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Forex trading for dummies /updated

If you continue browsing the site, you agree to the use of cookies on this website. See our User Agreement and Privacy Policy. See our Privacy Policy and User Agreement for details. Published on Sep 25, The best for beginners as it's rich with pictures, examples and expert tips without the use of jargon.

In the 2nd section of this e-book you'll discover a wider insight into the revolutionary copy trader system which allows you to make the Forex professionals work for you — how it works, choosing the right forex traders to copy etc.

This is perfect for busy people who don't want to waste time 4 learning and then spend money for forex signals and analyse them all day. Clipping is a handy way to collect and organize the most important slides from a presentation. You can keep your great finds in clipboards organized around topics.

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It is a great surprise for all traders. Chanut Chardthongkam , Assistant Vice President at Professional Computer Co. Nyarko Nkrumah-Ababio , Lecturer at Ghana Education Service at Ghana Education Service. Embeds 0 No embeds. No notes for slide. VOL II BEST FOR BEGINNERS FOREX TRADING in 15 minutes 2. If you want lots of theory and complicated analysis, you picked up the wrong e-book! You don't need another classic, boring "learning material".

What you need are easy-to-apply strategies and ready-to-use tools to help you become a better trader faster. This e-book will help you learn Forex trading skills in the fastest time possible! It doesn't matter so much what education and background you have.

Our program has shown interesting results: Gone are the days when you have to have thousands of dollars to participate in the Forex market.

You can also forget about spending years reading piles of brain-busting books on economic analysis. With Forex, you can be free. You can live and work anywhere in the world, be free from the routine, and not answer to anybody! About this e-book Trading involves risk.

Leveraged trading has large potential rewards, but also large potential of risk. Be aware and accept this risk before trading. Work while lying in a hammock All you need to start making money is a computer or a smart phone and an Internet connection. Your work space and goals are up to you! Easy rules Unlike the stock market with tens of thousands of different shares, Forex works with 8 basic currencies, which are the center of most trades. The timing in forex trading is crucial!

The Forex market is open 24 hours a day, but it is not active all this time! In Forex trading money is made when the market is active when traders are bidding on the prices so it is crucial for you to learn about the most productive hours of the day and of the week for trading the forex!

There are three major trading sessions of the Forex market: London, US and Tokyo session. The busiest times are when the sessions overlap as traders can then purchase currencies from different continents. The Forex market of London is usually the most active as it involves many countries of the European Union.

The US market comes next, so the time when the London session intersects with the US session usually provides the biggest returns. Expert traders consider 10 AM to be the best time as this is the period when the London market is preparing to close the trades and traders are getting ready to move to US market. Fridays are busy as well, but only until The trade in Forex occurs between two currencies, because one currency is being bought and another — sold at the same time.

Spread The difference between the sell quote and the buy quote in pips. The smaller the spread, the more liquid the currency! What influences exchange rates? Morgan Stanley Research, Bloomberg. Leverage is shown as a ratio, for example 1: In Forex, all transactions can be conducted via standard, mini, and micro lots. Each lot size accounts for a different measure of units of the base currency, which in turn presents a different pip value.

Below is a simple chart to illustrate the differences in lot sizes, measured in units, volume for the major pairs where the base currency is USD. The smaller contract sizes have a broad appeal to beginner investors who do not want to take on a disproportional amount of risk. Generally speaking, mini account holders have access to the same materials as the regular account holders such as charts, trading plat- forms, support, etc.

Those traders who are looking to get started in the forex market should consider opening a mini account because of the smaller contract sizes. USD Volume Micro Lot 1, units 0. How leverage works You decide to buy , EUR and sell USD at a rate of 1. Do you need more than , US dollars to open the trade? With a leverage of 1: In other words, the margin is the actual amount that you are risking to lose if the trade goes against you.

Leverage is a very aggressive investment strategy and only those with high risk tolerance and a long time horizon should consider leverage. Use leverage appropriate to your comfort level: If you are a relatively cautious investor or trader, use a lower level of leverage with perhaps 1: The leverage available on positions carried over the weekend may vary.

Maximum leverage limits vary in different countries, varying from 1: Trading strategy — leverage 1. Euro depreciates against the dollar to 1. The euro fell by pips 1. What do most traders do when they see such a curve? We see that the daily shift was inconsequential to the long-term tendency as it is upward and not the other way around.

MULTIPLE TIME FRAME ANALYSIS The market can be analysed in several time frames: It may often seem that these indicators are contradictory.

Analyses of longer time periods show tendencies, ignoring accidental changes, whereas daily and hourly graphs help in choosing the moment to open and close positions.

For successful and precise market analysis, you must use at least time frames! Example Conclusion November 3 10 17 24 Aug Sep Okt Nov Dec The Double-Red Strategy The double-red strategy is a short-term reversal system based on price action and resistance. The trade is planned on a 5-minute chart and is signaled when two bearish candles form following a test of resistance. Then wait for a second red bar. Usually, what happens is that the third bar will go even lower than the second bar.

