Forex Currencies Nicknames

Hi everyone,

I’m sure those who are already familiar with Forex know of what the major currency pairs and a few others, know of their Nicknames.

So when ever you read forums and you see them call out these names, now you know what they are referring to.

AUD/USD “Aussie”
EUR/USD “Euro or fiber”
GBP/JPY “Geppy”
GBP/USD “Cable”
NZD/USD “Kiwi”
USD/CAD “Loonie”
USD/CHF “Swissy”
USD/JPY “Gopher”

GBP/USD got its nickname “Cable” way back when the Atlantic Ocean had steel cable laid on its ocean floor beds back in 1858. Crikey, I didn’t even know they laid cable back then….lol
Did I say I passed my History…NOT! LOL

Any way, they telegraphically lined up the UK to the USA, which allowed them to send messages of the currency prices to be transmitted back and forth between London and New York Stock Exchanges. How cool is that!

I can’t find any more information on why these other currency pairs got their nicknames, if you know why, please let me know.
Oh, BTW, have you taken a look at the Forex Predictions area, for 13th April? Looks like the 1HR Chart is starting to form that Bullish Divergence I was talking about. Just a little bit higher to go, we also need the BLUE and RED Moving Averages to trigger off as well before this is a certain BUY Trade!

To Your Success & Happiness,

Loz Lawn
Lawnwell, Inc
CEO Day Trading FX Course
P.S
This content is the property of DayTradingFXCourse.com at no time may you copy any of this content without my express permission first!
You may provide a backlink to this article, but you can not copy any word or paragraph!

Forex Advice For Beginners

Hello and Welcome to you all,

Forex Trading can be very difficult to learn for a lot of people. It takes a lot of determination, patience and the willingness to succeed. Unfortunately many people give up. This could be due to many reasons; not enough time to learn, are not around during active sessions, can’t work out what all the lines are on the chart are for and just confuses them even more, can’t find anyone to help them, the list goes on and on.

Not just that, a trader also needs to have the ability to pick things up quickly, especially a Day Trader… Take too long and boom, there goes your signal to jump in and capitalize on that big move.

My Forex Day Trading Course has been designed for all of the above, trade at your own leisure, no pressure here at all. You have 12 FULL months of advice, tips, help/support, image examples, video examples (many of them) and much more.

I’ve been trading now for 9 years and I’m self-taught. It’s been a long journey to get where I am today. How much do I make? Let me put it this way. I KILL IT BIG TIME!

Trading manually can become very tiring. And to be honest, as I have got older - I’ve become a lot lazier. I hate sitting in front of the 3 monitors I have to find that perfect signal. You know, you may find that when you’re actively trading sods law, or Murphy’s Law as its better known sticks in its ugly rear head in; you’re busting for a piss, you run as fast as you can to the toilet in the hopes you can get back and not miss a forex signal. You pull the chain, wash your hands, head back to the PC and you’re like “Sod it, I’ve just missed a signal”.

How frustrating!!!

Next day, same thing again, but this time you hold on to going to the toilet, what happens? We apart from blowing your bladder, nothing happens, the market is quiet and nothing more than 30 pips or so can be made. Sod it, I’m going to the toilet, I don’t care, I’m gonna piss myself soon if I don’t go now.

Yep, you guessed it, you head to the toilet come back and the market decides to wake up while you were gone. Is there any hope for you? Will you ever catch that big move that can help pay for at least 5 months of mortgage payments?

YES THERE IS! There is light at the other end of the tunnel.

My Forex Trading Course will help you have the time you need to do your other stuff, that includes going to the toilet!

I teach my Forex Students how to find those BIG moves of 100+ pips! And many of them are doing well in just a few short weeks and they haven’t even got to the best parts of the course yet! One student made over $8,000.00 on his demo account using just one indicator within 4 days! Another made over $40,000.00 on his demo account within 2 weeks! And many others are making $500-1,000.00 a week, and this is just on their first module out of the 6 modules in the forex day trading training course.

You know, I figured that the mistakes I make were just unique to me when I was learning, when in actuality those who I am teaching were not far different from the mistakes I made.

