Forex is an online currency market that can be traded on almost 24 hours a day because of the variety of worldwide markets that are involved. Use this basic forex tutorial for tips and tricks on being successful in the forex market. The three most prominent markets are the US, London and Asia. These markets make up the greatest volume of forex trading. The Asian market is the quietest market of the three, but is a great place to take advantage of "night" trading while the western world is asleep. This is also a great place to learn how to read trends and watch for trends that may carry over to the next day and enter the US and London day markets.
The US and London day markets have an overlap period which is the busiest time of day and the best time to be trading and watching for optimal trading opportunities. You also want to make sure you take the time to set some goals and trading guidelines for yourself to avoid getting caught up in a trend and losing it all. While a goal is important, it also needs to be flexible and roll with the strategies you are going to be using. Trading rules should include avoiding rash decisions, shady trends and shoddy advice. You need to learn some solid strategies and learn to trust your instinct in order to be the most successful in the forex market.
Some of the most popular strategies involve the RSI (Relative Strength Index) and the Stochastic Oscillator, which can both be used to determine the best trades to make on the market. These should be used together and with other strategies for the best results. To determine when to trade use the MACD (Moving Average Convergence Divergence). These three methods used together can help you determine when and what to trade.
When you are first starting out it's important to learn as much as you can and take a couple of days to watch the market in order to establish some feeling about it and the trends that happen. You will learn when, where and what to trade. This is the best way to be successful in forex trading, use these tips along with other forms of a forex tutorial and you will be as successful as you want.
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