Two Types of Trading
There are 2 basic types of analysis you can take when approaching the forex:
1.Fundamental analysis
2.Technical analysis.
There has always been a constant debate as to which analysis is better, but to tell you the truth, you need to know a little bit of both. So let’s break each one down and then come back and put them together.
Fundamental Analysis
Fundamental analysis is a way of looking at the market through economic, social and political forces that affect supply and demand. (Yada yada yada.) In other words, you look at whose economy is doing well, and whose economy sucks. The idea behind this type of analysis is that if a country’s economy is doing well, their currency will also be doing well. This is because the better a country’s economy, the more trust other countries have in that currency.
For example, the U.S. dollar has been gaining strength because the U.S. economy is gaining strength. As the economy gets better, interest rates get higher to control inflation and as a result, the value of the dollar continues to increase. In a nutshell, that is basically what fundamental analysis is.
What is a Spot Market?
A spot market is any market that deals in the current price of a financial instrument.
Which Currencies Are Traded?
The most popular currencies along with their symbols are shown below:
Symbol Country Currency Nickname
USD United States Dollar Buck
EUR Euro members Euro Fiber
JPY Japan Yen Yen
GBP Great Britain Pound Cable
CHF Switzerland Franc Swissy
CAD Canada Dollar Loonie
AUD Australia Dollar Aussie
NZD New Zealand Dollar Kiwi
Forex currency symbols are always three letters, where the first two letters identify the name of the country and the third letter identifies the name of that country’s currency.
When Can Currencies Be Traded?
24 hours a day ...
Time Zone New York GMT
Tokyo Open 7:00 pm 0:00
Tokyo Close 4:00 am 9:00
London Open 3:00 am 8:00
London Close 12:00 pm 17:00
New York Open 8:00 am 13:00
New York Close 5:00 pm 22:00
What Tools Do I Need to Start Trading Forex?
A computer with a high-speed Internet connection and all the information on this site is all that is needed to begin trading currencies.
What Does It Cost to Trade Forex?
An online currency trading (a “micro account”) may be opened with a couple hundred bucks. Do not laugh – micro accounts and its bigger cousin, the mini account, are both good ways to get your feet wet without drowning. For a micro account, we'd recommend at least $1,000 to start. For a mini account, we’d recommend at least $10,000 to start
What is traded on the Foreign Exchange market?
The simple answer is money. Forex trading is the simultaneous buying of one currency and the selling of another. Currencies are traded through a broker or dealer, and are traded in pairs; for example the euro and the US dollar (EUR/USD) or the British pound and the Japanese Yen (GBP/JPY).
Because you're not buying anything physical, this kind of trading can be confusing. Think of buying a currency as buying a share in a particular country. When you buy, say, Japanese Yen, you are in effect buying a share in the Japanese economy, as the price of the currency is a direct reflection of what the market thinks about the current and future health of the Japanese economy.
In general, the exchange rate of a currency versus other currencies is a reflection of the condition of that country's economy, compared to the other countries' economies.
Unlike other financial markets like the New York Stock Exchange, the Forex spot market has neither a physical location nor a central exchange. The Forex market is considered an Over-the-Counter (OTC) or 'Interbank' market, due to the fact that the entire market is run electronically, within a network of banks, continuously over a 24-hour period.
All you need to get started is a computer, a high-speed Internet connection, and the information contained within this site.
Forex education is crucial for beginners.
to be a succesfull trader, you must acquire the skills, knowledge, and abilities to become one.in the foreign exchange market. Our definition of a successful trader is having the ability to do three things:
1.Make pips
2.Keep pips
3.Repeat
If you can repeatedly do these three things, then you're on your way! But it's no cakewalk.
Remember when you attended grade school? No? Well, according to our memories, here's how it worked...
You start schooling at the age of five and enter Kindergarten. The next year you enter 1st Grade. If you pass, the next year you enter 2nd Grade, and so on, all the way up to the 12th Grade. Depending on what grade you're in, you'd attend one of three schools:
Elementary school (Kindergarten - 5th grade)
Middle school (6th grade - 8th grade)
High school (9th grade - 12th grade)
...
But there's more!
Learning doesn't end in high school!
If you've done well throughout grade school, you get a full scholarship to our college! All expenses paid and we won't even require you to fill out any applications or write essays. What a deal!
But that's not all folks.
You will also learn how to predict the future and never have a losing trade.
Yeah right. In your dreams pal!
But there is plenty more to learn and you'll just have to see for yourself!
First of all,,,what is FOREX?
maybe some of you don't even know this word.
no hard feeling but it's true.some of you maybe
master trader..well this blog mean for beginner.
Foreign Exchange (FOREX)is the arena where
a nation's currency is exchanged for that of
another.understood?opo ora understand?lol
let's cut the crap!
simple example:
1. you buy USD at Rp9000/$
2. sell it Rp10000/$...
3. you get Rp1000 profit
now..you got it?!it's easy right..??
the question is , how do I start this great business?
how can i make more profit?etc.
calm down my boy , not so happy , keep one piece!lol
95% forex trader is losser.and the 5% is winner
which are you gonna be?..huhh???you wanna be the
"5%".are you sure??well..if that's ur choise then
i'll help you as much as i can...that's it for now.
to be continue.....