It is good to know the Forex Market is split into 3 major areas – Technical Analysis, Fundamental Analysis and Trading Physcology. You also need to learn the basics of trading.
Tip 1: Learn the Forex Basics
Before you start trading there are certain things that you need to know and learn. Learning and understanding the basic concepts is extremely important and the starting route that you need to take to become successful.
Tip 2: Technical Analysis
Technical Analysis is the study of charts and price action of any particular currency pair. This is very popular among traders. It involves finding the correct resistance / support lines, drawing of trend lines, use of indicators, pivot points and much more.
Tip 3: Fundamental Analysis
Fundamental Analysis in Forex is a type of market analysis which involves studying of the economic situation of countries. This will enable you to trade currencies more effectively. Figures and statements given in speeches by important politicians and economists known as economical announcements can have great impact on the currency market moves. In particular, announcements related to the US economy like Non-Farm Employment Change and FOMC are typical news releases that traders keep an eye on.
Tip 4: Trading Physcology
Having a great trading system and a large account it is pretty useless if you don’t control your emotions while trading. Most probably you will wipe out your account. You need to be disciplined and follow strict money management rules. Furthermore you need to control your fear and greed. Are you afraid to lose money, so you just let go by a good trade? Or are you in a trade and you are in profit and you want more profit? In the meantime the market turns around and now you are in a loss. You must be disciplined and follow your trading strategies.
I like feedback! Please do let me know if you that there is something not well explained, or need further examples or explanation or you want a topic that you should like to cover.
Enjoy your learning!
In this lesson we explain which currencies are the most liquid, most volatile and the best currencies to trade for a beginner. We also explain why major and exotic currencies are.
In this tutorial we give a brief overview of what is scalping, how can you trade it and what is expected from you as a scalper.
In this tutorial we give a brief overview of what is intra day trading, how can you trade it and what is expected from you as an intra day trader.
In this tutorial we give a brief overview of what is end of day trading, how can you trade it and what is expected from you as an end of day trader.
Scalping, Intraday trading and end of day trading. Which one suits your personality and lifestyle?
In this tutorial we see which is the best time of the day to trade the major currency pairs.
How can you read and interpret the price quotes shown by brokers? Lets see how…
What is Pip? Lets explain what it is since this is the most important term that you need to understand.
In the Forex Market actually there are two price quotes – the bid and the ask prices. What is the difference between them? Why we have two prices?
Every trader speaks about the spread. What is the broker spread? How it effects you?
Brokers offers high leverage even to beginners. You will see leverage advertised in every broker’s adverts. What is leverage? How does it effect you? Is it good to have high leverage?
By now we learnt what a pip is, the bid and ask prices and the spread. Now it is time to learn what lots are.
Knowing how much 1 pip is valued in the currency trading pair that you are trading is extremely important for money management. See how easy it is to calculate the pip value in this tutorial.
Although measuring your profit and loss is done in pips, it is good to know how much money you have lost or profited in your real currency. So let’s see how we can calculate the profit and loss for your trade.
You can’t trade without a trading platform. The trading platform software is provided by your broker for free. However which features a trading platform must have to be of any use?
Using Bar Charts is one way of studying and analysing charts. In this tutorial we will go though the basics of bar chart patterns and how they are used.
Candle sticks charts are more popular than the Bar Charts and there are a lot of studies about the candlesticks patterns like for example patterns that may indicate trend reversal. In this tutorial we will go though the basics of candlesticks patterns and how they are used.
After knowing the difference between Bars and Candlesticks charts, which one to use?
After you have learnt the basics, now it is time to learn the real stuff. Learn technical analysis for FREE and learn how to master the market!
