When you are trading Forex there is no space for errors. You need to be sharp and well educated on the topic. I know when I first started to trade I had no experience at all. My journey began roughly 4 years ago when a friend referred Forex trading to me. At first I thought ”Hey here’s a way to get some money and it’s easy I just click on some buttons and watch the money pore in!” How was I wrong and didn’t even know it.
I learned the hard way that trading Forex is not easy and not a get quick rich thing. I was seduced by these so called gurus that have great products called robots and if I do exactly as they instruct I will see money pour into my account in seconds. Yeah right, not a chance!
The FX market as we know is the largest market in the world. Before common people like you and me had the opportunity to get in, the Forex Market was in the hands of world banks, large corporations and governments. Now we can do it to and the best thing about it is that you don’t have to go any where. You just need a computer and an internet connection.
In two years I learned to trade like a ‘Pro’ due to the help of Forexstrategysecrets page and by reading lots of books on this matter. I’ve visited a lot of different websites and they are all written in Forex language. When I finished reading the material I realized that I didn’t understand most of the terms that were used. I decided a different approach, you tube. From there on I combined the material I have read and the videos I watched and it started to make some sense to me. After that when I became more and more involved with Forex I started to understand the things I read and could use them in my advantage.
So my advice here is read material, watch videos and you will soon pick up the slang.
Foreign exchange trading tips that you have read about and watched in the videos need to be used consistently so that you get used to them and you are able to understand them perfectly. When you start trading it is important that you are familiar with terms like what is a pip (represents the smallest price increment in a currency), what means going short (when you sell) or long (when you buy), what is a bid price (the price at which your broker is prepared to buy the base currency in exchange for the counter currency) and an ask price (the price at which your broker will sell the base currency in exchange for the counter currency), what types of Forex orders are there, what indicators to use and so on.
There are millions of indicators that you can use while trading but only a few that any one can read without complications. The most used and easy to read are the Moving Averages, Moving Average of Oscillator, the RSI, the MACD and the AC. Every indicator for it self gives you a small portion of information you need to know when you plan to enter a trade, they just tell you a story from one angle. When you use them together you get more signals telling you when a trend is forming and you are certain that this is the right moment to enter a trade or to wait for a better opportunity.
If you want to know more just follow the link below and get into the flow of Forex trading.