Currency Trading For Dummies – There are many things that lure people into currency forex trading. For some, it’s the attraction towards an independent lifestyle where one can make big money without ‘working for the man’.
Our Forex Learning Guides are combined with the real-life experience, success and practical knowledge of our forex signal trader coaches, bringing you the best of both theory and practice, to maximize your trading success.
Basic Steps To Mastering Currency Trading with FxPremiere
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We know that dabbling in the global financial markets may seem daunting at first. Don’t panic if you have no idea what currency pairs (e.g., GBP/USD), stop loss orders, and CFD trading are.
We’re here to help get you started, risk-free, in real-time – Currency Trading For Dummies.
Before you get started in the foreign exchange market, we cover topics such as risk management and how trading costs should be factored into your Forex trades.
This is because, unlike other Forex trading workshops,
FxPremiere.com focuses on teaching you effective strategies that work today so that you may generate cash flow via Forex trades. Specifically for you, we have developed and refined trading methods to suit the varying psychology and lifestyles of our students. See Strategies
What Currency Trading style Suits your lifestyle?
One of the biggest mistakes people make when it comes to currency trading is believing that they can teach themselves the appropriate strategies and techniques that it has taken seasoned traders years to learn.
Don’t waste thousands of dollars executing orders based on tips and hints from a blog post you found online. Instead, invest in a solid currency trading course that will give you the foundation of knowledge you will need to grow exponential wealth through trading forex.
Technical analysis involves predicting price movements and future market trends by looking at the movements in the market in the past. It’s so important to understand technical analysis because it will allow you to be able to meaningfully view charts and understand why certain price movements (price action) occurred – Currency Trading For Dummies!
The two key principles technical analysis is based on:
1. Price is paramount- The price of a currency represents all known factors that influence the currency market including supply and demand, economics etc.
2. History repeats- Technical analysis is all about identifying patterns in market behaviour and looking at the chances of whether these market behaviours are going to repeat.
Charts are the main tool used by those who use technical analysis to make predictions on the currency market. Other tools used for technical analysis include technical indicators, trend lines, support and resistance lines.
Fundamental analysis involves looking at the impact of certain economic, political and social factors and their influence on the value of a particular currency. This includes things like interest rate announcements, unemployment data, GDP data etc. On a grander scale, it also looks at the impact that global economics has on the forex market too.
Fundamental analysis is all about looking at the long-term factors that influence the direction of a particular currency. It does not take into account short-term price fluctuations.
IMPORTANT: The strongest entry/exit signals occur when important fundamental and technical signals coincide.
With the right training and background knowledge, you will be able to see for yourself the benefits of learning both methods for analyzing the currency market. It’s important to have a strong grasp of both forms of market analysis before giving preference to one over the other.