Currency pair in forex, is refer to a pair of currencies that put together, comparing in value, and make a foreign exchange rate. Currency pairs show as two abbreviation of currency names with a slash between. For example EUR/USD (Euro/U.S. Dollar).

Author Topic: Forex Trader's toolkit - Part 1  (Read 4811 times)

Newswire

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on: August 14, 2018, 12:02:05 PM
Forex Trader's toolkit - Part 1

For watching this video you should have at least one trading account. If you are not. Get a trading account for free here!

Learn more about useful services and tools for trader. Most of them are free, but you might haven't heard about them.

In the first part of our review, we will talk about useful newsfeeds and screening services, aggregating data in convenient way. You will learn what to focus on and how to use this data. Many traders simply don't do any analytical research because it is too time consuming. You will learn how to do your analysis quicker and easier.

Also, we will talk about services measuring market sentiment. It is a new type of analysis, which allows to capture "over-optimistic" and "over-pessimistic" markets. Usually, when crowd is selling the asset massively, we can see new low. See examples in the webinar.




Eriikk

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Reply #1 on: August 25, 2018, 02:26:45 PM
Thank you



Dragonfood

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Reply #2 on: September 07, 2018, 02:54:44 PM
The most important is attitude. Mindset in trading is important. I know what I trade for I know that trading is for me.

You should embrace the market overview
Before you turn your attention to the short timeframe, let's look at the big timeframe like dailyframework, weekly, weekly, monthly, even if you do not use these big timeframes. You need to look at the trends of the big market. Imagine you are standing near the highway. Try to see which direction the car is headed. Then imagine that you are looking the same way from the high hills. You will be able to see more things and the answers that are right in front of you.



Simdik

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Reply #3 on: January 19, 2019, 02:15:51 PM
It's nice for forex traders to have some tools.



Voyante

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Reply #4 on: December 05, 2019, 12:51:03 PM
Nice tools



Nelly

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Reply #5 on: December 28, 2019, 10:47:41 AM
The main participants in forex market are the larger international banks. Financial centers as regards the world feel unwell as anchors of trading surrounded by a wide range of fused types of buyers and sellers in description to the clock, furthermore the exception of weekends. Since currencies are always traded in pairs, the foreign disagreement market does not set a currency's get your hands on value but rather determines its relative value by environment the declare price of one currency if paid for forward choice. Ex: US$1 is worth X CAD, or CHF, or JPY, etc.

The foreign disagreement push works through financial institutions and operates on the subject of several levels. Behind the scenes, banks outlook to a smaller number of financial firms known as "dealers", who are in force in large quantities of foreign quarrel trading. Most foreign dispute dealers are banks, therefore this at the by now-the-scenes puff is sometimes called the "interbank make public around" (although a few insurance companies and supplementary kinds of financial firms are working). Trades surrounded by foreign disagreement dealers can be enormously large, involving hundreds of millions of dollars. Because of the sovereignty issue subsequent to involving two currencies, Forex has little (if any) supervisory entity adaptable its proceedings.



midte

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Reply #6 on: February 25, 2020, 12:56:11 PM
This is very make sense for current forex market.



profitti

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Reply #7 on: March 28, 2020, 03:55:20 AM
I like to get rich now. Forex trading is very great.



doller

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Reply #8 on: April 29, 2020, 08:50:47 AM
Intraday trading guide

In some ways, intraday trading is an extremely free profession. To a large extent, you can choose to work anywhere at any time. Thanks to the advancement of mobile technology and the increasing popularity of mobile transactions, you can decide the arrangement of each day exactly according to your preferences. You can freely choose to work in the office or home, or even choose to work on a trip.

Personal intra-day trading allows you to be your own boss and have full control over your time and money. So at the same time, what are the shortcomings of this work? For many people, having complete control can also be a terrible thing, especially for those who are not good at scheduling and managing time.
How is intraday trading different from long-term trading?

In fact, the only difference between intra-day transactions and other types of transactions is the time plan. Intra-day traders usually hold positions for a day, often closing positions before the market closes, rather than holding positions for weeks or years. Compared with other types of trading, high-frequency intraday trading requires more concentrated attention, because the time period is shorter, and the market may change quickly in the short term.
Things to keep in mind during day trading
Understand your mindset

When trading, pay attention to all the ideas in your own brain. If your ideas start to be "outrageous", then you must take a break. Intraday trading is a difficult job and it requires constant attention. When trading, you need to be self-motivated and stay focused.
Follow your own principles

Self-discipline is one of the biggest characteristics shared by successful traders. You need to be alert to your bad habits. The first thing is to understand your bad habits and resolve them as soon as possible. One way to understand whether you are trading in a self-disciplined way is to develop a trading strategy and then check to see if you are following these principles. Your rules should be well thought out and contribute to your successful transaction.

As an intraday trader, transactions are completed within a short period of time, so it is a good way to reassess your principles at the end of each month. You may sometimes violate your own principles-know that this is inevitable, but you can not develop this bad habit. Try to stop violating the principles you set and correct them in time.
Manage your funds

If you want to become a successful intraday trader, money management is essential. In fact, no matter which transaction method is used, fund management is a necessary factor for a successful transaction. If you plan for a long-term transaction, then obviously you need to successfully use a money management strategy. There are many books devoted to fund management, which will introduce many methods. You need to spend some time to find a method that is suitable for you.

