Online Forex Trading: Awakening To The Challenge …
Last week, we made a clarion call to forex traders to wake up to where the future lies â€“ online trading.
Today will be an online trial day by 19.00GMT or 8.00pm local time to showcase a bit of online advantage. Interested readers can visit www.gotomeeting.com and the enter ID- 310-071-213.
Nigeria and Africa as a whole cannot be left out in this vision. But there must be a concrete and concerted effort to actualise the dream. After many calls and enquiries I decided to start the Online Trading School in Nigeria to breed future traders who can effectively manage and grow wealth.
The OTS shall debut in Lagos and later Ibadan before Port Harcourt, Enugu and Abuja. The operation shall be tailored along those in the western world but much cheaper.
The OTS shall train prospective traders in forex, stock (CFD), metals, commodities and futures. Trainee traders shall have the option of choosing one or more of these courses to leverage on their trades and experience. OTS shall invite from time to time experienced and renowned professionals home and abroad to impart on participants. Core financial professionals in risk management shall also be at hand as resource persons.
Registration will be open to all but the pre-requisite must be an attendance of an open day session which takes prospective traders through the world of online trading, outlining pros and cons for a final decision. This shall come up once in a month.
Courses shall run periodically every month. The highlight of the training shall be the opportunity for traineesâ€™ traders to trade Live or Real account with fund provided by OTS before graduating. This will be a deviation from normal training where demo accounts or paper trading are the things obtainable. OTS shall absorb losses if any (and not the traineesâ€™) as near perfect trading strategies have been designed to be test run. Trading live accounts shall also psychologically brace trainees for the future when they handle their own accounts and others they might be opportune to manage.
OTS will breed in a short time and on the long run trainers, traders, wealth managers, analysts in the world of online training. OTS will also breed a chunk of self employed Nigerians and other nationalities seeking knowledge in this area there by contributing her own quota to reduction in the unemployment we are facing as a nation.
This week also gives me the opportunity to do some analysis on some currency pairs, commodities, oil and metals.
The opportunity comes up as the month of April ended on Tuesday. I believe the analysis/forecast will be useful in the month of May for active traders, paper (demo) traders. My analyses are based on candlesticks formation/pattern, critical resistance and support levels and Fibonacci retracement tool.
I analysed the bullish trend of these pair to my trainees (February 2013 Set) and the forecast has gone well. This was based on an inverted hammer of week 24th Feb. Traders should go long on this pair. I foresee an uptrend to 1.6040 and an extension to 1.6340. The bullish confirmation of March after the doji of February confirms this. Stop Loss at 1.5030
The bullish engulfing candle of April over March gives a bullish direction as well. I foresee an uptrend or a retest of 1.3710 region. Stop Loss 1.2740
Bullish trend supported here. The Yen looks to fall against the cable. Market to rise up to 163.00. Stop Loss at 140.30
Bullish trend supported here as well. The Yen looks set to take further plunge against the Euro. Market to rise up to 138.00 region. Stop Loss at 119.00
GOLD and SILVER set to fall against the US Dollar retesting their last month low of 1321.50 and 22.04 respectively with further slide of SILVER to 17.32. GOLD Stop Loss at 1616.46 and SILVER Stop Loss at 28.28
Crude Oil Light (CL) set to fall further to $89.37 per barrel and further slide to $85 region.
Natural Gas (NG) looks further up to test 5.000 region with extension to 6.100 regions.
Upward resurge of Cocoa price above $2418 is supported.
NB: Entry levels are left at discretion of traders.
by â€™Kunle Adeyeri (email@example.com)