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Forexeducation

5 Easy Steps for Beginners to Start Trading in Forex 📝 Being a beginner, it is natural for you to feel overwhelmed when you first start forex trading. But that doesn’t mean that you should shy away from the market. By following the 5 steps listed below, you can start your trading journey in currencies in a smooth and efficient manner. 1. Get to know what drives the market 📈 When it comes to trading in currencies, the first ever step that you would need to make as a beginner is educate yourself about the market. Although the forex market works in a very similar fashion to the stock market, the factors behind the movement of the currencies tend to be different. 2. Choose the right broker 🤝 Selecting the right forex broker is as important as getting to know how to trade in currencies. Not all brokers offer the same level of services or are always reliable. Therefore, it is essential for you to spend some time looking into the various brokers offering forex trading services. An ideal forex broker should have an easy account opening process, a simple trading platform, offer exceptional customer support and have low transaction costs. While evaluating brokers, make sure to look into their downtime frequency. 3. Establish your financial goals and targets💰 The next step is to work on your financial goals and targets. Introspect and ask yourself what you hope to achieve by trading in currencies. Also, before you actually buy and sell currencies, it is a good idea to first determine your financial targets. For instance, you can set a target for each forex trade you make or a target for each day or month of trading. Establishing these goals can make you plan your trades much better by helping you come up with a trading plan, which will ultimately make you a better trader. 4. Practice with demo (paper) trading 📃 Through extensive virtual trading practice sessions, you can quickly get the hang of currency trading and try out new trading techniques and strategies. Since you’re not really trading with real money, you don’t have to worry about losing money on trades. Instead, you can spend some quality time learning the ropes and trying to analyze the trades that you make. This can give you some much-needed perspective on how to tackle forex trading in real-time. 5. Start slow and go easy on your trades🐢 Once you’ve gotten the hang of trading in currencies on demo account, you can slowly move onto the real thing. Now, there are a few things that you should keep in mind. The forex market’s volatility tends to be quite high and can lead to wild swings in the price. Therefore, it is a good idea to start slow by using just a fraction of your total investment amount. Now that you’re aware of the 5 steps that you need to take to start trading in forex, go ahead and begin your journey. Good luck to you! Hey traders, let me know what subject do you want to dive in in the next post?
OANDA:XAUUSDEducation
by TopTradingSignals
6
Learn How to Improve Your Forex Trading 🔝 Whether you're new to Currency Trading or a seasoned trader, you can always improve your trading skills. Education is fundamental to successful trading. Here are some tips that will help hone your Currency trading skills. ⭐️Plan How You Will Trade You may have heard the adage, "if you fail to plan, you plan to fail." This is particularly true in Forex speculation. Successful traders start with a sound strategy and they stick to it at all times. ⭐️Most traders fail because they make the same mistakes over and over. A diary can help by keeping track of what works for you and what doesn't. Used consistently, a well-kept diary is your best friend. ⭐️Patience Once you know what to expect from your system, have the patience to wait for the price to reach the levels that your system indicates for either the point of entry or exit. If your system indicates an entry at a certain level but the market never reaches it, then move on to the next opportunity. There will always be another trade. ⭐️Discipline Discipline is the ability to be patient—to sit on your hands until your system triggers an action point. Sometimes, the price action won't reach your anticipated price point. At this time, you must have the discipline to believe in your system and not to second-guess it. Discipline is also the ability to pull the trigger when your system indicates to do so. This is especially true for stop losses. ⭐️Realistic Expectations Even though the market can sometimes make a much bigger move than you anticipate, being realistic means that you cannot expect to invest $250 in your trading account and make $1,000 each trade. Although there is no such thing as a "safe" trading time frame, a short-term mindset may involve smaller risks if the trader exercises discipline in picking trades. This is also known as the trade-off between risk and reward. Trading is nuanced and requires as much art as science to execute successfully, which means that there is only a profit-making trade or a loss-making trade. Warren Buffet said that there are two rules in trading: Rule 1: Never lose money. Rule 2: Remember Rule 1. Stick a note on your computer that will remind you to take small losses often and quickly rather than wait for the big losses. Please, like this post and subscribe to our tradingview page!👍
OANDA:BTCUSDEducation
by EliteTradingSignals
6
