MegaFX Signals

Planning is an essential part of achieving any success. In the case of Forex trading, you need more strategic plans to ensure profitable gain. A Forex trading plan should include backtesting of strategies that go well with changing market conditions. This must define your trading style and goals. You must know the right timing when to exit a trade and when to enter the position. If you lack preparation in defining the right trading methods, your success will delay. Thus you need to document your whole trading process to evaluate what works for you and what doesn't. In this article, we have discussed 7 steps to help you build a successful Forex trading plan.

Some essential components for building a Powerful Forex trading plan:

- Skill Development - Set Goals - Do the trading research - Manage risks - Set your exit & entry rules - Keep trading records - Analyze Performance Skill Development

‘Practice makes it perfect’ is the phrase that applies in any skill-building technique. The more you practice different trading styles and predicting the market conditions, the better you grow to become skillful at the trading craft. Set Goals

Before entering a trade, go for a thorough analysis to set realistic profit targets and risk-to-reward ratios. Go for a trade that is likely to have a potential profit three times greater than the risk. Do the trading research Market fluctuations are never in control and your position can only survive if you can better handle its volatility. Always keep an eye on some important factors like world economy news, political instability, change in market prices, unemployment rate, financial markets, GDP, etc. These factors directly or indirectly affect your trading outcomes. You need to learn to use these details in building your trading strategies. Your forex trading plan may give you the ultimate success you desire but that will depend on how good you are at your research. Manage risk

Identify the risk factors depending on your trading style and tolerance for risk. Monitor the market movements to determine when to invest in a trade. Once you learn the different risk factors that may harm your market position then it will be easy to create your risk management strategies. Set your exit & entry rules Most traders don't know when and where to exit while they only focus more on buying signals. Before you enter a trade, you should know your exits. Determine your stop loss if the trade goes against you. Set your profit target. A basic forex trading plan must include stop loss & take profits. Keep trading records Keeping records is an excellent way to reflect on your trading philosophy. When you keep track of your wins & losses then you can easily plan the next step by calculating out the risks that might be there. Mark your drawdowns and profit targets in your trading journal. If you want your business to be as successful and profitable then learn from your past trading mistakes from your records. Finally analyze performance

April 26

Ifo Business Climate (APR) (Germany) Pair Projection What is this news about? EURUSD, EURJPY, EURGBP, EURCAD, EURAUD, EURNZD, EURCHF Volatility in EURXXX pairs are highly expected. Look for opportunities to enter. In Germany, the IFO Business Climate Index measures entrepreneurs’ sentiment about current business situation and their expectations for the next 6 months. The survey is made by phone and covers 9,000 firms in manufacturing, the service sector, trade and construction. The Business Climate Balance is constructed as the difference between the percentage share of executives that are optimistic and the share that are pessimistic. This balance can take values between -100 (all responding firms assess their situation as poor and expect business to deteriorate) and +100 (all responding firms assessed their situation as good and expect an improvement in their business). For the calculation of the IFO Business Climate Index, the Balance is normalized to the average of a base year (currently 2015). Coincident Index Final (FEB) (Japan) Pair Projection What is this news about? USDJPY, EURJPY, CADJPY, AUDJPY, GBPJPY, CHFJPY, NZDJPY Depending on the outcome of this news, volatility in JPY pairs is highly expected. Traders are to be cautious and look for opportunities. Coincident Index correlates with the business cycle, and is used to identify the current state of the economy. In general, increasing coincident index shows that the economy is in an expansion phase, and decreasing coincident index reflects that the economy is in a contraction phase. The index is calculated using month-over-month percentage changes in 11 leading indicators, 11 coincident indicators, and 6 lagging indicators. Durable Goods Orders MoM (MAR) (USA) Pair Projection What is this news about? USD/CAD, EUR/USD, USD/CHF, GBP/USD, NZD/USD, AUD/USD, USD/JPY The forecast says that the USD might get bearish. But, wait for the market confirmation and look for most rewarding setups. Durable Goods Orders refer to new orders placed with manufacturers for delivery of hard goods which meant to last at least three years.

