Forex Trading Advice

Forex Trading Advice

Money:
As you may know, the foreign exchange market involves buying and selling currencies at different rates based on geopolitical or economic factors such as natural disasters or elections. The relative path of monetary policy is also an important factor, which can affect currency prices.

Advantages:

One of the greatest advantages of forex trading is that you can trade almost 24 hours a day, six days a week. This means you can react to a wide range of economic events and market conditions, making it the perfect choice for long-term investors.

Forex Trading Styles:

As a forex trader, you need to decide what trading style suits you best. Are you a scalper, a position trader or a swing trader? Are you looking for a short-term gain or a gradual profit that builds over time?

Trading Sessions:

The Forex market is divided into 3 main sessions – the Asian session, European session and North American session. During these periods, trading is most active and the markets are most liquid.

National Holidays:

The Forex market is largely driven by central banks and so when they are closed on holidays, the volume of transactions is reduced, which can lead to an erratic price movement. This is why it’s always a good idea to avoid trading during national holidays.