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FOREX Market

Definition of the FOREX Market

Currency Market (also referred to as the “spot” or “cash market”).
Traded in pairs (i.e. EUR/USD).
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The size of your trade is based on various blocks of money called “lots.” It is measured in PIPS which also vary based on your position size.
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The most liquid market in the World – over 4 trillion dollars in transactions each day.
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No central exchange; most brokerage houses use an ECN to match up buyers and sellers from the quotes provided by the big banks (i.e. Chase, UBS, BOA, etc.).
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Consists of markets that are not moving in the same direction, which provides a rare non-correlated opportunity.
Global Sessions: Sydney, Asia, London, and U.S.

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Benefits of Forex Trading

Forex is a fantastic trending market that provides many income and wealth trading opportunities.

You don’t deal with overnight gaps because it trades 24 hours per day, 5 ½ days per week.

You can trade the currency pairs both long and short. You can start with a very small account or easily trade a very large account because of available liquidity.

It provides great purchasing power—up to 100:1. You can reduce risk and position size easier than most other markets.

If you work full time, you can look at this market at any time of the day or night and use bracketed orders so you don’t have to be present when your orders get filled.

Some new traders get overwhelmed with selecting stocks while currencies can be more simple—only 15-20 currency pairs that you generally evaluate to identify trading opportunities.

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Opens on Sunday afternoon at 5pm EST.

Closes Friday afternoon at 5pm EST. 24 hours per day and 5 ½ days per week.

Most activity generally occurs during the London Session (3am EST Open).

Ideal FOREX Account Size

You can open an account with as little as $500 – $2,000 at most brokerage houses. An educated trader/investor should be aware of appropriate account size, position sizing, and risk management when trading or investing in any market.
This is also a great market for traders that have very large accounts because of its liquidity.

Types of Accounts for FOREX

Cash
IRA
(Traded through a custodial firm)
Various Entity Structures (LLC, Corp, LP, etc.)

Ideal Forex Trader

Someone that works full time and can’t be in front of the computer in the morning for day trading

Someone who has less than $10K to fund a trading account for income

Someone who has seven-figure accounts to hedge fixed income currency risk

Someone who is looking for a simple swing trading market

Someone who is looking to hedge their portfolio by having their money in other currencies/markets than the US Dollar

Novice Mistakes

Not using appropriate risk management and being over-leveraged.

Inability to choose the correct pairs to trade (often trading exotic pairs rather than “the majors”).

Misunderstanding the correlation between currency pairs and how that correlation breaks down and re-establishes itself.

Misunderstanding the impact of certain fundamental reports.

Lack of understanding market volatility and therefore setting stop losses too small or too large.

Selecting incorrect time frames and time horizons for either their account size, risk tolerance, or trading style.

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General Disclosure:

Trade With the Pros LLC (“TWP”) is a financial education provider for customers looking to build the skills and proficiency necessary for retail trading and investing in the financial markets. TWP is not a Broker-Dealer, an Investment Adviser, or any other type of business subject to regulation by the SEC, CFTC, state securities regulators or any “self-regulatory organization” (such as FINRA).

The programs and content that TWP distributes are for informational and educational purposes only. No one should consider the information disseminated by TWP to be personalized investment advice, a recommendation to buy, sell or hold any investment, an offer (or a solicitation of an offer) to buy or sell any investment, or the provision of any other kind of advice that would require TWP to register as a broker-dealer, investment adviser or similar entity. No one associated with TWP is authorized to make any representation to the contrary.

TWP provides information that its customers may use to make their own investment decisions. However, any customer will be responsible for considering such information carefully and evaluating how it might relate to that viewer’s own decision to buy, sell or hold any investment. Such decisions must be based on that customer’s individual and independent evaluation of his or her financial circumstances, investment objectives, risk tolerance, liquidity needs, family commitments and other factors, not in reliance on any information obtained from TWP.

Statements by any person (whether identified as associated with TWP or any other entity) represent the opinions of that person only and do not necessarily reflect the opinions of TWP or any other person associated with TWP.

It is possible that any individual providing information or expressing an opinion on any TWP program may hold an investment position (or may be contemplating holding an investment position) that is inconsistent with the information provided or the opinion being expressed. This may reflect the financial or other circumstances of the individual or it may reflect some other consideration. Customers of TWP programs and consumers of its content should take this into account when evaluating the information provided or the opinion being expressed.

Although TWP strives to provide accurate and reliable information from sources that it believes to be reliable, TWP makes no guarantees as to the accuracy, completeness, timeliness, or correctness of any such information. TWP makes no guarantee or promise of any kind, express or implied, that anyone will profit from or avoid losses from using information disseminated through TWP.

All investments are subject to risk of loss, which you should consider in making any investment decisions. Customers of TWP programs should consult with their financial advisors, attorneys, accountants or other qualified professionals prior to making any investment decision.

The risk of loss in trading equities, options, forex and/or futures can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. The high degree of leverage that is often obtainable in options and futures trading may benefit you as well as conversely lead to large losses beyond your initial investment. Past results are not indicative of future results. No representation is being made that any account will or is likely to achieve profits similar to those shown.

Risk Disclosure:

All investments are subject to risk of loss, which you should consider in making any investment decisions. Viewers of Trade With the Pros programs should consult with their financial advisors, attorneys, accountants or other qualified professionals prior to making any investment decision.

The risk of loss in trading equities, options, forex and/or futures can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. The high degree of leverage that is often obtainable in options trading may benefit you as well as conversely lead to large losses beyond your initial investment. Past results are not indicative of future results. No representation is being made that any account will or is likely to achieve profits similar to those shown.

Testimonial Disclosure:

The aforementioned testimonials are made by individual subscribers to Trade With the Pros services. The experience of these individuals may not be representative of the experience of other subscribers, like yourself. In addition, the aforementioned testimonials do not guarantee future success by using such services. No consideration was paid to the individuals that submitted these testimonials.