All I Need To Know About Forex Trading

All I Need To Know About Forex Trading – Getting started in the forex market can often result in a life cycle that involves diving in head first, giving or taking a step back to do more research and open a demo account to practice. From there, new traders can be more confident to open another live account, experience more success, and even contract or turn a profit. That is why it is important to learn a strategy for trading in forex markets, which is outlined below.

Why are we focusing on medium-term business rather than long-term or short-term strategies? To answer that question, let’s look at the following comparison table:

All I Need To Know About Forex Trading

A trader who looks to open and close a trade within minutes, often takes advantage of small price movements with a large amount of leverage.

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Greater capital and/or risk requirements because a greater amount of leverage needs to be gained from such small movements, and spread costs are more important.

A trader often seeks to hold positions for a day or more, often taking advantage of technical opportunities.

Now, you will notice that short and long-term traders need a large amount of capital – the first type needs it to generate enough energy, and the second to cover the weakness. Although these two types of traders exist in the market, they are comprised of high-net-worth individuals, asset managers or large institutional investors. For these reasons, retail traders are more likely to succeed using a medium term strategy.

The strategy covered in this article will focus on one central concept: trading with the odds. To do this, we will look at several techniques over several periods of time to determine if a given trade is worth taking. Remember, however, that this is not intended to be represented as a mechanical/automated trading system; instead, a discretionary system. You can choose to act on the signals you notice or ignore them. The key is finding positions where all (or most) of the technical signals point in the same direction. High-probability trading positions will, in turn, generally be profitable.

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We will use a free program called MetaTrader to describe this trading process; however, many other similar programs can also be used that will yield the same results. There are two basic business planning requirements:

Now we will see how to organize this process in the chosen trading system. We will also define a set of technical references along with the terms associated with them. These technical indicators are used as a filter for your trades.

If you choose to use more referrals than shown here, you will create a more reliable system that will generate more business opportunities. Conversely, if you choose more indicators than shown here, you will create an unreliable system that will generate more trading opportunities. Here are the settings we will use for this article:

Now you’ll want to add the use of some more features, such as the following:

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The key to finding entry points is to find times all points point in the same direction. The signals of each time period should support the timing and direction of the trade. There are specific bullish and bearish entry points:

It is also a good idea to place exit points (both stop losses and take profits) before placing the trade too. These points should be placed at key levels and adjusted only if there is a change in the premises for your business (usually as a result of the principles that come into play). You can move these exit points to key levels, including:

Let’s look at two examples of individual charts using a combination of indicators to find specific entry and exit points. Again, make sure that any trades you decide to place are supported in all three time periods.

Figure 2: A screen showing several indicators pointing in the same direction. Photo by Sabrina Jiang  2021

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In Figure 2, above, we can see that many indicators are pointing in the same direction. There is a bearish head-and-shoulders pattern, MACD, Fibonacci resistance and bearish EMA crossover (five- and 10-day). We also see that Fibonacci support provides a nice exit point. This trade is good for 50 pips and takes place in less than two days.

In figure 3, above, we can see several indicators that point to a long-term situation. We have a bullish engulfing, Fibonacci support and a 100-day SMA support. Again, we see the Fibonacci resistance level that provides the best exit point. This trade is good for almost 200 pips in just a few weeks. Note that this trade can be broken into smaller trades on the hourly chart.

Money management is the key to success in any market, but especially in the volatile forex market. Many times fundamental factors can send currency rates swinging in one direction – only to have rates whipsaw in another direction in mere minutes. Therefore, it is important to limit your downside by always using stop-loss points and only trade when your indicators point to good opportunities.

Anyone can make money in the forex market, but it requires patience and following a well-defined strategy. Therefore, it is important to first approach forex trading through a careful, medium-term strategy so that you can avoid the big players and become the losers of this market.

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It’s terrible that I have to figure out a lot of things before I can even start trading. Because if I don’t, I could lose my hard earned money – unknowingly.

Now, unlike the Stock Market where it is traded on a central exchange, the Forex market is traded over the counter. And it is connected electronically between banks and brokers.

High Liquidity – According to the Bank of International Settlements (BIS), Forex is the largest market in the world with over $5, 000, 000, 000, 000 traded each day. That’s Trillion with a “T” This means you can enter and exit positions easily with minimal withdrawal.

Low barrier to entry – Most Forex brokers allow you to open an account with as little as $100.

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Better risk management – You can trade micro lots which allows you to better manage your risk. And unlike Stocks, the Forex market rarely has gaps which means you won’t lose more than you intended.

Trade whenever you want – Forex trading is open 24/5. This means you can place your trades anytime from Sunday around 5 pm EST to Friday around 4 pm EST (depending on daylight savings).

Low transaction fee – Unlike Markets, most brokers do not charge you a transaction fee. You pay for the spread only.

Here are the 6 major currency pairs that trade regularly and have the most liquidity:

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A Forex currency is traded in units called pips (price interest point) which is the smallest additional value of a pair.

If you are new to trading, all these tips in this forex trading guide may seem confusing.

Because this is how I felt when I started Forex trading. But trust me, in time, it will all make sense.

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