All successful traders started as beginners. Trust the process and stay disciplined

How can I be a better trader?

There is a good way to become a better trader is to do demo trading. Demo trading allows you to trade without any risk (and real profits). So you are basically trading with demo/virtual money. This is good because you can test out your strategies and potential improvements without actually risking any of your hard-earned money. You can get a demo account here and request a real money no deposit bonus ($5) once your account get verified.

All successful traders started as beginners. Trust the process and stay disciplined

Is Forex trading a legitimate business?

Forex trading is a legit and real business that can generate profits. Several governmental and independent bodies supervise forex trading worldwide, and they set standards that all brokers under their jurisdiction must comply with. Forex trading is a legit regulated business as same as stocks trading or commodities.

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What are the basics of forex trading?

Forex trading is when a trader buys one currency pair while at the same time selling another. A currency pair is exactly what it sounds like. A pair of currency. Forex trading is usually done with the major currency pairs and those pairs are: GBP/USD, EUR/USD, USD/CHF, USD/JPY.

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What exactly does “trading Forex” mean?

A currency trader, also known as a foreign exchange trader or forex trader, is a person who trades currencies on the foreign exchange . Forex traders include professionals employed to trade for a financial firm or group of clients, but they also include amateur traders who trade for their own financial gain either as a hobby or to make a living.

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How can I learn Forex trading?

These two approaches are technical analysis and fundamental analysis. The best way to learn forex trading is to look at both of these separately, and then integrate them into a sound, logical and reasonable approach to trading.

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Charts Used in Forex Trading –  Line Charts

Line charts are used to identify big-picture trends for a currency. They are the most basic and common type of chart used by forex traders. They display the closing trading price for the currency for the time periods specified by the user. The trend lines identified in a line chart can be used to devise trading strategies. For example, you can use the information contained in a trend line to identify breakouts or a change in trend for rising or declining prices.

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Charts Used in Forex Trading –  Bar Charts

Much like other instances in which they are used, bar charts are used to represent specific time periods for trading. They provide more price information than line charts. Each bar chart represents one day of trading and contains the opening price, highest price, lowest price, and closing price (OHLC) for a trade. A dash on the left is the day’s opening price, and a similar dash on the right represents the closing price. Colors are sometimes used to indicate price movement, with green or white used for periods of rising prices and red or black for a period during which prices declined.

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Charts Used in Forex Trading –  Candlestick Charts

Candlestick charts were first used by Japanese rice traders in the 18th century. They are visually more appealing and easier to read than the chart types described above. The upper portion of a candle is used for the opening price and highest price point used by a currency, and the lower portion of a candle is used to indicate the closing price and lowest price point. A down candle represents a period of declining prices and is shaded red or black, while an up candle is a period of increasing prices and is shaded green or white. The formations and shapes in candlestick charts are used to identify market direction and movement. 

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Where is forex traded?

Forex is traded at three places: spot markets, forwards markets, and futures markets. The spot market is the largest of all three markets because it is the “underlying” asset on which forwards and futures markets are based.

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Why is forex traded?

Companies and traders use forex for two main reasons: speculation and hedging. The former is used by traders to make money off the rise and fall of currency prices, while the latter is used to lock in prices for manufacturing and sales in overseas markets.

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Are forex trades volatile?

Forex markets are among the most liquid markets in the world. Hence, they are less volatile than other markets like real estate. The volatility of a particular currency is a function of multiple factors, such as the politics and economics of its country. Therefore, events like economic instability in the form of a payment default or imbalance in trading relationships with another currency can result in significant volatility.

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Which currencies should I trade in?

Currencies with high liquidity have a ready market and, therefore, exhibit smooth and predictable price action in response to external events. The U.S. dollar is the most traded currency in the world. It features in six of the seven currency pairs with the most liquidity in the markets. Currencies with low liquidity, however, cannot be traded in large lot sizes without significant market movement being associated with the price. Such currencies generally belong to developing countries. When they are paired with the currency of a developed country, an exotic pair is formed. For example, a pairing of the U.S. dollar with India’s rupee (USD/INR) is considered an exotic pair.

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How do I get started with forex trading?

The first step to forex trading is to educate yourself about the market’s operations and terminology. Next, you need to develop a trading strategy based on your finances and risk tolerance. Finally, you should open a brokerage account.

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What is FX analysis?

FX Analysis. Two types of analysis are used for forecasting market movement: Fundamental Analysis focuses on the theoretical models of exchange rate determination, and the major economic factors and their likelihood of affecting the foreign exchange rates.

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How does forex broker make money?

The main source of income are broker fees. Some Forex brokers will charge a commission per trade, while others will charge the spread between the bid/ask prices. The main way that Forex brokers make money is by keeping the spread or charging a set fee per round turn.