How to be a forex expert

[Vichu]

What is Forex?
FOREX stands for the very popular Foreign Exchange Market. Sometimes, though, people associate it or equate it to mean also currencies.
Basically, forex is where people trade. The objects of the trading are the different foreign currencies. People buy and sell the currencies.
The exchange market and the trading as we know it today started in the 1970's. It has no definite place. It has no definite location.
The foreign exchange market is found wherever there is a financial center where people conduct constant exchanges and buying and selling. To ensure definite success in this field, the main goal has to be kept in mind.
The keywords to traders in the foreign exchange market are to 'buy low and sell high.' This is the way to get the profits coming in.



Why Are People Trading in the Forex?
More and more people are turning into the forex trading now. It has become popular once again and people want to enjoy the success this can bring.
There are also no strict requirements to join the market. Anybody can enter it and learn how to trade. Some even study beforehand to be prepared for the big trading.
Another good aspect about forex is the absence of too many fees to be able to join in. There are no commissions, no brokerage fees and no government fees.
The best thing by far is that trading can be done at home. Anyone can initiate a trade online. This spells big for people who stay at home, especially those who do not feel comfortable in engaging on online businesses.
With proper training and computer with internet access at hand, success is within the bounds of the home.


How Does One Trade Successfully in the Foreign Exchange Market?
The purpose of 'to buy low and to sell high' must be kept in mind when trading in the forex. This will be the main vision of a trader to succeed.
The next task at hand is to know the trends. This means knowing when a particular currency will buy low or sell high. This is not mere prediction of possible turn of events.
Thus, forex requires strategies that have been tested to make sure that a decision will be profitable. There are two basic strategies employed in forex that one can learn from tutorials or from the actual exposure to the market.
The first strategy is the technical analysis. This provides that a particular price chain reflects all the necessary information regarding the market. This entails a close analysis of the various aspects of the currency like the lowest and highest prices or the opening and closing prices.
The other strategy is the fundamental analysis.
As the name implies, it takes the overall situation. It focuses beyond the currency. It considers the situation of the country, economy, politics and even the rumors. Thus, this requires more exposure and knowledge from the part of the trader.




Conclusion
The foreign exchange market promises so many possibilities to the trader. Many people may be interested in the forex but are only afraid to take the first step.
This attitude should be turned around. Just have a good vision, take the necessary steps and make the forex venture a success.

[Noin1976]

The best thing by far is that trading can be done at home. Anyone can initiate a trade online. This spells big for people who stay at home, especially those who do not feel comfortable in engaging on online businesses.


With proper training and computer with internet access at hand, success is within the bounds of the home.

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[Sameeh]

I think that the trader needs to have a good experience with reading of the chart as this will help him to read the chart well and will know how to determine the major direction of the market and so he will know where to set the orders and how to choose the best positions of trading, the trader that has good tools of analysis of the market will be able to know where the market will go in the future and so he will follow the market and will make successful trading always, also the trader needs to have a good plan that will let him to regulate his trading always and so this will increase the success rate and will let the trader to increase his return and will enjoy trading and will survive in the market for long time.

[Katrina]

You can only become an expert in forex by trading more and gain experience in every situation in the market. Only powerful knowledge will help you towards being successful in the long term.

[colleen]

To be a Forex Expert Join Online Trading Academy .Learning about trading becomes easier now. Join our forex trading academy and gain knowledge on how to trade Forex, Futures and Stocks. This can be a great help for students also who wants to earn while they learn.

[Katrina]

It required a few years.


Think about the accompanying rules:


Continually advancing your investigation strategy and searching out new sorts of procedures.


Always remember hazard the executives.


Never follow others' sentiments. Use them just as an affirmation factor.

[Katrina]

Forex exchanging is available, energizing, instructive and offers merchants heaps of chances. Nonetheless, numerous individuals neglect to become effective dealers, and don't accomplish great outcomes in the FX market. Truth be told, a high level of Forex brokers wind up losing more cash than they make. Figuring out how to exchange, Forex, yet any monetary market, can be troublesome and is positively not something that you will get in a day

[Quiinhome]

Stop-loss order is very important in forex trading. If you want to be a forex experts, then you have to know what is spot loss order and how you use it.
Stop-loss orders are placed by traders either to limit risk or to protect a portion of existing profits in a trading position. Placing a stop-loss order is ordinarily offered as an option through a trading platform whenever a trade is placed, and it can be modified at any time. A stop-loss order effectively activates a market order once a price threshold is triggered.

Traders customarily place stop-loss orders when they initiate trades. Initially, stop-loss orders are used to put a limit on potential losses from the trade. For example, a forex trader might enter an order to buy EUR/USD at 1.1500, along with a stop-loss order placed at 1.1485. This limits the trader's risk of loss on the trade to 15 pips.

one question have, which is, Stop-loss order: should I use?

are critical for a multitude of reasons, but it can really be boiled down to one thing: we can never see the future. Regardless of how strong the setup might be, or how much information might be pointing in the same direction – future currency prices are unknown to the market, and each trade is a risk.

traders actually do win in many currency pairs the majority of the time.

Lately I’ve read few opinions that using stop losses is bad. I am not going to fight with everybody here. If some pro trader thinks that stop losses are not necessary then it is his choice. If he makes money, that is good. But if you are a new investor, struggling to close a year with a profit, than using stop losses is necessary.

Let’s say it clear and loud: stop losses are not perfect. It is not something that will make you rich or profitable trader. It is also not something 100% accurate. You set your stop losses and your stop losses are as good as good trader are you.
Stop orders are used to limit your losses. Everyone has losses from time to time, but what really affects the bottom line is the size of your losses and how you manage them. Before you even enter a trade, you should already have an idea of where you want to exit your position should the market turn against it. One of the most effective ways of limiting your losses is through a pre-determined stop order, which is commonly referred to as a stop-loss. If you have a long position on, say the USD/CHF, you will want the pair to rise in value. In order to avoid the possibility of chalking up uncontrolled losses, you can place a stop-sell order at a certain price so that your position will automatically be closed out when that price is reached. A short position will have a stop-buy order instead.
Stop-loss orders are a critical money management tool for traders, but they do not provide an absolute guarantee against loss. If a market gaps below a trader's stop-loss order at the market open, the order will be filled near the opening price, even if that price is far below the specified stop-loss level.

[Katrina]

A trade order to sell a currency when the price would have reached or falls below the specified price. This would be utilized to limit loss, usually when the price couldn't be actively monitored by the trader.

[maby81]

I believe that the msot important thing is to be wiling to learn, and never ever consider yourself as an expert. Learning should never stop and your willingness to learn can make or break your experience as a trader. First of all the market is ever changing, and so are other factors that affect it. Besides there is also the issue of risk management. While there are always going to be risks surrounding your trading, you can never hope to be an expert each and every time in avoiding them. The key is to know how to manage them so as to minimise your losses.