I’m off to a pretty good start with the DfxTrade Demo Quick Challenge! I’m up 10% already over 2 days, My goal and strategy for this contest is to use higher leverage and be very aggressive in the short term time frames… this way I can maximize my pips! You can check their current rankings at http://www.dfxtrade.com/demo-quick-challenge. My username there is ellie007! The competition is very high here as you can see! Wish me luck everyone!
March 1, 2010
February 22, 2010
Demo Challenge
Hey guys just want to give a heads up! My primary broker DfxTrade that I have been bloggin about is having a Demo challenge! 1st place gets a live $2000 funded account. So far Ive been having a good few trading months and am very happy with this broker. The sign up for demo is quick and easy. This contest is only for 2 weeks I will be posting my results here every few days! Wish me luck!
Ellie
February 10, 2010
Hi everyone!
As promised, I am here to update about my experience with DfxTrade. After 3 months of using their demo I have decided to start a live account with them. They have some promotions right now depending on your account size you have lower spreads and some form of monthly account interest. I wanted to take advantage of their lower spread accounts so I opened up a Vantage account which is minimum of $10,000.
Sometimes signing up with a new broker stresses me out because their sign up process would be so confusing … IE FXCM !! wow has anyone seen their site? Anyways the sign up process was quite smooth with DfxTrade, it took about 6-7 minutes to fill out the online form and within a business day my account was live and ready for funding.
OH YES!! Just thought this deserved its own lil paragraph. For every standard lot traded I received 5$ back into my account after the position is closed regardless of the outcome. This is a very nice bonus for me since my strategy calls for many short term trades (scalping).
Here are some other things that I want to point out some pros and cons so far.
• I don’t want to list the DfxTrade Platform under cons, because in the end I find it to be a wonderful platform, but the learning process certainly takes a little patience. This platform is not like others that brokers offer, it’s fully customizable and offers quite a bit of flexibility. Overall, if you give the Dfxtrade Platform a chance, I think you’ll come to appreciate its unique design, especially if you trade a lot.
• Order Types – great choice of order types, but I don’t think they offer anything to special, so I won’t be listing this as a pro or con.
• Customer Support – they certainly don’t fail here. I’ve never had an issue in this area…from the moment I opened my account to a few trades I’ve questioned, I always seemed to get a polite and genuinely helpful rep to assist me.
• Execution – for the most part, it’s always been on point. I’ve had the occasionally slippage price prompt I had to question, but for the amount of trades I run, I’ve been very pleased with the performance. And usually this only happens during extreme volatility
• Reliability – not an issue, platform is up all the time with the exception of maintenance and one or two down times that I can recall in the past 3 months due to technical issues.
• Charting is sufficient I wouldn’t go out to say its great since it could use some more indicators. But all the ones that I need and use are there and the ability to trade from the charts and see visually my tp and stop is very useful.
• Spread/Commission. Whats great is there are no hidden fees or commissions for opening and closing a trade. I am only charged a fixed spread and depending on the account type you chose you get a spread rebate cash back for each trade you place.
Anyways, everything is going well! I am planning to test the withdrawal system and see how quick that gets processed. Please stay tuned for my next update, I will take some screen shots of some of my trading as well!
May all your trading be fruitful!
Ellie
December 27, 2009
Testing out New Broker
Hey everyone! Just thought I would write a more personal post regarding my own trading. I have been in search of a few brokers and after a few days I decided to test out a new broker called DFXTrade. Here is a brief summary of how it has gone so far. I will try to keep you guys updated every month or so!
So far I have traded their demo for the past 3 months. The platform was simple and easy to use, It is not as cluttered as some of the other platforms out there. The main point I can speak of right now would be their service.
When I requested info about all sorts of things on multiple occasions, I always was assisted by helpful, knowledgeable people. Even though I only had a demo and tend to ask loads of questions since I prefer to know just about everything about things before I jump in, they never were upset with my questions and were always courteous.
A key thing i noticed was the server does not crash! It is so stable that it took me a few weeks before I noticed that not once did I ever have a problem getting a trade in.
They also broker other instruments, (which I do not trade) , like futures.
I plan to trade live with them in the coming months so I will keep you guys posted!
November 2, 2009
Getting to know 2 types of trading
In every form of trading, there is and there is always a ”types”, like in stock trading, there are 2 types of stocks which are the common stock and preferred stock. But we are not going to talk about stocks here. We’re going to talk about the types of trading analysis. Let’s check this types of trading analysis. The first type of trading analysis is the Fundamental Analysis. Fundamental analysis is a way of looking at the market through economic, social and political forces that affect supply and demand. So, in other words, you look at whose economy is doing well, and whose economy is NOT pretty doing well. It is because of this reason; if a country’s economy is doing well, their currency will also be doing well. Thus, the better a country’s economy, the more trust other countries have in that currency.
