If you want to do forex trading in Sri Lanka, you would need to understand that economic indicators can have a huge impact on the currency market. Economic indicators show the strength and potential of an economy of a country. They provide you with a complete picture of an economy’s current and potential standing with factors like GDP and unemployment rate. Forex traders take interest in these indicators as these indicators help in comprehending the direction forex market might take in future.
A crucial news release related to economies around the world can lead to volatile situations in the forex market and force a specific pair of currency to move in a particular direction. It can be upward, downward, or sideways. Every week several news releases are made associated with various economic indicators and in today’s digital era, everyone can easily access the news and information to understand the mechanism of the forex market in the light of various economic indicators.
News pertaining to the economic indicators can have a huge impact on the Forex exchange. Given below are the main economic indicator news categories that you should know before entering into forex market:
Every month, several central banks around the world from different economies gather to decide about their interest rates. They decide whether to let the interest rates remain unchanged or raise the rates, or bring down the rates. These interest rates are very important and make a vast impact on the foreign exchange market.
When there is an increase in the interest rate, the market usually takes a bullish trend and that means there will be an increase in the value of the currency. On the other hand, when the interest rate is brought down to a lower level, the forex market is expected to take the bearish trend, which means that there will be a decrease in the value of currency price. For unchanged interest rate, the market can take any direction based on the circumstances of the concerned economy at that time.
Along with the change in interest rate, the policy statement is also released providing with the complete sum-up of the economy and what could be the future of the economy. In addition, the monetary policy of the economies is also declared, associated with the essential financial matters of the country.
The Gross Domestic Product is a very crucial factor representing the overall economic condition of a country. Basically, GDP is the total value of all goods and services that have been produced by a country over the course of a period of time like annually. GDP does affect the price movements of the currencies in the foreign exchange market.
When the gross domestic product of a country is not up to the expectations of the market, it can be said that the currency values might go down. Similarly, when the GDP of a country is beyond what the market has been expecting, the values of the currency is expected to move upwards. Th GDP figures are diligently evaluated by the forex traders as it also helps in recognizing or anticipating the future moves of the central banks.
GDP is also a very significant economic indicator as it helps in identifying the current situations of the business cycle of a country. The business cycle is kind of a combination of expansion and recession cycles. During the expansion phase, many sectors of the economy expand or grow together, and in the recession phase, the growth rate of those sectors starts to contract.
Thus, GDP is a leading factor is analyzing the foreign exchange market. As a forex trader, you must be aware of it and you must also understand that it is a lagging economic indicator which confirms the things traders are already expecting.
The consumer price index or CPI shows the cost of goods and services and is also recognized cost-of-living index. CPI helps in managing and controlling the rate at which prices of the good or services rise or fall. The CPI appraise the inflation rate (the rate at which the price of goods and services rise in an economy) which is a part of people’s lives through their everyday expenses. When there is any sign of a rise in the inflation rate, it means the central banks will have to increase the interest rates. Higher interest rates mean the bullish trend in the market.
When inflation stays inside the anticipated levels, it is regarded as a regular figure. Nevertheless, if inflation swerves farther from the target levels for a longer period of time than expected, it can result in a negative outcome for the economy.
CPI is a part of monetary policies, as a result, it can have a higher effect on prices in the forex market.
For a majority of forex traders, non-farm payroll or NFP is one of the most crucial indicators in the all the news releases that come out on regular basis like every month. The NFP report is released by Bureau of Labor Statistics (BLS) on the first Friday of every month. The BLS also declares the unemployment rate as a component of the Employment Situation Report. The report comprises of the data figures for the new jobs which have been created in the US together with some other labor market information. The data comprises of all the workers that have been paid, however, the data leave out the government workers, personal households, non-profit establishments, and agricultural industry.
The main reason behind why NFP is so important and is followed so industriously is because it has a propensity to bring substantial movements in the forex market.
It partly depends on the timing of the release of the report.
There is a close relation between employment rate and the business cycle. The changes in NFP or non-farm payrolls is quite similar to the changes in GDP on a quarterly basis. It means that NFP can be utilized as a proxy in place of GDP. The main difference between NFP and GDP report is that NFP is released on a monthly basis and GDP report comes out on a quarterly basis. In addition, while NFP reports the data of the last month, and GDP reports the delayed information. Apart from the connection between NFP and GDP, NFP report also has the impact on monetary policy of the economy and in which direction the policy will move.
