7 tips to succeed in forex trading

11

Upload: ifc-markets-corp

Post on 05-Feb-2015

787 views

Category:

Economy & Finance


0 download

DESCRIPTION

7 tips of Forex trading that will help you gain a high profit.

TRANSCRIPT

Page 1: 7 Tips To Succeed In Forex Trading
Page 2: 7 Tips To Succeed In Forex Trading

DO YOU WANT TO REACH SUCCESS IN FOREX MARKET

AND GAIN INCREDIBLY HUGE PROFIT ?

T H E F O L L O W I N G T I P S A R E F O R YO U

Page 3: 7 Tips To Succeed In Forex Trading

1. FIND A RELIABLE BROKER

CAREFULLY SCRUTINIZE THE BROKERAGE COMPANY YOU WANT TO

COLLABORATE WITH

NOTE THAT SOME CONSIDERABLE PART OF YOUR SUCCESS

DEPENDS ON YOUR BROKER

FIND A REAL BROKER WHO CARES ABOUT YOUR INTERESTS AND GIVES

YOU USEFUL ADVICE

Page 4: 7 Tips To Succeed In Forex Trading

2. FIND BEST HOURS OF TRADE

FOREX MARKET WORKS AROUND THE CLOCK, HOWEVER THE EXTENT OF YOUR PROFIT DEPENDS ON THE HOURS YOU TRADE.

TRADE AT TIMES WHEN THE MARKET IS GOING UP OR DOWN, AS

IN SUCH CASES YOUR CHANCES TO MAKE A CONSIDERABLY HIGH

PROFIT ARE GREATER

WHEN THE MARKET IS STABLE STAY CALM AND DO NOT BE

ENGAGED IN TRADING ACTIVITIES.

Page 5: 7 Tips To Succeed In Forex Trading

3. FIND THE MOST ACTIVE TRADING DAYS OF THE WEEK

FOREX MARKET OPERATES 5 DAYS A WEEK, HOWEVER NOT ALL THE DAYS MAY TURN

OUT TO BE HIGHLY PROFITABLE

RESEARCH HAS SHOWN THAT FOREX MARKET IS AT ITS GREATEST

MOVEMENT ON TUESDAY AND WEDNESDAY

FRIDAY IS ALSO GOOD FOR TRADING BUT TILL NOON, SINCE IT’S THE LAST

WORKING DAY OF WEEK AND THERE MAY BE CHAOTIC MOVEMENT IN THE

MARKET.

Page 6: 7 Tips To Succeed In Forex Trading

4. FOLLOW ECONOMIC AND FINANCIAL NEWS

NOTE THAT EACH CHANGE MAY HAVE UNEXPECTED

CONSEQUENCES ON CURRENCY PRICES

UNEMPLOYMENT RATE, INFLATION, ECONOMIC GROWTH, ELECTIONS, CHANGE IN

GOVERNMENT AND OTHER FUNDAMENTAL FACTORS HAVE THEIR DIRECT INFLUENCE ON

CURRENCY PRICES.

Page 7: 7 Tips To Succeed In Forex Trading

5. USE TECHNICAL AND FUNDAMENTAL ANALYSIS

Fundamental analysis is a way of Forex analysis which is based on the economic, social, and political forces that have great influence on the supply and demand of an asset.

The basis of technical analysis is the study of historical price movement. Its main aim is to forecast future price movements by means of mathematical analysis of past price actions. Market history repeats itself, suggesting that currency prices are likely to respond in direction and manner similar to that of in the past.

Page 8: 7 Tips To Succeed In Forex Trading

6.USE CHART PATTERNS

FOREX MARKETS ARE STUDIED THROUGH THE USE OF CHARTS THAT INDICATE

MARKET PRICES OVER A PERIOD OF TIME.

USE THE CHARTS IN ORDER TO STUDY PAST PATTERNS OF PRICE

MOVEMENT

Page 9: 7 Tips To Succeed In Forex Trading

7. DO WHAT YOU UNDERSTAND

AVOID DOING THINGS IN WHICH YOU ARE NOT SURE

TRY NOT TO FOLLOW RUMORS AND HEARSAY

ACT WHEN YOU ARE SELF-CONFIDENT, WHEN YOU ESTIMATE BOTH THE

POSITIVE CONSEQUENCES, AND THE ADVERSE RESULTS OF YOUR TRADE

Page 10: 7 Tips To Succeed In Forex Trading

REMEMBER THAT NOTHING IS IMPOSSIBLE IN LIFE AND THAT

YOU HAVE ALL THE OPPORTUNITIES OF BECOMING ONE OF THE

MOST SUCCESSFUL TRADERS IN THE FINANCIAL MARKET.