You will find all the information needed to prepare yourself to productively trade on Forex.
Forex trading isn’t easy, but with a lot of studying and hard work, you can become a successful trader.
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What is Forex?
“Forex” stands for Foreign Exchange; it’s also known as FX. The foreign exchange market is the “place” where currencies are traded. Currencies are important to most people around the world, whether they realize it or not, because currencies need to be exchanged in order to conduct foreign trade and business.
Currencies trade in pairs, like the Euro-US Dollar (EUR/USD) or US Dollar / Japanese Yen (USD/JPY). Unlike stocks or futures, there’s no centralized exchange for forex. All transactions happen via phone or electronic network.
A currency’s value fluctuates as its supply and demand fluctuates, just like anything else.
An increase in supply or a decrease in demand for a currency can cause the value of that currency to fall. A decrease in the supply or an increase in demand for a currency can cause the value of that currency to rise.
MetaTrader 4, also known as MT4, is an electronic trading platform widely used by online retail foreign exchange speculative traders. It was developed by MetaQuotes Software and released in 2005. The software is licensed to foreign exchange brokers who provide the software to their clients. The software consists of both a client and server component. The server component is run by the broker and the client software is provided to the broker’s customers, who use it to see live streaming prices and charts, to place orders, and to manage their accounts.
MetaTrader 4 offers the leading trading and analytical technologies, as well as additional services. It has everything you need for Forex trading.
Leonardo Fibonacci, is an Italian mathematician born in the 12th century. He discovered the “Fibonacci numbers,” which are a sequence of numbers where each successive number is the sum of the two previous numbers.
Examples: 1, 1 (1+0), 2 (1+1), 3 (1+2), 5 (2+3), 8 (5+8), 13, 21, 34, 55, 89, 144, etc.
When used in technical analysis, the golden ratio is typically translated into three percentages: – 38.2%, 50% and 61.8%. However, more multiples can be used when needed, such as 23.6%, 161.8%, 423% and so on
This section will discuss about one of the most important indicators known as Bollinger Band. It will provide some introductory and looks into the measurement of volatility. Apart from that the section will discuss how Bollinger Band can be useful for forex traders and how the magnitude of the band can influence the way we trade.
Bollinger band is a volatility indicator invented in 1980s by a famous technical trader named John Bollinger. Having evolved from the concept of trading bands, Bollinger Bands and the related indicators can be used to measure the “highness” or “lowness” of the price relative to previous trades. It is known as a technical chart indicator popular among traders across several financial markets