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Like a marriage of currency and exchange — traders around the world are buying and selling these currencies with the view of profiteering or hedging. The demand and supply determined in these markets is what sets the currency exchange rate. Whether you are new to forex trading or are a seasoned trader, knowledge is power. As such, our team of experts here at Learn 2 Trade has put together a guide full of useful information. In this forex course, we are going to run you through everything you need to know about trading currencies.
This includes basic terminology, technical analysis, chart reading, trading strategies, risk management, and more! Sometimes referred to as FX, forex is responsible for the exchange rate for two currencies referred to as a currency pair. Anyone can join in and try to make a profit in this trading market.
With corporations, banks and investors all buying and selling foreign currencies 24 hours a day and 7 days a week, it is very clear that forex trading is increasingly popular amongst investors and traders around the world. And with an estimated 5 trillion US dollars being traded every single day, the forex market is showing no sign of slowing down. This trading scene covers a variety of purposes, such as exchanging foreign currencies for tourism, a corporation looking to hedge risk, or perhaps just to make a trade which might prove profitable.
Whatever the reason, one of the major draws is the fact that once you have opened a position you can put an automatic stop loss in place, which closes the trade for you in a risk-averse manner. Ultimately, from your perspective, the main premise of the forex market is to sell or buy currencies against each other, with the aim of making money. You will achieve this goal when you correctly speculate which way a particular exchange moves in the short term.
Next in this forex course, we are going to run through some of the most predominantly used phrases and terms utilized in the space. We at Learn 2 Trade believe that cutting through the jargon is crucial when it comes to learning and honing in on your forex skills.
Below you will find a list of the most important terms that you need to master. In effect, the currency pairs considered the most liquid are the currencies which are the most popular supply and demand. The investments of traders, banks, exporters, and importers actually create this all-important supply and demand.
In fact, it is widely believed that this is the most liquid currency pair in the forex market. Again this is down to supply and demand, and thus — it is the most traded currency pair. This is because of a large number of pips moved on a daily basis. With an impressive average of between 90 and pips, it is clear to see why this is considered a very liquid pair. Whilst they are less popular than the majors, it is not impossible to do well from these pairs with a little knowledge.
We think it is still beneficial to familiarise yourself with exotic currency pairs. The more you know the better prepared you will be — should you decide to give minor or exotic pairs ago. The pip is representative of the lowest amount that a currency pair quotation can change, within the forex trading market. The base unit in the cost of a currency pair is essentially the pip, so 0. Even if you only have a basic grasp of forex trading, you will have no doubt heard of the spread.
Having a basic understanding of the spread and how it works in the forex market can certainly help you make a profit in the long run. Generally speaking, the most extensively used currency pairs will have a tighter spread, and the least popular will have a higher spread.
Sometimes the most commonly used currency pairs can have a spread of less than a pip. The spread is essentially the difference between the purchase cost and the sale price of the currency pair, at your chosen broker. These costs will shift and swing throughout the trading day, and whatever happens, is depicted by the spread.
The profits you make from trade must exceed the spread in order for you to make a profit. We could not create a forex trading course page without talking about margin. The amount of money put forward by a trader in order to either place a trade or maintain a position is called a margin.
This can be a great way for traders to build up their market prospects. Your margin will be guarded by the forex broker whilst the forex trade is open. Essentially, a margin is a bit like a down payment, instead of a transaction cost. Forex brokers will quite often give their clients access to leverage see below.
Normally, the forex trader needs a high margin so that they can trade in high volumes. As such, in order to make a decent enough profit leverage will be offered. For many forex traders, the leverage tools provided by their forex broker can be an excellent way of boosting market positions. Capital is typically presented in the shape of leverage, and this is so forex brokers can expand the number of trades it can provide to their customers.
Before you can begin trading whilst also taking advantage of leverage, you are going to need to open a margin account with a forex broker. Depending on the size of your position and also the broker in question, leverage is often as high as Our team at Learn 2 Trade has put together 3 examples of leverage.
Like light and dark, what brings a reward can also bring a loss. Always be aware that whilst leverage can be excellent for boosting those profits, it can also boost losses if you are not careful. If your account does happen to drop below zero, then you might be able to contact your forex broker to request a negative balance policy. In doing so, this will make sure that you do not lose more money than you have deposited in the first place. It is essentially a protective measure for traders and will give you peace of mind that you are not falling into debt with your forex broker.
The good news is that most online forex brokers offer negative balance protection automatically, albeit, you should check this before signing up. This is especially the case with brokers that fall within the remit of ESMA. In this section of our forex course, we explain some of the most broadly used market orders, with an explanation of each.