April 27

BoJ Interest Rate Decision (Japan) Pair Projection What is this news about? USDJPY, EURJPY, CADJPY, AUDJPY, GBPJPY, CHFJPY, NZDJPY The prices of JPYXXX can go up or down depending on the decision by BOJ. Market may be volatile, look for opportunities. In Japan, interest rates are set by the Bank of Japan's Policy Board in its Monetary Policy Meetings. The BoJ's official interest rate is the discount rate. Monetary Policy Meetings produce a guideline for money market operations in inter-meeting periods and this guideline is written in terms of a target for the uncollateralized overnight call rate. Consumer Confidence (APR) (Italy) Pair Projection What is this news about? EURUSD, EURJPY, EURGBP, EURCAD, EURAUD, EURNZD, EURCHF EURXXX has the potential to be bullish. Market may be volatile arouns this time. Look for opportunities. In Italy, the Confidence Climate Index covers 2,000 Italian consumers. The survey is done by phone and assesses households’ economic conditions, employment and saving prospects and expected purchases of durable goods. The consumer confidence index is adjusted for seasonal effects and fixed to a base year of 2005. The value 100 indicates no evolution in consumer sentiment, a value over 100 shows increasing confidence and a value under 100 indicates low expectations. CB Consumer Confidence (APR) (USA) Pair Projection USD/CAD, EUR/USD, USD/CHF, GBP/USD, NZD/USD, AUD/USD, USD/JPY Volatility in USD pairs are highly expected. Look for opportunities as market

April 28

CPI q/q (Australia) Pair Projection What is this news about? AUDCAD, AUDUSD, EURAUD, GBPAUD, AUDNZD, AUDJPY, AUDCHF Although this data is extremely late relative to inflation data from other countries, it's the primary gauge of consumer prices and tends to create hefty market impacts; Volatility in AUDXXX is expected Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate; FOMC Statement (USA) Pair Projection What is this news about? USD/CAD, EUR/USD, USD/CHF, GBP/USD, NZD/USD, AUD/USD, USD/JPY The FOMC usually changes the statement slightly at each release. It's these changes that traders focus on; USDXXX migth get volatile. It's the primary tool the FOMC uses to communicate with investors about monetary policy. It contains the outcome of their vote on interest rates and other policy measures, along with commentary about the economic conditions that influenced their votes. Most importantly, it discusses the economic outlook and offers clues on the outcome of future votes; Core Retail Sales m/m (Canada) Pair Projection What is this news about? USDCAD, EURCAD, CADJPY, NZDCAD, CADCHF, AUDCAD, GBPCAD Released monthly, about 50 days after the month ends; Change in the total value of sales at the retail level, excluding automobiles; CAD pairs are anticipated to be bullish. Automobile sales account for about 20% of Retail Sales, but they tend to be very volatile and distort the underlying trend. The Core data is therefore thought to be a better gauge of spending trends;

April 29

Advance GDP q/q (USA) Pair Projection What is this news about? USD/CAD, EUR/USD, USD/CHF,GBP/USD, NZD/USD, AUD/USD, USD/JPY ECB usually changes the statement slightly at each release. It's these changes that traders focus on. Volatility is expected from EURXXX pairs. Annualized change in the inflation-adjusted value of all goods and services produced by the economy; Usual Effect 'Actual' greater than 'Forecast' is good for currency; Frequency Released quarterly, about 30 days after the quarter ends; Unemployment Change (APR) (Germany) Pair Projection What is this news about? EURUSD, EURJPY, EURGBP, EURCAD, EURAUD, EURNZD, EURCHF EUR might get weak against other currencies. Look for opportunities cause the prices can get volatile. In German, unemployment change measures the absolut change in the number of unemployed people in the reporting month. Consumer Confidence Final (APR) (Euro Zone) Pair Projection What is this news about? EURUSD, EURJPY, EURGBP, EURCAD, EURAUD, EURNZD, EURCHF This news also indicates EUR getting weaker against other currencies. In Euro Area, the Consumer Economic Sentiment Indicator measures the level of optimism that consumers have about the economy. The survey is made by phone and covers 23 000 households in the Euro Area. The number of households sample varies across the zone. The questions focus on current economic and financial situation, savings intention as well as on expected developments regarding: consumer price indexes, general economic situation and major purchases of durable goods. The Consumer ESI measures consumer confidence on a scale of -100 to 100, where -100 indicate extreme lack of confidence, 0 neutrality and 100 extreme confidence.

