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Hello there fellow Townians!
Today we are going to learn the importance of being in an alliance.
Alliance is a bloc of several number of villagers or kingdoms.
It serves as a deterrent from possible attackers.
With numbers of villagers protecting you, you can never be more feel secure.
I got my own alliance at Townian.com
Townian Economic Defense Network - basically it is a peaceful alliance. We seek economic prosperity and military superiority, but most of all peace.

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Risk Management in Forex Trading

Forex is an exciting and dynamic speculation tool, but it comes with risks similar to other markets, and deserving of the same precautions that should apply in any speculative market. Risk can be mitigated using the proper tools, money management and sound trading practices. Be aware of the risks and ensure you are willing to take those risks, before you act.

Do not take these warnings lightly. Education includes knowing when to act and, perhaps more importantly, when not to act. Also true is that an advantage in one situation could be a disadvantage in another. Acting boldly and seizing an opportunity may be wrong if caution and temperance are required. Before you act, ask yourself if you are honestly making the right move. The old rule of investing in the stock market applies equally in forex trading: Do not invest any amount unless you are fully prepared to lose that amount.

All Traders Lose Sometimes Due to Leverage
 
Recognize that all traders sometimes find themselves on the wrong side of a trade. Different traders might handle the situation in different ways, but they all must maintain discipline and strive to overcome emotion in their trades. After all, nobody wants to exit a trade at a loss, and most traders would emotionally prefer to stay in a losing trade, hoping that the market will turn around and prove that they were right, after all. However, a trader must strive to detach themselves from emotional ownership of their trades - both winning and losing and make objective decisions based on a realistic and honest appraisal of the present situation.

Order Types

Orders are the instructions that traders give brokers to buy or sell currencies. Those orders are usually issued directly to the forex broker through the trading platform.

Various types of orders are used in forex trading. The forex order types will be familiar to traders experienced in equities or futures trading. Three common types of orders are the Market Order, the Limit Order, and the Stop Order.

The Market Order instructs the broker to buy at the current market rate, and in the electronic age, is carried out with the click of the mouse. In the forex market, this order type is usually executed immediately, at the price displayed in the trading platform at the time the order is placed (at the instant of the mouse click). That ability to place orders instantly is in marked contrast to many other markets, when the actual price at which a market order is executed might differ greatly from the price at the time the order is placed
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The Limit Order instructs the forex broker to execute a trade to enter a forex trade at a specific price. The trade could be either to buy currency when (if) it reaches a specific price below the present market price, or to sell the currency pair when (if) it reaches a specific price above the present market price.

For example, consider a trader who wants to buy USD/CAD, thinking that it is likely to increase in value. However, the trader believes that the pair will decrease in value slightly below the present market price before climbing. Since the trader wants to take buy at the lowest possible price, he therefore wishes to wait until the pair reaches the lower price before entering into the trade.

Without a limit order, the trader would need to patiently watch the trading platform, waiting for the price to dip to his target entry price, and then placing a market order.
The limit order automates the process. The limit order can be placed, and the trading platform will wait for the price to drop to target price entered by the trader.

A drawback to using a limit order is that it is only effective at the specific price, and not one pip away. However it does mean that a trader does not have to continually monitor the market waiting prices to meet his entry price.

The Stop Order is similar, but opposite to the Limit order. This order type is normally used to exit an existing forex trade by liquidating a position when the market price changes against the expectations (and position) of the trader. The Stop Order is an order to buy above the present market price, or sell below the present market price. This order is normally used to limit losses if the currency pair price changes unfavorably in a forex position. For that reason, it is also known as a stop-loss order.

How Does the Forex Market Work?

Until the 1970's, and for the previous 100 years, the value of most currencies was tied in some way to the value of gold. In 1944 this "gold standard" was replaced by the Bretton Woods Agreement which valued the United States dollar against gold, and all other currencies against the US dollar. In 1975 that agreement fell apart and a system of floating exchange rates was widely adopted, leading to fluctuations in currency values in an open market-and laying the foundation for foreign exchange speculation.

Today, trading in foreign currencies by speculators usually takes place through a forex broker or dealer, who provides the trading platform to transact forex trades. Such trades occur in currency pairs, such as USD/JPY (United States Dollars/Japanese Yen). Note that two currencies are always involved in a forex trade, with one being purchased while the other is being sold.

The forex trader will generally hold the purchased currency (called a position) for a period of time, intending to profit when the prices of the two currencies change favorably. The transaction is completed, or the position is closed, when the opposite currency is bought and the other sold. Profit is calculated by the difference in the buying and selling price.

Different brokers offer different services, and traders need to be careful their broker is serving their best interests. Each broker provides demonstration or practice accounts, where a new trader can play with virtual money until they feel comfortable opening a real account. Analysis can be completed and orders are placed online, at the trader's request.

Why Trade Forex?

The profit potential is why participants enter the market. But why would a speculator choose to trade forex instead of equities or futures?

Forex offers several advantages over speculative trading in futures, stocks and other equities. Eight major currency pairs dominate most currency trading, so it is a much simpler market to follow for most traders. The vast majority of trades involve the United States Dollar, while the Euro, British Pound and Japanese Yen are also widely traded.

Although most currency speculation occurs between a relatively small number of currencies, many brokerages offer trading in a much wider range of less commonly-traded currencies.
Some prospective traders looking to participate in speculation are attracted by the low account balances required to open a forex account with some brokerages.