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Thread: Basic trading knowledge that every trader needs (fundamental)

  1. #1
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    Basic trading knowledge that every trader needs (fundamental)

    Have you guys ever know what kind of basic knowledge you needed when you trade forex? There are technical traders, fundamental traders and stochastic traders as well. Depend on the condition, all of this will have their own strength point. But as for me, i'm using news for trading and that is fundamental trader.

    First of all, fundamental trading is considered expert only because you need a lot of things to be learnt in here in order to make the money. But personally i can teach the basic in my thread.
    Most data in economic calender are important actually. But there are some data that will be much more important than any other.

    Those data are:
    1. GDP (This is the data that will show a country's growth; if this data is negative then that means it has entered a recession. Usually if the data negative then the currency will fall down. But as for positive ones means they have some growth. But it won't ensure the upside movement as well since we need to watch the actual data vs the forecast as well. If actual>forecast then it will be bullish.)
    2. Interest Rate (This is the data that will show a country's deposit and lending rate. A good data means if you want to save some money in a country's bank then you will get much more money in return, thus this is very bullish if the rate did increase. If you're getting confused as for why then it's because as long many people are saving in a bank then the reserve will increase. And many will start demanding for that currency and money will flood into the bank. But if the rate was reduced then the opposite will happen, money will flow out from the bank and the currency will weaken) so this means this data is pretty interesting to be traded but but sometimes we need to watch expectations as well. If some investors expect the rate to be cut but it actually didn't then it will be bullish.
    3. CPI (This is the data for the raise in price for goods. If this data actually increased then it's very good and it's a sign that an economy is improving. A better data in here means a country will have more chance to raise interest rate so this data is like an indicator to interest rate. Higher data always bullish.)
    4. NFP (most country are using employment change but there are some country that uses Non Farm Pay Roll as for this; NFP is new jobs created out from farming jobs. Usually this is to check the country's growth in each month. A better than expected data will always make the currency bullish as well for the opposite. But if you want to trade the long term, we need to watch the historical data as well. As for the US's NFP in every friday at each new month, as long the data is above 200k then it's a good sign for long term investment, but as short term one, we will need to trade watching the actual vs forecast)

    Here i have covered some data new beginners need to watch. If you have several question regarding this i would like to answer, thanks!

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    those of the basics on customs as requesting trader to gain of the good knowledge on appealing the risks as moderating release of news and regulation of distros those to gives of the strength with the supports as trader passes with the challenge on managing of those on working with the good schemes as entering business with the customs on rules with the good terms.

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  3. #22
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    Quote Originally Posted by splash View Post
    Any trader that really wants to succeed in forex trading, the one thing he should have in mind is that he should be able to get to know his support and resistance line, they are important.

    However, a trader needs to know the amount of money that he can afford losing, therefore he has to learn and never trade with the amount of can't afford losing and he should avoid trading with higher leverage.
    Forex is a business of analysis. Forex is not a game and you should not take it as a game, this is a pure business and this should be treated in same way, if you will be disciplined and well serious only then you can get success otherwise you will become loser.

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  4. #23
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    Quote Originally Posted by ANANDCHENNAI View Post
    Forex is a business of analysis. Forex is not a game and you should not take it as a game, this is a pure business and this should be treated in same way, if you will be disciplined and well serious only then you can get success otherwise you will become loser.
    Good speech, Forex trading is a pure business where we need pure hard worker and well experienced trader. The role of knowledge is very important in trading business, if there is no proper knowledge means we are playing game in forex and if there is a good disciplined approach then for sure trader's will get a better success in this field.

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  5. #24
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    Quote Originally Posted by forexlearner View Post
    Good speech, Forex trading is a pure business where we need pure hard worker and well experienced trader. The role of knowledge is very important in trading business, if there is no proper knowledge means we are playing game in forex and if there is a good disciplined approach then for sure trader's will get a better success in this field.
    I always think it is a business. Because in job you will be a employ of your boss. But in forex you ate not employ of any one. you are free to do you work any time at any place. your are the owner of your trade. But all losses here are our own responsibility. We should work hard so that our work bring results in the form of good results of our trading.

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  6. #25
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    Quote Originally Posted by ANANDCHENNAI View Post
    I always think it is a business. Because in job you will be a employ of your boss. But in forex you ate not employ of any one. you are free to do you work any time at any place. your are the owner of your trade. But all losses here are our own responsibility. We should work hard so that our work bring results in the form of good results of our trading.
    In this business positive thinking is all you need the traders can not be successful they are hating the market want to earn high income way the traders with high lot force the market to be their way silently trade and just wait without seeing or care where market wants to move they need to hear the market and start to be protected by the market the place they can hide themselves and finally made their earning to reach successful trading with good trading planning and reach their trading well.

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  7. #26
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    Quote Originally Posted by ANANDCHENNAI View Post
    I always think it is a business. Because in job you will be a employ of your boss. But in forex you ate not employ of any one. you are free to do you work any time at any place. your are the owner of your trade. But all losses here are our own responsibility. We should work hard so that our work bring results in the form of good results of our trading.
    forex is a business, i know this before anyone is telling me it is a business. i know the way the trading is working, and for traders to make money using forex, they need to learn the things concerning forex too. this learning are not much, but its uses will help traders to investigate trading and making money through it.

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  8. #27
    Registered user Quid's Avatar
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    I know about news trading and scalping those trading on fundamental analysis can be risky,then i learn about the trading with high impact news i don't feel interested i like to trade the market on the technical,so the point i take the position from the market condition,from chart pattern,from the candlestick pattern,and trend.Those considered the best way i can find to trade in the market so finally i see the potential like that if the problem depend on market it may not be too late start an observation of market from news trading.

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  9. #28
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    Quote Originally Posted by silverlady View Post
    forex is a business, i know this before anyone is telling me it is a business. i know the way the trading is working, and for traders to make money using forex, they need to learn the things concerning forex too. this learning are not much, but its uses will help traders to investigate trading and making money through it.
    Yes Forex is business and beginners should first go for learning. For them the learning is much better than earning, because in initial stages we need to learn and then after learning the trader can make profit, so the learning should be carried all the time to make forex career more and more successful.

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  10. #29
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    Quote Originally Posted by ANANDCHENNAI View Post
    Yes Forex is business and beginners should first go for learning. For them the learning is much better than earning, because in initial stages we need to learn and then after learning the trader can make profit, so the learning should be carried all the time to make forex career more and more successful.
    Yes How can beginners think of earning if they dont make their mind to learn first? Demo account is a learning process offered to learn and practice about forex trading business. we should be grateful by the account that helps us to gain some experience same as the real account and know about the market well.

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  11. #30
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    in my view yes forex is business and beginners should first go fore learning . for them the learning is much better then earning, because in initial stages we need to learn adn then after learning the trader can make profit.

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