CURRENCY PAIRS

FOREX is the simultaneous buying of one currency and selling of another. Forex is a large financial market which is much bigger than the stock market. Forex daily trade volume exceeds $3 billion. Forex is an off-the-board market where the operations are conducted through brokers. The trading continues 24 hours a day, 5 days a week. With the help of brokers, it is possible to trade almost all currencies.

Understanding different types of forex trading charts

There are different types of charts used in technical analysis of the FX market. Some of the most common ones include line, bar, and candlestick charts. Charts are used by the trader to conduct technical analysis and make market decisions. They are built in two coordinates: price and/or tick volume and time period (horizontal). Some kind of data is used for building charts (except tick ones):

MetaTrader Order Management

Every trader should know how to quickly modify or cancel an existing order. This can be done on the MT4 platform by following the example below.

Today we are going to learn how to modify and close this placed order. Let’s start with the limits that we can set to an order

Order Limits:

Order limits are boundaries that you can set to an order to prevent big losses and to ensure that you make a profit as soon as possible.

The Top Economic Indicators

Economic reports and indicators are those often-voluminous statistics put out by government agencies, non-profit organizations and even private companies. They provide measurements for evaluating the health of our economy, the latest business cycles and how consumers are spending and generally faring. Various economic indicators are released daily, weekly, monthly and/or quarterly.

Here’s the most common and vital economic indicators

Do you have a question about a forex related term?

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.

How to Build Your Confidence in Forex Trading

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.

How to Trade Triangle Chart Patterns

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

Here’s how you can start trading forex right away

1. 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.

2. Account Types

There are mainly three types of accounts, Standard, Mini, and Micro.

Standard

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

Mini

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.