The ADP National Employment Report comprises the economic data concerning the levels of non-farm private employment in the U.S.A. The report is released on monthly basis. ADP stands for Automatic Data Processing, which is also the firm that has been accumulating the employment data and preparing the reports since the year 2006. ADP gathers the data using the payroll facilities and services it delivers to the about 1/5th of the U.S. private employment.
The ADP report comes out two days before the NFP report released by the Bureau of Labor Statistics. Traders in the forex market look at the ADP report as a preview of the more extensive and elaborated reports that are released by the government.
The overall ADP report is categorized in 4 distinct parts:
One of the other reasons for why ADP is such an important indicator for forex traders is because if the employment figures show a continual and strong growth for a period of time, it escalates the inflationary rates and because of that, the Federal Reserve may also increase the interest rates and vice-versa. This will impact the forex market depending on the market situations and economy’s present and potential standing.
Even though the meetings of central banks from different economies are very crucial when it comes to economic indicators affecting the forex market price movements, the Federal Open Market Committee of America is also very important and its meetings have taken the center stage as the US Dollar is at the moment most powerful currency in the world.
Every month the FOMC meeting takes place in order to decide on rates and to provide information about present economic conditions, how effective the current monetary policy is, and what are future expectations from economic conditions and monetary policy.
FOMC meetings can have a vast impact on the volatility of the forex market. The Federal Open Markets Committee meetings are conducted eight times every year and the outcomes of these meetings are highly anticipated by the forex traders as these meetings can affect the demand and supply of the currency pairs in case the outcomes is not as expected.
The trade balance is the difference between the value of the imports and exports of the economy of a country. If the value of exports is higher than the value of imports, the balance will be positive. Similarly, if the value of imports is more than the value of exports, the balance will be negative. In all of this, the exchange rate of the economy’s currency plays a very big role.
To trade successfully in the forex market, traders need to know the exchange rate and the information about a country’s net exports can help the forex traders in analyzing and predicting the future movements in inflation rate and foreign investments. This gives the hints about how the currency market may behave in future.
Trade balance comprises of three main factors:
The foreign exchange rate between two countries is the most fundamental factor for forex trading in Sri Lanka. As the trade balance of an economy relies greatly on the exchange rates between two countries, the trade balance is a main economic indicator for the foreign exchange market. A country’s trade balance is also crucial in measuring the net income of the country through foreign trade
The trade balance helps the economists and forex traders in evaluating and comparing the economic strength of one country to another. If a country has a large trade deficit i.e. large negative trade balance, it would have to borrow the funds from other trading partners in order to buy goods and services. The Trade balance reports can create substantial movements in the forex markets if the data has evidential changes as compared to previous reports.
The proper name for retail sales is Advance Monthly Sales for Retail Trade. However, for forex traders, it is retail sales. The retail sales report is released by the Census Bureau, which is a division in the U.S. Department of Commerce.
This report provides with an early estimation of the value (in dollars) of sales for the retail sector. Although the sales do not include inflation rate adjustments. The report also shows the percentage change in the value of sales from the preceding month.
If the retail sales figures are growing, it shows that the economy is in good health and as a result, forex market takes up the bullish trend. The usage of the retail sales report in forex trading is clearly understandable as the report offers the very particular data about the industries and products on which customers are spending a large part of their income. Retail sales report is one of the most valuable economic indicators in the forex market and using this indicator, the forex traders can surmise the price movements in the forex market to some extent.
If you want to learn about how these economic indicators are useful in forex market analysis, you can refer to ‘ Fundamental and Technical Analysis in Forex Trading ’.
In addition, if you are interested in knowing about forex brokers in Sri Lanka, you can go to, ‘ Where to trade Forex Online and type of Forex brokers ? ’.
Pr Edu October 18th, 2018
Posted In: forex school
Tags: ADP National Employment Report, Consumer Price Index, CPI, Federal Open Market Committee, FOMC, forex, forex brokers, forex brokers in sri lanka, forex brokers Sri Lanka, Forex Trading, forex trading in Lanka, forex trading in sri lanka, forex trading sri lanka, GDP, Gross Domestic Product, Interest Rates, Interest Rates By Central Banks, NFP, Non-Farm Payroll, Retail Sales Report, Trade Balance
Various indicators are used by traders for forex trading in Sri Lanka in order to get some detailed understanding of the supply and demand of currencies. There are many ways to analyze the forex market and what’s important is how to use various technical tools to analyze the market information. You can learn to analyze the market conditions and anticipate the price movements using elements like charts, patterns, and forex indicators.
