how to understand forex

[Deleted member 28873]

Forex is the short form of foreign exchange market is a global decentralized or over-the-counter market for the trading of currencies. This market determines foreign exchange rates for every currency. It includes all aspects of buying, selling and exchanging currencies.Most people do believe that forex is difficult and could loose a large some of money within a very short period of time which is 100%truth if you venture into forex without first educating your self.The best platform for making trade is the meta-trader4 while for taking technical analysis is trading view.for you to trade forex you must first learn to read the candlestick pattern.The mistake most trader do make is they do add too many indicators on their technical analysis platform which mostly cause mistakes.I believe in keeping it simply simple.learn the support and resistance, the trend lines and if you want to do more Fibonacci theorem

 

[Robson Dey]

One of the most important forex strategy is to think with your mind not with your heart. Emotion can put you in danger in forex market. Another strategy is to pick up a broker which gives a lot facilities in the trading. I use Forex4you for their low spreads, dynamic leverage and quick customer service. They provide tight spreads starts from 0.1 pips. Their maximum leverage is 1:1000. They give me 24X5 customer service. So, in my trading career they play an important role.

 

[Alexandoy]

I agree when one says that forex is a complicated matter because you have to deal with a foreign currency price. What are the indicators of the trend of the value of a foreign currency? We just rely on the world market like the price of oil depends on it. When the US dollar goes high that doesn't mean that our peso has gone low. If I had some US dollar then I would sell it so I can gain a profit when it is converted into pesos.