Forex Trading Session 3 Otis Hands-on Forex trading 04/04/2019

Trading on the FX Market We will cover: Trading Trading strategies Trading Tools Any other incidentals Hands-on Forex trading 04/04/2019

Trading Simultaneous buying and selling of a pair of currencies. Eg EUR/USD buying this pair means buying EUR and selling USD. What do you really buy and sell ? Nothing physically. This is all computer generated entries in you account. Hands-on Forex trading 04/04/2019

How Much Does a Trade Cost ? The spread initially and the the PnL Hands-on Forex trading 04/04/2019

Account Types & Leverage Standard account 100K lot is bought or sold at a time. Mini account 10K lot sold or bought at a time. Non-USD denominated accounts. The accounting currency is not USD and the system works in your denominated account e.g. GBP, JPY, EUR. Check FXCM. Use of leverage in trading. Gives you purchasing power. 200:1 leverage means you need 1/200 of 100k or 10K per lot for a std or mini account respectively. i.e. 500 and 50 respectively. Hands-on Forex trading 04/04/2019

What Is Needed to Start Trading An Account Access to trading platform (software) Good internet connection Deposit Knowledge Treacherous streak (no emotions) Hands-on Forex trading 04/04/2019

Getting Demo account Easy to use software Most are proprietary Reliable support with both telephone and chat Eg FXCM Hands-on Forex trading 04/04/2019

Introduction to Rate quotation Hands-on Forex trading 04/04/2019

Trading Strategies Position Trader Day Trader Sets a Target for the Trade and Waits Day Trader Aims to Make a Profit and Get Out of the Trade. This Would Be for a Few Minutes or Days. Usually These Are Out the Same Day Hands-on Forex trading 04/04/2019

Trading Tools Fundamental Analysis Technical Analysis In a shopping mall, a fundamental analyst would go to each store, study the product that was being sold, and then decide whether to buy it or not. By contrast, a technical analyst would sit on a bench in the mall and watch people go into the stores. Disregarding the intrinsic value of the products in the store, his or her decision would be based on the patterns or activity of people going into each store.   Hands-on Forex trading 04/04/2019

Summary Rates refer to currency pairs There are factors that affect every currency Eg interest rates, inflation, trade balance Other factors are currency specific Eg oil,gold CAD, oil inventories USD, Interest rate differentials fuel carry trade and rate movement Hands-on Forex trading 04/04/2019

Where to Get More Information Other training sessions Consulting services, other sources DailyFx.com Internet Investopedia Wikipaedea Hands-on Forex trading 04/04/2019