Forex Basics - What is Forex?

[glucoseguy]

That's well stated but the stock exchange value tends to rise or fall without any specific time, neither are there any specific protocol or steps which can be used to determine the market value. It all boils down to experience which is used to predict changes in the market value.

 

[xCFD]

The very fact that it is a 24 hour market, which makes it dynamic in nature, makes it interesting. The ease of making is no more than a myth. What counts is a planned strategy and timing.
P.S. Timing is luck

 

[hadg33]

Yes,I think timing is luck and this timing is also predictions,you know a trader might feel that the market would be bullish and then it happens that it goes bearish,that's a wrong timing or predictions,though the trader has applied so many insights and yet still failed.

 

[anosocialnet]

Thanks Mod for this little update though forex is very wild but it add up to the information we already have. Hoping to make good use of it for a better result. Forex is a reliable business when we have the full details on how it works so as to help us when trading in real time, also against earning big income online and more practice lead the perfection

 

[kaiceaziz]

Forex is a best way to earn money on the internet. And its about selking and buying currencies as like to a supermarket that shop currencies. Simple , for example, buy dollar at a low price and wait till it gets high then sell it at profit. That is my point of view

 

[jackcm]

Yes,I think timing is luck and this timing is also predictions,you know a trader might feel that the market would be bullish and then it happens that it goes bearish,that's a wrong timing or predictions,though the trader has applied so many insights and yet still failed.

But I read a successful trader's biography, he made 100 millions in that time, it's now worth 1 billion, one of his great skill is market timing. The importance of his success is also trend-following: sell in downtrend and buy in uptrend until market sentiment is extreme.

 

[riddick09]

Well, that's confusing you meant here that he still have the trade open or he already made 1 billion. But then, still the basics in Forex trading is to know the market trend where you will have decide whether your trade will be in buy or sell position based on your analysis.

 

[Decub]

I think both of you are saying very similar thing, the difference is just in the expression and that is basically the fact. The basics of Forex is in the timing, knowing when best to buy and when necessary to sell so as to maximize profit. It all depends on his expertise in doing market analysis and I believe it is what really helped him make/making such money if he is still in the system.

 

[glucoseguy]

But I read a successful trader's biography, he made 100 millions in that time, it's now worth 1 billion, one of his great skill is market timing. The importance of his success is also trend-following: sell in downtrend and buy in uptrend until market sentiment is extreme.

Seems like a good forex strategy as it has worked for him but could you explain the meaning of the terms : uptrend and downtrend ? Thanks in advance.

 

[jackcm]

Seems like a good forex strategy as it has worked for him but could you explain the meaning of the terms : uptrend and downtrend ? Thanks in advance.

Here is explanation of Wikipedia:

A market trend is a tendency of a financial market to move in a particular direction over time

Basically, trend line shows global market sentiment. Uptrend: market is bullish that currency; downtrend: market is bearish that currency.

 

[sindarin]

The very fact that it is a 24 hour market, which makes it dynamic in nature, makes it interesting. The ease of making is no more than a myth. What counts is a planned strategy and timing.
P.S. Timing is luck

Timing is Luck? for me Timing is not luck it is included into our strategies, having a good timing is something which we prepared before and yes , market is open for 24 hours and 7 days which actually make us more flexible rather than other online business, but in weekend there aren't much movement.

 

[glucoseguy]

Even though a good timing increases our chances of making profits in forex, i think theres a bit of luck involved as the market value is unpredictable but experience helps a forex trader to know the right timings.

 

[Decub]

I do not believe that timing is luck. Timing has a lot to do with your experience, skills and degree of expertise. Suffice it to say that a sheer stroke of providence might be necessary for it to be fully accomplished but it it not a determining factor so for me, it is no luck.

 

[riddick09]

I don't also like to be with luck really because, it can still be a good or bad luck. So, in Forex trading we should have rely more on our trading skills and have trading experience to have find our profitable trading and also able to improve somehow soon enough.

 

[hadg33]

[MENTION=52512]jackcm[/MENTION],I don't really believe in biography of any investor,they tend to promote there business or hyip there business. I am sure you are not a forex beginner, can you proof to me that you can trade with $10,000 and make $1,000,000 in so so month or year. Very difficult to achieve.

 

[jackcm]

[MENTION=52512]jackcm[/MENTION],I don't really believe in biography of any investor,they tend to promote there business or hyip there business. I am sure you are not a forex beginner, can you proof to me that you can trade with $10,000 and make $1,000,000 in so so month or year. Very difficult to achieve.

If you visit social trading website such as Etoro, you will see there are MANY traders who were called "hero" or "professional traders" because of their unbelievable earnings - thousands percent profit in one month. And you know, they are big losers now.

 

[hadg33]

If they are big loosers now,that means they were never heroes. I think they only tried with the skills and strategies they used while trading as at that time,why can't they keep making the thousand of dollars as there profit?

 

[jackcm]

If they are big loosers now,that means they were never heroes. I think they only tried with the skills and strategies they used while trading as at that time,why can't they keep making the thousand of dollars as there profit?

It is because they are just LUCKY guys in short-time. They thought their plan were too good to fail until they lost all of money they'd had.

There are so many lucky traders in FX market and everybody thinks they are professional traders until they're bankrupt. Although I've experienced in trading for nine months, it doesn't mean I'm not one of them.

 

[hadg33]

Now it seems you are deviating to my side,we are now saying the same thing. Well,I think what really matters in forex is to have good knowledge about it and know when to implement the acquired skills and strategies at the right time.

 

[Cutiekc]

Forex trading is simple the exchanging of one currency to another one with the objective of making more money as the weaker one are being purchased and the stronger ones are been sold out in a more higher price. So that way more profits is been made. But then, it is not that easy because the price or currency rated changes from time to time.