April 30

April 19

Balance of Trade (MAR) (Japan) Pair Projection What is this news about? USDJPY, EURJPY, CADJPY, AUDJPY, GBPJPY, CHFJPY, NZDJPY Great volatility expected from JPYXXX currencies starting from this time around. Look for opportunities. Between 1980 and 2010 Japan had been recording trade surpluses every year due to rising exports. However, the trade balance swung to deficit in 2011, as the Fukushima nuclear disaster forced the country to increase its purchases of fossil fuels and gas in the wake of weaker yen. The surplus was back in 2016 and 2017, but in 2018 and 2019 Japan's trade balance shifted back into deficit amid persistent trade tensions between the US and China, and sluggish global growth. In 2019, Japan reported the biggest trade surpluses with the US, Hong Kong, South Korea, Taiwan, Singapore and the Netherlands. The biggest trade deficits were recorded with China, Australia, Saudi Arabia, the UAE and Qatar. Services NZ PSI (MAR) (Newzealand) Pair Projection What is this news about? All NZDXXX & XXXNZD PAIRS. Depending on the outcome the prices of NZDXXX can move either way. Look for opportunities to enter the market. The Business NZ Performance of Services Index (PSI) is a composite index based on the diffusion indexes for sales, new orders, delivered, inventories and employment. A reading above 50 indicates an expansion of the Services sector compared to the previous month; below 50 represents a contraction; while 50 indicates no change. Housing Starts (MAR) (Canada) Pair Projection What is this news about? USDCAD, EURCAD, CADJPY, NZDCAD, CADCHF, AUDCAD, GBPCAD This news might not impact the CADXXX currencies that much, but the possibility still remains. In Canada, a housing start is defined as the beginning of construction work on the building where the dwelling unit will be located. This can be described in 2 ways: usually, the stage when the concrete has been poured for the whole of the footing around the structure; or an equivalent stage where a basement will not be part of the structure.

April 20

CPI q/q (New Zealand) Pair Projection What is this news about? All NZDXXX & XXXNZD PAIRS. This is extremely late relative to inflation data from other countries, but it's the primary gauge of consumer prices and tends to create hefty market impacts; Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate; Average Earnings Index 3m/y (UK) Pair Projection What is this news about? GBPUSD, GBPJPY, GBPCAD, GBPAUD, GBPNZD, GBPCHF, EURGBP, Change in the price businesses and the government pay for labor, including bonuses of UK. GBPXXX pairs are expected to be bearish. It's a leading indicator of consumer inflation - when businesses pay more for labor the higher costs are usually passed on to the consumer; Tertiary Industry Activity m/m (Japan) Pair Projection What is this news about? USDJPY, EURJPY, CADJPY, AUDJPY, GBPJPY, CHFJPY, NZDJPY Change in the total value of services purchased by businesses; JPYXX pairs are also expected to go bearish. It's a leading indicator of economic health - businesses are quickly affected by market conditions, and changes in their spending can be an early signal of future economic activity such as hiring, earnings, and investment;

April 21

CPI y/y (UK) Pair Projection What is this news about? GBPUSD, GBPJPY, GBPCAD, GBPAUD, GBPNZD, GBPCHF, EURGBP, This is considered the UK's most important inflation data because it's used as the central bank's inflation target; GBPXXX pairs are expected to be bullish. Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate; Retail Sales m/m (Australia) Pair Projection What is this news about? AUDCAD, AUDUSD, EURAUD, GBPAUD, AUDNZD, AUDJPY, AUDCHF Change in the total value of sales at the retail level; AUD pairs are expected to be bullish. It's the primary gauge of consumer spending, which accounts for the majority of overall economic activity; BOC Monetary Policy Report (Canada) Pair Projection What is this news about? USDCAD, EURCAD, CADJPY, NZDCAD, CADCHF, AUDCAD, GBPCAD The BOC Governor usually holds a press conference to discuss the contents of this report about 75 minutes after release; HIGH volatility in CAD pairs is expected. It provides valuable insight into the bank's view of economic conditions and inflation - the key factors that will shape the future of monetary policy and influence their interest rate decisions;

