Top Forex PairsForex is the largest market in the world and trades around the clock. Which currency pair is trending the strongest RIGHT NOW? Find out what pair is topping our list and where is it going, view this list for free now! Todays Top Performing Forex Pairs
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Testimonials
Great
site Kenny.
Technical
Analysis written in a straightforward way so that everyone understands.
There's
only a small few who get it consistantly correct and you are certainly
in
that group.
Chris
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Thanks
for putting this all together and sharing! BHW
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Awesome
Stuff! Kenny has shown time and time again the ability to show us direction in
these markets. Khalsa
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Kenny, I appreciate your insight and analysis. You make sense of what I can rarely see.
Thanks for sharing. Gene
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Took a gold short at 1240
just closed at 1203 :-)))))))))))))))))) ........ top call!! Gekko |
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Forex Trading Online
Currency
Trading Explained Part 2
Forex Trading Explained Part 2
Successful Forex Trading
requires three important factors.
Previously
in this series, we discussed the three factors required for success in
currency trading as being knowledge, experience, and emotional
control.
Knowledge starts with becoming familiar with the jargon in the industry
by perusing all manner of forex
websites and reading any online
articles pertaining to the topic.
Your initial objective is to achieve a fundamental level of
understanding so
that when you do take a trading
tutorial or structured class, it will mean much
more to you, and you will not waste time trying to make sense of all
that you are taught.
If there is a shortcut to preparing yourself for trading in this high
risk and high stress environment, it is finding a mentor to help guide
both your early efforts, as well as your actual trading experience down
the road. Accept your "amateur" status, and learn from an
expert.
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Practice. MAKE MONEY!
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One of the first topics that will be covered will be fundamental
analysis, the reasons why currency values fluctuate as much as they
do. Economic, financial, and political information is
constantly being either released at scheduled times or happening "ad
hoc" in the news. Analysts and traders alike are gathering
this data, analyzing it, and forming opinions about how it will impact
currency valuations.
Currencies
come in pairs. The relative value of each
countrys economic health determines the foreign exchange rates in the
market. For you, the Forex
trader, this process produces constantly
changing "Bid/Ask" spreads for your chosen currency pair.
The fact that there is so much information out there and so many
different people making differing interpretations of the same data is
the reason why values are fluctuating in wave-like patterns.
The resulting volatility is the reason why trading is even
possible. Constantly changing values equate to opportunities
for short-term gains, the very essence of speculating, which is what
forex
trading is all about.
Your instructor will tell you where to get the most important
information and how to put it to good use. Typically,
economic data releases are scheduled events, much anticipated by
traders due to the propensity of these releases to create new market
trends. You need to be aware of these dates for your chosen
trading currency pair in order to "trade on the news", or at the very
least, to prevent yourself from being blindsided by a market rush when
in the midst of trading
positions.
Your
instructor will also help you develop a trading strategy, a
step-by-step plan that will guide you before, during, and after a
position is closed. Practice sessions on a free forex trading
demo will provide invaluable experience before you put your
real money
on the line. These demos allow you to use virtual
cash and real time currency quotes to refine your plan and develop the
consistency and confidence that must be present to survive in this
trading discipline.
Lastly, you will learn about trading
psychology. Studies
continually confirm that a traders worst enemy can be his own
subconscious mind. Its intervention can destroy the best
decision making process ever conceived by causing doubt, hesitation,
or, worse yet, procrastination. You must be able to block its
influences. You must practice your trading plan until it
becomes habitual to ensure steady decisions when under the gun.
Your trading plan is the topic for the last part in this
series. Technical
analysis and prudent risk and money
management techniques will be discussed. Learning these
skills will tell you how and when to open and exit a trade, using
market disciplines that have stood the test of time.
Forex
Trading Part 3
Learn more
about Currency
Trading Tecnical Analysis in part 3 or return to Part 1 of our Forex
Trading series. |
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