The main purpose of using these elements is to accomplish the price forecasting. Using charts and patterns, you can comprehend and process past market data of the forex market and, you can put some efforts into anticipating future price movements.
A line chart joins the sequential data points using a line and this chart is utilized by forex traders to keep track of closing prices of the currency. This chart is one of the most preferred charts used by forex traders and is formed by connecting a few successive closing prices together. In addition, line charts can be utilized for any time-frame. A line chart provides the forex traders with a distinct image of the price movements of a currency over a period of specified time. As the closing prices are considered as the most important price of the trading day, it can be seen why line charts are so often used by traders in the forex market.
Bar charts are the charts that display the movement of prices of a currency over a specified time period. Bar charts are used for technical analysis in order to measure the performance of the currency in the forex market. A bar chart comprises a few elements:
A single bar covers a predetermined time-frame, which is usually one day. Nonetheless, a bar chart can at times also cover the time-frame from one minute to a week or more.
Candlestick is very much like bar chart as it also shows the opening price, high price, low price, and close price for the trading day in the forex market. Usually, the candlestick shows the data for one trading day. The candlestick has a broad body, also referred to as the real body. The real body shows the range of currency prices which lies between the opening and closing price of the currency for a day's trading. When the closing price is lower than the opening price, the real body will be black, and when the closing price is higher than the closing price, the real body will be empty.
There are thousands of traders who trade in the forex market on an everyday basis and it can be difficult to make trading decisions. Chart patterns are one way to identify the future price movements. They focus on the bigger picture and help the traders in recognizing the future price movements.
Chart patterns have pre-defined distinctness and criteria, but no pattern can guarantee 100% accuracy or certainty when it comes to price movements in future. The most favorite chart patterns are reversals and continuations. A reversal pattern shows that the price movement will reverse at the end of the pattern and a continuation pattern shows that the prices will move with the same pattern even after the pattern gets completed.
Given below are some of the most popular chart patterns that are used in the forex market:
The Head and Shoulders is a reversal kind of chart pattern that shows that the price movements might follow a reversal trend once the pattern is finished. It has two types, standard head and shoulders top pattern and head and shoulder bottom pattern. The top pattern shows that the price movement for a currency pair will move downwards when the pattern is completed at the highest point of an upward trend. The bottom pattern shows that the price of the currency pair will rise after a downward pattern is completed.
The cup and handle pattern can be both, reversal and continuation chart pattern. For reversal pattern to occur, the price must be moving downwards. As the cup has the rounded bottom, that is where the reversal patterns take place as prices start moving upwards from the bottom of the cup. When a cup pattern is formed, the price should take a pause and move sideways or lower to create a handle. For a continuation pattern, the prices must be moving upwards. The price movement will form a cup shape patterns and creates a handle, and then breaks out of the handle to keep moving upwards.
The Double Tops and Bottoms chart pattern is easy to identify and also one of the most dependable analytical tools in the forex market. A double top is formed when the price reaches a high point in the upward trend and then moves downward to a new low point. Then again some time in near future price touches a new high point, very close to the previous high point and then falls below the previous low point. It is recognized as double top as the price reaches the high point twice in the same zone, incapable of moving ahead of that zone.
A double bottom is formed when the price reaches a low point during the downward trend and then pulls back and starts moving upwards to a high point. When the price movement once again faces a decline, it touches the low point near to the previous low point, and then move upwards and touches the point higher than the previous high point. It is recognized as double bottom as both times price reached a low point in the same area and was not able to move below that.
Triangle chart pattern is one of the most known patterns employed in the technical forex analysis as they appear more frequently as compared to other patterns. The three regular kinds of triangle patterns are ascending, descending, and symmetrical. The triangle patterns can last from a few weeks to many months.
In symmetrical triangles, two market trend lines meet each other and indicate that a breakout may take place. Ascending triangles has a straight upward trend line and a lower trend line which is moving upwards, conveying that a breakout might occur. In descending triangles, there is a straight lower trend line and an upper trend line which is moving downwards, conveying that a breakdown might occur.
