Forex charts and analysis

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Understanding the numbers

To trade successfully, you need to understand the numbers. You need to know the basics of currency exchange rates and where to place your trades.

Here we will take you through all the basics you need to know about the currency pairs and what to expect. Here are the top 3 tips for you to get started:

Currency Pairs and Tips

  • Focus on a single currency pair – currency trading is a very complicated process, as with any fluctuating market. It is very hard to stay on top of different financial activities worldwide. So it is better to focus on a few at once to master the skills and grasp on the basics. Restrict yourself to currency pairs that you know about and comfortable to trade with. If you don’t know much about currency pairs, have a read about general industries that work with currencies such as money transfers, exchange brokers and other traders. Find patterns and focus of these companies. At the end of the day, currencies is there bread and butter.
  • Get rid of emotions – being happy, sad, determined, scared a=will limit your judgement causing mistakes in your calculations. Instead, track your progress to reflect on.
    Many successful traders in the world of financial trading, will have some sort of tracker. Keep a journal or a diary to track your trading activity and reflect on that every time your emotions take over.
  • Learn to manage your finance – Once you start making profit, learn how to manage it. It is worth to transfer some money aside, or send money to your friends and family. To minimise the loss of hard-earned profit, you need to understand how much to reinvest and how much to save. You should keep a track of your spendings and work out for yourself how much you are willing to reinvest.

Overall, we will take you through the steps to successful trading, and will give you all the tips you may need. Read our reviews of different platforms and see if you can incorporate these tips into any of the systems you discover on our site.