How to Trade Forex - Basic Forex Trading - Introduction To Forex Trading
This is one basic forex trading advice, Forex is the biggest financial market in the world. It is bigger than the US stock market, because the daily turnover has now exceeded 7 Trillion US dollars.
Understand currencies and price fluctuations. The other basic forex trading advice is learn about currency market moves, currencies are transacted in pairs. Choose a single pair and learn how to trade it until you get to know how that pair moves. The best pair is the EURUSD. Other good pairs are GBPUSD, USDCHF and USDJPY. These four pair make up 160% of all online transactions. Since 2 currencies are in a pair the total is 200%.
Basic Forex Tutorials- About Currency Pairs Tutorials
- Forex Market Participants
- Major Forex Currency Pairs
- Currency Pair Names
- Advantages of Forex Trading
- Interpreting Quotes
Get a charting package which allows you to see the current price as it happens and make technical analysis. The most popular trading software is MT4 Platform.Its easy to use, chart are well presented and the software has multiple technical analysis tools for a trader to choose from. The platform/software displays forex charts on PC Desktop computer screen: the charts explain the current buy & sell prices of the various Forex pairs. The trading software helps you keep track of your funds and how the pair which you bought or sold is doing.
Basic Forex Trading Guides - Software
The screen-shot below shows the user inter-face of the MetaTrader 4 Platform.
Basic Forex Trading Tutorials About MT4 Platform
Learn a basic Forex trading system which gives you an indication of when to enter and when to exit trades. Following the markets price action is a popular method that professional traders have been using for over a hundred years before charts. Candlestick patterns, indicators and systems can also be used. All these techniques are discussed in detail on tradeforextrading.com.
Basic Forex Tutorials - Forex Trading Systems
- Trading Forex Systems
- Create a Forex Trading System
- Writing Forex Trading System Rules
- Generating Signals
- Tips for Forex Trading Systems
- Writing a Journal
- Writing a Forex Trading Plan
- Stochastic Forex System
- Moving Average Crossover system
A good Basic Forex Trading System uses the Indicators below:
Please Read Them Before Creating Your Forex Trading System
- RSI
- Stochastic Oscillator Indicator
- Moving Average Indicator
- Parabolic SAR
- MACD
- Bollinger Band Indicator
- ADX
Example of a Forex Trading System
Basic Forex Trading System
Start with a practice account before trading with real money. First start learning about Basic Forex Trading byopening a practice trading account & practice with this practice account, until you get to understand how the foreign market works & when you are confident & consistently making good profit on your forex practice account then you can open a live account.
Basic Forex Tutorials - Forex Account Topics
When you open a live Forex trading account, trade with your forex trading plan & learn how to manage the emotions in forex trading by learning about market Psychology.
Basic Forex Trading Guides - Market Psychology Topics
- Psychology of Traders
- Psychology & Emotions in Forex Trading
- Forex Market Psychology Principles
- Currency Market Psychology Principles 2
