• Business
  • Life
  • Celebrity
  • Sport
  • Blog
  • Auto
  • Tech
Stories from SWNS
Advertisement
  • Home
  • News
    The Führer’s Prophecy by Brian Klein 

    The Führer’s Prophecy by Brian Klein 

    How to find safe non-gamstop casino games

    How to find safe non-gamstop casino games

    Conservation zoos ‘have powerful potential to reverse extinction’

    Conservation zoos ‘have powerful potential to reverse extinction’

    Royal Navy aviators raising cash to rescue stray puppy

    Royal Navy aviators raising cash to rescue stray puppy

    “I got a new haircut – now I look exactly like Frodo Baggins from Lord of the Rings”

    “I got a new haircut – now I look exactly like Frodo Baggins from Lord of the Rings”

    £6.8billion turtle-shaped floating city unveiled

    £6.8billion turtle-shaped floating city unveiled

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Business
  • Life
    • Celebrity
  • Tech
    Why Is Cloud Storage Migration Best Left To Professionals?

    Why Is Cloud Storage Migration Best Left To Professionals?

    How Tech Is Empowering Small Businesses And The Economy 

    How Tech Is Empowering Small Businesses And The Economy 

    The Technology Behind Forex Trading – And its Wider Impact

    The Technology Behind Forex Trading – And its Wider Impact

    Must-Have iPad Accessories At PITAKA Black Friday Sale Event

    Must-Have iPad Accessories At PITAKA Black Friday Sale Event

    How To Select The Best Lead Generation Software For Your Business: Our Top Tips

    How To Select The Best Lead Generation Software For Your Business: Our Top Tips

    Best Technologies in the Gambling Industry That Are Worth Your Attention

    Best Technologies in the Gambling Industry That Are Worth Your Attention

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Review

    The Legend of Zelda: Breath of the Wild gameplay on the Nintendo Switch

    Shadow Tactics: Blades of the Shogun Review

    macOS Sierra review: Mac users get a modest update this year

    Hands on: Samsung Galaxy A5 2017 review

    The Last Guardian Playstation 4 Game review

    Intel Core i7-7700K ‘Kaby Lake’ review

No Result
View All Result
  • Home
  • News
    The Führer’s Prophecy by Brian Klein 

    The Führer’s Prophecy by Brian Klein 

    How to find safe non-gamstop casino games

    How to find safe non-gamstop casino games

    Conservation zoos ‘have powerful potential to reverse extinction’

    Conservation zoos ‘have powerful potential to reverse extinction’

    Royal Navy aviators raising cash to rescue stray puppy

    Royal Navy aviators raising cash to rescue stray puppy

    “I got a new haircut – now I look exactly like Frodo Baggins from Lord of the Rings”

    “I got a new haircut – now I look exactly like Frodo Baggins from Lord of the Rings”

    £6.8billion turtle-shaped floating city unveiled

    £6.8billion turtle-shaped floating city unveiled

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Business
  • Life
    • Celebrity
  • Tech
    Why Is Cloud Storage Migration Best Left To Professionals?

    Why Is Cloud Storage Migration Best Left To Professionals?

    How Tech Is Empowering Small Businesses And The Economy 

    How Tech Is Empowering Small Businesses And The Economy 

    The Technology Behind Forex Trading – And its Wider Impact

    The Technology Behind Forex Trading – And its Wider Impact

    Must-Have iPad Accessories At PITAKA Black Friday Sale Event

    Must-Have iPad Accessories At PITAKA Black Friday Sale Event

    How To Select The Best Lead Generation Software For Your Business: Our Top Tips

    How To Select The Best Lead Generation Software For Your Business: Our Top Tips

    Best Technologies in the Gambling Industry That Are Worth Your Attention

    Best Technologies in the Gambling Industry That Are Worth Your Attention

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Review

    The Legend of Zelda: Breath of the Wild gameplay on the Nintendo Switch

    Shadow Tactics: Blades of the Shogun Review

    macOS Sierra review: Mac users get a modest update this year

    Hands on: Samsung Galaxy A5 2017 review

    The Last Guardian Playstation 4 Game review

    Intel Core i7-7700K ‘Kaby Lake’ review

No Result
View All Result
Stories from SWNS
No Result
View All Result
Home News

Forex 101: Successful Beginner’s Guide

Jess Young by Jess Young
April 27, 2018
in News
0
Forex 101: Successful Beginner’s Guide
1
SHARES
54
VIEWS
Share on FacebookShare on Twitter

Forex (short for foreign exchange market, or currency market) is a decentralized international market that regulates and facilitates the transactions and changing of one country’s currency into another’s. In the present, forex is the largest market in the world by trading volume, followed immediately by the Credit Market.

