Forex Trading Platform | Forex trading manual

Table of Contents
What is Forex Trading?
Importance of Forex trading
Four Main Types of Orders in Forex Market
Forex Trading Price Movements-How and Why Markets Move and How to
Profit
You predict the Forex expense trends
The Market obeys Scientific Laws
Business Can be made of News
Actual Expense Trends
Win the Competition
Be Imperfect but Never a Loser
Forex Traders: The Need to Be Objective
Forex Trading Tools
The Three Trend line Strategy
How to Win with Forex: The Step-by-Step Secrets
Success Comes From Within
Discipline & Losses
A Trading Edge
Success is in YOUR Hands
Dangers of Getting Emotional About Forex Trade
Forex Trading Strategy - Channel Breakout
Forex Assassin vs. Forex Power Strategy
The Correct Timing in Forex Trading
Making Proper Use of Support and Resistance
Why Buy Low and Sell High Doesn’t Work
It Takes Guts - But It Makes Money
The Importance of Real Time Forex Charting
Calculating Interest on Forex Trades
The Advantages of Automated Forex Trading
Choosing the Right Automated Forex Trading Software

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forex-trading-manual.pdf

 Forex Trading Manual

How to Be a Super Successful Forex Trader

What is Forex Trading?

 Forex trading involves dealing in international currencies. Here, one can sell currency of one country to buy that of another. The trader deals in Foreign Exchange [Forex] at the most appropriate time to profit from the transaction. Good ability to forecast plays a vital role here. One may wonder how Forex trading can be such a lucrative earning opportunity since fluctuations in exchange is so little.

But remember, when done in big volumes, a minor change can mean a lot. There are many non-monetary advantages to it as well. Anyone who wants to deal in Forex can do so, since only the basic knowledge is required for it.

Forex can help you earn a lot of money. But there are certain conditions to follow before trading in Forex. Firstly, one must have a thorough knowledge about the trends in the stock market, the basics of trading and risk-taking ability. You will get all the help you need for attaining these conditions very easily.

There are many sites on the internet which can help you clarify your basics and help you brave rough weather. A good reason why Forex trading can be considered is the fact that there are frequent fluctuations in currencies, though in percentage terms it may be small.  

Importance of Forex Trading

Foreign Exchange [Forex] involves exchanging of different foreign currencies for a profit. The reason for buying the currency of another country may be the need to buy some commodity of the said country as well, besides making money through the difference in exchange rates.


In the latter case, people buy currency of a foreign country when the rate in the market is low, and sell it off when the rates go up. Currency trading is usually done between the central banks, the government, speculators and MNCs. Nations cannot trade with each other without the presence of a foreign market.


A huge amount of money is daily traded in the Forex market, though the amount invested by an individual trader may be very low. No one individually can have any influence on the Forex fluctuations, not even the government. So it can easily be concluded that the level of the currency reflects the strength or the weakness of the economy of a country. So this makes the Forex market a good place for competition.


The government and the central bank do try to stabilize the currency of their country by speculating, by buying and selling currencies at appropriate times. So they can influence the market if they conduct a trade in huge volumes, though. To buy its own currency, however, the government or the central bank must have huge reserves of foreign currency with them. So it is virtually impossible to inflate the currency value artificially.


Banks trade a lot in foreign currencies and this forms a chunk of the volume in the Forex market. They buy currencies not only as individual bodies, but also on behalf of their clients. They trade in lots of futures. Till a few years back, the brokers could influence the volumes of trading in the Forex market. But due to the electronic services available now, the services of brokers is not required. It’s easy to operate electronically.

Four Main Types of Orders in Forex Market

There are many kinds of orders which traders can place to transact in the Forex market, for making profit out of it.

• Market Order

The market order is the most simple and common kind or order. Here, the trader buys and sells the currency at the rate prevailing in the market at the time of placing the order. Due to the huge size of the market and the high volatility, trends can reverse any instant, so people prefer placing orders at the market price to guard themselves against any adverse trend.

• Limit order

In this case, the trader specifies a price at which he may wish to buy or sell the currency. Suppose a trader has bought GBP against the USD at 1.9710, then he can place a sell order at 1.9725, when the exchange will execute the order and he will profit from it. The order will get cancelled if the target price is not achieved during the day.

• Stop loss order

Due to the volatility, stop losses are essential. They determine the maximum loss a trader is willing to suffer. Suppose in the above instance, the risk-taking ability of the trader is low, then he may place a stop loss at 1.9705, at which level the exchange will book losses for him, and he won’t be affected by any fall below 1.9705.

• Entry order

Such an order is filled only when certain conditions are met in the market, which the order specifies. The entry order can be a limit entry order or even a stop entry order.

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