Like for example, the U.S. dollar has been gaining strength because the U.S. economy is gaining strength. As the economy gets better, interest rates get higher to control inflation and as a result, the value of the dollar continues to increase. This is how the fundamental analysis
works. Let’s see how the second type of trading analysis works.
Technical analysis is the second type of trading analysis. This is the study of price movement. In simple word, it is a technical analysis which involves charts. It is involves your sense of sight. A person can look at historical price movements, and based on the price action, you can determine at some level where the price will go. By looking at the charts,
you can identify trends and patterns which can help you find good trading opportunities. You are much more likely to make money when you can find a trend and trade in the same direction. Technical analysis can help you identify these trends in its earliest stages and therefore provide you with very profitable trading opportunities.
Maybe you’re confused on what type of analysis is better. The 2 types of analysis are good, and it’s better to use them both, a combined analysis power. But, in order for you to become successful in trading, you will need to know how to effectively use both types of analysis. 
October 2, 2009
Important things to determine before entering into Forex trade
There are a lot of concerns to put first before engaging yourself in trading. And the first thing to settle before opening an account is to remember this words: Trading forex is not for the unemployed, those on low incomes, or who can’t afford to pay their electricity bill or afford to eat. Why am I saying this? It is because in Forex market, you should have at least $10,000 of trading capital that you can afford to lose.
I know what’s on your mind right now, you’re thinking that Forex trades are just for those rich kids. No, of course, but this is to remind you guys, that in trading you should be ready and alert. This is to prepare you guys to handle situations that you yourself don’t expect to happen. So, if you don’t have enough money to trade, wait, there still time to be in a trade market.
So, for you to avoid bankruptcy or no money at all, always prioritize important matters first. Don’t take the plunge if you are not emotionally and financially ready. Don’t expect to start an account with a few hundred dollars and expect to become a billionaire.
September 1, 2009
Stock trading vs Forex trading
Today, there are many forms of trading, such as mortgage trading, real estate trading, insurance trading etc. But the most viable for people are the stock trading and the foreign exchange or forex. For us to understand what these are, it would be good to understand the difference and similarities between the two.
In stock trading, the first thing that we need to understand is what “stock” means. As defined, “stocks” are the smallest unit of ownership in a company. So, if you own a share of a company’s stock, you are a part owner of the company, thus, you have the right to vote on members of the board of directors of the company as well as in other matters concerning the company. There are actually two types of stock: the “common stock” and the “preferred stock”. The first type is the kind that mostly held by the majority of individuals while the other is just like the first type, only that it restricts you to have more freedom than the former except in the “dividends” area.
On the other hand, Forex or Foreign Exchange refers to a market wherein the different currencies in the world are circulated. When we say “forex”, it refers to the market where one can find almost all currencies across the globe and gain profit from it. Here, the transactions is 24 hours a week and 7 days a week all over the world. Unlike other form of trades, Forex apart from other markets because of time frame, that will lead the trader to come up with various techniques and methods to make transactions easier, efficient and good results. Aside from that the foreign exchange market is unique because of its trading volumes, the extreme liquidity of the market, its geographical dispersion and it is the largest and most liquid financial market in the world.
See the difference.
August 1, 2009
How to become succesful in trading!
Most new forex traders ask themselves this question. Just to make sure if they still have a chance to become successful in this form of trading. Upon reading this, I know some of you will answer it “it depends upon on how you trade”. Does it make sense? Yes, it is. Here are some few tips to follow, I am not saying that this will make you successful absolutely, but it will lessen losses on your part.
1. Implement a trading plan.
A trading plan is especially crucial in Forex trading to stay ‘in-control’ against the emotional stress in speculative situation. Often, your emotions will blind and lead you to the negative sides, which is greed that causes you to over-ride on a win while fear causes you to cut short in your profits.
2. Trade within your means
If you cannot afford to lose, you cannot afford to win. Losing is a not a must but it is the natural in any trading market. Trading should be always done using excess money in your savings. Before you start to trade in Forex, we suggest you to put aside some of your income to set up your own investment funds and trade only using that funds.
3. Avoid emotion trading
If you do not have a trading plan, make one. If you have a trading plan, follows it strictly! Never ever attempt to hold your weakened position and hope the market will turn back in your favor direction. You might end up losing all your capital if you keep holding. Move on, stay within your trading plan, and admit your mistakes if things do not turn as you want.
4. Ride on a win and cut your losses
Forex trader should always ride till the market turns around whenever a profit is show; while during losing, never hesitate to admit your mistakes and exit the market. It is human nature to stay long on loses and satisfy with small profits – this is why as mentioned earlier that a strictly followed trading plan is a must-have.