April 22

Monetary Policy Statement (Euro Zone) Pair Projection What is this news about? EURUSD, EURJPY, EURGBP, EURCAD, EURAUD, EURNZD, EURCHF ECB usually changes the statement slightly at each release. It's these changes that traders focus on. Volatility is expected from EURXXX pairs. It's the primary tool the ECB uses to communicate with investors about monetary policy. It contains the outcome of their decision on interest rates and commentary about the economic conditions that influenced their decision. Most importantly, it discusses the economic outlook and offers clues on the outcome of future decisions; ECB Press Conference (Euro Zone) Pair Projection What is this news about? EURUSD, EURJPY, EURGBP, EURCAD, EURAUD, EURNZD, EURCHF The press conference is about an hour long and has 2 parts - first a prepared statement is read, then the conference is open to press questions.. Heavy volatility expected from EURXXX pairs. t's the primary method the ECB uses to communicate with investors regarding monetary policy. It covers in detail the factors that affected the most recent interest rate and other policy decisions, such as the overall economic outlook and inflation. Most importantly, it provides clues regarding future monetary policy; Unemployment Claims (USA) Pair Projection What is this news about? USD/CAD, EUR/USD, USD/CHF, GBP/USD, NZD/USD, AUD/USD, USD/JPY This is the nation's earliest economic data. USDXXX pairs are expected to be bearish. Although it's generally viewed as a lagging indicator, the number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labor-market conditions. Unemployment is also a major consideration for those steering the country's monetary policy;

April 23

One basic form of analysis that is commonly used in the forex market is called Forex fundamental analysis. This method is applied to determine any changes in currency prices using economic, social, and political factors. Fundamental analysis observes the overall condition of a country that is vital to make a suitable strategy before placing a trade. Indicators such as PMI, PPI, ECI & real estate stats etc. all provide valuable information for traders. Here, take a look at the major factors in the fundamental analysis that are taken into account to identify any market predictions & trading risks. Economic Indicators

Government or private organizations release reports that show a country's overall economic condition. These reports are the economic indicators that reveal any changes in a nation's economy. The reports show any improvement or downfall of a nation’s economy. Each indicator serves a unique purpose. From the economic indicators, we may see how securities & forex markets are being affected. These economic reports also include unemployment rates, financial market news, political updates, bank information etc., required to predict a favorable situation for trading. Gross Domestic Product (GDP)

GDP represents the total amount of all the goods and services produced by a country annually. The GDP figure is another indicator that shows the overall market condition of the nation. Most traders ask for the advance report and the preliminary report before focusing on the GDP figures and then do a final analysis. In this way, they can strategize their trading plans to gain significant profit as an outcome. Industrial Production

This report is used to identify any changes that take place within a country on its production of factories, mines, & utilities. The market fluctuations noticed on these elements can directly impact a nation’s exchange currency rates and that as a result, will affect your trading. Traders use this indicator to understand in which direction the market will shift. The result observed will indicate how you need to strategize your next step in trading. Consumer Price Index (CPI)

The word ‘pip’ is such a tiny word but carries so much weight when it comes to measuring your overall profit or losses in trading. Pip in forex trading is the most essential thing just as saving your investment from loss is very crucial. Without pips, it is hard to find how exchange rates are changing that can affect your trade. And also, it will alert you to manage your risk factors better. However, many such traders are still in confusion as to how pip works in forex trading. In this article, we discussed what pip means and how you can find your pip value to determine your market position. Know your pip in forex trading

April 12

Bank Lending YoY (MAR) (Japan) Pair Projection What is this news about? USDJPY, EURJPY, CADJPY, AUDJPY, GBPJPY, CHFJPY, NZDJPY Depending on the outcome of the news JPYXXX pairs might move accordingly. In Japan, bank lending refers to the year-on-year change of all outstanding loans and discounts with banks and shinkin banks. Lending increases with increased business confidence and investment and it is an important indicator for the Japanese economy because of the weakness that has plagued the Japanese banking sector. Retail Sales YoY (FEB) (Euro Zone) Pair Projection What is this news about? EURUSD, EURJPY, EURGBP, EURCAD, EURAUD, EURNZD, EURCHF The overall EURXXX pairs might go down on a bearish trendline id the forecasted outcome turns out correct. But, if there is inconsistency between the forecast and actual outcome in that case the pairs can gegt volatile. In the Euro Area, retail sales show the evolution of the total amount of goods sold. Among them, food drinks and tobacco account for the highest share (39.3 percent); followed by electrical goods and furniture (12.0 percent share); computer equipment books and other (11.4 percent share); pharmaceutical and medical goods (9.9 percent share); textiles, clothing, footwear (9.2 percent share); auto fuel (9.1 percent share); other non-food products (6.0 percent share) and mail orders and internet (2.9 percent share). Among countries, Germany has the highest weight (25.9 percent), followed by France (21.7 percent), Italy (16.1 percent) and Spain (11.4 percent). Others are Netherlands (5.2 percent); Belgium (4.3 percent); Greece (3.0 percent); Austria (2.8 percent); Portugal (2.4 percent); Finland (1.8 percent); Ireland (1.7 percent); Luxembourg and Slovakia (0.8 percent each); Slovenia (0.6 percent); Lithuania (0.4 percent); Latvia and Cyprus (0.3 percent); Estonia (0.2 percent) and Malta (0.1 percent). Business Outlook Survey Indicator (Q1) (Canada) Pair Projection What is this news about? USD/CAD, EUR/USD, USD/CHF, GBP/USD, NZD/USD, AUD/USD, USD/JPY We saw a huge uplift in this index in last quarter, it move from -68 to almost +3, we hope that the index will recover and CADXXX to move accordingly. The Business Outlook Survey summarizes interviews conducted by the Bank’s regional offices with the senior management of about 100 firms selected in accordance with the composition of the gross domestic product of Canada’s business sector. The balance of opinion can vary between +100 and -100.

