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Currency Trading Tip: Sell GBP/CHF
Forex Trading: Limit order 16/07/2010. Sell GBP/CHF @ 1.5970 , SL @ 1.6145 , TP1 @ 1.5875 TP2 @ 1.5810 TP3 @ 1.5740
The pair has been trending downwards and has made a small retracement upwards.
We want to enter the main trend which is still downwards but first wait for a confirmation the trend continues.
The entrance point is located below the last bottom the pair has made on the 4 hour chart.
More aggressive traders could try and short the pair from its current location but they should be advised the retracement upwards might continue higher and a SL of above 1.6170 is recommended for such traders.
The RSI is near 50 in neutral territory.
SL is located above the last top the pair has made yesterday and above the 100 period moving average which is likely to act as a resistance for the pair.
TP’s are located slightly above the support levels the pair has.
All analysis is based on the 4 hours chart.
Current rate: 1.6075
Features of different types of fx platforms
Currency trading is booming big time. More and more investors are using this for investing their spare money. The reason being that it a good money spinning option and if the lady luck is shinning for you, you can make some good money in a matter of few days. Because of so much popularity of this currency trading, it has given rise to a number of trading platforms. This is because different types of traders have different requirements. In general, forex software can be divided into following categories.
- Traders seeking high speed and deliverance: This type of forex software is preferred by traders who are well aware and are used to trading in currency market. Some of the features of such a platform are that it should have user friendly interface and must have a very less response time. It must be available on the internet and must be easy to download. Such trading platforms must provide advanced features like charts and market indicators. Here complexity of the product is not that an issue because it is assumed that if you are using this software, you already know the basics of forex. Other handy features are not requiring re-quotes and that the reports can be assessed at any point of time.
- Traders seeking flexibility: Here, flexibility is the key. The forex software is apt for the users who are still wetting their feet in this business. Such a product should be easily available and does not require download. It is even capable of operating without the interference of the firewalls. It is also attuned with all the web browsers. The trader can manipulate the product to suit his trading style like changing the grids of the charts, creating short cuts for frequently used tools and so on.
- For traders that invest in forex as a full time business: Such fx platforms are favourable for the traders that spend most part of their day analysing forex markets. They make extensive use of trading platforms. Some of the features offered by such a platform are user friendly interface, extensive charting facilities and various types of market indicators. Such a product has no need of downloading and is generally based on flash.
- For traders who are always on a go: Such platforms are also known as mobile platforms. It is suitable for some one who is constantly travelling and needs to access the forex software from different locations. You can access them from your suitable mobile phones. The salient feature is that you can access this from any corner of the world via your phone. It is compatible with the relevant software and it has a very easy interface. The flipside is that it may not provide as many features as other trading platforms.
Forex Platforms: An Easy way to trade
The advancement of information technology has brought a lot of changes in the society. The financial sector has also taken advantage of this advancement and Forex market has also not been left behind. Different kinds of software have been introduced in the market in order to make Forex trading smooth and hassle free. These are known as the Forex trading platforms.
The site where the traders do business is known as the trading platform. This site contains the information of all the trading transactions, the data and the files that are useful in trading. It also includes the various graphs, news feeds and charts formed in real time.
There are various kinds of Forex platforms available in the market. These are made differently using various permutations and combinations keeping in mind the fact that each Forex trader has his own strategies and system of trading and this affects the information required by the traders. Therefore, it is very important for a trader to understand the kind of trading platform he requires in order to gain profit. For instance some investors are known as “stalkers”. Stalkers are the investors who follow a logical approach and predict trends by evaluating aspects that control or influence exchange rates between currencies. These traders are patient and are aware of the fact that it takes months to develop considerable changes in exchange rates.
There is another category of investors called “foragers”. Unlike stalkers, who are patient and logical in their dealings, foragers seek the maximum profits possible in the least amount of time. They look for swift rise in interest rates of oil prices, wars disasters and other such factors that can cause changes in exchange rates. Now since their approach to trading differs, their data requirements also vary.
Allowing a trader to buy and sell currencies and see information in real time is the basic feature of a Forex platform. Display of charts and graphs is also important an important feature. More user friendly forex platforms have this feature where the color and layout can be customized so that the trader can have a better clarity.
Before choosing a Forex platform, a trader must be aware of the ins and outs of the trade. He must be clear about the market as well as the method he can apply in order to fetch maximum profit. Only after a trader is clear about these points should he choose the forex platform. Since there are numerous number of Forex platforms available in the market, choosing the right one would only be possible if the trader is clear about his own strategies and methodology of trading.
The trader can gain knowledge through the internet and also benefit by the free demonstrations that are available. A trader who has all the knowledge about forex marketing would be able to choose the right kind of platform.
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