Basic Forex Trading Strategies for Beginners.
Forex trading is process of exchanging currencies through manually or electronically.Today globalization with technology made every thing done through electronically without manual interaction.Every country have different set of currencies for security purpose.World wide business from one country with other country will lead towards currency exchanging.Forex market is place where different currencies are exchanged according to demand.Any organization doing business in multiple countries need of currency exchange to full fill daily business requirements.
Todays globalization made every thing possible.Latest Technology bring innovation internet to communicate information with in global with in seconds.Forex trading adopted modern technology and started implemented online trading.Forex trading online will helps in completing Forex exchanging with in seconds with high secured process.
World wide major currencies traded actively are USA Dollar(USD),European Euro(EUR),Japan Yen(JPY),Candian Dollar(CAD),Great Briton Pound(GBP) and more.Online where currencies are exchanged are called forex exchange.Forex trading platforms helps traders to buy,sell and exchange currencies at trader determined market prices.Forex market is huge market having more than 5 Trillion US dollar market turnover.Forex Trading turnover more than world largest economies.
Forex markets works 24 hours for 5 days per week.Fore market have unique specialilty of 24 hours trading facility.Forex market is high risk and high rewards trading activity.
Forex Trading Basics.
Before starting forex trading knowing minimum knowledge forex markets is useful .Forex trading platform have buy ,sell ,close,target, buy stop loss,sell stop loss botton to place order.know very much about this botton or concepts by practicing on demo trading platforms for couple of weeks.
Forex markets works for 24 hours.Forex trading starts with Australia Dollars on monday morning ends with American Dollars on friday night.When Forex Market open only Australian stock market is active it means Australian AUD is trading very active against any other currency pair.When ever concern currency stock market is active major news related to that particular currency will be released. Austrialian Stock merket is active AUD news will be relaesed.based on news major currency fluctuation happens.Forex traders should have knoledge of globally diffrent stock markets opening closing data.
Most of sucessful traders in forex markets follow technical analysis to initiate forex trades.Forex technical analysis is done based on previos open ,close,high data.Technical analysis give forex trader predication of future forex market fluctuation.Technical nalysis calculated for 5min,15min, 30Min, 1Hour,4Hours,5Hours,1Day,1Week,1Month and 1Year periods.Traders based on comfort have to follow time frame to initiate trades.