Your Questions About Forex News

Maria asks…

What is a forex expert advisor?

I have seen many ads on the internet that say something like this:

We are offering you, 2 of our best sellers Expert Advisors, select 2 from the next list:




I want to kow what this is talking about, and what a forex expert advisor is?


kenspong answers:

First of all Bob needs to get his facts straight. Forex is NOT a futures market. Because it’s highly leveraged like futures doesn’t mean it’s futures. Forex is the currency markets, where you trade a currency pair like the EUR/USD or USD/JPY.

Is it risky? Yes. But so is driving. How many people get killed on American Highways everyday? Does that mean you should not drive? If you drive safely, defensively, and watch your speed, etc., then you greatly increase the chances of getting to your destination safely. Same thing with trading.

It kills me when these people make general comments like that. Everything has an element of risk to it, but it doesn’t mean you shouldn’t do it.

And FX used to be for the big boys only. Prior to the early 90’s if you wanted to trade FX, you needed a net worth of at least $10 million and an account minimum of $1 million. But, today you can open an account with as little as $100. Other things like stocks, options, futures, etc. You need to have at least $5,000 to open an account.

Now to answer your question an Expert Advisor is basically an automated trading robot. It’s just a system that’s automated and will trade your account for you.

Hope this helps.

Linda asks…

Forex info & forecast! help!?

I started trading forecast about 2-3 weeks ago.

I have been doing good so far, I picked up on it naturally & have made about +300 pips.

I have been scalping/day trading for the most part, staring at the screen & making those decisions.

My question{s} is this:

I want to learn how to use all the tools/graphs, any recommended courses/sites/etc?

& I have picked up on playing off of forecast, what are some recommended forecast sites/people?

& What are the best sites/news for latest updates & forex news, etc.?


kenspong answers:

Use Technical Analysis in your forex trading decision.

With candlestick charting techniques, early signal of trend reversal is clearly revealed which you will not find it in traditional bar charting techniques.

70 Japanese candlestick charting patterns are featured in this website that provides a better understanding of each individual candlestick patterns with detailed explanation.

Betty asks…

Anyone have any tips or tricks for playing well on the Forex?

It’s actually hilarious, that I analyse the charts, read the commentary and follow the news, yet EVERY time I open a position, the currencies go the other way. Any tips?

kenspong answers:

Learn stochastic calculus and maths modelization first. It’s your only way to making consistent profit on the FX. Charts are a great way to “learn” except they have no PREDICTIVE value whatsoever… Sounds familiar? 😉

Laura asks…

Hi! The question drilling my mind is – How to make big money on Internet, Forex or Stock market?

I am computer technician. My ads in different news-papers. I repairing comps, cleaning from pop-ups, viruses, re-intalling and stuff like that. I own my very little business and thinking about How to expand that opportunity and looking for extra income stream.

kenspong answers:


Actually froex and stock markets are not so dangerous as many people talk. Just few simle rules:
1. Market always is right
2. Follow the market.
3. Don’t be greedy.
4. Always use stop loss accordingly to money management rules.

Those books will help you to find way how to trade:
Market Wizards by Jack D. Schwager;
Technical Analysis by Jack D. Schwager;

Comprehensive Course on The Wave Principle by A.J. Frost and Robert Prechter;

Candlestick Charting Explained- Timeless Techniques for Trading Stocks and Futures by Gregory L. Morris;

Trading Chaos – Applying Expert Techniques to Maximize Your Profit by Bill M. Williams;
New Trading Dimensions by Bill M. Williams
Trading Chaos II by Bill Williams – Maximize Profits with Proven Technical Techniques by Justin Gregory-Williams and Bill M. Williams

If you are interesting I could introduce you to one brokerage company in Austria that allows to trade from same account currency (forex), commodities, metals and cfd on shares. Total 500 instruments available; spread from 1 pip. If you open trading account under my referral I provide you for free with trading techniques that I successfully use for several years.

Currency (forex) trading is attractive because it is very high income and you could trade from any place in the world and at any time from Sunday night to Friday night.

If you are interesting and/or have any question please do not hesitate and pm or e-mail me (press on my name).

Good luck!

Sandy asks…

Is the best way to trade currencies by following the news of a countries economic data?

I’m trying to learn all I can about forex trading and need to ask if this question is one of the keys to success in the FX trading markets?

kenspong answers:

First, learn how to be a trader, then you can trade anything and might still want to tackle the forex.

I’m a Petroleum Engineer, and know all about oil and how it’s produced and refined, and I know when all of the gov’t reports are going to come out and what the effect of supply and demand are, but 4 years of learning about oil or gas or gold or a currency or country isn’t going to help you in trading it.

Develop a trading plan, then test your plan on a forex simulator before you try to trade with real money.

Forex simulator:

Download the NinjaTrader platform for free

Home page

Once you see how the currencies gyrate after a surprise in a GDP report or surprise hike in interest rates, you’ll see that you could end up owing them your house if you’re in at the wrong time. Generally, we try to trade 5-15 min after the release of the reports, if then.

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