You probably already know about the new file and folder structure that the new Metatrader 4 Build 604 is using. I have heard a lot of opinions about this new structure and most of them are negative, but personally I kind of like it. Now it is much clearer where MT4 stores the files and which files go where. Because of this the Install Forex auto-installer app does not work, which is used to install most of the trading software available on my site, and I had to update it quickly. Now it is fixed, but it will still take some time for me to implement this update into all of my apps. Recently I have updated Local Trade Copier and soon will update other apps as well. Read More
There are numerous factors that affect the rise and fall of financial instruments like currency values of whole countries. Investors usually analyse the economic stability and strength of a country before investing in that country’s currency. They always make sure to invest with the highest possible rate of return that they can achieve. Investors and banks look at the underlying economic conditions that affect the value of a country’s currency.
Foreign exchange markets always involve the exchange of one currency with another. An exchange rate is always determined by the supply and demand of the corresponding currencies. In fact, a currency price dramatically changes based on the supply and demand of each currency. A country with a strong and strengthening economy will have a stronger demand for their currency, and a lesser supply will drive up the value of the currency. More demand means a currency will have a higher price, and less demand means the currency price will fall. A large supply of currency will diminish its value, and less currency supply will increase its value and price. A currency typically rallies when demand increases. These fundamentals of economics explain the ever-changing values of different countries’ currencies.
Let’s step back for a moment to about 640 BC. In our travels, we visit the land of Lydia (present day Turkey) which was a thriving area of trade and commerce in ages past. About this time and place, the first gold coins were shaped and used by the Lydians for trade exchange. Gold has always been a valuable item throughout all of recorded history, as you can imagine. The Bible and many of the other oldest documents of the world make great mention of the desirability and value of gold and its use in trading/commerce.
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It does not matter what field you are in, you have to make an important distinction—your goal should not always to be the best; just be the best you can be! Focus on your goals, get the basics right and persist and there is absolutely no obstacle that can prevent you from reaching your peak.
Believe or not, the same principal applies to FOREX trading too. If up to now you have been wallowing in self pity or confusion, know you are not alone, others passed that same road and against all odds they made it through and even prospered!
Metatrader 4 is a Forex trading platform that enables traders to send buy or sell orders to Forex brokers for executing their trades. Developed by MetaQuotes Software, Metatrader 4 became a popular choice for brokers from about 2007 to 2010, and has only continued to grow in popularity since. Almost every Forex broker in the world supports the Metatrader 4 platform, also commonly known as MT4. It is quite likely the most versatile of all Forex trading charting platforms.
How would you react if you opened your MetaTrader 4 account and saw a trade opened with a floating loss of about $1000 USD? I am sure you would freak-out unless your account balance was above a million dollars.
That was my reaction, too, when I logged into my MT4 account on January the 3rd. Now I said the loss never happened… because after all it was just a mistake from the company that provides MT4 bridge solution to my Jforex account that I have with Dukascopy.
One of the things that will make you a better currency trader is to learn the personalities of the different pairs that you are trading. If you are a parent then you will understand this lesson very well. Each of your children have a different personality type, don’t they? Each of them responds differently to different situations… If you are a parent then I know that you know this to be true. If you are an experienced parent then you know how to work well with each of your children’s personality types.
A currency trader is a professional, just as a doctor, dentist, attorney and accountant are professionals. All professionals begin their careers with education and all of the best professionals continue their educational reach for the duration of their careers. Could you imagine going to a doctor who refused to read trade magazines and learn of the latest medical developments? You wouldn’t feel very comfortable working with such a professional…
Have you already seen in your trading career that professional Forex trading is simply a numbers game? No fund manager is able to win 100% of the time. This is impossibility. Forex markets, by their very definition, are unpredictable. And we, as traders, are in the business of trying to predict them. Sounds a little ‘iffy’ to me…
Does this mean that profitable Forex trading is not possible? Certainly not! What it does mean is that you should not expect a 100% win rate and that you should adapt your expectations to meet the personality and behavioral characteristics of the Forex market. You must bring yourself in alignment with the way that the Forex market works—NOT try to bend the Forex market into WHAT YOU THINK IT SHOULD BE.
It should be no mystery to you, if you have spent a year or more trading in the Forex market, that foreign currency trading is a dangerous profession to be involved with. There is mystery and intrigue surrounding this market. Success can be very difficult to pin down and to achieve as a currency trader. It almost seems like success is an enigma, a riddle that just cannot be solved; perhaps the trading market could be compared to a Pandora’s box where one of a thousand eventualities can happen on any given day.