Before you can make it big in the forex market,there are traits or building blocks that i believe to be the foundations to the forex profit.below are the traits you need to have.
Trait one
currency trading is not a get rich quick scheme or platform.currency trading is an art or skill that takes time to master.skill traders can and will always make money in this field,nonetheless like any other business or career,success don't just happen overnight.here is a success formula in forex trading. practise +patience+persistency= profitAs it is said there is no substitute for hard work,practise your strategy on demo account and pretend that the virtual money is yours.Do not open a live account until you consistently making profits on your demo.stick to your trading style and strategy and you will succeed.
Trait two
Follow on or two major currency and stick to it.it is recommended that traders choose one of the four major currency pairs.the eur/usd is the most commonly traded pair because of its spread is the best due to its liquidity .The usd/chf is usualy the most volatile and moves the most during the trading week.The usd/jpy responds to a lot during news time out of japan,and the gbp/usd is more stable in its move than the other three pairs.so choose the currency pairs that appeals to you and fall in love with it.
Trait three
Understand the daily forex news and analysis. it is very important to get a birds eye view of the currency pair that you want to trade and the news that affect the currency. it is also important that you get to know the key technical support and resistance levels of the pair you are about to trade .support is a predicted level to buy,while resistance is predicted level to sell ie where the currency pair should move down the chart.fortunately all the the best forex news and anlysis are offered up for free on the internet.
Trait four
Learn how to use technical indicators and always use stop loss.it is wise to be patient and learn how to use the technical indicators on your chart.it is also very important when you are trading forex that you be very disciplined and stick to your trading style or strategy.dont just trade your got to feelings,trust those technical indicators and don't open any trade without using stop loss.
FOREX MARKET AND LOCATION
The market is a seamless 24 hours market and it runs 5 days a week. The market opens 5pm on Sunday(new york time,trading starts in sydney and Singapore and finally goes round the globe to get to new york at 8 am.
note:the forex market has no central location it just virtually follow the sun round the globe.
How To Start Trading The Market Online:
Before you will begin to trade the forex market or participate in it you will need the services of a broker or a market maker to be able to trade.
How to trade :
There are basically to ways to trade the market or better still to analyze the market and then be able to participate for profits or pips.
Fundamental analysis
funadamental analysis focuses on the macro economic indicators such as interest rates economic growth,inflation,import and export, employment etc as it affects the countries currency that you are going to be trading with.ie These factors or indicators drive demand and supply for the countries currency one thing to note is to be aware of when these indicators will be released.
Technical analysis:
This type of analysis uses historical price movement that is charts to forecast or tell the possible move and direction that the currency pair is going to take.This analysis basically uses different chart patterns to identify trends in their earliest stage so as to take profit .
CLICK HERE FOR REGISTERS
THE BEST FOREX BROKER
FXOpen is a financial services company specialized in providing traders with high quality online trading services. FXOpen provide opportunity for individuals and private companies to trade on financial markets under equal conditions like traders operating in traditionally closed financial centers and institutions.
Our mission — high quality of services, trust of our clients and reliability of our work. Most important of all — a winning attitude that always puts YOU first!
Opening an account is fast and ready to activate within 5 minutes from any place of the world. Open a FOREX account with us today to enjoy the benefits so many have already experienced. As FXOpen customer, you can select from a full menu of professional services that have been specifically designed to meet your trading needs, including:
Spread from 2 pips
Credit leverage from 1:1 to 1:500
Micro accounts from 1$
Standard accounts from 25$
A wide range of financial tools
Trading terminal MetaTrader 4
Islamic accounts
local bank deposit/withdraw(malaysia,indonesia,iran,brazil,china)
Instant Execution — Quotation system
100$ bonus for standard accounts
Online support 24/5
Account opening within 5 minutes from any part of the world
CLICK HERE FOR REGISTERS