Did you know that the ratio of the length of your forearm to the length of your hand is 1.618? That's the golden ratio. And it's found in the Fibonacci sequence and exists in almost everything if you know where to look, even in Forex.
The beautiful thing about trading is that it accommodates different personality types, and as a result, different trading styles have been developed. And position trading is one of the common trading styles in Forex.
Pullbacks occur all the time in Forex. Ultimately, price could be ascending, descending, or moving sideways. But the pullback is always there.
When you trade a currency pair in forex, you are not buying or selling the individual currencies. You are only speculating on their future exchange rates and hope to make profits when they move in the direction of your speculation.
There are many tools and information reports on the internet on which forex traders can make their trades. Some of those tools are useful enough to conveniently include in your trading strategy. One of such tools is the COT report.
The Forex market always moves in patterns. This makes sense when you consider how price has and will only move in one of two directions: up or down.
Japanese candlesticks often form patterns that predict future price movements. Some of them predict bullish price movements, and others suggest bearish price movements. They may appear as single, two, or three candlestick patterns.
“What is the best timeframe to trade in Forex?” Isn’t that the question that many traders, especially the novices have asked themselves?
The majority of Forex traders are you and I; retail traders. We make up over 90% of all traders. The remaining 10% (or less) are smart money traders, such as banks.
One of the strangest terms that might have come your way as a Forex novice is ‘broker’.
