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Forex Traden Trading terminology made easy for beginners VideoSimple Forex Trading Strategy: How to Catch 100 Pips a Day
Buying a currency with the expectation that its value will increase and make a profit on the difference between the purchase and sale price.
Disclaimer: Charts for financial instruments in this article are for illustrative purposes and does not constitute trading advice or a solicitation to buy or sell any financial instrument provided by Admiral Markets CFDs, ETFs, Shares.
Past performance is not necessarily an indication of future performance. You sell a currency with the expectation that its value will decrease and you can buy back at a lower value, benefiting from the difference.
The price at which the currency pair trades is based on the current exchange rate of the currencies in the pair, or the amount of the second currency that you would get in exchange for a unit of the first currency for example, if you could exchange 1 EUR for 1.
If the way brokers make profit is by collecting the difference between the buy and sell prices of the currency pairs the spread , the next logical question is: How much can a particular currency be expected to move?
This depends on what the liquidity of the currency is like or how much is bought and sold at the same time.
The most liquid currency pairs are those with the highest supply and demand in the Forex market. It is the banks, companies, importers, exporters and traders that generate this supply and demand.
The main Forex pairs tend to be the most liquid. However, there are also many opportunities between minor and exotic currencies, especially if you have some specialised knowledge about a certain currency.
When viewing the exchange rate in live Forex charts, there are three different options available to traders using the MetaTrader platform: line charts, bar charts or candlestick charts.
In the toolbar at the top of your screen, you will now be able to see the box below:. A line chart connects the closing prices of the time frame you are viewing.
So, when viewing a daily chart the line connects the closing price of each trading day. This is the most basic type of chart used by traders.
It is mainly used to identify bigger picture trends but does not offer much else unlike some of the other chart types. An OHLC bar chart shows a bar for each time period the trader is viewing.
So, when looking at a daily chart, each vertical bar represents one day's worth of trading. The bar chart is unique as it offers much more than the line chart such as the open, high, low and close OHLC values of the bar.
The dash on the left represents the opening price and the dash on the right represents the closing price. The high of the bar is the highest price the market traded during the time period selected.
The low of the bar is the lowest price the market traded during the time period selected. In either case, the OHLC bar charts help traders identify who is in control of the market - buyers or sellers.
These bars form the basis of the next chart type called candlestick charts which is the most popular type of Forex charting. Candlestick charts were first used by Japanese rice traders in the 18th century.
They are similar to OHLC bars in the fact they also give the open, high, low and close values of a specific time period.
However, candlestick charts have a box between the open and close price values. This is also known as the 'body' of the candlestick. Many traders find candlestick charts the most visually appealing when viewing live Forex charts.
They are also very popular as they provide a variety of price action patterns used by traders all over the world. Nothing will prepare you better than demo trading - a risk-free mode of real-time trading to get a better feel for the market.
It is highly recommended that you dive into demo trading first and only then enter live trading. The results will speak for themselves.
Now that you know how to start trading in Forex, the next step is to choose the best Forex trading system for beginners.
Fortunately, banks, corporations, investors, and speculators have been trading in the markets for decades, meaning that there are already a wide range of types of Forex trading strategies to choose from.
These include:. To compare all of these strategies we suggest to read our article "A Comparison Scalping vs Day trading vs Swing trading".
In addition to choosing a broker, you should also study the currency trading software and platforms they offer. Part 2 of Research different brokerages.
Take these factors into consideration when choosing your brokerage: Look for someone who has been in the industry for ten years or more.
Experience indicates that the company knows what it's doing and knows how to take care of clients. Check to see that the brokerage is regulated by a major oversight body.
If your broker voluntarily submits to government oversight, then you can feel reassured about your broker's honesty and transparency. If the broker also trades securities and commodities, for instance, then you know that the broker has a bigger client base and a wider business reach.
Read reviews but be careful. Sometimes unscrupulous brokers will go into review sites and write reviews to boost their own reputations.
Reviews can give you a flavor for a broker, but you should always take them with a grain of salt. Visit the broker's website.
It should look professional, and links should be active. If the website says something like "Coming Soon! Check on transaction costs for each trade.
You should also check to see how much your bank will charge to wire money into your forex account. Focus on the essentials.
You need good customer support, easy transactions, and transparency. You should also gravitate toward brokers who have a good reputation.
Request information about opening an account. You can open a personal account or you can choose a managed account. With a personal account, you can execute your own trades.
With a managed account, your broker will execute trades for you. Fill out the appropriate paperwork.
You can ask for the paperwork by mail or download it, usually in the form of a PDF file. Make sure to check the costs of transferring cash from your bank account into your brokerage account.
The fees will cut into your profits. Activate your account. Usually, the broker will send you an email containing a link to activate your account.
Click the link and follow the instructions to get started with trading. Part 3 of Analyze the market. You can try several different methods: Technical analysis: Technical analysis involves reviewing charts or historical data to predict how the currency will move based on past events.
You can usually obtain charts from your broker or use a popular platform like Metatrader 4. Fundamental analysis: This type of analysis involves looking at a country's economic fundamentals and using this information to influence your trading decisions.
Sentiment analysis: This kind of analysis is largely subjective. Essentially you try to analyze the mood of the market to figure out if it's "bearish" or "bullish.
Determine your margin. Depending on your broker's policies, you can invest a little bit of money but still, make big trades.
Your gains and losses will either add to the account or deduct from its value. For this reason, a good general rule is to invest only two percent of your cash in a particular currency pair.
Place your order. Limit orders: These orders instruct your broker to execute a trade at a specific price. For instance, you can buy currency when it reaches a certain price or sells currency if it lowers to a particular price.