Some traders want to enter into transactions that are expected to double their returns. This is called the risk / reward ratio. If the risk / reward ratio can be maintained at least between 1-2, then the possibility of continued profitability will be greater. Remember, even if you make a profit 90% of the time, if your losses far outweigh the gains, this will not help. Your gain is more than your loss, this is the most important.
Always carry out risk management

When you place an order, do n’t forget to use stop loss to manage risk. This will be your insurance. Before entering a trade, you need to think about how to set a stop loss order. This is a good habit to ensure that you keep thinking about the protection of assets when the market is falling.
Intraday trading mentality

Once you have formed a comprehensive strategy, you must implement it quickly and decisively. When your expected price level has been reached and the prerequisites for trading have been met, then you should quickly execute your strategy, otherwise you may miss trading opportunities, and previous plans and research will be ruined.

You should always stay calm. This is especially important when you suffer losses. Keep calm and react according to your own principles. Think about the worst in your brain, so that even if the worst happens, at least you are well prepared to keep your mind clear.

Don't let the views of other traders influence your trading. Sometimes, other traders will want to share their views on the market with you and provide you with recommendations, but they do not take into account your trading methods. Remember, no one knows your own trading system and style better than you. You know your trading time period and your stop loss settings, so you must stick to your principles. Other traders will inevitably be biased. If you want to get advice, then you should consult a professional who can give advice based on your situation without departing too far from your trading method.

Stay independent. If you find that you are looking for a mobile phone, or if you want to send emails to others for support, then do n’t place an order. You must trust your instincts. Once you have carried out your own analysis and estimation, and come to your own conclusion, then do not question yourself. The key points you set for entering and exiting the market are supported by reasons, so believe these figures, do n’t question yourself, and do n’t rely on others to affirm your views.

When trading, patience is very important. If there is no suitable trading opportunity, do not force yourself to trade. As you gradually deepen your understanding of the market, you may be able to more easily understand when to trade. As your trading experience grows, your intuition will become more sensitive.

Pay attention to the pressure you are under. Intraday trading may bring a lot of pressure because it requires constant attention and self-motivation. You can take time out to rest for a while, a ray of thought, which is also a kind of mental relief. Think about where the transaction is in your life. Too much pressure will adversely affect your trading decision, so if you feel that pressure is increasing, then you better suspend trading and take a good rest. After the break, when your stress level returns to normal, enter the trade again.

When you are trading, you need to flexibly configure your position. Market conditions may change quickly, so your approach must also be flexible. If you want to stay one step ahead of the market, you need to be ready to respond to changes in the market.

Stick to your chosen market and specific time period. In a rapidly changing market environment, these two factors are under your control.

Decisively profit and close the position. If the market trend remains the same after you profit and close the position, please do not regret your decision. Let other traders compete for the final profit. You have already made a profit. Compared with the loss, this is not how much stronger, and you can start looking for the next opportunity. If you are concerned that you will continue to exit prematurely and miss profit opportunities, then you can design a strategy to re-enter the market and test it. As a short-term trader, if you can make a profit more than a loss, then you do n’t have to worry too much about the occasional early profit and liquidation.
Maintain detailed transaction records

When you start a transaction, you should write down the reason for entering the transaction. This way you can learn lessons and help you when you want to evaluate past transactions in the future. By keeping detailed records and writing down the reasons for entering a transaction, you can learn and improve more quickly. Although this will take some extra time, this training will help you improve your trading level.

You also need to know whether you are ahead or behind your goal in a day, week, or month. Keep these records in a place that you can refer to at any time and be responsible for them. We all know that rethinking the previous transaction will allow you to learn a lot. After you have one month of intra-day trading experience, take a moment to evaluate your performance. Take a look at your own transaction, and then ask yourself this question: If I can re-trade, what different trading methods will I take? In the long run, this will help you to continuously improve your level and become a more successful trader.



pore

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Reply #9 on: May 31, 2020, 02:36:35 AM
The foreign exchange market is the most liquid financial market in the world. Traders include governments and central banks, commercial banks, other institutional investors and financial institutions, currency speculators, other commercial corporations, and individuals. According to the 2019 Triennial Central Bank Survey, coordinated by the Bank for International Settlements, average daily turnover was $6.6 trillion in April 2019 (compared to $1.9 trillion in 2004). This is very nice. I want to get rich.



dekilor

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Reply #10 on: June 11, 2020, 11:08:07 AM
Forex stock graphs include minute, daily, monthly, which newbie will choose which time frame to suit the trading signal?

There will be stock graphs to view in many Time Frame such as minute, daily, weekly graphs etc. For which time frame beginners will choose to use for investment planning? Let's see

First of all, for those who do not know the stock chart A typical daily stock graph is that every bar shows the open, highest, lowest and final price of that day. The hourly / weekly / monthly graphs also have the same structure. Different in the time frame Investors should carefully study the use of graph time frames before planning and assessing various risks. Before making a decision to buy or sell shares

For general investors, the first time frame graph is suitable for stock analysis. Will be the weekly graph because the weekly graph Will reflect the trading trends of investors who view financial statements And various funds With periodic trading sessions Including investors playing big round trends

However, the most popular Time Frame is inevitable. The daily graph is experienced investors. When seeing the daily graph And weekly Combined with the knowledge of Chart Patterns, they know which time frame is the best way to analyze the stock. But for beginners You don't have to worry. Our Ting Wing has free and good tools to help you choose Time Frame more easily. That tool is MACD By Ting Wing.



Trimmker

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Reply #11 on: July 08, 2020, 02:43:35 AM
Major thanks for the article post.Really looking forward to read more. Really Great.



makafx

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Reply #12 on: August 28, 2020, 01:52:51 AM
this is very interesting tools.



ToNYY

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Reply #13 on: November 21, 2020, 11:27:03 AM
OMG I love this one!



Philipbosir

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Reply #14 on: November 29, 2020, 02:18:01 AM
What a great forex trading lesson. Very good.



 

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