Novice speculators often too confident in their own abilities and do not want to listen to any authoritative opinion or analyze figures independently. However, no trend can not stay forever, and if within a week of any currency tool works in a certain way, does not mean that the picture of tomorrow will be exactly the same. Forex trading is based on forecasts (including forex trading news https://freshforex.com/analitics/news/). It promotes the growth of forecasting the number of successful transactions.
Three pillars of success at the beginning novice trader
Choose a comfortable for you method of forecasting.
It is a logical point, because only rely on intuition. If you like news about forex trading – ok. Let it be so. Forex trading news is one of the most famous strategy.
The most common method of forecasting – the so-called fundamental (common) forecast. It takes into account macroeconomic factors (external), such as: the political situation, the level of economic development, changes in the trading system, the international image of the country and so on.
It will help if you have or get economic education: in this case you do not have to delve into the theoretical basis, and you can easily use the economic indicators, making forex fundamental analysis and forex technical analysis. Own conclusions can always back up or refute reading authoritative forecasts eminent traders, analysts, and so on.
Use techniques in combination.
Once again, you were convinced that the price of a certain currency will grow, and it fell once again? After all, it would seem, there were no signs of such an outcome. The case may be that your only method of forex technical analysis and fundamental forex analysis https://freshforex.com/analitics/fresh-forecast/fa/ are not suited to this situation. We had to make sure of success, test yourself in any other way.
Continuously looking for new information, force yourself to understand charts, use mathematical models to attend courses. Treat earnings on Forex as a job and improve their skills.
Basic Forex analysis terms
Dictionary novice trader who wants to learn how to read charts and competently communicate with colleagues, knowing what was going on.
Vending period – the period of time that is running schedule (from 1 to 60 minutes; 4 chasa; day, 7 days, 30 days)
Tick - a one-time change in the currency quotes
Tick volume – the total amount of the cost of change
Ask – buy price
Bid – Sale price
Open – the opening price for the trading period
Close – closing price of the trading period
Hi – the maximum quotation for the period
Low – the lowest quotation of the period