| Learn to day trade forex. But I want to make a few | | | | currency pairs. |
| facts very clear before you embark on your journey | | | | You should follow and understand the daily forex |
| of forex trading. These facts should be the | | | | news and analysis of the professional currency |
| foundation of any forex system that you develop. | | | | analyst on a daily basis. It is important for you to get |
| The most important thing that you should make very | | | | a bird's eye view of the currency markets. You |
| clear and understand is that forex is not a get rich | | | | should also know and understand what the key |
| quick scheme. Skilled forex traders can and in fact do | | | | technical support and resistance levels are in the |
| make good profits in forex trading. However like any | | | | currency pair that you want to trade. You should |
| other business whether small or big, success just | | | | know the news that affects the prices of the major |
| doesn't happen overnight, in a few weeks or in a | | | | pair that you want to trade. |
| few months. You should use this great formula for | | | | Support is the predicted level when buying pressure |
| success: Profits=Patience+Practice+Persistence. | | | | overcomes the selling pressure. It is at this point the |
| There is no substitute for hard work and diligence. | | | | currency pair moves up on the charts. Buy at the |
| You should make it very clear. First practice trading | | | | support level. Resistance is the predicted level when |
| on a demo account. Do not open a live trading | | | | selling pressure overcomes the buying pressure. It is |
| account until you become profitable on your demo | | | | where the currency pair moves down on the charts. |
| account. Pretend that virtual money is your own real | | | | Sell on the resistance level. |
| money when you trade on the demo account. You | | | | Fortunately all the best forex news and analysis is |
| can only be successful if you stick to a system and a | | | | available freely online. While you are reading the |
| plan. Double you demo account first, three times in a | | | | technical news and analysis, write down on a piece of |
| row. | | | | paper what direction the analyst are saying about the |
| In the beginning, just choose two major currency | | | | currency pair that you are trading and the key |
| pairs that you will trade. It becomes very difficult to | | | | support and resistance level. |
| keep tab on the all four. You need to start with a | | | | You should learn technical analysis and how to use |
| major currency pair because the spread is the best | | | | technical indicators. Never ever trade without stop |
| and they are the most liquid. The EURUSD pair is the | | | | losses! Learn how to use technical indicators on the |
| most commonly traded pair and usually has the best | | | | charts. Learn to be patient. |
| spread because of its liquidity. | | | | It is important when you are trading to be disciplined. |
| USDCHF is the most volatile pair among the major | | | | Stick to a plan. Don't just trade your gut feeling. |
| pair. It moves the most during the trading week. | | | | Depending on your risk capital and strategy, set your |
| USDJPY moves a lot on the news out of Japan. | | | | stop losses accordingly. |
| GBPUSD is the most stable among the major | | | | |