April 13

NAB Business Confidence (Australia) Pair Projection What is this news about? AUDCAD, AUDUSD, EURAUD, GBPAUD, AUDNZD, AUDJPY, AUDCHF AUDXXX pairs have chances to be volatile. Look for opportunities. It's a leading indicator of economic health - businesses react quickly to market conditions, and changes in their sentiment can be an early signal of future economic activity such as spending, hiring, and investment; CPI m/m (USD) Pair Projection What is this news about? USD/CAD, EUR/USD, USD/CHF, GBP/USD, NZD/USD, AUD/USD, USD/JPY USD pairs are anticipated to be volatile and break structure from the mentioned time or prior. Look for opportunities. Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate; GDP 3-Month Avg (FEB) (UK) Pair Projection What is this news about? GBPUSD, GBPJPY, GBPCAD, GBPAUD, GBPNZD, GBPCHF, EURGBP, GBP has slighter chances to be bearish or depending on the outcome of the news it can go either way.` GDP measures the value of goods and services produced in the UK. The reading refers to a three-month growth rate, which is a better indicator of the underlying growth in GDP as the monthly figure is likely to be more volatile. In this sense, the monthly release can be thought of as a monthly update on three months’ worth of data on the economy, rather than a figure representing the economy in just one month. Rolling three-month data is calculated by comparing growth in a three-month period with growth in the previous three-month period, for example growth in March to May compared with the previous December to February.

April 14

Westpac Consumer Confidence Index (APR) (Australia) Pair Projection What is this news about? AUDCAD, AUDUSD, EURAUD, GBPAUD, AUDNZD, AUDJPY, AUDCHF Consume index causes a lot of impact on the economy. Depending on the outcome, prices can go up or down. The Consumer Sentiment Index is based on a survey of over 1,200 Australian households. The Index is an average of five component indexes which reflect consumers' evaluations of their household financial situation over the past year and the coming year, anticipated economic conditions over the coming year and the next five years, and buying conditions for major household items. The index scores above 100 indicate that optimists outweigh pessimists. Interest Rate Decision (Newzealand) Pair Projection What is this news about? All NZDXXX & XXXNZD PAIRS. The forcasted number is the same as the last session's. Better look for opportunities as prices of NZD pairs may get very volatile In New Zealand, interest rates decisions are taken by the Reserve Bank of New Zealand. The official interest rate is the Official Cash Rate (OCR). The OCR was introduced in March 1999 and is reviewed eight times a year by the Bank. The OCR influences the price of borrowing money in New Zealand and provides the Reserve Bank with a means of influencing the level of economic activity and inflation. MBA Mortgage Applications (09/APR) (USA) Pair Projection What is this news about? USD/CAD, EUR/USD, USD/CHF, GBP/USD, NZD/USD, AUD/USD, USD/JPY USDXXX pairs can go on a bearish trendline or the other way around as there are multiple newses possibly impacting US economy. In the US, the MBA Weekly Mortgage Application Survey is a comprehensive overview of the nationwide mortgage market and covers all types of mortgage originators, including commercial banks, thrift institutions and mortgage banking companies. The entire market is represented by the Market Index which covers all mortgage applications during the week, whether for a purchase or to refinance.

