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ForexYard seems to be a very good platform, both for beginners who are interested in getting started with Forex and for those who have been trading Forex for quite some time. ForexYard seems to focus a lot on educating individuals which can be a real plus whenever it comes to learning a trading system, such as this. As far as options are concerned, they have plenty of these available as well. These include competitive fixed spreads, lots of choices for currency pairs, no price-freezes, negative balance protection and daily reports and articles. A big bonus is that they allow you to trade in Gold and Crude Oil... right inside their system. These are options that many people are now looking for. Judging by the number of tutorials that are available on the website, they will come people who are totally new to Forex trading. They also have plenty of professional material on their website as well as some advanced options that the pros would appreciate. ForexYard offers two different things that we consider to be absolutely necessary in any trading platform, customer support and all the help you need to gain more knowledge. It doesn't matter how long you have been trading on the Forex market, you will never get tired of knowing that you can pick up the phone, 24 hours per day and talk to someone about your account. The tutorials on ForexYard are also top notch and will help everyone, from the raw beginner to the seasoned trader.

Sellers are ASKing for a high price Buyers are BIDding at a lower price Trading is an auction Slippage occurs with most Market Orders The difference between the ASK and the BID price is the Spread A Trader must understand what each order is and does and what part it plays in capturing profit. As a Trader on the FOREX you use three types of orders: a Market Order, a Limit Order, and a Stop Order. The two primary orders you should use for entering and exiting the market are a Limit Order and a Stop Order. Once you have placed your order to enter the market, there are two procedures to that your need to understand. These are: One- Cancels-the-Other (OCO) and Cancel-and-Replace. Properly executing your orders and understanding these procedures play a very big part in your profitability. Remember: all good carpenters carry a toolbox. The sharper his tools and the more skilled he is at using them, the more effective he is. The sharper you are as a trader the more effective and profitable you will become. The following explains in detail what each order does. You must clearly understand what each order does before you start to execute your orders. Market Orders: A Market Order is an order that is given to a broker to buy or sell the currency at whatever the market is trading for at that moment. It can be an entry order into the market or an exit order to get out of the market. Traders use Market Orders when they are ready to make a commitment to enter or exit the market. You must be very careful when using Market Orders in fast moving markets. In fast rallies or down reactions you can gain or lose many points to slippage before you receive your fill. Trading is an auction where there are buyers (bidders) and sellers (offerers). The bid is the "buy" and the "ask", or offer is the sell. Slippage is defined as: when a trade is executed between a buyer and seller and the resulting buy or sell transaction is different than the price you saw just prior to order execution. With Market Orders you will lose on average one to six pips, if not more, due to slippage. Market Orders are rarely filled at the exact price you are expecting. We Recommend caution when entering or exiting with a Market Order. Limit Orders: Limit Orders are orders given to a broker to buy or sell currency lots at a certain price or better. The term Limit means exactly what it says. You will buy at that exact limit price or better a large majority of the time. Limit Orders are used to enter and exit the market. They are generally used to acquire a specific price, avoiding slippage and unwanted order fills (execution price) which can happen with Market Orders. When you sell above the market, it is a Limit Order. When you buy below the market, it is a Limit Order. A limit order will be executed when the market trades through it. Seventy to ninety percent (70% to 90%) of the time, if the market is trading at your Limit Order it will be executed. The market must trade through you specified Limit Order number to guarantee a fill. The computer will notify you within seconds of your fill. You do not have to call your broker to see if you have been filled. Stop Orders: Stop Orders are orders placed to enter or exit the market at a desired specific price. When you buy above the market, it is a Stop Order. When you sell below the market, it is a Stop Order. Stop Orders turn into Market Orders when the market trades at that price. Stop Orders as well as Market Orders are subject to slippage, while Limit Orders are not. The majority of Stop Orders are used as protective Stop Loss Orders. It is the order you place with your entry order to insure an exit when the market goes against you. A good trader never trades without a protective Stop Loss Order. They are orders executed to get you out of the market when your trade has gone against you. Protective Stops are discussed separately as one of the 10 Keys to Successful Trading. One Cancels the Other (OCO): Whenever you enter the market, you must exit the market at some future time. An OCO order is a procedure and means one-cancels-theother. Once you have entered the market, you should place a protective Stop Loss Order and have in mind a projected profit target. That projected profit target can be your Limit Order. If you simultaneously place both Limit and Stop Loss Orders when you enter the market, you can OCO them and walk away from your computer. What does that mean? At some future point in time either your Stop Order or Limit Order will be executed, automatically canceling your opposing order. If the trader is so sure about the trade, he can execute an OCO order and walk away from the trade. The computer will than manage the trade. Cancel/Replace Orders: A Cancel/Replace Order is a procedure and not an entry or exit order. By definition it is when the trader cancels an existing open order and replaces it replace it with a new order. A cancel/replace order is primarily a strategy of trading and is predominately used after one has taken a position in the market and wants to stay in the market locking in profit. For example: you buy Swiss at 1.410. Your protective Stop Loss Order is 1.390. The market moves in you direction as projected. You now want to reduce your potential loss, so you cancel your Stop Order at 1.390 and replace it to 1.410 where you got in. You are now in a trade with no risk. As the market moves further north in your direction, you now want to lock in more profit. You cancel your 1.410 Stop Loss Order and replace it with a new 1.440 Stop Loss Order. You now have locked in 30 Pips in profit. You are in an all-win, no-risk trade. You keep canceling and replacing your Stop until you are finally stopped out.

