Intro to the job

There are several steps that every trader must take in order to develop a successful trade strategy that is sustainable and repeatable. Our traders have identified the absolute essentials here:


Forex, or Foreign Exchange, is the simultaneous exchange of one country's currency for that of another. In the FX market, all currencies are traded in pairs, for example EUR/USD or USD/JPY. Traders are able to BUY or SELL currency pairs. If you BUY a currency pair, you are buying the first (base) currency in the pair and selling the second (quote or counter) currency in the pair.
A trader buys the pair if he believes the base (first) currency will appreciate relative to the quote (second) currency. SELLING the currency pair implies selling the first (base) currency and buying the second (quote or counter) currency. A trader sells the pair if he believes the base (first) currency will depreciate relative to the quote (second) currency.
On the Global Trading System, if the rate is rising, buyers are making money; if the rate is falling, sellers are making money. You can buy or sell any currency at any time, and thus can profit in any economic situation. To learn more about the basic aspects of trading currencies, including margin/leverage, spreads and rollover, please read the following link:



Once familiar with the basics of the market, traders must become comfortable placing trades. We offer a free demo account that exactly replicates the live account. This demo uses the same functions, prices, spreads and execution that live traders enjoy. The demo allows you to practice placing trades, attaching stops and limits, as well as test different strategies to determine whether they would be profitable in a live account. If you have not already done so, you can sign up for one at the following link:





Fundamental analysis focuses on the economic, social and political forces that drive supply and demand. Fundamental analysts look at various macroeconomic indicators such as economic growth rates, interest rates, inflation, and unemployment. However, there is no single set of beliefs that guide fundamental analysis. There are several theories as to how currencies should be valued.



Technical analysis focuses on the study of price movements. Historical currency data is used to forecast the direction of future prices. The premise of technical analysis is that all current market information is already reflected in the price of that currency; therefore, studying price action is all that is required to make informed trading decisions. The primary tools of the technical analyst are charts. Charts are used to identify trends and patterns in order to find profit opportunities. The most basic concept of technical analysis is that markets have a tendency to trend. Being able to identify trends in their earliest stage of development is the key to technical analysis. To begin to understand different technical indicators, I recommend that you explore our technical indicators resource. You can access it here:




There are three basic questions that every trader should answer BEFORE entering a trade.
How much do I believe the market will move and where do I want to take my profit?

Limit Orders allow traders to exit the market at profit targets. If you are short (sold) a currency pair the system will only allow you to place a Limit Order below the current market price because this is the profit zone. Similarly if you are long (bought) the currency pair the system will only allow you to place a limit order above the current market price. Limit orders help create a disciplined trading methodology and enable traders to walk away from the computer without constantly monitoring the market.

How much am I willing to lose before I exit the position?

Stop/Loss orders allow traders to set an exit point for a losing trade. If you are short a currency pair the stop loss order should be placed above the current market price. If you are long the currency pair the stop loss order should be placed below the current market price. Stop/Loss orders help traders control risk by capping losses. Stop/Loss orders are counter-intuitive because you do not want them to be hit, however, you will be happy that you placed them! When logic dictates you can control greed.

Where should I place my stop and limit orders?

As a general rule of thumb traders should set Stop Orders closer to the opening price than limit orders. If this rule is followed, a trader needs to be right less than 50% of the time to be profitable. For example, a trader that uses a 30 pip Stop/Loss and 100 pip limit orders needs only to be right 1/3 of the time to make a profit. Where the trader places the stop and limit will depend on how risk-adverse he is. Stop/Loss orders should not be so tight that normal market volatility knocks the position out. Similarly, Limit Orders should reflect realistic expectation of gains given the markets trading activity and the length of time one wants to hold the position.

Test your skills with these trades:

1. Buy three different Euro positions. Place a 20-point stop order, 35-point stop order and a 100-point stop order.

2. Buy three more Euro positions. Place a 20-point limit order, a 70-point limit order and a 200-point limit order.

3. Buy one Yen position and place a 30-point stop order and a 100-point limit order. Now buy one more yen position without a stop or limit order.



DashBoard FX is an institutional-quality Forex Trade Signaling & Market Analysis software package. It delivers real-time Trading Alerts as they are identified by our knowledgeable and professional traders. DashBoard FX™ provides subscribers with optimal Entry/Exit points for Major currency pairs (EUR/USD, USD/JPY, USD/CHF, GBP/USD, USD/CAD) in real-time and allows them to stay on top of the market.
Users also receive detailed trade analytics for each signal along with intra-day market briefings. Trade analytics quickly summarize the technical & fundamental developments, analytical thought processes and rationale behind every trade. Intra-day market briefings for 5 major currency pairs describe key developments in recent trading sessions.

In addition to offering real-time Trade Signals based on institutional-quality technical and fundamental analysis, DashBoard FX provides subscribers Market Analysis Gauges which are continually updating with streaming data. By taking proprietary algorithms and breaking them down into easy-to-understand visual indicators, DashBoard FX helps subscribers easily assess market conditions and make more informed trading decisions.

Click on the button below to lean more about how DashBoard FX can help you become a more successful trader:



The psychology of live trading often leads to initial losses. FX Universal has the perfect tool to make the transition easier. We offer a trading account that provides traders the ability to trade in increments as small as 1,000 units of the base currency. Traders also have the flexibility to trade in other lot sizes of 5k, 10k, 50k and 100k units. Most other firms require you to trade minimum lot sizes of 100k units - not providing much flexibility. The smaller trade sizes enable traders to take smaller size risks. The added flexibility that we offer enables you to really learn currency trading by focusing less on $ P/L and focusing more on the proper chart points, trade signals, etc. For example, if you place a stop-loss on any given trade 30 pips away from your entry point, this equates to just a $3 loss on a 1k unit trade - which is a lot easier in the pocket than the $300 loss you would have realized trading a 100k unit lot. In the long run, this will lead to more profits and less losses.