FOREX BASICS

[Vishnu]

Forex trading is a profession with relatively unlimited profit opportunities. However, you have to be aware that you will need not only knowledge and intuition, but also the
ability to work under stress and the courage to take risks. Don’t believe those who guarantee easy money with Forex, because Forex, like any other trade, requires hard
work, discipline and sometimes luck as well.

Before beginning in the Forex world, ask yourself if you have the following traits that
describe a good salesperson

A quick wit
The ability to work and keep calm under stress
The courage to take risks
Persistence and the ability to make quick decisions


If you meet at least three of these criteria, it’s worth trying, because all the rest can be
learnt!

[Vishnu]

Advantages of forex trading


Make money even in times of crisis

While the stock market and commercial bank deposits are indeep depression during the crisis, Forex profits, because any
change in currency can be used to make profit. A falling market is as profitable for Forex trading as a developing one.


Work while lying in a hammock

All you need to start making money is a computer or a smart phone and an Internet connection. Your work
space and goals are up to you!

Easy rules

Unlike stock markets with tens of thousands of different shares, Forex works with 8 basic currencies which are the
centre of most trades. Moreover, there are significantly less factors that influence currency exchange rates than in the
stock market.

Take your money whenever you want

A $50 billion market isn’t just a miraculously beautiful number – it is also what ensures that you can sell or buy
any amount of currency you wish at any moment.

[Vishnu]

What influences exchange rate??

Central banks
Finance circulation
Interest rates
Interest rates

State economics
GDP, inflation, debt
Sales amounts
Interest from investors

Politics
Stability of governments
Public statements
Change of officials

[Vishnu]

tips for a successful start.



Don’t open many positions at the same time. It’s better to choose fewer positions, but weigh each of
them carefully.

People often forget to limit their loss and therefore have to step out of the game very soon. With the Stop-Loss
Order, you will be able to control the situation if the rates change unexpectedly.

Specialists advise against risking more than 1/6 of your free capital when you aren’t completely confident

Each good trader has their own plan, and the best make an e_ort to hold on to it. Those who have the time,
make daily transactions, others choose long-term strategies. Keep it steady

Diferentiate the time frames of analysis: weekly graphs are used to
observe trends, daily and hourly graphs – to observe the best time to open and close positions

An essential mistake beginners make is closing the transaction too soon and thus not using the full profit
potential. Trends last longer than they might seem at first

Transactions against a trend usually result in loss. Wait for a beneficial tendency and then make your move!

If you still aren’t confident about your decisions, choose a platform that lets you follow leaders and copy
their transactions

Beginners often don’t know that when trends start, they develop quickly because they are increased by traders following them.
Use trends in your favour!

Don’t hold unsuccessful positions open for a long time. Experience shows that it’s best to close them
early and move on to others

[Vishnu]

Best Hours for trading

Although the Forex market is open 24 hours a day (except on
weekends), there are hours which are better for making transactions. It’s
the London session, which is the most active period, and the time
when the London session overlaps the New York session.

[Andre Silva]

Best Hours for trading

Although the Forex market is open 24 hours a day (except on
weekends), there are hours which are better for making transactions. It’s
the London session, which is the most active period, and the time
when the London session overlaps the New York session.

So true, London session is my most favorite one because of volatility. Basically I get most of the entry points on this session. Although, I have no problem on others session if I get good entry point according to my trading system.

[Noin1976]

A fundamental thing I have learned through experience, and no amount of books or talking to other traders could teach me this, was the value of getting out of the market when your reason for getting into a trade was invalidated.It is very easy for traders to think the market will come back around in their favor. You would be surprised how many traders fall prey to this trap and are amazed and heartbroken when the market only presses further against the direction of the original trade.

https://forexsteam.com/

[J_C_Anderson]

For sure, getting out when the price is going against you is very important. Many beginners fail just because they avoid to set stop loss and hold losing position longer than it is neccessary. It is much more comfortable to close losing position and look fo new trading opportunities.