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Prepare to trade

After learning about forex and making a decision to enter this field, the basics of learning forex must first be known. Programming without learning the basics of programming, as well as forex, as it is considered a wide field, and many books have been written about this field, such as the book on technical analysis of financial markets, which was written by John Murphy, who is one of the most famous analysts in this field. The basics of learning forex.
Forex learning basics
Forex learning basics

Get to know the market

One of the basics of learning forex is to know the rules and terms of forex, as it is one of the most important things to enter this field and to know the indispensable terms, as it is known that the market consists of bears “sellers” and bulls “buyers”, the trader must know the basics and work the difference between the currency In the interview, he must also differentiate between long positions, short positions, the bid price, the ask price, in addition to the difference between the buying and selling price spread, and one of the basics of learning forex is to learn about currency pairs, when trading currencies fall in the form of pairs, so it must be known On currency symbols, for example, the symbol of the US dollar USD. One of the most important things in the basics of learning forex is the size of the lot, there is a standard lot, mini lot, micro lot and financial leverage, which is a double-edged sword.

market analysis

After the trader gets acquainted with the terms and after becoming fully familiar with them, he must learn market analysis, whether it is technical analysis or basic analysis, as analysis is one of the very important pillars in the basics of learning forex, and technical analysis of the financial markets has already been explained, so it will be defined And clarifying the fundamental analysis of the financial markets, which is defined as identifying the basic volumes of the national economy or a company that are related to the market, in addition to important political news where the fundamental analyst collects information that is used to predict the market movement, and focuses on calculating the fair value of securities” while The trader was trading on the shares of companies or on indices” and comparing them with the market price, taking into account the economic variables that affect the investment decision-making process and the macroeconomic indicators that affect the movement of the market as a whole, such as the interest rate and the producer price index. On important political and economic news, follow up on macroeconomic indicators, and study financial data For the company and finally to monitor trends and predict the future movement of the market, examples of the impact of political news on the movement of the markets are the rise in gold prices due to the trade war between the United States and China, the rise in oil prices due to the Oman Sea attack, and the sharp decline of the British pound due to the Brexit crisis.

Trading platform

Getting to know the trading platform is one of the basics of forex learning for a trader, and the most famous of these platforms is the MetaTrader platform. There are two versions, MT4/MT5, and we will briefly go through the MT4 platform, which is an electronic trading platform that is widely used by speculative online forex traders. This platform was developed by MetaQuotes Software and was released in 2005 AD. This platform is licensed to financial brokers who provide it to their clients. This application has a version for computers and a version for smartphones running Android and IOS so that the trader can follow his account wherever he is.

Forex learning basics

To learn the basics of learning forex, you must know the basics of this market and how the forex or forex market works. It operates 24 hours a week and is closed from Friday evening until Sunday evening. As soon as 00:00 on Monday morning enters the market begins its work again, but the execution of orders starts from 00:05 This morning, one of the basic things every trader should know.

trading sessions

There are three trading sessions in the forex market, which are the Asian, European and American sessions. Although there are some overlaps, the currencies are traded normally, but some currencies have a larger trading volume during their trading session, for example, the EUR/JPY pair is more active than the EUR/USD during the Asian sessions.

Pairs and Points

It is known that currency trading operations take place on pairs, i.e. the trader must buy one currency and sell another, and the prices of all currencies are determined based on the fourth decimal point “the second in the Japanese yen” because trading is done on the basis of points, and trading is often done by beginners and small investors With micro-lots, which represent 10 cents for each movement, the risks are low, and in return, the profit is low compared to other contracts. In many cases, the market movement is violent and moves up or down by 100 points or more. To take a broader idea of ​​the points, the EUR/USD will be taken as an example. The price of this pair was 1.14185 and it moved up to 1.14275, in this case, the pair would have moved 9 pips and on the Micro Lot lot, the trader would have gained 90 cents.

Limited options

In contrast to the global stock markets, where there are thousands of stocks, currency trading is often limited to only 18 pairs, which are the major pairs, and these pairs are the US dollar, the Canadian dollar, the euro, the British pound, the Swiss franc, the Japanese yen, the Australian dollar and the New Zealand dollar. As for the rest of the currencies listed in The trading market, which is the currencies of emerging markets such as the Chinese yuan, trading on them is low, and most of the focus of traders is on the major currencies, which make the options less and make the trader’s options confined between these currencies and make it easier for him to manage his investment portfolio. This does not mean that the forex market is limited to these currencies only, but it occupies The highest trading rate and the most active, the forex market also contains gold, oil and indices, in addition to company stocks, and all of this depends on the broker that provides the service to the trader.
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