Useful advices for beginner Forex traders
The Forex market is complicated and multifaceted, but this is not at all a reason to be afraid of it, because, using useful advice to beginning traders, you can choose the right path and soon master the interesting and promising profession of the currency speculator. On this path, the main thing is to show perseverance and follow simple recommendations, since success here does not depend on the level of intellect, but on desire, discipline and perseverance that allows the trader to take a well defended position and gradually, step by step, to study all the basic techniques of working on Forex.
Selecting the tool
Next, you need to decide on a trading instrument and at first, it’s better to stop your choice on one of the popular currencies. In this case, you need to pay attention to the nature of its movement. If the currency pair shows a frequent change of trends, its candles have long shadows and often change their color, it is better to find another tool. For example, at the moment it is better for beginners to refrain from trading the pair EUR / USD, while GBP / USD draws quite good medium-term trends.
A fundamental approach
Choosing the right pair, you should learn about it as much as possible. To do this, you need to study the latest fundamental reviews to understand the state of the economy of the country whose currency you have chosen as a means of earning. If it’s GBP / USD, then you need to find out what is happening in the US and the UK, whether their economy is on the decline or on the rise, what course of monetary policy is held by their central bank and so on.
It is necessary to study the economic calendar and determine the moments in which important news on the United States and Great Britain leaves at least a week ahead, since during the release of such news and publication of the values of macroeconomic indicators, strong impulses and short-term trends are often born, so it is worthwhile to take advantage of such moments.