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What is Forex ? The Foreign Exchange
market, also referred to as the "Forex" or "FX" market, is the largest financial
market in the world, with a daily average turnover of well over US$1 trillion
-- 30 times larger than the combined volume of all U.S. equity markets.
Unlike other financial markets, the forex market has no physical location
or central exchange. It is an over-the-counter market where buyers and sellers
including banks, corporations, and private investors conduct business. A
true 24-hour market, Forex trading begins each day in Sydney, and moves
around the globe as the business day begins in each financial center, first
to Tokyo, London, and New York.the unmatched liquidity and around-the-clock
global activity make forex the ideal market for active traders.
Technical and Fundamental Analysis ?
There are two basic approaches to analyzing the currency market, fundamental
analysis and technical analysis. The fundamental analyst concentrates on
the underlying causes of price movements, while the technical analyst studies
the price movements themselves. A Technical Analysis is what one uses to
attempt to predict future price movements, based on past time framed analysis
and the reading / understanding of graphics. The study of specific factors,
such as wars, discoveries, and changes in Government policies, which influence
supply and demand, and consequently prices in the market place.
Psychology of Trading ? Fundamental
and technical factors are undeniably essential in determining foreign exchange
dynamics. There are, however, two additional factors that are paramount
to understanding short-term movements in the market. These are expectations
and sentiment. They may sound similar, but remain distinct.
In up-trends, buy the dips; in downtrends, sell bounces.
Let profits run, cut losses short. Always use protective stops to
limit losses and move them only to reduce potential losses or protect
newly achieved profits.
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