http://www.CandleStickForums.com
Learning How to Trade Forex
Learning how to trade Forex starts with a basic knowledge of foreign currencies and how they are traded. Learning how to trade Forex moves on to a deeper understanding of the factors that drive the relative currency rates in various currency pairs. The next step in learning how to trade Forex is learning how price patterns repeat themselves in Forex trading just as in other markets. A knowledge of and skill in the use of technical analysis tools such as Candlestick analysis will give traders the opportunity to understand and profit from changes in the Forex market. In the end learning how to trade Forex comes down to doing the necessary homework and practicing the online trading skills necessary to capitalize on changes in Forex markets. Technical analysis tools built into trading software help traders anticipate foreign currency price changes. The wise currency market trader will supplement these “modern” tools with the tools and techniques that have served traders for centuries, Candlestick pattern formations and Candlestick trading tactics.
Learning how to trade Forex does not have to be exceedingly difficult and it does not have to all happen in a day. Traders can easily build on previous experience in learning how to trade Forex.
Familiarity with foreign currencies and previous experience trading stocks, trading options, trading commodities, and trading futures in general will give beginning Forex traders a head start. Trading tools are similar whether the job is options trading, stock trading, or Forex trading. The fact that markets repeat themselves carries over all the way from rice trading and Candlestick basics in ancient Japan to trading the Euro versus the US dollar today.
The major Forex markets are Frankfurt, London, New York, Sidney, and Tokyo. Thus foreign currency trading goes on virtually around the clock. Learning how to trade Forex includes deciding which currencies to trade, which Forex market to trade and whether to trade daytime only or engage in after hours trading. Learning how to trade Forex is learning discipline as well. Choosing a time to trade, a currency pair to trade, and limiting trading to daytime trading for starters is probably a good idea. A beginning currency trader will often engage in practice trading or simulation trading. Modern trading software will have extensive data from real market situations. Thus the new Forex trader can practice in real situations without risk of immediately wiping out his or her margin account.
2. Learning how to trade Forex starts
with a basic knowledge of foreign
currencies and how they are
traded. Learning how to trade
Forex moves on to a deeper
understanding of the factors that
drive the relative currency rates in
various currency pairs.
By: www.CandleStickForums.com
3. The next step in learning how to
trade Forex is learning how price
patterns repeat themselves in
Forex trading just as in other
markets.
By: www.CandleStickForums.com
4. A knowledge of and skill in the use
of technical analysis tools such as
Candlestick analysis will give
traders the opportunity to
understand and profit from
changes in the Forex market.
By: www.CandleStickForums.com
5. In the end learning how to trade
Forex comes down to doing the
necessary homework and
practicing the online trading skills
necessary to capitalize on changes
in Forex markets.
By: www.CandleStickForums.com
6. Technical analysis tools built into
trading software help traders
anticipate foreign currency price
changes. The wise currency market
trader will supplement these “modern”
tools with the tools and techniques
that have served traders for centuries,
Candlestick pattern formations and
Candlestick trading tactics.
By: www.CandleStickForums.com
7. Learning how to trade Forex does
not have to be exceedingly difficult
and it does not have to all happen
in a day. Traders can easily build
on previous experience in learning
how to trade Forex.
By: www.CandleStickForums.com
8. Familiarity with foreign currencies
and previous experience trading
stocks, trading options, trading
commodities, and trading futures
in general will give beginning
Forex traders a head start.
By: www.CandleStickForums.com
9. Trading tools are similar whether
the job is options trading, stock
trading, or Forex trading. The fact
that markets repeat themselves
carries over all the way from rice
trading and Candlestick basics in
ancient Japan to trading the Euro
versus the US dollar today.
By: www.CandleStickForums.com
10. The major Forex markets are
Frankfurt, London, New York,
Sidney, and Tokyo. Thus foreign
currency trading goes on virtually
around the clock.
By: www.CandleStickForums.com
11. Learning how to trade Forex
includes deciding which currencies
to trade, which Forex market to
trade and whether to trade
daytime only or engage in after
hours trading.
By: www.CandleStickForums.com
12. Learning how to trade Forex is
learning discipline as well.
Choosing a time to trade, a
currency pair to trade, and limiting
trading to daytime trading for
starters is probably a good idea.
By: www.CandleStickForums.com
13. A beginning currency trader will
often engage in practice trading or
simulation trading. Modern
trading software will have
extensive data from real market
situations.
By: www.CandleStickForums.com
14. Thus the new Forex trader can
practice in real situations without
risk of immediately wiping out his
or her margin account.
By: www.CandleStickForums.com
15. The Forex market is huge with
trillions of dollars in various
currencies traded every year.
Trading takes place in currency
pairs.
By: www.CandleStickForums.com
16. Thus a trader does not trade the
dollar, Yen, Euro, or Pound
Sterling. He or she will trade the
Euro/USD pair, for example.
By: www.CandleStickForums.com
17. Thus the trader will be interested
in factors that change the
relationship between these two
currencies. If the Yen, Yuan, or
Pound has a fantastic day that will
not necessarily change the relative
values of the Euro/USD pair.
By: www.CandleStickForums.com
18. Forex trading involves buying one
currency at the same time as the
trader sells the other. The major
traders are central banks, large
international banks, and other
huge institutions.
By: www.CandleStickForums.com
19. The individual trader attempts to
make a living reading Forex signals
within the framework of currency
rate changes caused by the trading
of the large traders.
By: www.CandleStickForums.com
20. Learning to use Forex trade signals
effectively is what the trader will
want to learn before starting live
trading.
By: www.CandleStickForums.com