Great thread here, I think we all need to do some good from time to time :Hot:

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Marketiva has been established at least 4 years ago, many have changed with this virtual online forex trading. Specially the Streamer, it has been changed and updated to the new version many times, since it use by marketiva trader. Marketiva accepts different deposit/withdrawal methods such as LibertyReserve. You can open an account with...absolutely nothing. In fact, when you sign up for an account, they actually give you $5 credit. Combined with their 1% margin, you can quite reasonably start live trading with no money down. Aside from the obvious advantage of being given free money in your new account, the sign up procedure is really very quick indeed. It takes just a couple of minutes to get your account up and running, and then you're ready to download the software. When you start it up, the screen is divided into four areas: Marketiva Software Rates and News: This is the market data area with live streaming quotes. Marketiva's spreads are average, but nothing special. Between 3-5 pips seems to be normal for most pairs. All of the usual currency pairs are available. Clicking on the "Latest News" tab brings up a live news feed. You can choose the type of news you want displayed here, with special features, technical and fundamental analysis all offered along with the usual forex news. Charting and Discussion: The charts are lovely and clear, but you can only have one open at a time. Still, the platform makes it easy to create new charts and save them along with your favorite indicators etc, and then switch between them. You can choose time scales from 5 minutes to monthly, and all the indicators and options we've come to expect are present. Selecting the "Discussions" tab brings up an integrated Live Chat system a great idea but perhaps a distraction for newbies. Still, being hidden in a tab, you don't have to watch it. There are a ton of chat rooms available, including local rooms for most countries. You shouldn't have any problem at all finding someone to talk to who speaks your language - both literally and in the financial sense! Technical and account support are also provided through the chat system. Portfolio / Signals / Alerts: Here you can see your account balances. Hang on, did I say balances in the plural? I certainly did because Marketiva gives you a Virtual $10,000 account to play with alongside your live account. This is an excellent idea there's no need to log into a separate demo system to test out new strategies or paper trade ideas. You can trade live and demo accounts at the same time! The Signals tab in this quarter of the screen, is where you can get trading signals from free and commercial systems. A couple of systems are available free, and paid for ones can be added as well. The Alerts tab brings up market news items. Very handy for trading the news. Order Management: The final quarter is where you place and manage orders. Market, Stop and Limit orders are all supported, as are Good Till Date, Good Till Cancelled, and Immediate orders. Orders can also be entered by clicking on a live quote. The order ticket allows you to select whether you want the order to be routed through your Live account or the Virtual one. Finally the Account Center tab is where you can deposit and withdraw funds. Register Here: http://www.marketiva.com/?gid=36735

In a sense, every successful trader employs money management principles in the course of forex trading, even if only unconsciously. The goal of this thread is to facilitate a more conscious and rigorous adoption of these principles in everyday trading. For many forex traders, the forex market is a game of balancing fear, greed and hope. When a trader is out of balance, he likely will lose money, and if he is out of control, he will lose balance. Well-designed money management concepts can help to keep the trader in control at all times. Trading FOREX involves three interrelated, yet somewhat separate operations: 1. Analysis of when and at what price level a market will top and bottom. 2. Market Entry and Exit – the actual buying and selling (or trading) once the decision has been made. 3. Money Management, perhaps most aptly called the art of survival. Most forex traders spend 99% of their time on analysis and the buying and selling of currency pairs. Many of these traders ultimately join the legions of ex-forex traders because they ignored the most important aspect of speculation – money management. You can be a good analyst and lose money trading due to poor money management. But, if you have sound, market-proven money management concepts, and the discipline to follow them, you will never lose all of your money. There is no guarantee that you will make money using these money management rules, but you will never lose the farm. Before entering the market, determine a stop/loss as a profit objective Many traders often enter the market with a price objective, but without a clearly defined protective stop. When the market moves against them they are often forced out of the size of their margin call. They lose control, and the results are often disastrous. What should have been a relatively small loss becomes an extremely large loss. With a pre-determined price objective and a pre-determined stop/loss, you know where you will get out if you are wrong and where you will get out if you are right. You have control. The stop/loss must be in the market, not in your mind. If you have been stopped out only to have the market make the move without you, the problem was how you determined where to place your stop, not whether to use stops. Never risk more than 10% of equity on any single trade. If possible, risk 5% or less. Never risk more than 20% in any one complex. If you are like most traders, you always figure how much you could make. The question of how much you could lose if you are wrong is never quantified. You are out of control. The most important question in trading leveraged markets is – How much of your equity is at risk? On any given day, for any given trade you must know how much you will lose if the market goes against you. You can maintain control by never risking more than 10% in any one trade, and by adjusting stops so you are never risking more than a maximum of 20% of open equity at any time.

Hello, I’m Gabriel one of the new owners of CIF. In this topic you will get information about how to use Pivot Points in foreign exchange trading. If you are new in Forex Trading please visit Forex For Noobs section of our forum.