days - Guaranteed. Visit us at http://www.yourtradingblog.com/forexcourse.html for free trial.

By James Woolley

Forex trading can be difficult at the best of times. Even if you”re doing it full-time and sitting at a computer screen all day closely monitoring your positions, it can be really tough going. So can you really make money from forex trading on a part-time basis?

Well I am a profitable forex trader overall and although I do sit at my screen for most of the day, most of this time is spent working on my various websites. The actual time spent staring at charts is minimal in comparison.

My relaxed attitude to forex trading is down to the fact that my main trading method is based on the 4 hour charts of the major currency pairs. As well as using a number of technical indicators for guidance, one of my most tried and trusted methods is to wait for crossovers in short-term EMAs (Exponential Moving Averages). This generally only requires me to glance at my charts every so often to see if a crossover is imminent.

Admittedly, however, this isn”t really a true definition of part-time trading. I still have to be at my monitor for most of the day either looking for new positions or keeping an eye on any open positions.

Part-time trading really means only trading forex for a portion of the day, for example only during certain hours, or taking a hands off approach and setting entry and exit orders (including stop losses and limit orders) that will be triggered automatically if a certain price is achieved some time in the future when you are away from your computer.

This sounds even more difficult but it is actually quite possible to make profits this way. For example if you are only going to trade for a portion of the day and take a shorter-term approach, you could do a lot worse than only trading during the opening hour or two of the London session, ie 8.00-9.00 UK time. I often trade the 5 minute charts during this time and make decent profits because prices of the major currencies, particularly the GBP/USD and the EUR/USD trend strongly during this busy opening hour.

Another method of trading is to only trade the daily charts. For example, if you are working full-time your best bet would probably be to devise a strategy that monitors daily support and resistance levels and looks for possible breakouts the following day. This way you could set your orders the night before and they will be triggered if a certain price is met.

So to sum up, it is most definitely possible to trade the markets on a part-time basis. In fact you will often find that traders who only trade during certain busy periods of the day do just as well, if not better, than traders who trade all day long.

About The Author

James Woolley runs a forex blog that offers reviews of forex brokers plus all the latest trading tips and strategies:

http://theforexarticles.com