We're looking for passionate and enthusiastic individual to be the Guide to the Forex Trading site on About.com!

What sort of information do we want the new Guide to provide?
Well, we're looking for someone to create an unbiased resource for individuals who want to learn how the market works, how margin works, how to find a scrupulous broker, how to start trading, and how monitor and make the most of their currency portfolio.

What sort of person are we looking for to be the new Guide to Forex Trading?
Our ideal candidate:

• Journalist/writer/blogger who has published a series of articles or a book on trusts and currency markets or currency trading.
• A professional or full-time forex trader who has a deep understanding of the online currency markets.
• An academic with a specialty in foreign currency trading.

If this sounds like you, and you've got excellent writing skills and the desire to reach and teach a broad audience through your writing, why not go over to our application site to learn more about our hiring program and submit an application?

The analysts got it wrong.

The biggest report of the month -- the Nonfarm Payrolls Report -- was released on Friday, March 7th. Analysts expected a modest increase in the number of jobs created. Most figures predicted around 20,000 new jobs for February.

But the analysts got it wrong.

The Payrolls figure actually fell by 63,000 jobs in February. This is the third consecutive month that the number of jobs has decreased. This employment figure is now at a 5-year low.

Here are two more forecasts:

1. The Fed will cut interest rates again in a vain attempt to stimulate the economy.
2. The USD will dip for the rest of the day, but will gain a bit of upward momentum when the Forex market reopens on Sunday. The USD and Euro will be very active during the US trading session.

The Forex market can surprise even the experts. It is essential to manage your risk and protect your account in anticipation of these types of surprises. Many traders will not have open trades when the Nonfarm Payrolls Report is released. But mistakes can happen. And mistakes can deplete your account. Remember to protect against losses.

This is such an exciting market. Let's look forward to the inflation figures coming next week.

Cancel them!

The biggest economic report of the month is coming on Friday, March 7th. It has the power to move the stock and bond markets in huge ways. And it moves currencies more than nearly any other news event.

The Nonfarm Payrolls Report is crashing in.

Like the cyclical power of the moon, the Nonfarm Payrolls Report is released on the first Friday of every month. Although it is not the first major indicator of the month -- the ISM Manufacturing Survey holds that exhaulted position -- the employment report is watched by traders, investors, and markets around the globe.

The February payrolls report is expected to show that 20,000 new jobs were created, which is a jump from the miserable January employment figure.

The employment report has the power to create a huge amount of demand for the USD. However, it can also create more demand for other currencies like the Euro or Swiss Franc, which could cause the USD to decline.

If you have plans for Friday at 8:30am, break them. Clear your calendar because the employment report is coming -- and you can expect big moves from the USD. This event should not be missed.

Are you a bull or bear?

The Forex market presents a huge number of trading opportunities. There are different types of charts: hourly, weekly, or even minute charts. But the most diversity is found in the number of currencies available to trade. Did you know that there are 191 currencies?!

Can a person trade all of these currencies? Of course not! Or, more accurately, a person cannot successfully trade this large number of currencies.

In fact, it is a very common trading mistake to try to trade a large number of currencies. How can a trader choose which currency or currencies to trade?

Beginning traders should focus on the major currencies. This simple step limits the possibilities to six currencies. And yet there are still so many trading opportunities even though the trader focuses only on the major currencies.

The best trading opportunities are presented by "the majors" which are:

1. US Dollar
2. Euro
3. British Pound
4. Japanese Yen
5. Swiss Franc
6. Canadian Dollar

They have high volume, good volatility, good trends, and lots of breakouts. These factors add up to good trades, particularly for swing traders and day traders.

Yes, there are so many currencies, but there is plenty of time to trade the best currencies!

The US Dollar (USD) is one of the most traded currencies in the world. It's strength and stability have made it, until recently, the most desired currency. However, when people discuss the US Dollar, they can't just mention "the Dollar." Not anymore. They must say "the US Dollar." Why? Because there are lots of "dollars" in the world. And one of those dollars is gaining strength and recognition on the American continent and around the world.

It is the Canadian Dollar (CAD).

Right in the backyard of the Greenback, the CAD is quickly becoming one of the major currencies. As the Canadian economy grows and the US economy slips into recession, the Canadian Dollar is looking more attractive to investors. It is linked to the price of oil, which is reaching record-high levels. And this is one of the reasons that the CAD is getting the attention. However, the price of many commodities is reaching record levels. As you may know, Canada is rich in commodities so its currency is benefitting from the increased demand for commodities and the subsequent rise in commodity prices.

So, don't just say "the Dollar". Say the "US Dollar." Or say "the Canadian Dollar" -- it is a major player in the global marketplace. And it deserves respect!

The Forex market is unique in that it is open for 24 hours a day from Sunday to Friday. But do experienced traders sit in front of their computers throughout the day and night trading currencies?

Of course not!

They focus on the best trading times for each currency. This may be for only 4 hours a day. Sometimes, it might be only two hours.

Experienced traders -- especially day traders and swing traders -- are looking for high volatility and volume. They want strong and reliable trends and solid price movements. Investors are also looking for good trending currencies, but focus more on long-term trends. These criteria are usually met during a small window for each trading day.

Here's an example: The Euro is one of the most traded stocks in the world. This young currency is the focus for many individual traders, but also for large financial institutions and even governments. It is a great currency for beginning traders.