April 16

MetaTrader 4 (MT4) is one of the best online trading platforms we have today. It is well appreciated by thousands of traders globally. It carries an excellent reputation in the forex market due to its versatile features. MT4 is accessible on Mac, Windows, other mobile apps & also on a web browser. Most brokers would recommend using it as it is a good quality platform. MetaTrader has other versions available as well and those are equally helpful in effective trading. Hence, it is considered as the first preference to many traders and brokers even in 2021. Since 2002, it has been doing great on the forex market, serving traders with quality trading. In this article, we’ll get to know what the MetaTrader 4 system has for the traders and how we can trade using it. This also includes demo accounts, tutorials, automated trading solutions, support & others. Brokers suggesting MetaTrader 4 The brokers of established forex markets mostly from the UK, USA & Europe all offer MetaTrader 4. Their names include: - Admiral Markets - Trading 212 - IC Markets - ZuluTrade - AvaTrade - 24option - Oanda - FXCM - FxPro - XTB - XM - IG MetaTrader 4 Account Access MetaTrader 4 can be easily downloaded from the MetaQuotes website, completely free. You can also get it on an online broker after registering with their service for a real or demo account.

You can personalize your MetaTrader 4 new account and start exploring what it holds for trading. Information like trading costs, commissions and spreads are all there for you to start trading. Its new version MetaTrader 5 has more upgrading features. However, both 4 & 5 editions are really good at managing multiple trading accounts using MultiTerminal. Basics steps to trade Know the components and start trading on the MT4 platform. The elements are explained to make it easy for you.  Symbol – Here you can find the materials for trading such as forex, gold, or stock indices Volume – Choose lots or CFDs according to your trade size (1 lot is equal to 100,000) Type – Select ‘instant execution’ to place a trade for buying or selling currency pairs.  Stop-loss – This tool is great for risk management. It will warn you of any loss that may occur and show you the gained pips. Take-profit – This tool is in auto mode that will automatically stop after you profited a certain level. Comment – Leaving a comment based on your experience is helpful for your trading journal too. Slippage – You can limit slippage to avoid any risk Trade positions  Select ‘view’ to enter the MetaTrader 4 terminal and then click ‘trade’. The right side of the profit column will guide you to enter or exit a position. In this way, you can modify stops and limits as well.  Trading indicators MetaTrader 4 already has 30 built-in technical indicators and you can also go for additional chart indicators that are easily available on MetaTrader’s Code Base and Market. The Elliott Wave indicator, Bollinger Bands, & pivot points are some indicators you may try as per your trading style. Third-party trading elements like Stealth Orders and Alarm Manager are popular too. Stealth Orders keep your trade anonymous to others while Alarm Manager efficiently handles all your trading alerts, trading time-frames and notifications through a window setup. Java API can be applied to build extensions onto the MetaTrader 4 platform. Automated Trading Solution (Expert Advisors) The best attraction on MetaTrader 4 platform is its automated trading component. Expert Advisor (EA) or technically you may say a robot software, gives excellent automated trading signals. It also does analysis of FX price quotes. You can download trading bots with instructions from Code Base, absolutely free. Or, you can simply rent it out or buy from the market, or freelance developers. Virtual hosting can run trading bots 24/7 through MetaTrader 4 VPS. Traders can also build software robots on the MetaTrader 4 platform if they want, using Raspberry Pi 3 and Python. Mobile App Applications

The MetaTrader 4 mobile app is also great for trading from your phone. This mobile app is also compatible with iPhones, iPads, and some Windows devices. The android users can download the MT4 APK file directly from the Google Play Store. Mobile traders will have access to 3 types of charts, few timeframes, 30 technical indicators, market prediction data,& a chat box to communicate with other traders. Demo Accounts

What is the NFP?

The non-farm payroll (NFP) figure is a prominent economic indicator for the United States economy. It represents the number of jobs added, excluding farm employees, government employees, private household employees, and employees of nonprofit organizations. How Does the NFP Affect Forex? NFP data is important because it is released monthly, making it a very good indicator of the current state of the economy. The data is released by the Bureau of Labor Statistics and the next release can be found on an economic calendar. Employment is a very important indicator to the Federal Reserve Bank. When unemployment is high, policymakers tend to have an expansionary monetary policy (stimulatory, with low-interest rates). The goal of an expansionary monetary policy is to increase economic output and increase employment. So, if the unemployment rate is higher than usual, the economy is thought to be running below its potential and policymakers will try to stimulate it. A stimulatory monetary policy entails lower interest rates and reduces demand for the Dollar (money flows out of a low-yielding currency). To learn exactly how this works, see our article on how interest rates affect forex. Which Currency Pairs Are Most Affected by NFP The NFP data is an indicator of American employment, so your currency pairs that include the US Dollar (EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/CHF, and others) are most affected by the data release. Other currency pairs also display an increase in volatility when the NFP releases and traders must be aware of this as well, because they may get stopped out. Analyzing the Non-Farm Report Numbers

Planning is an essential part of achieving any success. In the case of Forex trading, you need more strategic plans to ensure profitable gain. A Forex trading plan should include backtesting of strategies that go well with changing market conditions. This must define your trading style and goals. You must know the right timing when to exit a trade and when to enter the position. If you lack preparation in defining the right trading methods, your success will delay. Thus you need to document your whole trading process to evaluate what works for you and what doesn't. In this article, we have discussed 7 steps to help you build a successful Forex trading plan.