Dealing with trading losses... before they occurLosses are part of this business. People do not react well to losses. Badly handled losses in trading can trigger bigger losses. Furthermore, these have the dangerous potential of wiping out entire accounts. If you want to make it as a trader you need to have a solid psychological approach to accept and handle losses. Lots of internet articles are suggesting that the way to prevent debilitating losses in trading is to follow risk management rules. What are those rules about? Basically, they are simple thresholds indicating the maximum $ /percentage you should risk per trade, day, month etc. Having such rules is a must but it’s not enough. You can still lose much if your mind is not actually prepared to implement them. That’s why many traders set rules only to break them in the most inappropriate moments. People do not follow their own risk management rules because they are not psychologically prepared to accept losses. They are not prepared for the pain caused by a loss or a series of losses. The single most efficient way to handle losses is to accept them consciously and unconsciously. One of the most dangerous ways to react to losses is “revenge” or “on tilt” trading. This happens when the pain caused by a loss is so high that the trader looses his / her rationality and only wants his / her money back, disregarding most of the things he / she actually knows about the market. The brain cannot accept the emotional discomfort and the fastest solution is to quickly find a trade to make the money back. Most of the time, the quickest trade is in the same instrument (FX pair, stock, etc) that generated the initial loss, by averaging down/up or flipping. Some of the most experienced traders can work their way out but the vast majority will only make things worse. In order to prevent this kind of psychological slippage you need to prepare your mind to consciously and unconsciously accept losses BEFORE they occur. With the help of a psychotherapist or by yourself you can perform visual exercises where you will imagine yourself being in a losing position and reacting the right way. This would desensitize yourself, if done right. The technique I always use each time I open a position is to do that desensitization process “on the fly”. I watch the market and I see an opportunity. BEFORE opening the position, I imagine myself in the posture of facing that trade ending in a loss. After that, I imagine that trade going the way I want. I might even go back and forth (in my mind) a few times between losing and winning. This way, I prepare my unconscious mind. If I cannot imagine myself easily handling the loss (or the win) I will simply reduce size. Pay attention though, I am not recommending here to imagine yourself constantly losing because this would do more harm than good. This would be a separate topic about the power of visualization exercises.
BITSTAMP:BTCUSDEducation
by Mihai_Iacob
17
TommyXAU Educational - What i mean by clean rangeGood afternoon gold gang, hope you're having a good weekend. I thought id hop on to share with you a piece of information of what i mean by clean range. Ok .. Say you have 2 key levels in price .. we have had a big news event causing a big red candle to the left hand side. This has left what is called an imbalance. An imbalance is where the wicks of the previous and after candle don't meet. Backtest that one yourself and see how many times these imbalances get filled. Price is coming back up and closes above the key level .. it is now a high probability that price will come up and fill that imbalance and the clean range. I call it clean as there is no traffic or hurdles that should stop price on its way up. Again, adding to the probability. Simple as that really guys .. Please leave a like if it was of any help to you and ill see you this evening for market open! TommyXAU
OANDA:XAUUSDEducation
by tommyXAU
3
XAUUSD 28/4/23 Outlook. Back into the range. Good evening gold gang! Another great day on the charts as we got the sells right at NYSE open. Beauty. /im going to be brief with this one as we are back in the range now .. hugging that 1993 yet again. I feel there is going to be some kind of big announcement coming that will blast gold out of this range .. might get it tomorrow Buys and sells are set at the extremes of the range with targets too. I’m running out of battery so i gotta be quick hah .. thanks again for all the likes and follows today .. means a lot. This really has become a passion of mine since Xmas .. helping guys get their head around the yellow metal. Please like and follow along for more gold updates TommyXAU
OANDA:XAUUSD
by tommyXAU
11
XAUUSD 27/4/23 Outlook and late session tradesGood evening gold gang! Wow 2 days in a row no trades all day until 5pm gmt where we finally got volume. This is very strange but we adapt to all conditions and got the sells for 100 pips. We had a breaking news today about a potential bank collapse that shot gold and crypto up momentarily, only for it to come back down in to the range to that 1993 level that’s been a constant for the last few weeks. Sells i have marked down at the bottom of the range waiting to catch the breakouts. Buys just a step before the top of the range, hoping to fill in all that clean traffic to the left Hand side should be get the move up. That’s it for the outlook .. obviously updates will be posted during the day, so make sure you follow along!! Until then .. have a good evening wherever you are Your mate, TommyXAU
OANDA:XAUUSD
by tommyXAU
8
XAUUSD 26/4/23 Outlook, wait for the range to breakGood evening gold gang! I hope you are well. wow pretty boring day up until this evening on the gold chart! .. lets start off with last nights Asian session, buys were there and a few of you managed to grab the 50 pips before price reversed in London. Price then flip flopped up and down for the rest of the day up until around 18.00 gmt where we got volume and a close above in our zone. BOOM 100 pips there for the taking .. i did not enter as it was outside my usual trading hours. Discipline. Ok on to tomorrows outlook .. I’m looking to wait now for price to break out completely of the range. As marked, its very messy near current price so i would not want to be caught up there in a position. Price is very clean above 2012 .. so ill be hanging in there for that. Sells back below the 1973. It’s a huge no trade zone but the rest of the price is too choppy for me to risk capital. Thanks again for the likes and follows .. means a lot. Please smash the like on this and ill catch you in the London session TommyXAU
OANDA:XAUUSD
by tommyXAU
9
