If you are new to Forex trading and somewhat captivated by this $ 2 trillion per day market then this brief article will save you a huge amount of time, money and effort in your personal endeavor to becoming a successful trader. Forex, in its most simple terms, is a market where various pairs of currencies are traded.
Simple Forex Success
If you are new to Forex trading and somewhat captivated by this $ 2 trillion per day market then this brief article will save you a huge amount of time, money and effort in your personal endeavor to becoming a successful trader. Forex, in its most simple terms, is a market where various pairs of currencies are traded.
Let’s cut to the chase! If you have the desire to become a prosperous trader, the simplest and least time consuming market to learn is the Foreign Exchange Market (Forex or FX for short). I speak from more than a decade of experience trading stocks, bonds, mutual funds, options, futures and commodities in addition to the Forex. Of all the markets you can trade, the Forex is by far the largest and least complicated to learn.
There are basically two methods of trading the Forex successfully over the long term.
1. YOU DO ALL THE WORK - The first method involves a fairly large investment of your time to obtain accurate knowledge of the Forex technical indicators. Concepts of moving averages, resistance and support, Fibonacci levels, Bollinger Bands, RSI, MacD, etc. are the basic knowledge every trader must have. In addition, the successful trader must continually be in touch with fundamental breaking news reports that may influence a currency to move in one direction or another. This takes a lot of time and research every day.
2. PROFESSIONALS DO ALL THE WORK - The second method involves professionally created software that is so simple to use even the newest of Forex investors can potentially make money like the full time pros! It is so simple that a third grade student would understand and be trading like a pro within a few hours of starting. Here are some of the benefits:
• Requires no prior trading experience
• Requires no research
• No charts or graphs to read
• Analyzes your positions and provides you BUY & SELL points
• Practice with live trades in the market, for as long as you like, without risking a penny.
• Includes step-by-step instructions and screenshots showing exactly what your trades will look like.
• Takes just 15-20 minutes per week to manage a portfolio of any size
• Provides structure to your trading approach, helping you set up a balanced portfolio & suggesting BUY & SELL points for your positions.
• Your own Trading Broker account Alerts you by text message or email when your trades execute, so there is no need to monitor your progress throughout the day and there is no risk of you missing a trading opportunity. (No more waking up in the middle of the night!)
• Allows you to balance your portfolio to earn varying rates of interest on your account.
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Is there a best time to trade forex market?
The answer to the question," Is there a best time to trade the forex?" depends on your objectives. If you are trading the forex based on earning a higher rate of interest then Wednesdays are the best day to trade the forex. You earn triple the interest on your currency trades.
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