This is the point where you should open a short position. Choose traders to copy 3. They make money for you Social trading networks like eToro or Ayondo offer an opportunity to follow the best traders and copy their trades with a click of a button.

This is also a good way to learn Forex strategies in a real-life trading environment. EASIESTstrategy best for dummies Key elements Support is the level at which the price seldom falls below; resistance is the level the price seldom exceeds. Each time the price hits the resistance or support, the price appears to hit a wall and reverses. At support levels, the number of buyers gen- erally exceeds the number of sellers; this pushes the price back up.

At resistance levels, the number of sellers exceeds the number of buyers causing the price to go back down. Key elements When a price trades within a range for some time, sooner or later, there will be a breakout either up or down. This breakout is usually very fast and volatile. Therefore, it is possible to open a trade in the same direction. Breakouts Resistance level Support level Buy Upper shadow at least 2x the size of the real body 3. A Pinocchio bar is a candlestick bar that has a very small body and a very long wick nose.

It is also called Shooting Star, Hanging Man, Hammer and Inverted Hammer. The same happens with this strategy: The entry point varies: A long wick indicates strong selling pressure; a long tail suggests intense buying power. Trying to trade the bearish Pinocchio pattern in neutral market conditions can be risky.

Key elements Watch out Description Bearish Pinnochio Sell 5. The Strategy 1. If a counter-move starts, mark the bottom of that move with 2. If the new move up does not surpass point 1 and starts turning down, mark the highest point of this new move up with 3. The pattern is now complete.

There is still a very important rule that must be observed: If that happens, all of our conditions are met and we enter the trade with a short position. Description If a peak is not surpassed, it becomes point 1.

A sell signal is indicated when the spot rate crosses under the moving average. The fact that the "double-top" chart pattern occurs at roughly the same point, reinforces the sell signal. A buy signal is indicated when the spot rate crosses over the moving average. Key elements Using moving averages to determine trend direction is the oldest form of technical analysis and remains one of the most commonly used indicators. Moving average Sell Buy Moving Average Momentum shifts directions when the two lines blue and red cross.

Therefore, a trader takes a signal in the direction of the cross when the blue line crosses the red line. Oscillators Extremum Extremum Buy Sell Use trends in your favour!

With the Stop-Loss Order, you will be able to control the situation even if the rates change unexpectedly. Weekly graphs are used to observe trends while daily and hourly graphs are best used to observe the best time to open and close positions. Multiple time frames Each good trader has their own plan, and the best traders make an effort to hold onto it. Those who have the time, make daily transactions, others choose long-term strategies.

There are many companies that offer margin-trading Forex services. What is most important when choosing a platform provider, and how does one orientate themselves in so many offers? Below is a compilation of some advice from several professionals in the Forex market, which can be narrowed down to four basic criteria: Convenience of the user interface You have to evaluate how easy and convenient it is to use the platform and what analytical options and extra tools it uses.

It is best to check the user interfaces by opening demo accounts offered by the best platforms. Commission for paid transactions The commission payments for transactions are described by the spread, which is the difference between the bid and offer price of the currency. The bigger the spread, the more you will have to pay the service provider. Commission payments are usually higher for independent platforms rather than commercial bank Forex platforms. Money transactions The best platforms provide the opportunity to use wire transfers or other online payment operators such as PayPal or Money Bookers, which are the most convenient and easy methods of receiveing funds.

Your Capital may be at risk. BankWire, MoneyBookers, Webmoney support etoro. The eToro platform is considered to be the most user friendly and intuitive for beginners.

You don't need to be an expert to invest like a top performer. A popular platform which has proven itself since Plus is one of the rare brokers listed on the London Stock Exchange. Plus is suitable for experienced traders and not beginners. Plus is a CFD service. Skrill, Bank Wire support Plus This platform offers one of the easiest sign-up processes as well as multiple payment receival options. With one trading account, you can trade from your desktop, smart phone, iPhone, BlackBerry, or PDA.

The variety of market reviews and analysis tools offered by this platform is remarkable, all of which will help you make the right decisions.

FxPro offers also a true ECN trading with spreads from 0 pips on the major pairs. No Dealing Desk intervention Insured Client Funds Negative Balance Protection Commission-less trading Leverage from 1: Pros Cons Platform pictures Facts visit sitevisit site Markets Authority 1million USD deposit Platform pictures visit sitevisit site Cons Pros Facts Ducascopy is one of the most reliable and secure brokers out there. Dukascopy Europe is a European subsidiary of Dukascopy Bank of Switzerland. Ducascopy Europe is one of the safest places to trade and also provides the lowest spreads and highest liquidity.

Visit our web page to get the latest tips and strategies! Forex trading basics and secrets in 15 minutes Updated. Make Forex Trading Simple - Forex Trading Book. Trade Forex From Home - 10 Biggest Mistakes New Forex Traders Make And How T Start clipping No thanks. You just clipped your first slide! Clipping is a handy way to collect important slides you want to go back to later. Now customize the name of a clipboard to store your clips. Visibility Others can see my Clipboard.