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In this section you will know the 3 major areas – Technical Analysis, Fundamental Analysis and Trading Physcology.
It is good to know the Forex Market is split into 3 major areas – Technical Analysis, Fundamental Analysis and Trading Physcology. You also need to learn the basics of trading.
Tip 1: Learn the Forex Basics
Before you start trading there are certain things that you need to know and learn. Learning and understanding the basic concepts is extremely important and the starting route that you need to take to become successful.
Tip 2: Technical Analysis
Technical Analysis is the study of charts and price action of any particular currency pair. This is very popular among traders. It involves finding the correct resistance / support lines, drawing of trend lines, use of indicators, pivot points and much more.
Tip 3: Fundamental Analysis
Fundamental Analysis in Forex is a type of market analysis which involves studying of the economic situation of countries. This will enable you to trade currencies more effectively. Figures and statements given in speeches by important politicians and economists known as economical announcements can have great impact on the currency market moves. In particular, announcements related to the US economy like Non-Farm Employment Change and FOMC are typical news releases that traders keep an eye on.
Tip 4: Trading Physcology
Having a great trading system and a large account it is pretty useless if you don’t control your emotions while trading. Most probably you will wipe out your account. You need to be disciplined and follow strict money management rules. Furthermore you need to control your fear and greed. Are you afraid to lose money, so you just let go by a good trade? Or are you in a trade and you are in profit and you want more profit? In the meantime the market turns around and now you are in a loss. You must be disciplined and follow your trading strategies.
Below you can find the list with all the posts of Forex Education Center :
Forex Education Center / Part 01 / Live Vs. Demo Trading Accounts
Forex Education Center / Part 02 / Slippage
Forex Education Center / Part 03 / ECN Market
Forex Education Center / Part 04 / What Makes a Successful Price ActionTrader
Forex Education Center / Part 05 / The Manual of the Forex Art of War
Forex Education Center / Part 06 / The Don’ts when you Compare Forex Brokers
Forex Education Center / Part 07 / What is behind Currency Pair Trading
Forex Education Center / Part 08 / Banks: Beacons of Fraud
Forex Education Center / Part 09 / Win With CFD’s
Forex Education Center / Part 10 / Fight and Win the Bulls and Bears
Forex Education Center / Part 11 / How to Spot a Forex Trading Fraud
Forex Education Center / Part 12 / Become a Master with News Trading
Forex Education Center / Part 13 / The Forex Risk Management State of Mind
Forex Education Center / Part 14 / Top 10 Forex Trading Tips for Beginners – The Road to Success
Forex Education Center / Part 15 / Trader’s Strategy Checklist
Forex Education Center/ Part 16 / E Currency Trading
Forex Education Center/ Part 17 / E CURRENCY TRADING MAP
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