If you dare to get your feet wet, you must know when the best time to trade the Euro is. This is during the European session, which runs from 2am to 12pm (ET) every day with a peak time between 8am and 12pm ET.

If you don't want to focus only on the Euro, there are a few hours each day that are the best trading days for most of the major currencies. This period is known as the Power Hours.

So spend your trading time wisely and reap the rewards: more free time and potentially higher and quicker profits.

Many people who approach the Forex market have experience in other markets, like the stock or commodities markets. They have been active in either buying individual stocks or mutual funds, buying bonds, or trading currencies. So they decide to approach the world's largest and most liquid market: the currencies market.

Great idea!

However, many people don't decide ever decide the bigger question: Am I a trader or an investor?

This is an important question. And the answer is even more important because it will decide how you approach the Forex market and how you respond to the never-ending news and events in the market.

There are many different types of traders and investors. On the trading side, there are day traders and swing traders to name just a few. Traders hold positions from a few seconds to a few days. They focus on technical analysis, charts, and indicators. They quickly take profits and move on to the next trade. Or they quickly cut losses and move on to the next trade. Traders don't get attached to a position, a currency, or even (theoretically) to being right. They just move on to the next potentially profitable trade.

Investors are different. There are also many different types of investors, but they often share many of the same characteristics. They tend to buy and hold a position for months or even years. Investors typically open long (or bullish) positions. They rely on long-term macroeconomic data like interest rate cycles, economic growth cycles, and multinational currency policies. Investors are very attached to a position, a currency, and to being right. And they should be. They devote a large amount of time to a particular position. And they will stick to it through thick and thin.

Investing is comparable to a marriage while trading is a hot date.

Are you a trader or investor? There are signs of traders and investors that can help you to decide which you are.

But the biggest problems occur when an investor is behaving like a trader or when a trader is acting like an investor. Just imagine: you think you are on a hot date, but wind up at the altar. Or you want to get married, but end up having only a hot date!

These types of mixups can lead to tears, stress, and losses!

In trading, the world is often divided into two types of traders: technicians and fundamentalists.

The technicians rely on technical analysis: charts and indicators to predict currency price movements while fundamentalists focus on economic data and events to determine the demand for a currency.

In the past week, the fundamental traders have been busy with the Nonfarm Payrolls Report, the Manufacturing Survey, Fed decisions, and Super Tuesday. And it's not over yet with the Chinese New Year holiday. The USD hasn't always responded to these events in predictable ways for the fundamentalists. Neither has the Euro for that matter.

Do the charts hold the secret to the currency price movements? Absolutely not! In this fundamental data-dominated atmosphere, the charts haven't been reliable, particularly the daily charts. The hourly charts have shown enormous price movements, but these price changes were not predictable from the technical indicators. Even technicians know that there are times in which technical analysis can fail. Therefore, some technicians will trade on the hourly or minute charts, keep tight stop loss orders, and practice other risk management techniques.

Still, it is important to remember that there are many benefits to technical analysis so technicians will keep their charts and indicators. And fundamentalists will keep a watchful eye on the economic data and news.

To answer the question: both approaches work well. But using both approaches at the same time works even better!

One of the most important questions that people ask is: what affects currency prices?

This is a huge question and a very important one because it is the way in which money is made or lost in the Forex market.

Here's the Short answer:

• News
• Events
• Economic Data
• Technical Information

These are the big categories of currency market movers. But these categories do not affect the Forex market equally. Some will cause dramatic price movements while others will cause only small price changes.

To make matters more interesting, these currency movers don't have the same effect every time they are released.

This true for every currency mover -- except two.

1. Nonfarm Payrolls
   

   The Nonfarm Payrolls Report measures the number of new jobs created during the previous month. It serves as a gauge of the health and growth of the US economy. It is one of the biggest currency movers. Not just the USD, but certainly all the major currencies.

2. Fed (or FOMC) Meeting
   

   The FOMC Meeting. When the Fed meets, the world listens and responds. Regardless of whether they raise interest rates, the Fed will release its minutes, which discusses their view of the economy and any strengths or weaknesses that it is showing. The Fed will also discuss how it will respond to inflation. Its major tool for controlling inflation is short-term interest rates. When the Fed changes interest rates, the markets move!

Traders should never be wary of price movement. (That's more for the bond holders!) Smart traders will be aware of any news or events that can move the market, be positioned to take advantage of any price changes, and be prepared for unexpected price changes.

When people talk about style, they are usually referring to something very personal. For example, they might mention your hair style or a style of clothes. Many writers are familiar with the Elements of Style by Strunk and White.

How often are you asked about your trading style?!

This is actually a very important question for traders to ask themselves. There are so many different trading styles -- as many as there are traders -- but many traders are not aware of their trading style or its importance.

There are basically three styles of trading though traders tend to adapt the style to their goals, personal commitment and lifestyle. (Oh, there's another style!)

The three styles of trading include:

1. Day Trading
2. Swing Trading
3. Long-term Trading

What is different among these three styles? Good question, but there is a long answer to this simple question. In short, the differences center around the (1) length of time a position is kept open and (2) the fundamental and/or technical tools employed.

Before deciding which style of trading you prefer, you should consider the most important factors that influence your trading: time and money. That can help you decide on your trading style.

Whichever trading style you choose, make sure that is works for you. Avoid choosing a style because its sounds glamorous or exciting. Select a style that is consistent with your goals, lifestyle, and personality.

And, remember, that style is not just for the rich and famous!