Online forex trading 101

Online forex trading 101

Posted: Evgheni Date: 21.06.2017

Rolf Beginners , Forex , Tradeciety Academy 8 Comments 10, Views.

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Looking for a broker? The Forex market does not have the same open and closing times as the stock market or other financial markets. You can trade currencies 5 days a week, 24 hours a day from Monday morning when the Australian financial markets open, until Friday night when the American market closes.

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Generally, the overlap between the European and the American session is the most active trading session overall. Furthermore, the hours open characteristic also means that there are no opening-closing price gaps like in stock trading which many Forex trader enjoy — the stock markets close over night and when they open the next day, you can often see large price gaps.

However, as a Forex trader, you have over-night exposure and sometimes volatile price movements happen during the night when you are not in front of your screens which has to be factored in as well and can be a risk factor. News and macroeconomic events are heavily influencing currency and Forex prices. Even if you are a purely technical trader, knowing when news events are scheduled is important to make the right trading decisions. Before, during and after a news release a trader has a few choices and here are our top tips for dealing with news as a Forex trader:.

In times of high volatility, stops might not get executed at their actual price level. It might, therefore, be safer to close your existing positions before a news event. Post-news price volatility can be very erratic and unpredictable.

Let the dust settle before you make a decision. The next question is which news events you should follow. ForexFactory has a great news calendar that always gives you the most important news for the day. They also mark the news item based on impact-level and show which currency is most impacted. Here is a list of the biggest market movers for Forex traders:.

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The fact that currencies are quoted and traded in pairs brings many unique characteristics with it as we will see shortly. The first currency the EURO in that case is called the Base currency ; the second currency is called the Quote currency.

The ask price is the price that you have to pay when you enter a buy trade and the bid price is the price you have to pay when you want to enter a sell trade; the ask price is always higher than the bid price. The screenshot below shows a regular MetaTrader view.

On the left at 1 you see a list of tradable Forex pairs with their bid and ask price. In the middle you see the order-execution window.

You can enter a sell trade for the bid price and a buy trade on the ask. Typically, Forex traders differentiate between major and minor Forex pairs. The 6 major Forex pairs are the most actively traded pairs and they are usually preferred and recommended to beginning traders.

The spread, and thus the costs, for the minor Forex pairs is usually much higher though. If you want to learn more about trading Forex, here is our additional Forex articles and trading tips. Dovish — Looser fiscal policy which typically means lower interest rates to stimulate spending.

Hawkish — Tighter fiscal policy which typically means higher interest rates to encourage saving. Leverage — A mechanism used by traders in order to trade larger positions with their accounts.

Spread — The difference between the bid and the ask price. Hi, do you have a beginners manual or video for the beginner traders? Yes, we do have a free Forex course for beginners: Your email address will not be published.

Trading Resources Tradeciety Academy About us Contact Webmasters. Tradeciety — Trading tips, technical analysis, free trading tools Forex Trading Blog And Trading Academy. Trading Blog Technical Analysis Market Analysis Indicators Price Action Psychology Beginners Risk Management Statistics Tips Premium Courses Member Login My Courses Member Forum Become A Member. Forex — The Basics Of Forex Trading Rolf Beginners , Forex , Tradeciety Academy 8 Comments 10, Views. Contents in this article New: Bid and ask price Majors and minors Forex pairs Forex jargon.

online forex trading 101

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