Learn how to the foreign exchange markets with our Free course: Foreign markets secrets revealed. This course takes you step-by-step through the mystical currency trading market, ensuring you are more prepared to start trading Foreign Exchange Markets for real. You might also be interested in our affiliate programs for Forex trading and courses.
The easy part of forex trading is understanding what it is. The hard part is knowing how to do it well. To succeed in forex trading you need to find the elusive winning trading strategy. This is a strategic plan that determines how you buy and sell forex and it’s based on a set of tactical rules that you determine upfront.
Nailing down a trading strategy takes time and a lot of practice. You don’t want to practice with hard cash because that will cost you heavily. The best approach to get started as a beginner forex trader is to register online with a reputable forex trading college which offers a free demo account that lets you trade with virtual money while you are learning how to become a successful currency trader.
A trading strategy is a plan of action you follow to reach your short- or long-term goals. It’s your battle plan that directs your trading movements; when to move forward and when to retreat. You need to predetermine a set of tactics that will be your modus operandi – the way you will operate – to achieve your trading objectives.
Every successful trader follows a strategic trading plan which helps to minimize his or her risks. In an unpredictable trading market, a solid trading strategy keeps you firmly on course. You can adjust your course slightly as trading conditions change but these tactical changes should be made within the construct of your trading strategy.
There are three forex trading strategies that have stood the test of time:
This trading strategy focuses on profiting off small price changes, usually after a trade is made and becomes profitable. A trader needs a strict exit strategy to safeguard the small gains made in a day.
This trading strategy works by building patterns that predict the direction the price will go once a trade is completed. It requires robust technical charts that show data in multiple time frames that are condensed into single-price bars. A pattern emerges from traditional open-high and close-low trades that give you a clear picture of the movement of the currency trading market.
This trading strategy uses the Exponential Moving Average (EMA) which responds quickly to price changes. It involves plotting 3 EMAs, buying when the 5-period EMA crosses from below the above 20-period EMA, selling when the same occurs and placing a stop-loss below the 20-period EMA or alternatively about 10 pips from the entry price.
Did some or all of the above sound confusing?
That’s just the tip of the trading iceberg; a small glimpse of the complexity of forex trading and its unique lingo. To come anywhere close to finding a successful trading strategy for yourself, you first need to acquire the knowledge and experience of a disciplined forex trader. This can only be learned through a comprehensive and interactive guide, and through hours of practice.
An all-inclusive, personalized online course will take you through the beginner, intermediate and advanced levels with the help of interactive videos, online presentations, webinars, eBooks, trading simulations and personal one-on-one coaching and mentoring.
The aim is to de-mystify the forex trading market. You’ll learn first-hand the truths, myths and realities that seasoned forex traders face on a daily basis, and you’ll learn the discipline of trading in a responsible manner.
If you get confused or stuck in an area of trading, you can call on a trading specialist in the support team. Learning takes place online with telephonic and webinar support and personal coaching. You can progress slowly or quickly, but always with care and caution to trade safely.
It’s not “all learn and no trading”. Innitiatially a demo trading account will be created for you. Smart Trade College offers a product called CopyKat Trade which allows you to follow the best forex traders in the market and copy what they do. Along the way, you pick up tips of the trade to become a successful trader; whether it’s forex, Bitcoin CFD or stock market options.
With the demo account like CopyKat Trade; every time the specialist makes a trade, the same trade automatically takes place in your account. If they make a profit or make a loss, so do you. Learning on the trading job, you successfully master complex technical analysis, learn to identify trends and patterns and ultimately, develop your own trading strategy.
When you are ready to start trading with your own money, it’s time to open a real trading account. That’s when things get real.
Reputation is the most important criteria when looking for a trustworthy online forex trading course. This is particularly relevant if the course offers a personalized learning experience with easy access to coaching and mentoring. The quality of the trading specialists associated with the forex trading college is just as important as the online course material itself.
You can gauge the reputation of a forex trading college by speaking to professional traders and checking online forums that review the different online Forex trading courses available in South Africa. You need to be confident that the forex trading college will deliver on their promise to make you a knowledgeable, disciplined and safe trader because your financial security is at stake.
The Foreign Exchange Market, also known as Currency Trading, abbreviated as FX. It is a decentralised global market where all the world’s currencies are trade.
Forex trading is trading the changes in the exchange rate between two currency pairs. If the one currency appreciates in value against the other will profit from that trade.
It’s not owned by anyone in particular. Forex is an ‘interbank’ market, meaning that its transactions are conducted only between two participants: Seller and the Buyer. As long as the current banking system will exist, Forex will be available. It’s not connected to any specific country or government organization.
There is none. You should constantly develop your own strategies for every possible market situation, if you want to be in profit. Specific Forex strategies can only be good for a certain period and for certain currency pairs.
Right here at Diversit-e Smart Trade College and our preferred FSCA regulated Broker! It is imperative to sign up with a reputable company and Broker that has social proof and credibility that provides quality training/self-study material and Expert mentoring.