Learn How To Choose Forex Trading Strategies

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By definition trading strategies are techniques of analyses that traders use to decide if they should sell or buy a currency pair and if so when. These strategies can be either manual or automatic though manual strategies give better results. Learn more about to Forex Trading visit our website http://www.myforextradingworld.com/ Forex Trading Strategies

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My Forex Trading World:

My Forex Trading World http://www.myforextradingworld.com Financial Freedom

So, what do you do? :

So, what do you do? “I’m working as a trader in a boutique Forex company,” I replied as I always do when people ask what I do. When I got that blank stare I’m used to get, I went on, “You know, Forex, foreign exchange, currencies.” “Ah! Alright, got it,” he said. “So, you trade currencies ?” Forex Trading, Trading Strategies, Forex Trading Basic

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Alright, got it, got it. So you’re like one of those guys in the airports. You get the dollars and give back the local currency, right?” he chuckled with a little bit of pity in his voice imagining me behind one of those counters. “Yeah, kind of like that,” I replied in a defiant tone. I had no interest in trying to tell this “VP of finance for a multinational company” that his budget has decreased 1% since the party started due to comments by the Japanese finance minister half an hour ago. I just hoped the poor guy in their treasury department’s night desk didn’t lose too much money due to the volatility… So, what do you do? Forex Trading, Trading Strategies, Forex Trading Basic

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Yet basically he was right; it is simple. Forex is where you buy one currency while selling another. So quotes always have two currency pairs like EUR/USD, SGD/JPY, etc. The minimum fluctuation in the price of a pair is called a “pip.” For example, the EUR/USD price as I’m writing this sentence is 1.3225. One pip rise in the price would make the EUR/USD price 1.3226. However, a “pip” may be different for other currency pairs. Most Japanese Yen pairs are quoted with two digits after the decimal point, e.g., 99.69 (USD/JPY). A one-pip rise in USD/JPY would make the price 99.70, not 99.6901. (The competitive market conditions in the last couple of years have caused most of the market makers to start pricing pairs in one-tenth of a pip, effectively adding a decimal place and a higher level of precision.) So, what do you do? Forex Trading, Trading Strategies, Forex Trading Basic

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Forex markets have some characteristics which have allowed the market boom in the last decade with improvements in internet technology. Perhaps most importantly, it is an “over the counter” (OTC) market. There is no centralized international authority or exchange regulating the market. Transactions in the market are directly between traders and this flexibility attracts all kinds of different investors to the market. Another notable characteristic of this market is liquidity. Briefly, it is the most liquid market in the world. Average daily trading volume is estimated at over $5 trillion in 2013. Vast amounts of liquidity bring another quality to the Forex market: Low volatility. In most of the currency pairs, a move of more than 1% is a rare occurrence and can be easily observed in daily charts with the naked eye. This stability actually works against the speculators who want to benefit from short term price movements. But this disadvantage is erased by the help of margin trading. Margin trading allows traders to fund their accounts for a fraction of their notional trading amount. So, what do you do? Forex Trading, Trading Strategies, Forex Trading Basic

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Toward the end of the party, I was sitting alone at the bar enjoying my last drink of the night; the woman standing next to the VP when we were talking earlier approached me and asked cheerfully: “So, you are a trader, huh? It must be an interesting and exciting job.” “Yeah, pretty exciting,” I answered, returning the smile. “It’s fast. You gotta think faster than the others.” I started to dream about the body under her red dress. I pointed to her empty glass and asked, “Would you like another one?” So, what do you do? Forex Trading, Trading Strategies, Forex Trading Basic

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Thanks For Watching So, what do you do?

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