Some essential components for building a Powerful Forex trading plan:

- Skill Development - Set Goals - Do the trading research - Manage risks - Set your exit & entry rules - Keep trading records - Analyze Performance Skill Development

‘Practice makes it perfect’ is the phrase that applies in any skill-building technique. The more you practice different trading styles and predicting the market conditions, the better you grow to become skillful at the trading craft. Set Goals

Before entering a trade, go for a thorough analysis to set realistic profit targets and risk-to-reward ratios. Go for a trade that is likely to have a potential profit three times greater than the risk. Do the trading research Market fluctuations are never in control and your position can only survive if you can better handle its volatility. Always keep an eye on some important factors like world economy news, political instability, change in market prices, unemployment rate, financial markets, GDP, etc. These factors directly or indirectly affect your trading outcomes. You need to learn to use these details in building your trading strategies. Your forex trading plan may give you the ultimate success you desire but that will depend on how good you are at your research. Manage risk

Identify the risk factors depending on your trading style and tolerance for risk. Monitor the market movements to determine when to invest in a trade. Once you learn the different risk factors that may harm your market position then it will be easy to create your risk management strategies. Set your exit & entry rules Most traders don't know when and where to exit while they only focus more on buying signals. Before you enter a trade, you should know your exits. Determine your stop loss if the trade goes against you. Set your profit target. A basic forex trading plan must include stop loss & take profits. Keep trading records Keeping records is an excellent way to reflect on your trading philosophy. When you keep track of your wins & losses then you can easily plan the next step by calculating out the risks that might be there. Mark your drawdowns and profit targets in your trading journal. If you want your business to be as successful and profitable then learn from your past trading mistakes from your records. Finally analyze performance

April 06

RBA Interest Rate Decision (Australia) Pair Projection What is this news about? AUDCAD, AUDUSD, EURAUD, GBPAUD, AUDNZD, AUDJPY, AUDCHF Depending on the outcome of the news AUDXXX pairs can move bullish or bearish. In Australia, interest rates decisions are taken by the Reserve Bank of Australia's Board. The official interest rate is the cash rate. The cash rate is the rate charged on overnight loans between financial intermediaries, is determined in the money market as a result of the interaction of demand for and supply of overnight funds. Unemployment Rate (FEB) (Italy) Pair Projection What is this news about? EURUSD, EURJPY, EURGBP, EURCAD, EURAUD, EURNZD, EURCHF There is a higer chance that Italy's Unemployed Rate will increase but, depending on the outcome of the new EURXXX can go either way. In Italy, the unemployment rate measures the number of people actively looking for a job as a percentage of the labour force. Unemployment Rate (FEB) (Euro Zone) Pair Projection What is this news about? EURUSD, EURJPY, EURGBP, EURCAD, EURAUD, EURNZD, EURCHF As the COVID situation hasn't improved in the Euro area. EURXXX currencies are very likely to follow a bearish trendline. In Euro Area, the unemployment rate measures the number of people actively looking for a job as a percentage of the labour force.

