What you will learn with our Forex trading classes
- How to analyze the global market and choose the right currency pairs for your trading objectives.
- Learn to track and capitalize on market moves even if you don’t have access to complete research on underlying market conditions.
- Understand the difference between Forex and equities trading and how to use both in harmony.
Online Trading Academy offers Forex Trading online and classroom workshops, as well as weeklong courses to traders of all levels. Learn Forex trading using the latest tools and software, and make predictions based on careful training from the pros.
What is Currency Trading?
Trading currencies is the act of making predictions based on minuscule variations in the global economy and buying and selling accordingly. The exchange rate between two currencies is the rate at which one currency will be exchanged for another. Forex traders use available data to analyze currencies and countries like you would companies, thereby using economic forecasts to gain an idea of the currency’s true value.
The Benefits of Forex Trading
Unlike stocks, forex trades have low, if any, commissions and fees. Even so, new forex traders are always advised to take a conservative approach and use orders, like stop-loss, to minimize losses. What you will learn with our Forex trading classes High leverage, which should be prudently applied, gives traders the opportunity to achieve dramatic results with far less capital than necessary for other markets. Forex trading requires training and strategy, but can be a profitable field for individuals looking for a lower risk endeavor. Learning currency trading gives traders a range of exciting new opportunities to invest in.
The Best Way to Learn Forex Trading
The second thing I’ll say is nothing beats experience, if you want to learn forex trading, it’s the best way. When you first start out, you should open a forex demo account and try out some demo trading. It will give you a good technical foundation on the mechanics of making forex trades and get used to using a trading platform.
A fundamental thing I have learned through experience, and no amount of books or talking to other traders could teach me this, was the value of getting out of the market when your reason for getting into a trade wasis very easy for traders to think the market will come back around in their favor. You would be surprised how many traders fall prey to this trap and are amazed and heartbroken when the market only presses further against the direction of the original trade.
The famous and painfully true statement from John Maynard Keynes states, What you will learn with our Forex trading classes . “The market can stay irrational, longer than you can stay solvent.” In other words, it does little good to say the market is acting irrational and that it will come around (meaning in the direction of your trade) because extreme moves define capital markets in the first place.
Managing risk and managing your emotions goes hand in hand. When we feel emotional, greedy or fearful, that is when we make mistakes with risk, and it’s what causes failure. When you look at a trading chart, you should only see potential, or see nothing; it shouldn’t be a matter of excitement.
If pulling the trigger on a trade feels emotional in any way, you should re-evaluate what you’re doing to trade.
Micro Forex Account
The downfall of learning forex trading by demo account alone is that you don’t get to experience what it’s like to have your hard earned money on the line. What I recommend for this, is that you open a micro forex trading account or an account with a variable trade size broker that will allow you to make small trades What you will learn with our Forex trading classes.
Trading small will allow you to put your money on the line, but be of little risk if you make mistakes or lose money. This will teach you far more than anything that you can read on a site, book, or forex trading forum and gives an entirely new angle to anything that you’ll learn while trading on a demo account.
Along with that of course, comes the need to understand what you’re trading. New traders tend to jump in and start trading anything that looks like it moves. They usually will use high leverage and trade randomly in both directions, usually leading to loss of money.
Understanding the currencies that you buy and sell makes a big difference. For example, a currency may be bouncing upward after a large fall and encourage inexperienced traders to “try to catch the bottom.” The currency itself may have been falling due to bad employment reports for multiple months. Would you buy something like that? Probably not, this is why you need to know and understand what you buy and sell.
Reversal Trading: Practical Entry Strategies
If you’ve been trading for more than a week, you’ve probably asked yourself these questions multiple times. How do you accurately determine when to enter? While things like trade management, exit strategies and discipline are also big contributing factors towards your performance, picking a good entry point will increase your chances of having a winning trade on your hands.
What’s it gonna be? The red pill, the green pill, or the blue pill?
- Types of Forex Market Analysis
There are three basic types of market analysis: technical, fundamental, and market sentiment. Which suits you?
- Technical Analysis
Technical analysis is the framework in which traders study price movement; What you will learn with our Forex trading classes
- Fundamental Analysis
If you like analyzing social, economic, and political factors that affect currency supply and demand, then fundamental analysis is for you!
- Sentiment Analysis
Sometimes it’s not always about the numbers, but how market players feel…how do you figure out and trade forex off of that?What you will learn with our Forex trading classes
- Which Type of Analysis for Forex Trading is Best?
In order to become a true forex master you will need to know how to effectively use these three types of analysis.
Are you new to forex trading and not familiar with all the trading jargon? Have no fear. Forexpedia is here!
Forexpedia is the original online forex glossary started by BabyPips.com made specifically for forex traders. Understanding forex trading vocabulary is crucial to learning how to trade currencies and follow the financial markets. Forexpedia will explain all of the important terms you need to know.
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