Here’s some tips to avoid making the mistakes that’s common to a lot of forex trading beginners:

1. Never trade on emotions
2. Never jump in a trade that is almost over in its up trend or down trend
3. Never set your stop losses too tight
4. Never set your take profits too tight
5. Never forget to activate your trailing stop loss
6. Never jump in a trade when you don’t see a signal
7. Never trade more than 5% of your balance
8. Never open more than one trade unless it’s absolutely necessary
9. Never be afraid to close a trade at a loss

Here’s some explanations on above:

Never trade on emotions:

Trading on emotions is not wise. I find a lot of people online who trade for about a month then head over to a live account because they are desperate to make some easy money. Look, trading is not easy no matter what anyone else says. It is difficult, it takes a lot of practice to build up that instinct of what you should do. Never force yourself to make a trade, there are many days in the year to make that perfect trade. Take for example, what would you rather do, make $20,000.00 or more per year with 10 perfect trades, or 100 losing trades and few winning ones? Your answer should be the fewest trades possible that are aimed to pulling out a winning trade 8 or 9 times out of 10. My course can help you to achieve that! Don’t ever bring your outside life frustrations to the table, leave them at the door step! Come to the trading platform with a clear mind!

Never jump in a trade that is almost over in its up trend or down trend:

You know, I see this happen all the time, people jumping into a trade far too late, or jump in far too early and jump out far too early.

Forex currency pairs all have their own personality, like for instance, the EUR/USD will move approximately 120-160 pips per day. The GBP/USD will move approximately 150-250 pips per day. The USD/JPY will move approximately 80-140 pips per day. The USD/CHF will move approximately 100-130 pips per day.

Take note of the UK & US Opening Trading sessions. Which ever direction it starts to go in after approximately 30-50 pips, you can be assured it will keep going in that direction. When the US trading session opens, again take note of what it will do, it may very well reverse and go back the other way, on occasion it will continue to keep going in the direction it was during the UK Opening Session.

If you notice that the trade has moved approximately 50% or more of it’s full potential, do not jump in the trade. And if you do, don’t expect it to be a big pip gainer. Set your targets at around 30-50 pips, but be prepared that it may reverse. For me personally, that’s too much of a risk. My current win ratio hits 9 to 10 out of 10 consistently! Granted, it took me a long time to master this. My main fault before hand was making too many trades per day, or chasing the market. This is a Big NO NO! You need to work out where your faults are, and FIX them immediately! Have patience!

Never set your stop losses too tight:

Setting your stop losses too tight, ie, too close to your opening trade can result in more losses than gains. The currency markets can move very fast from day to day, others, not as much, but all the same you should be prepared for any outcome.

Volatility can be a killer if you do not approach a trade correctly. You may find during Fundamental News Announcements, such as the Job Less Claims reports that come out every Thursday at 8:30am EST, the market will move a considerable distance before the news release. It can also reverse approx 30-60 pips or even more before heading back the other way. So you need to account for big swings in the market.

I tend to set my stop losses to around 200-400 pips, sometimes a little bit more as high as 500. This allows me to have breathing room for any opposite swings that may appear.

A Stop Loss is your maximum risk you are willing to accept should the trade go against you and the trading platform will close off the trade if your stop loss price is hit and deduct the amount from your balance.

Scary stuff right? A lot of people, even myself when I started out had this apprehensive attitude, like, no way am I closing that trade off at a negative I’ll wait for it to go to  break even. Have you been in that state of mind? Did you come out ahead all the time thinking like this? I’m sure you didn’t come out ahead, not in the long run any way.

Think about this for a second. Why even have a stop loss if you was not prepared to lose it? Sure, it would be nice to hang on to a trade in the hopes for it to come back, but you need to consider something, if you have a big stop loss of approx 300 pips, you need to understand that if your trade is almost near approaching your stop loss that the market has made a full trend reversal. So don’t go back in and keep going in the same direction as the other trade that just lost you 300 pips. Consider following the market direction. Do your analysis first. Sure there will be ups and downs in the market after the 300 pip loss, these are retracements which is normal - try using the Fibonacci Tool to help you predict where a retracement may appear and where it will stall before coming back down, or going back up; what ever the initial direction was at the time.

Never set your take profits too tight:

A perfect trade is a big trade. Granted, you wont see these every day, but for me, 1 a week, or 1 every other day during a single week is good enough for me.

Here we have to train our minds not to be greedy, greed is the root of all evil. Consider this… What do you make on average on a 9-5 job that you work as 5 days a week? $300 per week? $500 per week? $1,000 per week, on a 35-42 hours a week?

