One of the best ways to learn about forex is to see how prices move in real time and place some fake trades with an account called a paper trading account so there is no actual financial risk to you.

Several brokerages offer online or mobile phone app-based paper trading accounts that work exactly the same as live trading accounts, but without your own capital at risk.

There are several online simulators for practicing day trading and honing your forex trading strategy and skills. If you do the math on the difference in pips between two price points, it will also help you see the profit potential available from such moves.

The Balance does not provide tax, investment, or financial services and advice. Past performance is not indicative of future results.

Forex for Speculation. Currency as an Asset Class. Why We Can Trade Currencies. Forex Trading Risks.

Pros and Challenges of Trading Forex. The Bottom Line. Key Takeaways The foreign exchange also known as FX or forex market is a global marketplace for exchanging national currencies against one another.

Because of the worldwide reach of trade, commerce, and finance, forex markets tend to be the largest and most liquid asset markets in the world.

Currencies trade against each other as exchange rate pairs. Forex markets exist as spot cash markets as well as derivatives markets offering forwards, futures, options, and currency swaps.

Market participants use forex to hedge against international currency and interest rate risk, to speculate on geopolitical events, and to diversify portfolios, among several other reasons.

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We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.

Compare Accounts. For those who only want the very best personal Forex Coaching. Full access to my Online Forex Coaching Course which has been helping traders worldwide since This is available to anyone with worldwide and is a great option if you require that personal touch.

Comments posted from our coaching clients on the popular Forex Peace Army review site Click on the link below to view all reviews dating back to This course is brilliant.

As well as the solid foundation the actual video course itself provides, there are some indicators Andrew provides which are really useful.

Also there is access to all the past weekly webinars. These videos provide some really valuable insights and you can really fine-tune your understanding of the strategy from watching those.

The risk management side of the course is also excellent and really helpful for people, who in the past, like myself, have tended to be undiscipled with money management.

So what does a clean Forex chart look like? Much better than the monstrosity above! So if you want a simple Forex strategy, keep reading.

What is Support and Resistance? Placing support and resistance areas is the most important skill you can master in trading.

And placing them is easy. Yearly, monthly, weekly highs or lows. Rounded numbers such at 1. Areas in which price has stalled or reversed more than once.

This happens all the time on every Forex pair and in every financial market for that matter. Placing Support and Resistance Areas There are a lot of indicators out there that claim to give you great support and resistance areas.

I have tried them all and I do not find them reliable. A good Forex trading strategy requires some work!

Three Rules to Support and Resistance There are three key rules you need to keep in mind when placing support and resistance areas. Place areas on the body of a candle, the body is more important than the wick.

The more recent the bounce the more important. Prioritise recent bounces over older bounces. You need at least two connecting bounces to place a support and resistance area.

Chapter 3: Advanced Candlestick Analysis Most new traders learn a little bit about candlestick analysis. But most of what they learn is completely useless!

But what they learn is usually useless. This is not candlestick analysis, it is pattern recognition. And for a price action trader, it is useless.

But that is not how candlesticks work. It can mean a lot of different things. Thinking of candles as simple patterns is the wrong way to do things.

You need to look beyond the pattern and read the story of price. The Story of Price Every single candle on your chart is telling you a story.

The foundation of my Forex trading strategy is reading and understanding the story of price. It is vital because it allows you to answer one of the most important questions in trading… Who is in control of price?

This question has three possible answers: buyers, sellers, or neither. But what does the highlighted candle in the next chart tell us?

When price hits resistance we get an indecision candle forming green highlight. But there is one more thing we need to look at… … The indecision candle is forming on top of a resistance area.

And then… BAM! Price stalls and we get indecision forming on top of that area. That is the story of price for this chart.

And this story gives us a nice little price action trade setup. Chapter 4: Setups With My Forex Trading Strategy Price action allows you to take many different types of trades, reversals, continuations, range, swing, breakout and scalp trades to name a few.

How to Spot a Reversal Trade Reversals occur quite often, but if you do not know what to look for, you cannot trade them.

Reversal trades come in three parts: The preceding trend. The Indecision candle s. The reversal trend. Skip to content Home About Contact.

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