While the largest participating parties are public and private financial institutions and governments, individuals can also engage in the forex market as independent investors. Unlike the stock market, forex is much more accessible for beginners and chock-full of opportunities. For those of you who want to give it a try but do not know where to start, here are a few basic, easy to understand forex concepts.

Learn Basic Forex Terminology

Nobody is born an expert, so the first step you have to take is learning a few basic forex concepts. These words sit at the core of this field, and every course that teaches forex for beginners will stress their importance:  

  • Base currency – the type of currency you are spending or getting rid of.
  • Quote currency – a technical term that describes the currency that you are buying
  • Exchange rate – a basic indicator that shows how much quote currency you have to invest in order to purchase a base currency.
  • Bid price – the sum of money the broker is willing to spend to purchase the base currency in exchange for quote currency. The bid price can also be used to describe how much you are asking to sell your quote currency.
  • Ask (offer) price – the price that the broker will ask for base currency in exchange for quote currency. Alternatively, it also describes how much money you are willing to spend on the market.
  • Going short – buying quote currency and selling base currency.
  • Going long – purchasing base currency and selling the quote currency.

Spend Only Money You Can Afford to Lose

With all the technical tools and strategies forex is, at its core, a speculative market in which practice, innovation and a keen knowledge of market trends are essential for success. When it comes to forex, you will only learn through trial and error. This means steadily investing minor sums of money and celebrating the small victories until you are comfortable enough, both from a financial and psychological standpoint, to take it to the next level.

This is why you should not invest large sums of money right from the get-go in the hopes of getting rich overnight. Do not base your entire livelihood on this hobby, like quitting your job, neglecting other financial responsibilities or accessing emergency accounts to fund your forex venture. Some people strike gold and make it on the market, some not – but the prospect of success is not worth risking your entire livelihood right from the start.

Focus on The Big Forex Markets

Unlike the stock market, where investors have hundreds of variables and stocks to take into account before making a decision, forex traders have to keep watch on only eight countries. These countries are called ‘’The Big Eight’’ because their economies and currencies are strong enough to have a significant impact on the forex market:

  • New Zealand
  • Canada
  • United Kingdom
  • Australia
  • Japan
  • United States
  • Switzerland
  • The Eurozone, particularly France, Italy, Germany

Obviously, just checking the exchange rates and calling it a day is not quite enough to take your trading career to the next level. You need to know at least some general facts about their political and economic systems and be up to date with any new government policies that could influence the forex market. Fortunately, all of the countries mentioned above release daily economic reports that will help you decide which currency is worth your hard-earned money.

Understand the Differences Between Technical and Fundamental Analysis

Analyzing and interpreting charts is an essential core process of forex trading that you will have to fully internalize in order to become successful. While most famous forex traders made a fortune by mastering and exploiting only one type of analysis, as a beginner, you should try to employ both of them into your trading strategies until you find out which one is more suited to your style.

Forex technical analysis is based on the principle that history, even in the financial sector, tends to repeat itself. In other words, by analyzing past pricing trends through the smart use of technical tools such as trends and charts, you could technically predict future developments and exploit them to your advantage. To apply this method efficiently you will need to accommodate yourself with handling huge amounts of data – fortunately, there are hundreds of online tutorials, guide and even books dedicated to this subject.

Traders who employ the fundamental analysis focus on factors that indicate and influence the general state of a country’s economy, such as employment, gross domestic products, interest rates, international trade, exports versus imports and so on and so forth. After assessing this information, the trader can determine at what level these factors can influence the value of a particular currency.

The idea behind fundamental analysis is that the price of an asset will not necessarily coincide with its value. Through trade strategies and speculation, the markets could occasionally misrepresent the value of an asset  – a value which, according to fundamentalists, will always return to normal after a while.