XAUUSD 25/4/23 outlook bearish dollar?Good evening gold gang! hope you are well and survived a very boring day on the gold chart. No news today causing price to range for most of the day trapping traders long and short. Not me though, my levels remained untouched so i stayed away. Thats experience for you hah So for tomorrows price, we have some news late in the day which could cause price to range again .. so be aware there could be little volume. If we get some then i have the same levels marked out with an extra zone for the buys. I have left a gap in the middle as its very messy and would not be trading in that zone .. its also a potential fake out zone for price to reverse .. so best to stay clear. DXY still in that bearish channel and will close below 101.45 tonight. last time it did this is fell down driving gold up. Lets see. Buys above are very nice with lots of clean range to fill. 1993 key level still respected as it has been all April, so we are due some movement away from it. Sells below the 70s marked up. Have a great evening gang .. remember if you are taking the trades .. 30 min min candle close into the zone before executing .. take profits along the way dont get greedy. Thanks for 700 followers wow!! .. hope im providing you with good content and helping the community. Please like and follow along if i am. tommyXAU
OANDA:XAUUSD
by tommyXAU
4
XAUUSD 24/4/23 Im still bullish on the HTFGood evening gold gang!! hope you had a good weekend, relaxing .. popping bottles, whatever .. as long as you did some backtesting! ha Ok on to tomorrows outlook .. as the title says, im still kind of bullish on the higher time frame as daily candles are still rejecting the key area 1973 area. Price did close bearish last week below the daily death range i talked about .. but im still seeing DXY moving downwards in a channel and id like to see a pull back to the 1993. As usual though, ive covered you both ways .. because thats how i trade. The sells id like to see below the 1973 with a strong candle close. Target is placed below, make sure you pay yourself first as i always say. The buys a little further up BEFORE the daily high at the 1993 key level .. this is because the range above is messy. Id like to get in and out before that sh*t show. Lets see where we open! ill be in bed as im super tired .. so i hope you get a trade during the session .. if not .. ill be back in london. Safe trading gang .. please like and follow along for more gold trading tips and ideas. tommyXAU
OANDA:XAUUSD
by tommyXAU
12
EURJPY SHORT - DAILY SUPPLY AREA VIOLATED Good evening traders, Further to my previous analysis on EURJPY, I am happy to be looking for short term sells now we have violated the daily supply zone. This is a risky trade for me, the Euro is strong currently and I am still bullish on EU - this had led me to only risk half of my standard position size this time around. Targeting the imbalance on the 4h provides a healthy risk to reward. Lets see how the market plays out in the coming days. Best wishes, Jake
Short
by jmw2000
USOIL OUTLOOK (27th - 31st March)With central banks having to promise they would deal with the liquidity crisis that is apparently everywhere and avoid another 2008-style meltdown of the industry. Crude oil prices came off their lows as the near-term outlook for the banking sector improved, easing concerns about an economic slowdown later in the year. Markets are also holding out for more cues from an OPEC+ meeting next month, with hopes that the cartel will cut production in response to a recent tumble in prices. Oil has failed to break supply at 70.11 for the past three days which price is likely suggesting the efforts to convince the public that all will be well are not exactly being successful. If price fails to break and close above 70.11-70.34 range I see selling opportunity towards major support at 66.85 if broken would see price tap into demand at 66.33-64.31 range where there could be possible reversal or a continuation.
TVC:USOIL
by Hybe7e
1
EURUSD Testing Trendline and median zoneIf you've seen my last video on the EUR/USD, I was looking at 2 trendline levels to potentially take a trade from. The EUR/USD has popped to that upper trendline and Median level to find some resistance. A short limit order was initiated at 1.0788 and will hold this for the time being. The Cautious side of this trade is that the market still has a gap that it may still want to fill up over 1.0800 so that will be watched going into the final day of the week. Stop losses are set and will wait to see if the market respects that resistance zone or pushes back above 1.0800. Always manage risk.
Short
by InternalTraderNYC
2
This is my ideal entry model for XAUUSDGood afternoon gold gang! hope you're having a good weekend. I thought id share with you my favourite entry set up for gold which is proven to be over 80 percent accurate according to my data. Im looking for a strong close outside a major level .. by strong i meant 30 pips there abouts .. then the candle to close .. the next candle to wick down to retest the level .. then enter on the break of the previous candles high. Its as simple as that! .. there are other things involved but ill go through them with you in time, so make sure to follow along!! Ill be back this evening with an outlook for tonights asian and tomorrows london and ny sessions Tommy
OANDA:XAUUSDEducation
by tommyXAU
3
DXY 15th Dec 2022 short setup updateOne of the things I've realized in the years I've used this strategy is that price will 98%+ of the time respect my entry zones even though go in my speculated direction. When you see that happen it means that such zones are special and are also known to the market makers. Price has been consolidating at the supply zone I identified yesterday on DXY but it's not showing impressive bearish momentum so I'll leave the decision with you. That is to either close or keep holding. I also want to thank you all for following me and helping me increase my reputation on TV.
TVC:DXYShort
by JayForexAcademy