Typically, qualified Forex brokers provide a reliable trading platform, round-the-clock customer support during Forex trading hours, access to Forex news and commentary, technical tools analysis and charts and so on. considered in choosing a Forex broker, as of today, traders have a good chance of choosing retails brokers online.
Brokers, who avoid answering your questions or calls, are best avoided. Besides, if the broker knows how to issue requotes, then he should also be avoided, as this problem can cost traders funds in the long term.
Technical and fundamental analysis are the two main forms of Forex market strategies, which are very similar to equity markets. Individual Forex traders often prefer technical analysis of trading.
Below is a brief summary of the two types of analysis and how they can be directly applied to Forex trading:
Sometimes the basic analysis of the Forex market is considered a more difficult one, often used only as a way to predict long -term trends. However, it is important to note that some traders only sell for short periods of time on news releases. There are different standard indicators of the amounts of money issued at different times. Here are some of them:
* Non-farm Payrolls
* Purchasing Managers Index (PMI)
* Consumer Price Index (CPI)
* Retail Sales
* Durable Goods
Unlike fundamental analysts, technical analysts of the Forex trading market analyze price trends. The only significant difference between trading Forex technical analysis and trading equities technical analysis is the time frame involved in that the Forex markets are open 24 hours a day.
There are several common forms of technical analysis used in FOREX:
* The Elliott Waves
* Study of Fibonacci
* Parabolic SAR
* Pivot points
Many technical analysts often combine technical studies to make more accurate predictions. The best approach for them is to combine Fibonacci studies with Elliot Waves. Some want to create trading systems in an effort to always find the same buying and selling conditions.
There may be brokers, who can wait for you a long time to get your funds, so make sure everything is clear before they give you money. Also beware of Forex brokers that have mysterious trading rules, such as giving you a minimum time to hold a position.
Keep in mind that Forex brokers usually convert a commission on deals by participating in bid spreads, so the tighter their spreads are, the more money the trader will save, which can a big difference for active entrepreneurs.