These are the key differences between the two methods. Whether or not one is better than the other is still the subject of heated debates between trader – but until you will be versed enough to take a side, it is best to give each method the benefit of the doubt and experiment as much as possible.

Conclusion

While there are a few forex-related technical aspects that could send your head spinning, this particular market is very accessible and easier to break into than other fields. As a beginner, making a habit out of analyzing the world’s eight largest economies, learning basic terminology and understanding the differences between technical and fundamental analysis is enough to kick-start your forex career.

Familiarize yourself with the basic concepts presented in this article and soon enough you will feel comfortable enough to turn a hobby into a successful business venture.

Previous Post

Penguins prove a big hit with Residents at a dementia care home in new attempt to provide animal therapy

Next Post

Military wife says ‘huggable hero’ cuddly toy of dad helps daughter cope

Jess Young

Jess Young

Next Post
Military wife says ‘huggable hero’ cuddly toy of dad helps daughter cope

Military wife says 'huggable hero' cuddly toy of dad helps daughter cope

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected test

  • 121 Followers
  • 60k Followers
  • 189k Subscribers
  • 23.8k Followers
  • 99 Subscribers
  • Trending
  • Comments
  • Latest
Women love cheesy chat up lines, a study has revealed

Top 20 cheesy chat-up lines ladies really love

March 5, 2014
The top ten most well-known bingo phrases

The top ten most well-known bingo phrases

January 21, 2014
The horses thunder towards a jump at the Grand National

Amazing racehorse names which never made it

April 23, 2014
HGH Injections Brands: Which Ones Are Best?

HGH Injections Brands: Which Ones Are Best?

January 14, 2019
Chris Fear, 33, outside the Coral betting shop which is refusing to pay out on his 485/1 winning bet

Boycott Coral! Bookmaker faces protest after refusing to pay out on a football fan’s 485/1 bet

184
Women love cheesy chat up lines, a study has revealed

Top 20 cheesy chat-up lines ladies really love

147
Women feel invisible to the opposite sex at the age of 51, researchers found

Women begin feeling invisible to men ‘when they turn 51’

138
UKIP candidate claims Jews murdered each other in the Holocaust in masterplan to create State of Israel

UKIP candidate claims Jews murdered each other in the Holocaust in masterplan to create State of Israel

105
Mobile gaming vs PC gaming: Which is better for playing casino games?

Mobile gaming vs PC gaming: Which is better for playing casino games?

March 19, 2023
The Führer’s Prophecy by Brian Klein 

The Führer’s Prophecy by Brian Klein 

March 16, 2023
6 Benefits of Customs Clearance Services

6 Benefits of Customs Clearance Services

March 10, 2023
Bloomcare Rowan Garth: Reintegration Care

Bloomcare Rowan Garth: Reintegration Care

March 8, 2023

Recent News

Mobile gaming vs PC gaming: Which is better for playing casino games?

Mobile gaming vs PC gaming: Which is better for playing casino games?

March 19, 2023
The Führer’s Prophecy by Brian Klein 

The Führer’s Prophecy by Brian Klein 

March 16, 2023
6 Benefits of Customs Clearance Services

6 Benefits of Customs Clearance Services

March 10, 2023
Bloomcare Rowan Garth: Reintegration Care

Bloomcare Rowan Garth: Reintegration Care

March 8, 2023
SWNS

SWNS all rights reserved. Copyright 2020

Follow Us

Browse by Category

  • Auto
  • Blog
  • Business
  • Celebrity
  • Gaming
  • Life
  • Lifestyle
  • News
  • Pictures
  • Property
  • Review
  • Sport
  • SWNS
  • Tech
  • Travel
  • Uncategorized

Recent News

Mobile gaming vs PC gaming: Which is better for playing casino games?

Mobile gaming vs PC gaming: Which is better for playing casino games?

March 19, 2023
The Führer’s Prophecy by Brian Klein 

The Führer’s Prophecy by Brian Klein 

March 16, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact

Real Fix is a trading style of South West News Service Limited.
Copyright © 2020 South West News Service Limited.

No Result
View All Result
  • Business
  • Life
  • Celebrity
  • Sport
  • Blog
  • Auto
  • Tech

Real Fix is a trading style of South West News Service Limited.
Copyright © 2020 South West News Service Limited.