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Trade
Comfortable environment for the novice trader
If You are slightly familiar with Forex trading, You will have to learn a lot and understand a large number of methods used for this trade. Because of the level of competition and the magnitude of the amounts that can be earned on the Forex, this kind of trading will never become too easy, and there are no easy ways for its development.
But there is a right and narvilene ways to learn to understand it and the proper way is always better, especially if You want to profit as quickly as possible. We will try to describe the environment that will be adapted to the needs of any "fledgling" of the trader.
Timeframe
If You are new to Forex, You should be wiser and not waste time by studying only a short-term strategy. Intraday trading and scalping - the most debilitating forms of Commerce, because they require tight spreads, the accumulation of considerable experience, skill and a great leverage from Your broker. Conversely, long-term trade will require very large investments and therefore lies outside the reach for most beginners.
Instead, start with the medium-term trading. Search for deals that last from about one day to several weeks. Then You will be able to find good trading opportunities and at the same time to learn the skill of the trader.
Personality
Before You start trading, be sure to ask yourself what Your strengths and weaknesses? What strategies do You tend to trust and how much You will be comfortable with different levels of risk? The answers to these questions will help You determine the types of trading strategies and currency pairs, where You will be comfortable to trade.
Choose the currency pair
Again it is better to choose only one currency pair, on which we should focus. Study the features and patterns of its behavior, find out what time of day, this pair is most volatile and how it reacts to other cross pairs and economic events. Try to discover their inner "harmony" with Your chosen couple of, gradually accumulating experience and developing intuition that will support You when You really begin to trade. Choose one of the most liquid pairs – enough to start with EUR/USD, GBP/USD or USD/JPY.
Try different strategies
Now, when You finally chose to "own" the currency pair and timeframe that suits You, we hope that You will learn as much as you need to test different strategies. Do not rush, trading will require You to develop sustainable practical skills.
Install some free trading platforms, such as MetaTrader, and start to observe the market. Open multiple Windows and charts "your" pair on several different timeframes. Open both minute, hour and day chart is a good way to start such observations, then for each diagram it is possible to "impose" several technical indicators.
For a one-minute chart will fit RSI (15), stochastic and MACD. For time history set EMA 5, 20, 50 and 100 periods, and the daily output of the led strips Bollinger with parameters (15, 2), and 50-period EMA.
Now, watch for those times when all Your indicators in each time period point in the same direction and try (in demo mode of trade) to open trades in that direction in that direction. Use stop orders just below key levels and closely follow the flow of fundamental news can change market direction.
Closely follow all important developments and trade only when Your currency pair shows a steady trend in all time intervals. This should be enough for You to start your career in trading on the Forex market.
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| Category: Forex | Added by: (30.10.2017)
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| Views: 381
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