Preschool>= Lesson Status ?
Kindergarten>= Lesson Status ?
Elementary>= Lesson Status ?
Grade 1 Support and Resistance Levels
Grade 2 Japanese Candlesticks
Grade 3 Fibonacci
Grade 4 Moving Averages
Grade 5 Common Chart Indicators
Middle School>= Lesson Status ?
Grade 7 Important Chart Patterns
Grade 8 Pivot Points
Summer School>= Lesson Status ?
High School>= Lesson Status ?
Grade 9 Trading Divergences
Grade 10 Market Environment
Grade 11 Trading Breakouts and Fakeouts
Grade 12 Fundamental Analysis
Grade 13 Currency Crosses
- What is a Currency Cross Pair?
- Crosses Present More Trading Opportunities
- Cleaner Trends and Ranges
- Taking Advantage of Interest Rate Differential
- Obscure Crosses
- Planning Around News and Fundamentals
- Creating Synthetic Pairs
- Euro and Yen Crosses
- How to Use Crosses to Trade the Majors
- How Cross Currency Pairs Affect Dollar Pairs
- Summary: Currency Crosses
Grade 14 Multiple Time Frame Analysis
Undergraduate>= Lesson Status ?
- Why Keep a Trade Journal?
- Benefits of Keeping a Journal
- What Should You Record in Your Journal?
- Potential Trading Area
- Entry Trigger
- Position Sizing
- Trade Management Rules
- Trade Retrospective
- Trading Journal Statistics
- Reviewing Your Trading Journal
- Difficulties of Keeping a Trade Journal
- Summary: Keeping a Trade Journal
Graduation>= Lesson Status ?
- Which Trading Style is Best for You?
- Which Currencies Should You Trade?
- What is Your Level of Trading Experience?
- Should You Be a Discretionary, Mechanical, or Hybrid Trader?
- What Kind of Mechanical System Suits Your Personality?
- What is Your Attitude Towards Risk?
- What Kind of Stop Suits Your Trading Style?
Some Brokers are Scammers Too!
Did you know that even certain brokers were scammers?
Believe it or not, there are some brokers who "cheat" their clients.
One way they do so is by manipulating bid/ask spreads.
Normal spreads between brokers would be around 2-3 pips but scammers would have spreads around 7-8 pips.
Seven pips might not seem like a lot, but it does add up.
Imagine each time a client trades, he has to pay a spread of 7 pips. Imagine if he takes a just a few trades per day.
Multiply that with hundreds of other clueless clients, you'd be rakin' in the dough!
Another way is by stop-hunting.
Remember, brokers know where clients place their stops.
Sometimes, they'll make a run for those stops, causing their clients' positions to close out.
Fortunately, many, but not all, broker shenanigans are considered old school.
You should choose a broker that is registered with a regulatory agency.
In the U.S., check out brokers registered as a Futures Commission Merchant (FCM) with the CFTC and a NFA member. Be wary of those brokers that are not regulated by the CFTC and the NFA.
You should know that the CFTC and NFA were made to protect the public against fraud, manipulation, and abusive trade practices.
Be careful, it's often difficult to distinguish between regulated and unregulated forex brokers!
According to the NFA Web site, there are about 2,000 retail forex brokerages and solicitors of accounts that are not subject to the new rules.
Out of that 2,000, the NFA has only 24 registered member firms! If you do the math, that's just 1% of all forex brokerages!
You can verify CFTC registration and NFA membership status of a particular broker and check their disciplinary history by phoning NFA at (800) 621-3570 or by checking the broker/firm information section (BASIC) at the NFA's website!
If you're trading forex outside the US, you're in luck! Other countries have regulatory agencies as well and protect individuals as well. More will be mentioned about them later.
If the broker in question is not registered or regulated by any national agency, then DO NOT deposit your money with them. We warned ya, so don't complain to us if you don't get your money back!
Stay away from non-regulated firms!
The NFA is stepping up their efforts in educating investors about retail forex trading. They've created a brochure fit for a Pulitzer Prize called, "Trading in the Retail Off-Exchange Foreign Currency Market".
The NFA recommends you read it before taking the forex plunge.
Once you have verified the membership of a broker to a regulatory agency, it's time to do real research.
A good place to start is at our Broker Guide. We help you break down brokers so that you can easily compare among them.
Also, don't be shy to also ask around in our forex forums. It doesn't hurt to get personal opinions.
Finally another super duper helpful resource you can use is ReviewPips.com's forex broker reviews.
While you are logged into your account,
you can save your progress in the School of Pipsology!
- Forex Account Managers
- Don't Be a Sucker!
- Automated Robots and Systems
- Signal Services
- Some Brokers are Scammers Too!
- Regulatory Agencies
- Foreign Regulatory Agencies
- Scam FAQ