To some people, Forex trading has been a trap of wasting money, while some seize the opportuniy to be cutting their shares from approximately $1.5 Trillion (One trillion, five hundred thousand dollars) that circulates every day in Forex market around the world. Though, the analysis of Forex will stimulates and accelerates the easy understanding of the concept " Forex Trading". The concept "Forex" meaning forex exchange that sometimes called FX had been available to Banks and Large Financial institutions only, but today it is limitlessly extended to all individuals all over the world.
There are some characteristics of Forex trading one must be familiarised with before engaging with forex business.
FOREX TRADING IS :
1. A business that is substantially risk, which is not suitable to all investors
2. the largest liquid market in the world.
3. A business that needs adequate skills and calculation and monitoring the movement of the price in a given market, as aresult of the risk involved.
4. A business that is highly volatile, which fluctuates from time to time.
FOREX TRADING IS NOT:
1. Quick money scheme business.
2. Business that characterised with luck for instance, lottery, games etc-that it needs acquired skills
3. Individual possession type, rather it has brokers all over the world who serve as link between
individuals and the market
4. A seasonal business, it is a business that revolves 24hours , that exclusively counts every fridays {from 9.00 pm} to sundays {to 9.00 pm}.
Since I am interested in providing you with techniques that you must follow to reach your goals in Forex trading, I would like analyse the two basic type of trading in forex market which are Fundamental and Technical analysis.
. Fundamental type of analysis emcompases the economical, social and political status of a country that affects market condition(Demand and Supply).Meanwhile, if the economic status of a country is positive (doing well), then it is expected that its currency would be doing well.For instance, If Japanese economic condition is good, then people will trust their economy and insist on going for its currency.
. Technical anaysis is another type of Forex trading which focus on the study of price movement. In technical analysis, studying, studying of chart remains relevant, and the basic focus for the traders. In a good measure, some traders can accurately predict where the price movement is likely to go next by looking at the chart alone !.In technical analysis, trend remains the point of direction, therefore, in Forex trading, you should not neglect the trend. Folow it !.
Yet after applying both types of Forex analysis: Fundamental and Technical, one can still be experiencing the frequent loose in trading Forex trading. Why ?.
Have you considered some characteristics in forex trading ?. They are some measures which must be taken before you get to your point of zenith in Forex trading.
1. STUDYING THE NECESSARY THINGS INVOLVED SUCH AS CHARTS, TRENDS, PIVOTS POINTS E.T.C BEFORE ENTERING TREADE.
This is the most aspect of forex trading . As a forex trader, you dont have to enter trade without studying and subsequently determines the possible price movement before entering trade in forex. By studying movement of the price, there is how you should look at the chart and accurately predicts the movement of price. For instance, studying the chart from long term, such as 1 day, or 1 week is highky preferable, because 1 minute or 5 minutes charts might be effective and accurate for short term and turn against you beyondthe time scheduled, which may not return as you expected !. Entering a trade without studying the chart or market condition seems to a blind man that walks confidently on a dangerous path.
2. DISCILINE : You must be disciplined with your methods of trading . Do not trade always !. Choose period you must be trading in a day, Secondly, you should not expose your account, so that you would not be easily knocked out from market. For example, no matter amount of money invested or you have in your forex account, a trade has to go maor than 1000-2000 pips before you are being knocked out market- that not usually occur in forex trading. As a forex trader, you may realise that sometimes after a trend goes up to 200 pips or more against you, it will still be levelled and consequently enter positive level for you. On the other hand, I suggest that you should not enter more than one trade , unless you one of your trades could maintain and sustain up to 1000 pips before the money in your account get finished, so that you would not be easily knocked out of market.
3. IMPATIENCE: I believe that impatience is the gretest problem which forex traders, especially new traders have. Some traders are impatient, because of low leverage of their account which leads to moving out earlier form market, and consequently face the loose !. It is funny that the trend will turn and start moving towards the expected point immediately they logged out from the market. The point of loosing money is emanated from too much exposure of ones account which brings anxiety in ones mind and makes the person not to be relaxed, because of the loosing position the person found him/herself into. In a forex trading, I believe that anything that goes up must come down , though it might take time --that comes the essence of reserving much money in ones account according to one's leverage.
4.GREED: I dont believe in becoming rich in just a day, some forex traders wouldnt like to go out of market as they are making small amount of money, and subsquently loose the money when price movement will change against and push them into lost !. I mean that 20-30 pips is enough for a tader . It is a liitle drop of water that makes a mighty ocean !. Do not wait to get everything once, unless you will get yourself blamed !. In forex trading, they are many ways a forex trader can achieve his target through techniques that applied, yet they are all have the same target of success. Despite all the techniques you have tried that failed you , I suggest that you should try these simple and nautural techniques that i have deployed
FOR FURTHER INFORMATION ON THIS OR OTHER RELATED FIELDS
CONTACTS:
destinysuper@gmail.com
No comments:
Post a Comment