Learn forex trading- you can go a log way

Trading in forex market after a person is confident enough that he has done lot of research on particular currency on which he would be trading and now he can open a position confidently. Well! He can be right or he might be doing a very big mistake. Before entering into forex market one has to  have a good knowledge of forex trading  . learn forex trading  to get  well equipped with the working of technical and fundamental indicators. This is a exam which everyone is needed to pass, even great professional traders learn forex trading before they started earning good profits.

Ankit Gupta, Forex Expert described the importance of learning forex trading by quoting-“Learn forex trading and you can go a long way”. But then a question arises why anybody need to learn forex trading when one can simply download the software that does everything. So the answer is forex trading is not a gambling where the outcome is completely dependent on your luck, it’s a market where one can earn in million if he/ she knows about the working of forex market .

Forex basics are very essential to understand for the one who is planning to enter into currency trading. Simply looking at the chart which is showing a bullish market and anticipating that a long position will certainly going to benefit, its like throwing a stone in the dark. Don’t think that you can simply enjoy the view and still earn from it. Sticking on to the charts, If one is planning  to learn forex trading there are several types of charts one should have a look at – the Japanese candlestick, bar charts, line charts, points and figures charts.these charts will help you in analyzing that what is happening in the market and where your chose currency pair might be heading.

Other important elements that one should have knowledge of in order to learn forex trading effectively  are exchange rates, currency pairs, bid and ask prices, the spread,  when to buy and sell, and most of all the fluctuating economic status of different countries. Apart from these basics one should also have knowledge about PIPS (Price interest points), Japanese candlesticks, leverage, and even trade scalping.

Ankit Gupta, a full time Forex trader and Analyst, recommends to get a strong understanding of trading techniques and concentrate on risk and reward ratio with the help of good online forex trading platform.

For more information on forex trading you can visit http://www.etoro.com/learn/e-course.aspx

About Ankit Gupta
Ankit Gupta is a Technical Analyst of Forex Trading

Speak Your Mind