How to Trade Forex **5 Simple Steps**
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- เผยแพร่เมื่อ 28 มี.ค. 2021
- Everyone wants to learn how to trade forex. but trading Forex requires a specific set of skills. if you can learn to trade Forex properly, the amount of profits that you can make are incredible. in this video I give you the five steps to progress as a day trader while trading Forex.
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Four steps to making your first trade in forex.
Now that you know a little more about forex, we’ll take a closer look at how to make your first trade. Before you trade you need to follow a few steps.
1. Select a currency pair
When trading forex you are exchanging the value of one currency for another. In other words, you will always buy one currency while selling another at the same time. Because of this, you will always trade currencies in a pair.
2. Analyze the market
Research and analysis should be the foundation of your trading endeavors. Without these, you’re operating on emotion. This doesn’t typically end well.
When you first start researching, you’ll find a whole wealth of forex resources - which may seem overwhelming at first.
3. Read the quote
You’ll notice two prices are shown for currency pairs. For example, a quote for EUR/USD may look like this.
trading concepts quote
The first rate (1.07173) is the price at which you can sell the currency pair. The second rate (1.07191) is the price at which you can buy the currency pair. The difference between the first and the second rate is called the spread.
4. Pick your position
If you’ve traded stocks, bonds or other financial products, you know that you can usually only speculate on the one direction of the market: up.
Forex trading is a little different. Because you are buying one currency, while selling another at the same time you can speculate on up and down movements in the market.
WITH A BUY POSITION you believe that the value of the base currency will rise compared to the quote currency. If you’re buying EUR/USD, you believe the price of the euro will strengthen against the dollar. In other words, you believe the euro is bullish (and the US dollar is bearish).
WITH A SELL POSITION, you believe that the value of the base currency will fall compared to the quote currency. If you’re selling EUR/USD, you believe the price of the euro will weaken against the dollar. In other words, you believe the euro is bearish (and the US dollar is bullish).
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Arty, this is GREAT advice! I'm following it.
This is the only channel that am going to watch in terms of forex market . an't going no where.
Great information Arty.. I really needed this.
I'll be taming 3 beasts from now on.
thank you so much for all your outstanding job, greetings from Bulgaria.
Thank you so much !!
i love you man. you really help me
Happy to hear that
This was very informative! Never thought of the step 4 like that before... I remember 3 years ago I was only trading two pairs and was doing great and then I had to stop and back again and I've been going all over the place 😂😂😂 thanks again I'll choose the 3 victims now haha
Probably the first TH-cam video I’ve seen with 0 dislikes
Lol. He said the percentage overtime/number of times thing
Thanks for your valuable support and update sir
thank u ;) all the best!
I frankly speaking makes my brain thinks it's game n indicators are basically weapons
Like that my mind is calm and I focus more on technique n less in emotions
Re: Step #4 - What 3 instruments would you start with as a beginner? What kind of alerts would you set for them? What indicators would you analyze and what are you looking for? Again, all as a beginner. Maybe a new video? :)
I’ll consider it
Dibs first here 🤑
🔥
Hey man, Can you make a video for utilizing News fundamentals for trading indices?
Interpreting the news for trading can be quite tricky.
i'll be making that video soon!
My account size is smaller so i can't trade indices please suggest me 3-4 pairs i usually trade the overlap of london and us session
thank you i wish i saw this kinda stuff when i started not succsessful yet though bruh
Okay but question, what if I've been learning daytrading for 9-12 months and finally took a step toward paper trading and its successful. Should I continue papertrading to confirm my win rate or should I maybe slowly make the switch over to live ? (Almost like when you switch dog food.. 3/4 paper trade 1/4 live, then half and half, then vice versa of first and then to full day trade) while still keeping tight on risk management of course
Such a dumb question cause this video literally answers it... maybe I should paper trade a little longer 😅
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