Trading Forex with just $1000

Common wisdom says that to become a professional Forextrader you should have at least $100,000 in your account. To those just getting started in the field, that can seem pretty intimidating. On the other hand, many trading advisors recommend new traders stay away from those little $100 or even $500 mini accounts because they just don't allow you to trade seriously. Taking this into consideration, a lot of new Forex traders manage to set aside around $1000 that they feel comfortable risking in the markets. Truth be told, though, this still isn't really enough to let you start trading in earnest.Even worse is if that money isn't truly investment capital. If you're worried about losing your cash, you're at risk forletting your emotions rule your trading decisions, which isa recipe for disaster. That said, it is still possible to trade Forex with only $1000. Here are some tips for how to do it.

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1. Consider a mini account

Of course trading with a mini account is not like trading with a full account but this will gives you the peace of mind of losing your money. When you have the peace of mind,you will stand to make better investment decisions.Otherwise the constant worry of losing your investment capital will cloud your mind to make objective decisions regarding Forex trading and this will lead to losses in theend when bad trades occurs.

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2. Managing your risk realistically

The ability to manage risk and minimize costs are vital inForex trading, but many traders with limited capital go overboard and try to minimize risk to a point that's just not realistic. Doing this is nothing more than a waste oftime. Instead of constantly searching for ways to eliminate risk, use the intelligent risk management strategies largertraders' use and put your effort into growing your account instead.

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3. Developing your trading portfolio.

If you adopt a flow of consistent accurate and profitable trades, you mini account will sooner or later grow in termof size. You will be able to achieve a sizable portfolio.Many novice Forex traders fail in this respect because, they hold back for fear of taking risks. If you do not take risks, then your account will never be able to grow in size.Having said so, it also good to be stress that you should not be taking reckless risks. Adopt a balance in your investment decisions by weighing all the pros and cons of a trade situation objectively.

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4.Leveraging your trading

Generally speaking, when you're working with limited capital, you'll want to take advantage of high leverage. Just keep in mind that higher leverage comes with higher risk of loss. If you're going to be using high leverage, stick with a fairly stable currency pair to keep risk down. Because most new Forex traders prefer to err on the side of caution, they made the mistake of beginning trading with inadequate investment capital. While it's possible to trade with an initial capital of $1000, bear in mind that this should just be a temporary situation and that you should build up that amount to a more sizable amount over a period of time.

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Another Great Article....

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Here is a great article on charting from "webmark" over at EasyArticles.Com:



Although fundamental analysis formed the basis of trading decisions for many years, today most traders rely far more heavily on technical analysis and this means that they must also have the ability to read Forex charts.



There are several different price charts available to traders but they all essentially convey information about Forex prices for a specific time period which can range from just a matter of minutes to many years. Charts can be plotted in different formats ranging from simple line charts to more complex candlestick charts, plotting price variations for particular time intervals.



Most traders will be familiar with line charts as this is a very common format for plotting a range of financial data and most of us have grown up with line graphs. Here closing prices are normally plotted for a particular time period and such charts give a very clear and easy to read picture of movements in prices over that time period.



Bar charts are generally more difficult to read, but have the advantage of being able to convey much more information. For example, the length of a bar can indicate the price spread for a given period of time, so that the longer the bar the greater the difference between the high and low price. Bars can also be annotated to show the opening price on the left of the bar and the closing price to the right, enabling you to see at a glance whether the price has risen or fallen. One disadvantage with many bar charts is that they often put so much information onto a chart that it can be difficult to read, although modern software enables you to adjust a chart to focus in on the specific information you require.



A very popular charting technique today is known as candlestick charting, which was originally invented by the Japanese for analyzing rice contracts and is essentially a color coded variation of standard bar charting, with red candlestick bars indicating falling prices and green candlestick bars representing rising prices.



Reading candlestick charts takes a bit of getting used to but the various candlestick shapes when viewed in relation to neighboring shapes form a number of classical patterns. Nor surprisingly, many of the patterns have acquired names over the years and these include such delights as 'Dark Cloud Cover' and 'Morning Star'. Although it takes a bit of time to master the art of reading candlestick charts, once you become familiar with the different patterns it is fairly easy to see just what is happening in the market and to pick out particular market trends.



