FX Tracer - Important Facts You Need to Know!

“Oh jeez he said “facts”, yay for boredom!” - think again my friend; I’ll attempt to keep you entertained with my wit while feeding your mind with information about foreign exchange Tracer, I promise. Seriously it’ll be fun and educational.

Okay so for those who don’t know what FX Tracer is it’s the latest Forex trading system that can rock out on autopilot and make money whether you’re working out, tuning your banjo, gardening or having all of the sex. What you’re doing really doesn’t matter; I think they used fishing as an example on their website. Anyway the point is you don’t have to attend the PC to make profit; it’ll do it for you.

The advantage (besides the obvious one above) of using Forex Tracer is you don’t need any experience. If your IQ isn’t equal to a rock and your attention span is higher than that of a 4 year-old you can operate Forex Tracer with ease. And since you’ve managed to read this far into this article you’re golden. The only other things required are a functional PC (which you clearly have, don’t lie) and an Internet connection (again, you have one!).

A Simple IntroductionTo FX Trading With ForexGen

Short for Foreign (currency) Exchange, FX is the world’s biggest market for trading in currencies. As much as 2 trillion US dollars worth of currency are traded on the Forex on a daily basis. Compare this with the approximately 25 million US dollars traded on the NYSE and you’ll get the picture - Forex is huge.

So what is Forex all about? Simply put, Forex entails buying one currency, let’s say Turkish Lira, and selling another, say US Dollars. In Forex, currencies are always traded and quoted in pairs. The exchange is made through a broker.
Just like the stock market where you are investing in a company, with FX you are in a way investing in a country. If your company is a success, the value of your stock goes up. Much the same principle is at work in Forex. If the economy of the country whose currency you are trading is robust, the value of that currency will also go up - and you can then sell it for a profit.

Unlike stock markets, there is no “trading pit” in the world of Forex. Forex operates through the internet and other electronic communications and runs 24 hours a day, 5 days a week.
It has only been in the last several years that the Forex has been open to the average person to invest in. The Forex market itself has been around since 1971, but for most of its history only large companies and a few very wealthy individuals possessed the resources to be able to trade in foreign currency.

Would You Like Fries with Your Pips?

Order Types

Basic Order Types

There are some basic order types that all brokers provide and some others that sound weird. The basic ones are:

• Market order
  A market order is an order to buy or sell at the current market price. For example, EUR/USD is currently trading at 1.2140. If you wanted to buy at this exact price, you would click buy and your trading platform would instantly execute a buy order at that exact price. If you ever shop on Amazon.com, it's (kinda) like using their 1-Click ordering. You like the current price, you click once and it's yours! The only difference is you are buying or selling one currency against another currency instead of buying Britney Spears CDs.
• Limit order
  A limit order is an order placed to buy or sell at a certain price. The order essentially contains two variables, price and duration. For example, EUR/USD is currently trading at 1.2050. You want to go long if the price reaches 1.2070. You can either sit in front of your monitor and wait for it to hit 1.2070 (at which point you would click a buy market order), or you can set a buy limit order at 1.2070 (then you could walk away from your computer to attend your ballroom dancing class). If the price goes up to 1.2070, your trading platform will automatically execute a buy order at that exact price. You specify the price at which you wish to buy/sell a certain currency pair and also specify how long you want the order to remain active (GTC or GFD).
• Stop-loss order
  A stop-loss order is a limit order linked to an open trade for the purpose of preventing additional losses if price goes against you. A stop-loss order remains in effect until the position is liquidated or you cancel the stop-loss order. For example, you went long (buy) EUR/USD at 1.2230. To limit your maximum loss, you set a stop-loss order at 1.2200. This means if you were dead wrong and EUR/USD drops to 1.2200 instead of moving up, your trading platform would automatically execute a sell order at 1.2200 and close out your position for a 30 pip loss (eww!). Stop-losses are extremely useful if you don't want to sit in front of your monitor all day worried that you will lose all your money. You can simply set a stop-loss order on any open positions so you won't miss your basket weaving class.