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GoForexTrade.com Off for July 4th!

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Hey Forex Traders! How are ya!

This will be a quick one…
In Observance of Independence Day in the USA, GoForexTrade.com is taking the day off. I am going to enjoy some awesome BBQ and take it easy going into this weekend!!!!

I was quite surprised with how the Results of yesterday’s market ended up. We actually took a few cents from the EURO!!! Interesting!!!

Have a great weekend! Trader Tech, and maybe a product review we will post!!!

REST ON!!!
Tom Howell
Editor
GoForexTrade.com

Asian Market Open: 6/23/08 GoForexTrade.com

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Welcome back from the weekend! Are you ready to handle another hardcore week in currency trading?

There are tons of major news events happening this week! News traders rejoice in euphoria!!! the Jeddah Oil Summit, Unemployment numbers from a couple of markets, to PMI’s and Consumer Confidence, and Several GDP numbers as well! GET READY FOR SOME VOLATILE BLOWOUTS THIS WEEK!!!

All day, the oil summit in Jeddah, Saudi Arabia will be a core focus, as Riyadh and OPEC are in a Crude Oil Output leveling match. Expect some currency shifts to occur depending on the aftermath of the summit.

England’s Pound will be monitored with the reading of the Rightmove House Price Index. This index will reflect fluctuations in asking prices for houses that are for sale in England. Rightmove.co.uk, a real estate website in England, has a similar caliber and weight to the US’s Realtor.com.

Almost three hours from now, Japan has a number coming out for the Business Survey Large Manufacturing Conditions index. The numbers are a result of a survey, that is given to business owners who are asked on their business levels. Either they can respond with an increase, a decrease, or an unchanged level of business. The magic number to look for is -17.

Australia will release later on, numbers on New Motor Vehicle Sales. This index is in the monthly range.

New Zealand will release shortly thereafter annual Credit Card spending numbers.

See you later in the European Session! Also I had mentioned on the Trader Tech Segment, that I will be unveiling a new segment shortly. I will let the cat out of the bag here. I am going to write in addition to the Trader Tech articles on the weekend, a segment on the fundamentals and strategies in Forex Trading. Keep your browsers and RSS readers on full alert!

TRADE ON!
Tom Howell
editor
GoForexTrade.com

Trader Tech 2: How Many Monitors is too many?

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On this wonderful weekend tangent of Trader Tech, we are going to cover Multiple Monitor Trading Workstations. A common question I get from fellow traders, and aspiring traders, who want to know what would be an optimal monitor arrangement for trading forex.

For one, shooting from the hip, I don’t think you need a million monitors. There are some folks who just want to buy a crate load of 19″ or 24″ LCD’s and hook them up to their awesome PC. If you want to purchase several monitors for your setup, think about functionality and usability before glitz, and gadget fever.

First of all, think about what type of trading that you are doing? Are you scalp trading, trading 8-16 hours over several intraday markets trying to squeeze every single pip out there? Maybe you are a daily trader, who prefers placing positions that hang on the market for not only days, but also weeks! Or maybe you are a expert advisor trader, that prefers an automated trading solution. You might even be a news trader who needs a ton of monitors, to monitor the news and charts!

Not every type of trader is going to have a typical setup. Some will require more or less than the other depending per case.

Next, in your trading plan, have you planned a firm strategy of what currency pairs you are going to trade? several forex traders will have a set amount of currency crosses to cover. In most cases, it’s not much more than just the majors. Usually the average trader wants a monitor for each currency pair chart window, then a window or two for News, and maybe another one for general computing stuff, internet, and chat.

One thing that I have noticed about certain bank traders…
living near a big city, I have seen trading rooms at several different banks. Due to having a limited amount of space, these traders cannot go hog wild and have a warehouse of monitors, but instead depend on 2-5 20-24″ widescreen monitors at most. Honestly, having a dual for those who are using expert advisor systems might suffice, because Metatrader 4 doesn’t honor multiple chart/monitor systems as of right now.

Another Factor of course, that will be the mother of all factors is cost. With monitors getting lower in price, yeah, you could probably get 3-4 decent 19inch flatscreens for under $800. But you have to factor in the Video card as well. Yeah, there are four output video cards, and even ones that output 8 as well. The problem is, that those cards can cost a starting trader a great chunk of cash. Also consider needing a powerful computer, that wasn’t 2 years or older in age to control them.

For a price of such a system, check out Naplestech.com for trading solutions. They have systems up to 12 displays for traders.

I hope this helps!!! Please give me some feedback, and let me know how many monitors you have for a trading system! Comments and email are welcome!

Thank you again!

Thomas Howell
editor
GoForexTrade.com

P.S Unveiling a new segment very shortly! Check back often!!! See you at the Asian Market Open!!!

Trader Tech 1: Metatrader 4 Trading Platforms - Special from Forex Meta

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For our first Trader Tech blog segment, we are going to discuss the Metatrader 4 Broker Platform.

