In conjunction with the release of Wizetrade for Options, GlobalTec also released an upgraded version of Option Hunter software, its premier scanning tool for options traders. Option Hunter searches thousands of stocks, and tens of thousands of options in seconds, returning only those stock and option candidates that meet the user’s trade style and parameters. These candidates are then plugged into Wizetrade for Options for further chart evaluation.

Based on a patent-pending proprietary algorithm, Wizetrade for Options charts the real-time buying and selling pressures through green and red lines in five time frames that are fully customizable to individual trade styles.

“The key to trading successfully is being consistent, finding something that works, and then repeating the process over and over again,” said John Larsen, product president of Wizetrade for Options. “These two pieces of software help you do that by combining state-of-the-art functionality with an easy to navigate interface that is fully customizable to any individual trade style and risk tolerance.

Using Wizetrade for Options, any options trader can:

1) Track up to 15 stocks at any given time: Build custom baskets of Exchange-Traded Funds, cash indexes or large Cap, mid cap and small cap stocks that can easily be loaded to the Overview Screen with a click of the mouse. The number of baskets is unlimited.

2) Easily filter and sort options chains: In seconds, Wizetrade for Options can help determine which option or combination of options best fit the end-user’s trade style and custom parameters.

3) Manage trades efficiently: The end-user will see at a glance open positions, pending orders, completed transactions and account equity all from within the Trade Manager. Enter equity, options, equities with options, spreads and straddles and strangles with a few mouse clicks.

4) Calculate Risk with ease: Determining entry calculations, stop losses, profit targets, risk to reward ratios and account allocation has been simplified—Wizetrade for Options calculates the numbers for the end-user.

5) Instantly find news: A Calendar feature not only shows what stocks have earnings announcements, stock splits or conference calls coming up, it also allows you to type in any symbol and immediately see vital company information that could impact trades.

6) Trade Journaling: End-user will be able to document each trade with one click, enabling a trader to instantly capture the real-time data and all five charts, underlying market conditions and option chain specifics to store for future reference.

7) Trade live through an integrated broker: Wizetrade for Options is fully integrated with optionsXpress (NASDAQ: OXPS), a leading online brokerage—meaning it is not necessary to leave the software to submit orders. Easily switch from paper trade (practice mode) to live mode with the click of a mouse.

Wizetrade for Options is the latest addition to a full line of cutting edge trend recognition software produced by Dallas-based GlobalTec, a nationally recognized investor training organization and provider of software, trading tools and training for individual investors. This product suite includes Wizetrade, 4X Made Easy, Commodity Explorer and CommandTRADE.

Option Hunter software includes customizable alerts that trigger when trade parameters have been met, a Scan Builder Wizard for constructing custom scans and the capability to customize scan results.

This process requires the company to purchase the supplier’s currency so as to pay for the parts.

Lastly, we have the retail traders who have chosen the forex market above others like equities, commodities, etc. to do our trading or investments so as to make some profit. This is a growing segment due to the prevalence and accessibility of the internet which allows brokers to provide trading platforms and continuous price data feed to the small players globally. The low and affordable cost of the internet also helped many to participate in this growing phenomena.

Brokers are going online with their own platforms that allow easy and simple to use trading and also to provide education to these small retail traders. The mushrooming numbers of brokers in recent years also act to lower cost (wonder of competition) for the small retails traders.

Most brokers do not charge commission and the spreads for major trading currencies have also narrowed tremendously. There is no better time than now to start your foray into forex trading.

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The Ask price or selling price of a currency pair is always the higher one in a price quote. While the Bid price or buying price is the price at which you buy the currency pair. What this means is that you will always buy at the higher price and sell at the lower price of a price quote.

You will notice that between the Bid and Ask price there is a difference and this difference is what we call the “Spread”. The spread is the cost of the trade or transaction. Usually this is the only cost for the trader as most forex brokers nowadays (due to competition on the internet) do not levy any additional commissions unlike when you are trading on other investment markets like equities, etc.

At the beginning it may seem confusing for a beginner as when we purchase something only 1 price is given to us. However, beginners just have to remember that you will always have to buy at the higher price of the 2 prices while selling a currency pair you would have to remember that it is the lower of the 2 prices. It doesn’t make sense for the broker to sell you at a lower price and then buy back from you at a higher price.

To be continue… on Forex Options Trading – How To Read FOREX Price Quotes (Part 2 of 3)

1. Round the clock trading 2. No need to choose from too many counters 3. Liquidity 4. Good Leverage

Next you will understand more on why you must trade forex.

5. No Brokerage fee or commission

Forex brokers mostly make from the spread between the bid and ask prices. Unlike other stock brokers where on top of the spread between the bid and ask prices, they will charge a commission based on the percentage of total value of contract.

6. Able to short currencies

In forex, there is no restriction on short selling as all currencies are traded in pairs. i.e. you buy or sell one currency against another unlike stocks and shares. Without the restrictions, a trader can react quickly to the changing dynamics of the market unlike in the equities market where short selling is discouraged or made inconvenient to do.

7. Minimum investment

You can start trading in forex from as little as USD200. The amount is dependent on the broker you are opening an account with. This is due to the leverage a trader can obtain from the broker which allows such low minimum deposit.

8. Trade globally

With the overwhelming prevalence of internet and the many easily accessible forex trading platform provided by the forex brokers, we can now trade anytime and anywhere in the world as long as we have access to the internet.

9. Unlimited Real time Demo Account Practice

Most forex brokers will allow you to open a demo trading account to practice your strategy and also get familiar with their trading platform. What this means is that you do not have to paper trade. It allows you to get as close and as real as trading in the real market without losing a cent first.

Forex Options Trading can do a very good model for people who want to do Forex Trading. What you need is a right system, the willingness to work and determination to not give until you reach your goal. If you are willing to take action, then this Forex Trading is suitable for you.

An example that we would encounter frequently is when we travel overseas and need to exchange the local currency for the foreign destination currency and we would head to the local money changer or bank to buy the foreign currency. This is a good example that we are familiar with.

By buying and selling currencies at the money changer or bank we are already involved in this huge foreign exchange market. Banks and central banks, investment funds, hedge funds, exporters and importers, companies and retail forex traders are among the main participants in the forex market.

Banks trade to generate profits and also act as buyers and sellers of one currency against another for their clients trading and commercial transaction. While central banks buy and sell currencies to hold as reserves and protect the reserves. They also act to moderate their country’s currency strength to facilitate reasonable terms of trade in the international markets for their exports and imports.

Investment funds have a percentage of their portfolio in the forex market for many reasons like diversification, hedging, etc. While most hedge funds will speculate on currencies as it is the biggest market in the world thus able to accommodate their large trading size which is quite difficult to do in the equities or futures market.

To be continue.. at – Forex Options Trading – What is Forex? (Part 2 of 2)