Flags and Pennants are a form of continuation patterns. They show a sharp price movement, upwards or downwards, then there is a short sideways or downside movement and then the prevailing trend continues. This sideways movement usually creates a rectangle form, known as flag pattern, and when it creates a triangle form, it is called a pennant pattern.
Candlesticks patterns are formed when the price movements are represented by a candle body. Candle body It is a solidified area existing between the opening and closing price of the currency, and the wicks display the high and low points. Given below are some of the popular candlestick patterns:
Let’s take a look at four of the most popular candlestick patterns along with several actual stock chart examples in order to show their worth.
Bullish engulfing candlestick pattern occurs with the combination of two candlesticks of the current day and the previous day. The candle from the previous day is black candlestick and candle of the current day is the white candlestick.
For the previous day, the price opens at an almost highest point and closes at the almost lowest point for the day. This forms the first candle which is the black candle.
For the next or current day, the price opens at price below the closing price of the previous day. It increases the demand for the currency and price begins to move upwards. The day session closes at the price above the high price of the previous day.
Thus the white candle engulfs the black candle completely.
Bearish Engulfing Pattern occurs with the combination of two candlesticks of previous and current day. The previous day candle is the white candle and current day candle is the black candle.
For the previous day, the price opens at a nearly lowest price of the day and at the end of the day, the price closes at a nearly highest price of the day. It forms the first and white candle. For the next or current day, the price opens at the level above the closing price of the previous day and then the price starts to move downwards.
The price keeps on falling and closes at the price below the closing price of the previous day. This forms the black candle, which engulfs the white candle completely.
A hammer candlestick pattern is formed when forex traders turn down the support or resistance levels. When Hammer pattern is formed, it means that the opening price, highest price, and the closest price are close to each other so that the real body is small in size. It also has a long lower shadow, which is at least twice the size of the real body.
Doji candlestick pattern shows the indecision which is felt by the traders when it comes to the price action of a currency. Here, the opening and closing prices of a currency are almost equal. Doji candlesticks look like a cross or a plus sign. A Doji can be seen at the top and bottom of the market trends and can also be seen as a sign of possible reversal or continuation patterns based on the circumstances.
The best way to identify the most suitable forex indicator is to see how it suits your trading style and perspective. There are a variety of forex indicators and you can find that will be right for you. Some of them are:
A moving average is a popular forex indicator which is used in the technical analysis in smoothing out the price movement action by removing the random price swings from the main action. The two fundamental moving averages are the simple and exponential moving average. A simple moving average is calculated based on over a definite number of time periods. The Exponential moving average gives more weightage to the recent prices. Usually, moving averages are used to determine the direction of the market trend and identify support and resistance levels.
Fractals are indicators that help in recognizing the reversal levels in the market. Forex traders utilize the fractals to identify the future price direction and movements.
Most of the trading platforms with chart features provide fractals so that traders can just use the indicator on the chart to figure out the price patterns.
Bollinger Bands is a forex indicator, formulated by John Bollinger. It is used to determine the level of volatility in the forex market. Basically, when the market is unagitated, the bands will shrink in size and when the market gets noisy, the bands will spread out.
RSI stands for Relative Strength Index. It is a momentum forex indicator that determines the speeding and change of the recent price movements so as to study the conditions that might have resulted in overbought or oversold of the currency. RSI is regarded as overbought when the RSI value is higher than 70 and it is considered as oversold when the RSI value is under 30. These values can be modified based on what fits the security in the best way.
You can add these indicators to your chart using the trading software given to you by the Forex Brokers.
If you are interested in learning more about forex market price action analysis, you can refer to ‘ What is Price action trading analysis ? ’ and for getting more information about how to trade forex in Sri Lanka, ‘ Introduction to Forex Trading .
Prathilaba October 18th, 2018
Posted In: forex school
Tags: forex, forex brokers, forex brokers in sri lanka, forex brokers Sri Lanka, forex candlestick patterns, Forex Chart Patterns, Forex Chart Types, Forex Indicators, Forex Trading, forex trading in Lanka, forex trading in sri lanka, forex trading sri lanka
Before you start forex trading in Sri Lanka, as an investor, you must understand the some of the technical terms that are used in the forex market as you will be encountering those terms while trading in the forex market:
Pip stands for percentage in point or price interest point. Basically, pip is a standardized unit for the smallest movement that can occur at a price of the pair of currency. Most of the pip values are equivalent to 0.0001 as the price of the currency is measured up to the 4th decimal place.
