This has been a slow trading week for me, seeing as how an internet connection is a huge necessity to forex trading. Our internet service provider went AWOL for a few days, leaving me with lots of opportunities to profit from a depreciating U.S. dollar, but alas, no way to actually do it. Oh well, that's life here in Africa.
John Correnti is a full-time trader and part-owner of Currensys (www.currensys.com). Currensys provides traders with an objective trading system and a daily live trading room. DailyForex.com recently caught up with John and we discussed his journey into trading, Currensys and how he views the markets.
I'd had enough. I'd "?played" for a few days, doing lots and lots of simple trades in the demo mode. This is kids stuff, I think. I can solidify my Forex trading strategy as I go along; I'll just keep using my "?toe in the water" approach and it will be fine. Gulp.
One of the unique parts of the Forex trading world is the fact that it's most common trading platform was built with the EA, or expert advisor in mind. With a basic programming language built in, it is possible to build auto trading programs which allow the trader to go on about their lives while the platform executes trades for them.
So, here I am, a newly registered Forex trader, and I'm anxious to make my first million (in any currency, I'm not picky). First things first, I need the trading platform. This particular broker has two trading platforms, one is Java based, and the other is downloadable. Now, I'm all for Java, but only in a cup with lots of cream and sugar - so I opted for the downloadable version. A few minutes later, it's installed and I'm now the proud owner of a Forex trading platform!
All Forex traders have a favorite Forex tool or from trader to trader, the basic premise is that you will find that one thing that helps your trading through and through as it has consistently proven itself. If you don't have one, don't worry – you'll find one sooner or later.
I come from a long line of gamblers; twice a week bingo, Friday night poker games, Saturday afternoon visits to the race track; at work there were office pools for the Super Bowl, the World Series, the World Cup, this playoff, that subway series – there was always something to bet on. When casinos started enticing adventurers with free bus rides and all you can eat buffets, you can bet I cracked open my piggy back and took a chance. Yes, I had the gambling gene. And even though I lost far more than I ever won, I enjoyed the noise, the sounds, the smell, the camaraderie, the commiseration and the excitement. If I won, it was just icing on the cake.
The Forex market can be appealing for several reasons to the average trader. For some, it is the leverage that can be applied to your positions. For others, it is the fact that you only have to pay attention to a handful of currencies in order to be involved. This certainly is an advantage of trading currencies as there are literally thousands of stocks available in New York alone. But for some traders, it is the "?exotic" nature of trading currency pairs that is truly attractive.