Of course charts by themselves, while extremely helpful, do not tell the whole picture and so it is necessary to supplement the information provided by the various different charts with a combination of different technical indicators such as relative strength indicators (RSI), Bollinger bands, average directional movement (ADM) to name just three. Nevertheless, there are fewer and fewer traders today who do not rely to a very large degree on charting for their trading decisions.



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Forex Defined

Most countries have their own national currency such as the US dollar, the UK pound, the Japanese yen and the Thailand baht and these are of course necessary for making payments for goods and services within each country's borders. However, in a world where we are traveling more and more and where countries are increasingly trading with one another, foreign currency is required to pay for cross-border sales of goods and services. This means that there must be some mechanism in place to provide access to foreign currencies, so that payments can be made in a form that is acceptable to the seller, and thus the need for a foreign exchange market (or forex market which is simply short for FOReign EXchange).

In its simplest form foreign exchange refers to money which is denominated in a currency other than your own. For example, if an individual exchanges his own currency for the currency of another nation then he acquires foreign exchange. Of course we often think of foreign exchange in terms of tourism and most of us will have traveled abroad either on holiday or for business and exchanged currency on arrival at our destination to pay hotel and restaurant bills and for taxis, sightseeing and shopping. However, foreign exchange is not simply limited to the relatively small sums of money handled by tourists, but applies equally to larger transactions such as the exchange of hundreds of millions of US dollars when a US company buys another company which is based overseas.

Broadly speaking, in the US any money which is denominated in the currency of another nation would be termed as foreign exchange and it is important to remember that we are not necessarily talking here about cash. Foreign exchange can also consist of money which is available through a line of credit (such as a credit card) or that is held in the form of traveler's checks. In other words, we still talk about foreign exchange for any negotiable instrument which is denominated in a currency other than the US dollar.

When we talk however about the foreign exchange market we are not really concerned with the exchange of small sums of currency by tourists, but are looking at foreign currency which is exchanged between an international network of foreign exchange dealers and is normally exchanged in what most of us would see as being very large sums of money. For example, one of main players in foreign currency trading is the major banks and here a US bank might need Japanese yen and thus deposit several million US dollars with a Japanese bank in exchange for Japanese yen.

Today an increasing number of small investors are able to participate in the foreign exchange markets and benefit from the profits to be made as the prices of national currencies rise and fall against one another. In general however the private forex trader does not himself trade in large sums of money but is able to trade by working through brokers who are themselves major players in the market.

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The only downside of Intraday Trading was that I had to constantly monitor the market situation while making a huge number of trades. And after 12 Hours of non-stop concentration and a distinct lack of food and water I was beginning to grow tired. But how could I stop? My profits were through the roof -- the only time I’d ever seen anyone make this much money in one day was on some silly game show or winning the lottery!

Yes, I was tired but I knew if I could make just one more successful investment I’d have made over $50,000 in under 24-Hours, a serious chunk of change I think you’ll agree.. I invested the entire amount in a single trade. The indicators were good. It was just a matter of waiting and riding the trend to completion…But my eyes became heavy… I rested my head on the desk…

I awoke to see a red line plummeting down the graph on my screen. The trade has bottomed-out. Although it had peaked as suspected, I was not awake to exit at a profitable time. I had lost everything and all because I was human!"

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Welcome!

Hello and welcome to my Forex blog. This is a resource for all kinds of Forex Tools, Forex Training, Forex Software and general Forex information. I think you will find the Daily update area, the currency charting and the currency converter very helpful. I have also included many links of programs and systems that are offered by 3rd party vendors with the intention of making your Forex experience more fruitful. I highly recommend that you consider getting some help before you jump into the Forex market as there is a high risk involved particularly if you do not know what you are doing. However, with the right guidance, training and system in place, Forex can be one of the most profitable investments in the world. Its one heck of allot of fun too!