How Do You Trade Forex?
Until early 2000's you couldn't trade (unless you had the odd $1m to trade on the InterBank Market). Brokers appeared who would allow you trade small positions of $100,000 using margin and thus required maybe only $1000 from the trader to hold that position. The advent of online trading and the Internet made all this possible. As time went on the business rapidly expanded and you can now trade "micro lots" of just $10,000 requiring just $10 or $20 as a deposit. In the UK and some other countries (the notable exception being USA) "spread betting" also is a way to trade the Forex Markets.
There are FOUR ways to trade a market:
- Follow a Trend
- Reversal from the Trend
- Breakout / Breakdown
- Follow a Range
If you want to break these down further, there are TWO ways to enter a trade:
Breakout / Breakdown of trendline
Bounces off Support & Resistance
Have these in mind when contemplating your trade:
-What time of day is it? (eg. what market session is it still in, is it close to a market open/close?)
- What type of day of is it? (eg. is it a holiday?)
- Is the market showing signs of reversing? (eg. look out for reversal candle signals at significant levels)
- Is the present trend continuing?
- Is price ranging?
- Is a breakout / breakdown looming?
Analyse the market in front of you by using your technical tools. Your analysis forms the basis of your trade set-ups or strategies. You open a position if you see a trade set-up (it can be a favorite set-up that often gives you winning trades), and it is at an appropriate time (say, the Euro market has opened some minutes ago). More on strategies as you read on.
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