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Brendan Hill

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  1. The forex market is the world's currency market. There are more than 100 currencies traded, but only a handful of the major currencies have the highest daily trading volume in the FX market. These currencies are US dollars, Canadian dollars, British pounds, euros, Swiss francs, Japanese yen, Australian dollars, New Zealand dollars. all of these currencies are the most traded currencies in the world.
  2. Forex traders typically use two analytical techniques to analyze the market. Technical analysis and fundamentals analysis. Fundamental analysts, primarily as a tactical tool for making trading decisions based on basic data and finding the right entry and exit points. Technical analysts use price charts to make a trading decision. Whatever analysis you choose to step into the Forex market, always use Stop Loss orders for all trades and only risk a small percentage of your trading account in a single trade.
  3. Fear is the natural reaction we show to threats that can harm us. Fear is normal. This feeling is considered essential to our survival. If you are not afraid, you will find yourself in danger, and it is difficult to escape from it. But in Forex trading, fear is harmful as it allows loss-bearing threats to cause us to make irrational and unhealthy decisions.
  4. Never trust a broker who have attractive facilities but don’t have trading license or regulation. Because Forex trading is profitable but the number of scam brokers are increasing in a high speed. Finding the right broker that’s why is very tough. But luckily, I got ForexChief broker who is very famous for providing secured trading facilities. As a regulated and licensed broker, they have higher security of funds and investments in their platform. They provide low spreads starts from 0 pips and maximum leverage up to 1:1000. They also provide 24/7 customer support to their clients.
  5. Traders should be much more focused on the quality of the trade than the number of trade because you can make a good profit every month with only 1 or 2 large trade. It's okay if you don't trade for a week, you have to understand that. Many traders have the impression that they must be trading all the time or are missing the opportunity.
  6. Currency is traded in pair in the forex market. Forex platform displays two currency prices for the same combination. These are the ask and bid values. The first one is valid for traders who want to buy, while others apply to sell. The difference between these two values is the spread. I am trading with ForexChief, and it offers me tight and low spread.
  7. In the foreign exchange market, the average daily trading volume is $5 trillion, while in the stock market, there are relatively few daily traders. Stock markets tend to be more stable and volatile over time. While this is great for some trading styles, FX market volatility can create exciting opportunities for short-term traders. When deciding which is better, FX or the stock market, you need to consider your risk attitude and financial goals.
  8. In order to succeed in FX trading, it is important to develop the ability to control emotions and suppress impulsive reactions. Emotion is far more important than IQ in the success of trading. In order to succeed in Forex trading, it is important to develop the ability to control emotions, impulses and be humble in the face of the tremendous power of the market.
  9. Before choosing a broker, a trader needs to check the swap fee. Originally, the swap fee should be determined by the difference between the interest rate of the base currency country and the interest rate of the quote country, but nowadays, each broker collects swap fees according to their needs. Another thing in forex is that Many strategies generally fail due to trading hours as candlestick analysis appears different on different brokers.
  10. Since open positions are held for hours, intraday traders often rely on either small profits or a few large entries to build profits. Therefore, a typical intraday trading plan relies on trading strategies, risk management, and accurately determined entry levels. Therefore, a certain appraisal of trading plan strategies is needed for you to maintain profits.
  11. Research shows that you can't move forward if you keep thinking about losses. Therefore, we must accept the responsibility for loss and ensure that the blame-for-responsibility process does not go into a lengthy and fruitless process. I learn from my broker ForexChief to accept that trading is my choice and my decision, so I am the only one who loses responsibility.
  12. Even if you are new to forex trading, you've come across the term "scalping". The best Forex strategies and indicators are a bit hard to find for beginner traders, but if you're planning to trade in real-time, use Scalping Strategy. In scalping, traders generally place a protective stop loss under the last swing row and close the trade for a profit of 9-15 pips.
  13. Successful Forex trading requires not only good knowledge and experience but also easy luck. The trading platform is convenient. MT4 is the most commonly used retail forex trading platform in the world. You can access your account in real-time through your desktop, browser or mobile. The famous MT4 has three different versions. Desktop platform MT4 Web MT4 Mobile (Android & iOS)
  14. Every trader should know their broker's transaction fees and leverage. Most traders don't fully understand the correct use of fees and leverage. The broker offers a forex trading leverage service that allows you to spend more money than you actually invest. Leverage provides investors with the liquidity they need and helps them to invest even if they do not initially have money in their accounts.
  15. Easy to say, difficult to do. But if you want to get success in forex trading, you should make your own decisions. You are not a robot, whether your predictions were correct will definitely affect you. But trading discipline will help you to stay in the course. It is also one of the essential things in forex trading.

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