April 07

Markit Services PMI Final (MAR) (AUS) Pair Projection What is this news about? AUDCAD, AUDUSD, EURAUD, GBPAUD, AUDNZD, AUDJPY, AUDCHF Little volatility is expected from AUDXXX and XXXAUD pairs. Look for opportunities. The IHS Markit Services PMI is based on data compiled from monthly replies to questionnaires sent to a representative panel of purchasing executives in over 400 private sector services firms in Australia. The panel is stratified by GDP and company workforce size. The services sector is divided into the following five broad categories: Transport & Storage, Consumer Services, Information & Communication, Finance & Insurance and Real Estate & Business Services. A reading above 50 indicates an expansion of the manufacturing sector compared to the previous month; below 50 represents a contraction; while 50 indicates no change. Markit Composite PMI Final (MAR) (EURO ZONE) Pair Projection What is this news about? EURUSD, EURJPY, EURGBP, EURCAD, EURAUD, EURNZD, EURCHF EURXXX pairs are anticipated to start moving in any possible direction and high volatility starting from the mentioned time as there are many Euro Courtiers Releasing MRKIT PMI. Markit/ADACI European Services PMI (Purchasing Managers' Index) is based on data collected from a representative panel of around 400 companies based in the European service sector. The index tracks variables such as sales, employment, inventories and prices. A reading above 50 indicates that the services sector is generally expanding; below 50 indicates that it is generally declining. Balance of Trade (FEB) (Canada) Pair Projection What is this news about? USDCAD, EURCAD, CADJPY, NZDCAD, CADCHF, AUDCAD, GBPCAD AAs this is a very high impact news and had affected CAD and USD along with other Exotic Currencies previously, we are anticipating the same move. Between 1970 and 2008 Canada had been recording trade surpluses every year. From 2009 the trade balance shifted to deficit, with an exception of 2011 and 2014. In 2018, the largest trade deficits were recorded with China, Germany and Mexico, while the biggest trade surpluses were recorded with the US, the UK and Norway.

April 08

ECB Monetary Policy Meeting Accounts (EUR ZONE) Pair Projection What is this news about? EURUSD, EURJPY, EURGBP, EURCAD, EURAUD, EURNZD, EURCHF Up-surge in EURXXX pairs is anticipated from our end. In the Euro Area, benchmark interest rate is set by the Governing Council of the European Central Bank. The primary objective of the ECB’s monetary policy is to maintain price stability which is to keep inflation below, but close to 2 percent over the medium term. In times of prolonged low inflation and low interest rates, ECB may also adopt non-standard monetary policy measures, such as asset purchase programmes. The official interest rate is the Main refinancing operations rate. . Fed Chair Powell Speaks (USA) Pair Projection What is this news about? USD/CAD, EUR/USD, USD/CHF, GBP/USD, NZD/USD, AUD/USD, USD/JPY Minor volatility can be expected from USDXXX pairs. Due to participate in a panel discussion about the global economy at a virtual International Monetary Fund Seminar. Audience questions expected; Foreign Bond Investment (Japan) Pair Projection What is this news about? USDJPY, EURJPY, CADJPY, AUDJPY, GBPJPY, CHFJPY, NZDJPY Prices of JPY can get volatile, we suggest to trade with caution. The net data shows the difference between acquisition and disposition of long-term debt securities: a plus sign indicates net purchases of foreign securities by Japanese investors; a minus sign indicates net selling and inflows of funds into Japan. It excludes Bank of Japan.

April 09

The forex market is huge, generating $5 trillion on average from large volumes of trading on a daily basis. Forex trading scams have also increased nowadays, which that became a potential threat for every trader. The importance of learning how to avoid forex trading scams is a must for every trader to keep your investment safe. Still, we keep hearing scam stories from newbies and even the experienced ones fail to notice the fake ones. These are unfortunately creating a bad influence on the non-traders who might consider us as a fraud. We need to raise our voice against such manipulations to keep our forex industry safe from any defamation and abuse. Today, we will get into the details on how to avoid forex trading scams once and for all. Look for scamming signs Take all your time to decide which is the authentic trading service you should invest in. Going through multiple trading communities is another way you can find out about a particular service provider.

Identify all the pros and cons while searching for a reliable forex broker to avoid any investment scams. Customer reviews on reputable forex websites are also very important for your research. The scam reviews on signal services work best as a warning sign. Give your all to find everything on how to avoid forex trading scams for life. You must do your thorough research and proper background check to avoid getting cheated by a scammer. No exact proof of any trading systems Scammers cannot provide you with any proof of their trading system for verification. They would best try to show false evidence to hide their reality in disguise. Many traders would offer trading services without a trading room. These types of scammers are known as "snake oil merchants". The name "Snake oil" is used for false traders. They usually don't have any solid proof of trading of their trading history. Also, they may provide false customer reviews, fake trading results and modified transaction history to manipulate you. Cross-check each and everything they provide Email Spamming

Scammers may also ask for your personal details for misuse - Your full name - Phone number - Home address - E-mail Never give away your sensitive details to someone. You should feel doubtful when your brokers don't provide you with a written risk disclosure statement. Verify every little detail of any official documents your broker provides you with. More precautions to protect yourself from scams