Making money in Forex is not easy as some people think it can be. Statistics show that 95% of Forex traders lose the full balance of their account. People hear about forex or day trading all the time and then think that they need to get into it to make some money for themselves, and then what happens when they set up their trading account. Hurry up and lose it all. Now for other people they may have some problems like “emotions”, which means they lose some money and try to return it by doubling or tripling the success of the business.
Again with emotion, you may be in a buying trade (you predicted that the market is going up) then all of a sudden you see the market selling (the market went in the opposite direction) you get scared And shut yourself up. Trade and losses. But then later that day you will see the market move in the same direction you predicted it would go.
The Forex market is very unpredictable no matter what anyone wants to tell you. However, there are strategies and tools that you can use to increase your business prospects and overall success in this attractive and unorganized market.
There are some systems / strategies that people use to enter and exit a business, these are mostly signals that inform the person when to enter or exit the trade. But not every system works all the time, the market changes and evolves and then the system has to be adjusted and so on.
The Forex charting system has many tools that help the trader to perform technical analysis on currency pairs. Here are some commonly used tools: Fibonacci, Trend Line, Candlestick, Pivot Lines, etc. Forex charting has different time frames that you can help predict, such as 1 minute, 5 minutes, 15 minutes, 30 minutes, 60 minutes, 3 hours, 1 day. So for example if you want to know if a trend is on the rise then one way to do it is to check the time frames, this gives you a better chance in your business.
There are two types of trade: fundamental and technical analysis. Basic analysis is more about what controls or moves markets, for example important announcements, gold or oil. So if tomorrow morning there was any news about the unemployment rate in the United States and the number that came out was a huge negative, it would be bad for the United States and so you want to sell for a couple of dollars. Basic trading is for highly experienced traders because of its high volatility. Technical analysis is mostly just the use of charting tools and systems / strategies, this is the most common way of trading and everyone works with it.
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