Man, those are a lot of hours and the pay is crap!

Consider this. If you could make one perfect trade a week and make $1,000 and it took you 1-3 hours to make this, would you prefer this over working 35-42 hours per week? The answer is a undeniable YES! Of course you would.

What if you made 2 trades a week and they netted $800 - $2,000 during that week and it took you 1-4 hours to achieve this, does this sound better management of your time? Think of all the hours you have left to do what you like; spend more time with your family or friends, re-decorate your house, go out and play Golf, Tennis, Water Skiing, Sky Diving, Rally Driving, or what ever.

Training your state of mind is extremely important, once you master how to do this, your day to day life will dramatically change for the better!

Never forget to activate your trailing stop loss:

A trailing stop loss is like your own personal assistant. This little feature in most MetaTrader 4 platforms will allow you to incorporate a Trailing Stop Loss into your trades. The idea here is to set it as high as possible, ie 650 - 750 points, which equates to 65-75 pips.

When the market rises or falls and your trade is going in the correct direction, once your trade hits 65-75 pips, the trailing stop loss will get executed and move your stop loss up closer to your opening price, and in some cases past the point of your opening trade so should the market reverse on itself, it will have safe guarded your trade from any losses and book in those profits. Should the market keep rising, or falling in your favor, it will automatically nudge your trade to book in more profits.

The only down side to this, is that ie pushes it far too close to the current price after it books in those profits. I’m not sure if this is a bug that has not been recognised by MetaTrader 4 platform developers or what, but I can recall it never used to do this. It used to keep it away from the current price by at least the price you allocate in the initial settings when activating the trailing stop loss.

Any how, you’re still assured those 65-75 pips, which is all good.

Never jump in a trade when you don’t see a signal:

Now this is very important, many beginners will decide to jump in regardless of what is happening in the markets, not having enough patience to see something through is normally their downfall.

It’s extremely important that your patience is on form every single day. If you don’t feel up to trading at the level you should be that day, then do not trade. For instance, did something bad happen that day and you decided to go and trade some forex. If so, don’t. Do something else. Go wash the Car, do some laundry, Clean the house, go to the Gym, do something to get your mind off what ever had pissed you off or upset you that day!

If you are feeling 110%, great, just make sure that you only jump in on the signals generated, and have the patience to see it through. Most trades I have open do not always go in the direction I had anticipated, that’s normal for anyone, beginners or experts. Trades that I have open are normally open for approximately 3-10 hours.

Never trade more than 5% of your balance:

Risk & Money Management is an important aspect of trading forex. And probably one of the many things one should keep in their minds at all times are not even present within ones mind. BIG MISTAKE!

You should always be aware of your margin and risk levels. If you trade outside them, it’s a good chance that your balance will not last very long.

Although the recommended amount is 1%, you don’t need to trade this amount, you can trade 0.5% if need be, 0.2% if need be.

Remember, consistency is the key here, don’t be greedy! A lot of winners add up to a lot of money at the end of the week, month, year!

Never open more than one trade unless it’s absolutely necessary:

A common problem that a lot of traders do, newbies or even experienced traders, they open more than one trade. Personally I think this is a little silly. It’s far easier to control one trade than it is more than one.

So lets say your GBP/USD trade is going against you by approx 40 pips and you just realised that it will keep going in the direction it’s going in. You have two choices. 1) close the trade at a loss and open another the other way. 2) open a correlated pair, such as USD/CHF in the same direction as the GBP/USD, this will help offset any losses.

Never be afraid to close a trade at a loss:

As with above, that’s one option, but don’t be afraid to close a trade at a loss, especially if you realise it’s going to go the other way. Try opening a trade the opposite direction after you have closed the trade at a loss and open a correlated pair as discussed above to recover from that small pip gain.

Caution: don’t do this all the time, only do this during times when you need to recover,and remember, don’t forget your stop losses and take profit settings!

So if you want to learn to trade like a professional, and be in a position work for yourself, be your own boss, work your own hours, then pop by my site at http://daytradingfxcourse.com and pick up your copy of the training material!

To your success and happiness,

Loz Lawn
Lawnwell, Inc.
CEO Day Trading FX Course.

P.S
This content is the property of DayTradingFXCourse.com at no time may you copy any of this content without my express permission first!
You may provide a backlink to this article, but you can not copy any word or paragraph!