5. Love the trends
Trends are your friends. Although currency values fluctuate but from the big picture it normally goes in a steady direction. If you are not sure on certain moves, the long term trend is always your primary reference. In long run, trading with the trends improves your odds in the Forex market.
6. Stop looking for leading indicators
There aren’t any in the Forex market. While some firms make a lot of money selling software that predicts the future, the reality is that if those products really worked, they wouldn’t be giving the secret away.
7. Avoid trading in a thin market
Trade on popular currency pairs and avoid thin market. The lack of public participation will cause difficulties in liquidate your positions. If you are beginners, we suggest the big five: USD/EUR, USD/JPY, USD/GBD, USD/CHF, and EUR/JPY.
8. Avoid trading in too many markets
Do not confuse yourself by overtrading in too many markets especially if you are a beginner. Go for the major currency pairs and drill down your studies in it.
9. Implement a proper trading system
There is hundreds of trading systems available on line. Pick one that you are most comfortable with and stick with it. Stay organized in your trades and fully utilized stop-loss or limit functions in your trades.
10. Keep learning
The best investment is always the investment on your brain. Without a doubt, Forex trading needs much more than just a few guidelines or tips to be successful. Experience, knowledge, capital, fortitude, and even some help of luck are all crucial in one’s success in the FX market. if you lose in a trade, do not lose the experience in it. Learn from your mistakes and regain your position in the next trade.
I hope this will enlighten the mind of new comers in Forex world.
July 20, 2009
How to choose your forex broker!
Tips on Choosing the Best Forex Broker
Forex broker is an agent that does trading on your behalf. As such, they collect a spread everytime you make a trade no matter if you’re making losses or earnings. So, here are a few points to consider when you’re choosing a forex broker.
Reputation
Reputation of a broker usually exceeds them and it’s easy to see who makes money and who are experienced. In this case, you can check their record to see whether they are consistent in forex trading. In this part you should do a thorough check because it is important to see who you have as your broker.
Reasonable Deposit
One way of choosing a broker is by looking at initial deposit that they ask. Initial deposit is not needed as it is not for investment purposes, but just to pay the broker in case they’re not paid during the course of investment. The ideal payment should be between $200 to $500 depending on the market movement.
Good software
A good software should be simple, easy to use and at the same time is clear on the investment that you’re making. If you are new to forex trading, your broker should be able to let you trade on a demo account. A demo account works the same as a real software but it gives you the opportunity to test it before you actually make your first real trade.
Variety of Currency Pairs
Every good broker should be involved in different currency pairs and that makes them offer a lot of selections. So, choose at least a broker that has currency pairs that you are most interested in. Remember that every currency pairs have their own patterns in the market.
Customer support
With every currency pairs that you trade in, its actually different across the whole world. Therefore, you won’t want to call a broker who is sleeping half a world away when you want to make your trade. Therefore, it is vital to have a broker who can take your orders anytime you want. Try to contact the customer service desk and see how they respond to your questions regarding forex trading. Make sure you’re comfortable as these guys are who you entrust your money with.
Therefore, make sure you do enough homework regarding the aspects above before you really proceed into the forex market!
July 3, 2009
Top 10 Trader Mistakes
There are reasons why some traders win in trading, and some are not because of mistakes. What are these mistakes? Here it is.
“Top 10 mistakes traders make”
1. trading with emotions
- our emotional guidance system is really not quite enables us to trades successfully because when it comes to trading it is purely more visual and logical thing
2. not having discipline
- do not take the trading if you don’t know how to control yourself
3. not having a trade plan
-like every business activity, planning is a very important ingredient in trading because of these 2 reasons:
*It keeps you in the right direction
*Trading is a business and successful businesses ALWAYS have plans
4. changing the trade plan mid-trade
- this usually happens because of fear, a plan should be based statistics that work overall, not every trade will work out
5. proper money management
- trade 5% margin instead of trading 20% or more margin, and trade another day.
6. increasing your commitment with success
- When you see that you’re winning in the trade, you are tempted to add additional lots to increase profits. But look out, because market reverse right after.
7. adding to a losing trade
- If you are wrong on a trade, just take the loss and wait for another trade.
8. setting a stop loss based on risk tolerance
- A stop should be set to tell you if you were wrong, not on the amount you are willing to lose.
9. using a mental stops vs. stop loss orders
- You will lose more by not using a stop, so, place a stop farther away. This usually happens when you use mental stop is you say “just give it some time, it will come back” and it never does and you end up losing much more than you should.
10. Overtrading your account
- Have patience, you don’t need to trade everyday to make profit.