This is crucial, as these orders will be passed on to your forex broker of choice, to enable them to carry out positions on your behalf. A simple way to view a currency pair price is that it will be based on what the value of the 2nd currency is, and how much you are able to swap the 1st currency for. In other words, the currency pair price will be based on the current exchange rate for the currency as a pair.
The forex broker will offer you a purchase buy order and sale price sell order based on either side of that number. The difference between the two prices is the spread. Also called a limit-buy order, this is essentially an order to say that you want to enter the market at a specific price.
Only when your pre-defined price is triggered, does the order go live. The aim here is to help decrease your loss on a security position. A take-profit order tells your forex broker that you wish to close your trade or position as soon as a price hits a particular price profit level. In other words, the fundamentals work exactly the same as a stop-loss order, but in reverse. In this part of our forex course, we are going to delve into the most commonly used charts.
Thanks to the vast amount of technical analysis tools available to you as a trader, there are many ways in which you can increase your chances of making a profit. Generally, traders use forex charts on a daily basis in order to examine and analyse a huge variety of currency pairs, as well as alternative financial markets.
Below w e have put together a list of the most used charts in forex trading, with an explanation of how each one works. The line chart is one of the simplest charts, so it is a great starting point if you are a newbie trader.
Crucially, it is still very helpful for traders to study when it comes to examining the bigger picture. The elementary style of the price chart is actually one of the things which makes it so popular. It is worth noting that line charts are quite different to bar charts and candlestick charts see below. The latter, for example, displays the opening and closing of a period, including price actions.
The line chart on the other hand simply shows one singular line, which is essentially a projection. This connects together the closing of each period. This is displayed by the line connecting results and daily losing prices. As any great forex course will tell you, line price charts act as a useful filter for people wanting to analyse information in a busy market. The line chart mirrors the nature of the market by showing only the closing price. By not concentrating on the price action within closing and opening market prices, a line chart makes trends easier to spot, and patterns more easily recognisable.
Although another helpful chart for traders, OHLC does differ from the line chart. This is mainly because it is a bar chart, and displays a lot more information such as the opening and close price of the pair, as well as highs and lows. An OHLC bar chart is a great way for you to really study any negative or positive stock price movements. This will always be done within a specified time frame, whether that is 1 hour or an entire trading day.
Each bar you are looking at on the OHLC chart will be representative of a time frame. For example, if you are viewing a daily chart, each bar will represent a full trading day and is going to draw your attention to any movement in a price within that time. We have put together a few points which should help you to make sense of the OHLC:.
When traders are studying which direction assets and price movements might be going, the OHLC is a very helpful way to gain a clearer picture. First used by Japanese rice traders during the early s, the candlestick chart is now hugely popular with heaps of traders worldwide. The candlestick chart is very similar to the OHLC chart we talked about a moment ago. This is because traders have access to open, close, low, and high values within a specific time frame.
Each candle will represent the price movement for the timeframe you have chosen. For example, when studying a daily chart, each candle will illustrate the close, open, and upper and lower wick for each individual day. Do not forget, a good way for traders to get to grips with these charts and really get the most out of them is to start with a demo account facility. You can typically find a forex demo account through your broker.
It will allow you to practice before you take the plunge and begin trading with your hard-earned money. If you are just starting out in the world of forex, it is imperative that you learn the ins and outs of trading strategies. No trading strategy is better than the next, so you need to figure out what works for you and your long-term financial goals. This is known as a medium-term strategy or approach. Swing trading very much concentrates on the bigger picture when it comes to price movements.
Some Traders use swing trading as a way to amplify their current daily trades. Swing trading also means that you are able to leave your trade open for days or weeks at a time. In a nutshell, forex scalping is used by traders who want to make multiple trades on a single pair, reaping the benefits of smaller price movements during the trading day.
Generally speaking, scalping will involve the buying and selling of trades within a matter of seconds, or a few minutes. This type of trading strategy makes it entirely feasible for traders to make a variety of small profits, all added together to potentially make up a big gain. Intraday trading is more of a prudent approach to trading, and it focuses its attention on the hour price trends.
We think that this is a great trade for beginners due to the short amount of time the trade stays open. Intraday trading also provides traders with entry and stop-loss strategies and is considered low-risk. If you want to trade forex from the comfort of your home, you will need to find a forex trading platform that meets your needs.
There are hundreds to choose from, so spending some time researching a suitable broker is crucial. Some of the things that you need to look out for as listed below:. We think it is just as important for your peace of mind as it is for your trading wallet to fully trust your forex broker. When you find a broker you would like to work with, we recommend checking that you are happy with a few key points:.
If your forex broker provides all of the above services in a manner you trust , this will only enhance your trading experience. It is going to aid you in making the most of new trading opportunities in a timely and efficient manner. The majority of forex brokers will allow you to trade your account independently. This means you do not need to request for your broker to take action on your behalf. Xtream Copy Trading. Partner Types.
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