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Forex Trading – Understanding the Dangerous Schemes in Forex
Forex Trading has high potentials for income generation as well as inherent risks to the trader. The enormous returns from Forex Trading per day has made it alluring to fraudulent schemes targeted at Forex traders who are most times unaware. Understanding these schemes is the first step of protecting yourself from loss in Forex.How To Read a Candlestick Chart
Data is represented by using different graphical interpretations such as line charts, bar charts and candlestick charts. They are widely used in practice because they allow traders to work with ‘Price Action Theory’. Depending on what sort of a pattern it forms, candlestick charts predict the direction a current pair would possibly move in, with the reversal pattern, in a given time-frame. The two main candlestick patterns which have been followed closely by traders are the Bullish Hammer and Hanging Man and the Inverted Hammer and Shooting Star.Forex Pips and Profits
Most experienced forex traders calculate their success in terms of pips with regards to considering generated profits in their daily trades. But what are pips and how can they generate profits? Pip stands for ‘percentage in point’ which is the last unit in the four decimal places price of a major currency pair and the smallest change a rate can make. When a trader enters a ‘long’ position and the pip value increases the trader has generated a profit equal to the relevant increase in pips. Conversely, when a trader enters a ‘short’ position and the pip value goes up he might suffer the relevant losses in relation to the difference in pips.Choosing a Broker and Avoiding Forex Trading Fraud
Prior to opening a Forex account one should perform a thorough research, on the internet, within forums, checking the broker’s features, platform, spread, demo account and many more. The better one researches, the greater the chances he or she will not only avoid a fraud but also make the best possible choice. A choice that will be the initial first very important step for a successful trading career!Forex and Stock Market Main Differences
Choosing between the forex and stock market can be a very challenging task. In this article we will analyze the main differences. First, position taking which is the entry and exit of the market. Secondly, liquidity, which refers to the ease with which an investor can convert his expenses or assets into cash or withdraw his investment, any given moment. Last but not least, the market volume, whereby we need to stress the fact that the Forex market is approximately 70 times greater than the New York Stock Exchange (NYSE).Introduction to Forex Fundamental Analysis
Fundamental analysis revolves around analyzing the key economic indicators of a given economy including its interest rate, GDP, unemployment, etc. and identifying the overall condition of the economy based on those data releases. The numbers of these indicators are released from time-to-time in a whole month, as they are from different sectors of the economy such as, housing, retail, construction, services, manufacturing, etc.Stop Loss Definition and Its Use in Forex
Stop loss is a safety measure used by traders to prevent excessive losses – usually found with configurations in “long” or “short”. If the outcome of a trade comes out as adverse and losses are incurred, the stop loss will kick in and stop the trade at a predetermined point set by the trader. Whether one wishes to avoid excessive losses or even to lock in profits, the vast majority of trading styles may benefit from this useful tool.4 Tips on How to Choose the Best Forex Strategy
I remember a few years ago, when I started trading too, how frustrated I was in my quest to finding the best possible strategy. In order for you not to go through the same ordeal, I have summed up the main 4 points I discovered along the way. The secret is to choose a Forex strategy that matches best you as a person and your needs. This way you will instantly increase your chances of succeeding as a trader. Your goals and objectives, short or long term perspective, your personality and of course if you are trading full-time or part-time are all crucial points to take under consideration when choosing the best forex strategy designed for you.How to Master the Art of Sending Funds Overseas
With a little understanding and planning I’ll share some common-sense tips to put you back in control of your international transfers helping to ensure that more of your money stays with you. The foreign exchange rate affects all of us since we are all using a currency of some sort. An exchange rate is the relative performance of one currency against another.Factors Affecting The Exchange Rate
Factors affecting exchange rates are many and complex. There are plenty of options and decisions to make when it comes to forex and the challenge can appear rather overwhelming. There are several areas to consider in relation to forex trading, elements that have their influences in several areas of a country’s economy and thereby on the price level of foreign exchange. A country’s natural resources, interest rates and governmental policy are all very important factors and can make or break a particular trade in the forex market.Learn to Take Losses With a Clear Mind
Beginners usually go through the same common ailments. They abandon trading plans purely on impulse because the financial market is not heading just as how they had imagined. Repeatedly, they utilize unstable methods that are unable to generate a profit. Many investors preserve losing positions insisting to believe that the situation will suddenly change, whilst every indicator says otherwise, due to the fact that they can’t bear the thought of losing. But how can one change their mindset and become a successful trader?Market Orders and Types
In the Forex market traders use several special phrases, including the terminology that refers to whether a particular trade has been entered in a buying or selling position. When an individual is trading long, they have entered a trade by buying for example a forex lot and they’re hoping that the price will rise. Whenever an investor trades short, they have entered a trade by selling for example a forex lot as they foresee that the price will go down. But what if you do not want to enter a position at the current price, but at any other price? No worries, there are four different types of market orders based on which you could enter a position at the price that you think would be suitable for you. The following four order types (Buy Stop, Sell Stop, Sell Limit and Buy Limit) come under the category of ‘Pending orders’ where you set a certain price either for buying or selling and the order would trigger just as the pair’s price reaches your stated price.Forex Trading, Leverage And You
We all know leverage is a double edged sword. But ultra high leverage has one good edge and hundreds of bad edges.