Posts Tagged ‘work from home’
London Forex Rush Strategy
Forex trading is an altogether a totally different beast as compared to stock trading. One of the major differences between the forex and stock markets is that forex markets are open 24 hour, 5 days a week while stock markets have fixed timings. For example New York Stock Exchange (NYSE) is open from 9:00 AM to 4:00 Pm. You can only trade stocks at NYSE during this time.
Continuous 24 hour action at the forex markets baffles many new traders. Forex markets have no central exchange. It is an Over the Counter (OTC) market that is spread over various locations in the world.
As there is no open and close of the forex market, many new traders get confused and dont know when the best time when major price action takes place is? So they sit in front of the computer all the time and in the end simply exhaust themselves losing their stamina. A clever way is to divide the 24 hour day into three 8 hour sessions.
Again divide each 8 hour session in 4 hours by using 4 hour charts. As you will read this article, I will explain how this division is logical and can help you understand the forex markets. Forex markets are basically controlled by three money centers and these three sessions will help you identify the risk appetite and the price action for each.
These three money center that are central to the forex markets are: Asia, London and New York. So by dividing the 24 hours into three sessions we will call each session as the Asian, the London and the New York Session.
Asian FX Market Session: Sydney, Tokyo, Hong Kong and Singapore are the main centers that constitute the Asian Session. Export corporations and Central Banks of these countries are trying to hedge their currency fluctuations. Due to this price action is jumpy, fades away and is not sustainable.
London FX Market Session: London FX Market is by far the most well developed and highly liquid market in the world. Due to the depth of the London market, the price action that takes place during this time forms the major moves that are going to continue for the rest of the day. These price moves tell you about market sentiments and the trend.
New York Market Session: New York is second to London. Both New York and London overlap in the morning when New York is opening and London is closing. This is the best time of the day for savvy traders to trade as there is a lot of price action during this time.
These timings are important for you to know: 00:00 GMT-Sydney starts trading. 11:00 GMT-London trading starts. 15:00 GMT- London trading becomes very active. 17:00 GMT- London trading is active and New York trading opens. 18:00 GMT- London and European trading closes! 19:00 GMT- New York and Chicago traders getting ready for a close!
This overlap between London and New York is the time when major price action takes place. There is lot of volatility in the market and you can make many pips. London is the trend setter in both forex and fashion.
Plan Your Way to Success
The news is everywhere. All the media outlets are shouting the news. The economy is in recession and no job is completely safe. As companies cut back on expenses in order to try and survive, they are laying off employees faster than has been seen in decades. Sleepless nights filled with worry about your own financial future has driven you to decide to start a home-based business.
You can’t just start a business without learning and planning. No business endeavor is too small to need a business plan. Unless you want your business to fail (and who would want that?), you need to learn and plan.
Why? What will developing a business plan do for you? Firstly, a good business plan will help you stay focused on what you’re trying to accomplish. Without a plan, you’ll end up hopping from one idea to another, hoping that the latest choice will be the one that will bring you instant wealth and prosperity. What you’ll end up with will be several incomplete failed attempts that aren’t making you any money.
Another reason for creating a good business plan is to help you know whether what you’re trying is working or not. When you build your business plan, you will have set mileposts — interim goals — to attain on your way to success. It will help you learn what areas of the business are working and growing, and what ones are not. Without a good business plan, you won’t know if you’re well underway to achieving the success that you want.
Another reason you need a business plan is to help you cope with obstacles and difficulties. With a good business plan, one that has been carefully thought out, when a hitch comes up, you’ll be able to come up with work-arounds — other ideas — to help you get back on track for growing your business. Without a business plan, you’ll have no clue what to do next. Any small obstacle that comes your way may end up looking like a huge mountain blocking you. You may end up giving up, when all you needed to do is find a way around the problem.
Fourthly, you need a business plan in order to expand outside the original scope of your business once you have reached success. No business can continue to be successful without changing with the times, and with expanding the target markets. Creating a business plan will enable you to see past the original success you hope to achieve to an even bigger and brighter future.
In order to plan, you need to learn. Once you learn about the field of endeavor you want to get into, spend the time necessary to plan out your business. What are the intermediate steps and goals. What are the potential obstacles and how can you work your way around them. What do you intend to do once you’ve achieved success. By learning all you can and carefully planning your business, you greatly improve the odds of being successful.
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