Usually, many forex brokers in Sri Lanka use spreads to figure out their portions of earnings. In the forex market, a spread is defined as the difference in ‘Ask’ price and ‘Bid’ price of a pair of currency like EUR/USD. A spread is one of the easiest ways to pay the transaction cost to the brokers. For example, EUR/USD has been priced at 1.1499 and the trading broker offer to buy it at 1.1500 and to sell it at 1.1498.
The main reason behind this is the supply and demand of the currency pair. For example, dollars are high in demand so brokers do not need to charge higher spread from the trader as they would have no problem selling off the dollar currency in the market. On the other hand, if it is a currency is not in higher demand and brokers might have the problem selling it off quickly, they might charge higher spread as brokers will be taking the bigger risk. It is recommended for the individual traders that they do not buy or sell currencies with low demand.
It is imperative that you understand the value of spread before choosing a broker. To understand more about types of brokers working in the forex market, and how to choose the right one, you can refer to ‘ Where to trade Forex Online and type of Forex brokers ?’
Leverage comprises of borrowing ( not actually borrowing something but in order to understand it, will consider it as a borrowing ) a definite amount of the money which is required to invest in something. In forex trading, usually, the money is acquired from a forex broker. Forex trading does not require a bigger leverage as with a small initial margin, a trader can create, control and manage a large amount of money. Forex trading is a lot more popular as compared to trading in other financial instruments because, in the forex trading, you can acquire a bigger amount with very small investment as compared to trading in other securities. With low leverage, new traders can hold up in the forex market during the initial stages.
A margin is a deposit made by traders in the forex margin account as collateral to open a trading position in the forex market. Generally, the investors borrow a short-term loan from the forex broker. In order to be able to do the trading in the forex market, first, an investor must deposit money into the margin account and then start the trading.
The main objective behind a margin account is to increase the borrowing in order to increase the return on investment. The margin accounts are managed by the brokers of the investors and settled in cash on an everyday basis.
When trading in the forex market, commissions are a very important part of it. In general, commissions are paid to the brokers and dealers for their services in forex trading in relation to the spread, which is the difference between ask and bid price of a pair of currency.
When you are trading in the forex market, it doesn’t matter whether you make profit or loss, the first thing that will be deducted from your trading account will be the commission of the broker charged for the transaction. However, the commission may variegate based on the volume of the transaction. Larger the volume of the transaction, higher will be the commission charged by the broker.
A swap is a type of currency swap in forex trading. It is a mutual agreement that takes place between two parties who agree to exchange one currency of a particular amount with another currency of the same amount based on the current spot rate. Then at a specified date in future, the two parties will return the original amounts at a specified forward rate.
In forex trading, the bid price is that price at which market participants are ready to buy a specific pair of foreign currency in the market. Similarly, ask price is that price at which market participants are ready to sell a pair of foreign currency in the market.
In the past, currencies were bought and sold in specific amounts known as lots. The regular size of a lot is 100,000 units. Nevertheless, with technological development in the last decade or so, forex brokers have begun to offer small size lots as well. There are also mini-lots of 10,000 and micro-lots of 1,000. A lot size can be divided into 3 categories, micro, mini, and standard. A micro lot contains 1,000 units, a mini lot contains 10,000 units, and a standard lot contains 100,000 units.
Given below are a few types of forex trading order:
Prathilaba October 18th, 2018
Posted In: forex school
Tags: Bid and Ask Price, Commission, forex, forex brokers, forex brokers in sri lanka, forex brokers Sri Lanka, Forex Trading, forex trading in Lanka, forex trading in sri lanka, forex trading sri lanka, Leverage, Lot Size, Margin, Order Types, Pip, Spread, Swap, what is pip, what is pip in forex
The currency market is the largest and enjoys the highest level of average daily turnover amongst all the financial markets. Forex market serves many purposes, but its main purpose is to cater the currency requirements of importers, exporters, and travelers from around the world. However, forex trading in Sri Lanka is enclosed in a circle of mystery and confusion. However, here in this article, you will learn what is foreign trading and how the forex market provides a number of opportunities for investors around the world.
Forex stands for foreign exchange. Forex market is the market where all the interested parties can purchase and sell the currencies. The forex market includes banking institutions, non-banking commercial establishments, investment management companies, and retail forex brokers and individual investors. The forex market is regarded as one of the largest financial markets with more than $5 trillion value of transactions on an everyday basis. The foreign exchange market is not just one market exchange. Instead, it comprises of a worldwide system of computers and brokers from all over the world.
