Here are some of the most common terms used in FOREX trading.
Ask Price — The price at which a trader will buy a currency. Also known as the offer, it’s the price a seller is willing to sell at.
Bar Chart — A type of chart used in Technical Analysis. Each time division on the chart is displayed as a vertical bar which show the following information — the top of the bar is the high price, the bottom of the bar is the low price, the horizontal line on the left of the bar shows the opening price and the horizontal line on the right of bar shows the closing price.
Base Currency — The currency used as the base to quote a pair. For instance in the EURUSD pair, the EUR is the base currency, in the USDJPY, the USD is the base. Continue reading
When you don’t have confidence in your trading system, it is the worst feeling in the world. It seems like you have no purpose and you question your worth as a trader.
Being a confident trader is not something that just happens overnight. It is the result of consistently doing many things correctly for a long enough period of time. In fact, you could even say that consistency is the main ingredient for confidence in a trader. Many traders experience fear, doubt, and indecision while interacting with the markets, there are a number of reasons why this happens, but it is primarily a result of one or two things; not knowing exactly when their trading edge is present and (or) not being disciplined. Continue reading
In the study of technical analysis, triangles fall under the category of continuation patterns. There are three different types of triangles, and each should be closely studied. In this article, we have focused on the three kinds of triangles, the ascending triangle, the descending triangle and the symmetrical triangle.
1. Symmetrical Triangle
A symmetrical triangle is a chart formation where the slope of the price’s highs and the slope of the price’s lows converge together to a point where it looks like a triangle. The Symmetric triangle is considered a trend continuation pattern and may be formed in both uptrends and downtrends. The direction of the trend preceding the pattern’s appearance Continue reading
- Open a demo account
Before opening a live account and funding the account, it is extremely important that you know the features of each trading software. In the forex market, the customers are offered to download a free version of its software, by every forex broker.
- Account Types
There are mainly three types of accounts, Standard, Mini, and Micro.
The standard trading account is the most common account. This account affords you access to standard lots of currency, each of which is worth $100,000 which means you are very experienced trader
This account affords you access to standard lots of currency, each of which is worth $ 10,000 .This account is good for the new traders or experienced traders who prefer to trade in smaller units. Continue reading