Forex Trading Tips

Forex Trading Tips || Best Forex Trading Tips || Forex Trading Advantages

Forex Trading Tips || Best Forex Trading Tips || Forex Trading Advantages

How Forex Trading works

Trading forex involves the buying of one currency and simultaneous selling of another. In forex, traders attempt to profit by buying and selling currencies by actively speculating on the direction currencies are likely to take in the future.

Forex Trading Advantages

The Foreign exchange market (also known as Forex, currency market or Forex market) is, by far, the largest financial market in the world. It includes trading between large banks, central banks, currency speculators, multinational corporations, governments, and other financial markets and institutions.The average daily trade in the global Forex and related markets is currently over US$ 3 trillion.

Forex Trading Tips
Forex Trading Tips

Lots of traders are starting to trade Forex due to the Forex market advantages. Here are the most important Forex market advantages:

 

1 – 24 hours a day market :

  • The Forex market is open 24 hours a day (except on weekends). So, no matter where you are based, you can trade Forex at your favorite time.

2 – High liquidity:

  • Forex market is the biggest financial market in the world averaging over 3 trillion USD daily.

3 – Leverage:

  • The leverage on Forex can be as high as 200:1 which means that you can trade up to $100K with just $500.

4 – Easy short selling:

  • On Forex it’s as easy to buy a currency pair as to short sell it. There’s no uptick rule like on Nasdaq.

5 – Free commission fees:

  • Commission fees are 0 on Forex. The only cost in buying a currency pair is the spread.

6 – Free trading platforms:

  • On Forex most brokers offer good trading platforms for free.

7 – Free Demo accounts:

  • Most Forex brokers offer free demo accounts which allow you to start practicing with virtual money. This way you can learn Forex without risking your money.source :Text Book Forex Trading

Forex Trading Tips

  1. Know the Markets
  2. Forecast the Weather Conditions of the Market
  3. Know Your Limits,Know Where to Stop Along the Way
  4. Check Your Emotions at the Door
  5. Choose the Right Trading Partner for You
  6. Do Your Homework
  7. Know Your Self
  8. Plan your goals
  9. Choose Top Broker
  10. Focus on a single currency pairs
  11. Do what you understand
  12. Take Control of Your Emotions
  13. Study your success and failure (It’s Depend Upon You)
  14. Use Stop-Losses
  15. Study money management
  16. Study the markets, fundamentals, and technical factors 
  17. Never give up
  18. Create Your Own Strategy
  19. Learn Step-by-Step Forex Market
  20. Stress Less
  21. Practice Makes Perfect
  22. Take Risk Because No Risk No Gains
  23. Daily Trade Avoids
  24. Know The Charts Signals
  25. Analyse Your Trades
  26. Experiment As A Demo Trade 

Benefits Of a Forex Market:

Benefits of a 24 hour Forex Market:

  • React to global trading opportunities whenever they arise
  • Trade when it’s convenient for you
  • Take advantage of periods of higher volatility when markets overlap

Most Important Symbols Of Forex Market

Like countries, every currency has its own personality and identity. This guide will give you detailed facts on major currencies, including :

  • U.S. Dollar
  • Australian Dollar
  • Euro
  • British Pound
  • Canadian Dollar
  • Swiss Franc
  • Japanese Yen
  • New Zealand Dollar
Currencies Traded In Forex
DESCRIPTION SYMBOL NICKNAME
Euro/U.S. Dollar EUR/USD Euro
Great British Pound/US Dollar GBP/USD CABLE
U.S. Dollar/Japanese Yen USD/JPY YEN
U.S. Dollar/Swiss Franc USD/CHF SWISS
U.S. Dollar/Canadian Dollar USD/CAD LOONIE
Australian Dollar/U.S. Dollar AUD/USD AUSSIE
New Zealand Dollar/U.S. Dollar NZD/USD KIWI

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