The forex market operates in two ways, the interbank market, and the OTC (over-the-counter) market. In the interbank market, large banking establishments buy and sell currencies with the aim of hedging, making adjustments in the balance sheet, and also for their clients. In the OTC market, individuals buy and sell currencies directly through online platforms and forex brokers.
When it comes to the forex market, all you have to do is switch on your computer, open a forex account with a brokerage firm, deposit an amount, and start trading with currencies straightaway. However, in the past, it wasn’t this easy. In the last few decades, the forex market has changed significantly.
At the end of World War II, major currencies around the world were measured against the economic value of gold. In the beginning, this helped in bringing stability in the exchange rates. However, as economies began to develop after the war, gold became more and more costly. In the year 1971, the gold system was eliminated, allowing the exchange rates to work independently.
In the 1990s, the internet era had begun and many companies were adopting it to create their online networks in order to generate quotes and allow instant trading. Advancement of technology allowed the individuals to buy and sell currencies in the foreign exchange market. Today, foreign exchange market is the largest financial market in the world and every day a large number of investors operate in this market exchange.
The traders and investors who trade in forex market come from a wide range of backgrounds, and fields. Some of the key players of the forex market are commercial banks, central banks or countries’ national banks, hedge funds, corporations, and individuals. Let’s have a look at how forex traders are categorized:
The biggest participants in the foreign exchange market are institutional investors and traders. A majority of forex trading money comes from institutional investors and traders, about 94.5% of the market volume.
Retail traders and investors buy and sell currencies from their own private Forex trading account, using their own money. They invest in two ways, short and intermediate term trading, and long-term trading or investing.
You must be already having loads of questions to ask as follows most probably ;
How to make money online ?
How to make money from home ?
How to make money on the internet ?
What are the online part time jobs for Sri Lanka ?
What are the online jobs in Sri Lanka ?
What are the Ways to make money online ?
Forex trading will be one of the best solutions for all above questions but forex market is a financial market and just like any other financial market, it comes with its own set risks and rewards. So let's learn about them before considering forex trading.
Forex market is huge and opportunities are endless. Let's have a look at some of the most successful Forex traders who changed the ways of forex markets with their approach:
George Soros is renowned as one of the superlative investors in history. He is known for his excellent trading move when he made a profit of over £1 billion from the short position in pound sterling. Moreover, he did this successful deed before Black Wednesday of 16 September 1992.
Soros had a strong grasp over risk and reward factors. It was one of the characteristics of his financial mind that assisted in shaping his reputation as one of the leading Forex traders in the world.
Warren Buffet is an American investor and business tycoon and also one of the richest men on this planet. In 2014, Mr. Buffett was estimated to have an overall wealth of $63.2 billion by Forbes. When it comes to working in the forex market, he works on one simple principle. He believes in having patience and gather a proper understanding of the market so as to earn high profits in the long run. Buffett’s investment plan has been the most successful to date.
Bill Lipschutz earned profits from listing the millions of dollars of Salomon Brothers at FX department in the 1980s, even though he had no past experience of the currency markets. Lipschutz believes that market perceptions along with the market fundamentals help in determining pricing patterns in the market.
You can read more about them and more forex success stories here " Most famous Successful Forex Traders " article by us.
Are you interested in finding the right forex brokers in Sri Lanka? Find out here, ‘ Where to trade Forex Online and type of Forex brokers ? ’
Prathilaba October 18th, 2018
Posted In: forex school
Tags: forex, forex lanka, forex market, forex trading in sri lanka, forex trading sri lanka, forexmarket, how to make money from home, how to make money on the internet, how to make money online, Introduction to Forex Trading, Introduction to Forex Trading in Sri Lanka, make money from home, online jobs, online jobs in sri lanka, online part time jobs, ways to make money
Forex trading in Sri Lanka can be a fascinating experience. Traders are always looking to attain the best market prices. These forex traders look into what the market has to offer for them and try to catch the right opportunities that could have great possibilities of high profitability. There are many reasons which make the forex market the best place to trade.
