http://www.forexconspiracyreport.com/forex-strategies-and-resources/
Forex Strategies and Resources
To make money trading Forex you need both Forex strategies and resources. As Forex currency rates rise and fall traders use both fundamental and technical analysis in order to predict and profit from knowing the future course of currency prices. Many simply day trade a specific major currency pair taking profits from the back and forth activity of an active market. In this case Forex strategies and resources are aimed at predicting short term changes in market sentiment. Others take a longer view and engage in swing trading. They rely more heavily on analysis of market fundamentals and often use Forex options to stake out a position in advance of market movement. In either case there are Forex strategies and resources that all traders need.
Hardware, Software and a Trading Platform
Forex trading is online trading. The three major Forex markets are London, New York and Tokyo. As these markets are scattered across the globe Forex trading takes place nearly twenty-four hours a day every business day of the year. A trader needs a fast computer with lots of memory, a trading software program and a trading platform consistent with what his broker uses. In general one picks a broker and platform first of all and then makes sure that the trading software, hardware and internet connection are more than sufficient for the task at hand. A good trading program has a program and data for simulation trading which is where the beginning trader should be learning to use Forex strategies and resources until his skill set is sufficient for real time trading.
Having a Clue or Two about the Market
After learning how to run your trading software, you still need to get in sync with the market, what drives it, and how to make a profit. At this point the Forex strategies and resources you need are the daily business news at home and around the world. This is fundamental analysis of Forex pairs. In Forex one currency is traded for another. As such the world of the trader focuses on the balances of trade of two countries, employment figures of two countries, monetary policy, economic policy, and pronouncements of the central banks of two countries. Factors that drive all currencies, such as a rising price of oil due to scarcity, do not necessarily change the relative values of the two currencies that one trades. War in the Middle East may affect oil supplies. Japan which is dependent on foreign oil may see more of a change in the Yen than the USA which produces the majority of its oil domestically.
Anticipating Changes
Fundamentals drive the Forex market and anticipation of the changes in fundamentals drive intraday pricing.
2. To make money trading Forex you
need both Forex strategies and
resources.
3. As Forex currency rates rise and fall
traders use both fundamental and
technical analysis in order to predict
and profit from knowing the future
course of currency prices.
4. Before We Continue…
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5. Many simply day trade a specific major
currency pair taking profits from the
back and forth activity of an active
market.
6. In this case Forex strategies and
resources are aimed at predicting short
term changes in market sentiment.
7. Others take a longer view and engage
in swing trading.
8. They rely more heavily on analysis of
market fundamentals and often use
Forex options to stake out a position in
advance of market movement.
9. In either case there are Forex
strategies and resources that all traders
need.
12. The three major Forex markets are
London, New York and Tokyo.
13. As these markets are scattered across
the globe Forex trading takes place
nearly twenty-four hours a day every
business day of the year.
14. A trader needs a fast computer with lots
of memory, a trading software program
and a trading platform consistent with
what his broker uses.
15. In general one picks a broker and
platform first of all and then makes sure
that the trading software, hardware and
internet connection are more than
sufficient for the task at hand.
16. A good trading program has a program
and data for simulation trading which is
where the beginning trader should be
learning to use Forex strategies and
resources until his skill set is sufficient
for real time trading.
21. In Forex one currency is traded for another.
As such the world of the trader focuses on
the balances of trade of two
countries, employment figures of two
countries, monetary policy, economic
policy, and pronouncements of the central
banks of two countries.
22. Factors that drive all currencies, such
as a rising price of oil due to
scarcity, do not necessarily change the
relative values of the two currencies
that one trades.
23. War in the Middle East may affect oil
supplies. Japan which is dependent on
foreign oil may see more of a change in
the Yen than the USA which produces
the majority of its oil domestically.
29. Some patterns are very predictable so
that if one correctly reads the first part
of the pattern he can trade successfully
because he knows where the market is
going.
31. Those who learn Forex trading well
make money and those who do not pay
attention lose money.
32. Trading Forex is more than sitting at
the trade station making savvy trades.
It is managing trading capital wisely.
33. Nobody makes perfect trades every
time. Learn to manage your
trades, always set your trading
stops, and always follow a strategy that
allows for recovery after a bad trading
day, week, or month.
34. Smart traders develop a strategy, stick
with their strategy, change the strategy
as needed and avoid falling prey to fear
and greed, the twin demons of the
Forex trader.
