I have been a forex trader for over 5 years. I have tried to make a living from forex trading, but have failed so far. However, I have also realized that it is possible to make money in forex trading; you just need to know how to trade forex.
First, you must be able to analyze the market and predict the trend of the currency pair that you want to trade. It is very important that you are able to determine which direction the price will go before you start trading.
Secondly, you must be able to determine whether or not there is a support level in the market. If there is no support level, then the price will go down if there is no resistance level. If there is no resistance level, then the price will go up if there is no support level.
Thirdly, you must be able to determine when there is a reversal in the market direction. This means that you must be able to recognize a trend reversal before it actually happens. This can be done by using technical indicators such as moving averages and stochastics or by using fundamental analysis such as news reports and economic reports.
Currency as an Asset Class
There are two distinct features to currencies as an asset class :
You can earn the interest rate differential between two currencies.
There are no fees, such as commissions, with these trading instruments (brokers may vary).
The prices in Forex are extremely volatile, and you want to make sure you have enough money to cover the down side.
The bid is the best price at which you are willing to sell your quote currency on the market. The bid is the price at which your broker is willing to buy base currency in exchange for quote currency. The bid is the best price at which you are willing to sell your quote currency on the market. The ask is the price at which your broker will sell base currency in exchange for quote currency. The ask is the best price at which you are willing to buy from the market. Based on this information, traders can assume further
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