Stop orders: A stop order is a choice to buy currency above the current market price in anticipation that its value will increase or to sell currency below the current market price to cut your losses.
Watch your profit and loss. Above all, don't get emotional. Inflation Inflation is the rate at which average prices of goods and services increase over time.
Current account deficits A current account deficit means that a country imports more goods and services than it exports. An economy can run a current account surplus or deficit.
Confidence If there is a collapse of confidence in an economy or financial sector, this will lead to an outflow of currency as investors seek to limit their risk.
Collapse in confidence can be due to political or economic factors. Public debt Public debt, also called sovereign debt, is how much a country owes to outside debtors.
A country prone to political instability may see a depreciation in exchange rates. As a result, the value of the currency will rise due to the increase in demand.
With an increase in currency value comes a rise in the exchange rate. How to trade Forex Forex trading is all about attempting to speculate on the fluctuating currencies between two different countries.
CFDs The acronym for Contract for Difference, are contracts that are used to represent movements in the prices of financial instruments. Pip A Pip is the base unit of the currency pair.
Margin Whenever you want to open a trade, you will be required to keep a minimum amount in trading account. What exactly happens in Forex trading step by step?
Open an account Your first step will be to open an account with a trusted Forex broker. Long Trade This happens when you buy a currency with the expectation that its value will increase thus making a profit on the selling price.
Short Trade This happens when you sell a currency with the expectation that the value will drop, and you will be able to buy back at a later stage for a lower purchase price.
Chart Types Charts are always a great way to represent data in forex trading as it easy to identify trends.
Line Charts Line charts are the most basic chart type used by traders. Candlestick charts seem to be the most visually appealing choice of the Forex charts.
Bar Charts Bar charts OHLC bar chart are most useful to determine who is currently controlling the market — buyer or sellers.
Demo accounts Can I have a test run before using my own money? What strategy should I adopt? Intraday Trades This is considered the more conservative approach for traders who are still beginners.
Swing Trading This strategy adopts the longest trade windows ranging from a few days up to a few weeks. Forex hedging Risk management technique in which a trader can offset potential losses by taking opposite positions in the market.
Forex martingale strategy For every losing trade, you double the investment made in future trades in order to attempt to recover your losses, as soon as you make a successful trade.
Forex grid strategy Uses buy and stop orders and sell stop orders to profit on natural market movements. What are trading platforms, and which one should I choose?
Here are a few elements that you should consider when assessing trading platforms: Trust The platform that you choose needs to be trusted to deliver on its performance and reliability.
Independent account management It may seem like a nice feature for your broker to sometimes get involved in managing your account, but you should always be the only authorised decision maker on any action on your account.
Analysis There are many platforms that do not have built-in analysis tools. There are three different ways to trade forex, which will accommodate traders with varying goals: The spot market.
This is the primary forex market where those currency pairs are swapped and exchange rates are determined in real-time, based on supply and demand.
The forward market. Instead of executing a trade now, forex traders can also enter into a binding private contract with another trader and lock in an exchange rate for an agreed upon amount of currency on a future date.
The futures market. Similarly, traders can opt for a standardized contract to buy or sell a predetermined amount of a currency at a specific exchange rate at a date in the future.
This is done on an exchange rather than privately, like the forwards market. Forex Terms to Know Each market has its own language.
These are words to know before engaging in forex trading: Currency pair. All forex trades involve a currency pair.
In addition to the majors, there also are less common trades like exotics, which are currencies of developing countries. Short for percentage in points, a pip refers to the smallest possible price change within a currency pair.
Because forex prices are quoted out to at least four decimal places, a pip is equal to 0. Bid-ask spread. As with other assets like stocks , exchange rates are determined by the maximum amount that buyers are willing to pay for a currency the bid and the minimum amount that sellers require to sell the ask.
The difference between these two amounts, and the value trades ultimately will get executed at, is the bid-ask spread.
The typical lot size is , units of currency, though there are micro 1, and mini 10, lots available for trading, too. When people refer to the forex market, they usually are referring to the spot market.
The forwards and futures markets tend to be more popular with companies that need to hedge their foreign exchange risks out to a specific date in the future.
More specifically, the spot market is where currencies are bought and sold according to the current price. That price, determined by supply and demand, is a reflection of many things, including current interest rates, economic performance, sentiment towards ongoing political situations both locally and internationally , as well as the perception of the future performance of one currency against another.
When a deal is finalized, this is known as a "spot deal. After a position is closed, the settlement is in cash. Although the spot market is commonly known as one that deals with transactions in the present rather than the future , these trades actually take two days for settlement.
Unlike the spot market, the forwards and futures markets do not trade actual currencies. Instead they deal in contracts that represent claims to a certain currency type, a specific price per unit and a future date for settlement.
In the forwards market, contracts are bought and sold OTC between two parties, who determine the terms of the agreement between themselves.
In the futures market, futures contracts are bought and sold based upon a standard size and settlement date on public commodities markets, such as the Chicago Mercantile Exchange.
In the U. Futures contracts have specific details, including the number of units being traded, delivery and settlement dates, and minimum price increments that cannot be customized.
The exchange acts as a counterpart to the trader, providing clearance and settlement. Both types of contracts are binding and are typically settled for cash at the exchange in question upon expiry, although contracts can also be bought and sold before they expire.
The forwards and futures markets can offer protection against risk when trading currencies. Usually, big international corporations use these markets in order to hedge against future exchange rate fluctuations, but speculators take part in these markets as well.
Note that you'll often see the terms: FX, forex, foreign-exchange market, and currency market. These terms are synonymous and all refer to the forex market.
Companies doing business in foreign countries are at risk due to fluctuations in currency values when they buy or sell goods and services outside of their domestic market.