Metatrader 4, a trading platform solution created by a company called Metaquotes Software Corporation, a company that provides data solutions and software in the trading industry, namely forex. Their star in their software portfolio, Metatrader 4, is used by a vast array of different forex brokers for their easy to deploy, easy to modify interface.

Metatrader 4 not only has advantages for a Broker to use as a trading platform, but also for a trader as well. For some who uses a broker with Metatrader 4, Not only is the learning curve with the software minimal, but also there happens to be a vast amount of resources on how to modify and add modules to heighten the trading experience.

First of all, you can totally customize the visual interface, from shifting and sizing charts, to a four-up dislay, a fullscreen display, whichever is more suited for your trading needs. You can shift the size of the chart in comparison to different indicators that you are using, even do a split screen indicator to chart if you please. You can even change the colors of the chart, from the background color, to the OHLC candles, the grid, and text. You can even change the colors of the oscillators or indicators that you are using as well.

Metatrader happens not to be only a totally customizable solution on the visual end, but also in it’s inner workings as well.

Just like all great programs out there, Metatrader 4 can be extended through using it’s MQL or Metaquotes programming language. The MQL Language is used to create custom indicators and expert advisors. I will touch on each of those below.

Custom Indicators:
Ever thought about building a great indicator or combine a set of indicators that you would believe would best determine entry and exit points? Well, with custom indicators, you can either import an indicator, or install one that you have engineered yourself. The limit is the sky, as long as you know what strategy you are looking to implement.

Expert Advisors:
Ever heard of Goldman Sach’s Global Alpha and Renaissance Technologies Nova Fund? What do these two have in common? They are automated trading systems that have made their brokers rather insanely richer, and Metatrader 4 has not fallen far from the tree on this one.

Metatrader 4 has the Automated Trading System or ATS. Just like with custom indicators, You can either import an Expert Advisor that you can purchase, or end up programming one up yourself and placing it into the software’s expert subfolder. Be careful though with programming your own, or purchasing an expert advisor, as you need to test it to make sure it performs as well as the Publisher claims it does. the Forex Tracer, and Forex Autopilot are two examples of published Expert Advisors.

What Brokers Use Metatrader 4?
Plenty of them do, just do a search on Google for Metatrader Brokers. We at GoForexTrade.com are going to make it easy for you though.

HERE IS THE BIG NEWS…
GoForexTrade.com is working with Forex Meta, a Metatrader 4 Broker, based in Chicago, USA to bring the awesome Metatrader 4 Forex Experience to you, the currency trader. Forex Meta, has a great deal going on for those who would like to consider using them as your Forex Market Broker.

Forex Meta’s accounts start as low as $500. Perfect for those who are new, or just looking to get their feet wet with a new Forex Broker. When I was looking for a Forex Broker to work with, I had a few conditions….

1. You need to support the Metatrader 4 Platform. The majority of traders I know, demand it! They have great things to say about the platform, and have a ball with the customizability and the portability of the application.

2. Offer a great introductory offer. Forex Meta accounts starts as low as $500. And they have a $100 bonus for signing up with them as well! Now how can you pass that up?

3. Excellent Support. When I spoke to two executives and grilled them with questions about their firm, I was impressed. Forex Meta has a conscientious effort that they want to put out to help new traders, as well as experienced traders get their maximum edge on each and every trade.

They also have videos to train traders as well on fundamentals. How much better can this get?

4. Have a person to help you, not some long winded email process. They have a phone number, and live chat on site!

So with these great advantages that I look for, why don’t you give Forex Meta a try! Click Here to try their Demo

Again, I would thank you for reading our First Trader Tech Segment at www.GoForexTrade.com. Next week I promise to have another awesome post on the Geeky side of trading currencies. See ya at the Opening of the Asian Market Session!

TRADE ON!
Thomas Howell
www.GoForexTrade.com

GoForexTrade.com Trader tech segments: New Stuff!

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Well, ok! I could say I was a bit bored, and there was relatively no weekend news besides Big Brown and Hillary dropping out. At a searing 95 degrees outside, behind my Apple with two air conditioners going at full blast, watching my electricity meter rising faster than Crude Oil after an Analyst statement.

So, what can I do for the weekend? No report for the weekend, and the first news report happens at 1900 GMT with the Asian Open. I could take the day off, but that is no fun! as I could go around with the laptop or iPhone(will get one when they release the new 3G model next week!)

Being a geek, and a computer programmer, I thought having a tech segment on the weekends would keep the flow going, while still being informative and stimulating, but also have for the forex trader in mind, some continuity if they are looking at a site with day old news and want something fresh.

Next weekend I will start the trader tech segments, and I will even post another one as well, just haven’t finalized the idea yet.

Have an awesome weekend, And I will see all of you tomorrow for the Asian Market!

REST, THEN TRADE ON!

Tom Howell
Editor
www.GoForexTrade.com