1. Forex Fundamental Analysis
Forex Fundamental Analysis is a type of market analysis that depend on
"real" event and macroeconomic which is related to trade currencies. Unlike Technical Analysis that rely on market data numbers - quotes, charts, simple and complex indicators, etc, Fundamental Analysis is chiefly concerned with establishing the causes of the current and future price moves. Studying economic information give you know how the big political and economical events influence currency market. Figures and statements that given in speeches by important politicians and
economists on economical announcements may
have great impact on currency market moves.
2. Forex Technical Analysis
Forex Technical Analysis only rely on market data numbers - quotes, charts, simple and complex indicator, etc. The main idea behind Forex technical analysis is historical price action predicts future price action. Technical analysis is believed that you can use only it to be a professional forex trader. Technical traders use many different indicators in combination with support and resistance to aid them in predicting the future direction of exchange rates. In practice, we encourage both analysis methods are used.
3. Money Management
Even if you master all of market analysis and will make very accurate predictions for future Forex market, you won't make any money without a proper money management strategy. Money management is the process of managing money which includes investment, budgeting, banking and taxes. In Forex, it is mean a set of rules about how much money you want for trading. Money management is very important role in getting profits in Forex.4. Forex Trading Psychology
When you already become professional forex trader, the most dangerous problem is your emotion. Practice your emotion to prolong your profit. Problems you'll have to deal :
- Greedy
- Want to Trade More and More (over trading)
- Lack of discipline
- Lack of confidence
- Blind following others' forecasts
5. Forex Broker Age
Professional trader need Forex broker as a tool for trader. Forex broker is a company which will provide
real-time market information to trader and bring his orders to Forex market. While
choosing a right Forex broker, here are the important things to look for:
- Being a professional company you can trust
- Provide you with real-time quotes
- Execute your orders fast and accurately
- Don't take a lot of commissions
- Support the withdraw/deposit methods that you can use