Every trader has different reasons to why he or she wants to trade in the forex market. To trade successfully, traders must know what they want and what to look for. There are various ways to analyze the forex markets, such as patterns, charts, and other analytical tools. They help you read the market conditions and what could be expected in the future. Different traders have different reasons for choosing the Forex market and choose different methods to analyze the market position.
Here are a few of them:
A pin bar pattern comprises a single price bar showing a distinct reversal and rejection of a currency price. It is usually a candlestick price bar. The reversal pin bar is recognized by its extended tail, known as a shadow or wick. The zone that lies between the opening and closing end of the pin bar is referred to as the real body. Usually, in the pin bar, the real body is small and the tail is longer. The tail shows the prices which have been rejected, implying that the price will continue to move in opposite direction to which the tail is pointing.
Pin bar can be categorized as a bearish pin bar and bullish pin bar. In a bearish pin bar, the real body exists at the lower end of the long tail, with tail representing the higher prices which have been rejected for attaining the lower price in near future. In a bullish pin bar, the real body lies on the upper end of the long tail, and here too, the tail represents the lower prices which have been rejected to attain the higher price in near future.
In order to better your pin bar trading results, look for pin bars in trending markets. A trending market is that market where price is moving in a particular direction. It can be moving in an upward direction, downward direction, or horizontal direction. Although you can also find great pin bar opportunities in range-bound and counter-trend trading, they do not occur very often and it can be difficult to trade as compared to trending markets.
Focusing on pin bars in trending markets means that you will only be focusing on charts with market trends or pairs of currencies. To becomes successful in pin bar trading, you should learn about how to trade in trending markets on everyday chart and charts with 4-hour time-frame. To learn more about what are technical tools to learn how to forex trading in Sri Lanka, check out - Forex Chart Types, Chart Patterns, Candlestick Patterns, and Indicators.
It is not necessary that the market will always move in upward, downward, or sideways trend. Once you have learned about doing pin bar trading in trending markets, you can move to trade in other market conditions without trends. You can look for pin bars at the main support and resistance levels in the market. They can be strong points for a pin bar trading. If you want to know what is the support and resistance level and how to find them, you can refer to ‘Forex Trading with Support and Resistance Zones’.
Protruding pin bar tail means when the tail is jutting out from the key levels resulting in incorrect breakout level. The pin bar is basically an indicator of reversal, and more the tail is sticking out from the key level, powerful will be the rejection and reversal. With the stronger reversal, there are more chances of pin bar trading strategy becoming a great success.
Fundamentally, reversal trading is a counter-trend trading method. In this trading method, a trader enters the market against the direction in which price is moving. It helps in reducing the risks when the price movement begins the reversal trend.
It might seem a lucrative idea to get into the market at very high or very low price points in the market. Reversal trading can be done in two way, bullish and bearish. When the market is bullish, the reversal will occur when the price will start falling from a very high price point attained due to an upward trend. On the other hand, the bearish market, a reversal occurs when the price starts moving upwards after reaching a very low point due to a downward trend in the prices. While reversal can be a good trading position, it is a very risky method and is not appropriate for the beginners of the forex trade.
Types of Reversal Trading based on price movements in the forex market:
As a forex trader, when you are executing a reversal trading strategy, it is better to consider some factors that can help you move your trade in the right direction. They are:
When it comes to forex news trading, it is perhaps one of the most fascinating and exciting ways of trading. The effects could be immediate in the form of quick profits or quick losses. With quick profits come quick satisfaction and with quick losses come quick discontentment. Basically, news trading is about trading in the forex market after a news has been released that can have the impact on the forex market price movements.
When you are getting into news trading, it is necessary that you gather the knowledge regarding which new releases are expected during that week. When trading news, you first have to know which releases are actually expected that week. Along with that, it is important for you to comprehend which information or data you should look out for when going for news trading. Some of the data you must follow from any economy are Interest rate fluctuations, Sales data, Country’s inflation rate, Unemployment rate, GDP, Business reports and surveys, Consumer surveys, Trade balance, and many other economic indicators. Importance of the factors or news releases may vary depending on the current scenario of the concerned economy.
But, what you need to understand is that news trading is not everyone’s cup of coffee. It is especially not a good choice for beginners as it is very risky and can instantly turn the profits into losses. Even many experienced traders avoid new trading during the time when news can have a huge impact as it can be dangerous to trade during those times.
1) It would help you place a trading order, if you know in which direction the market is currently moving, whether it is upwards, downwards, or sideways, and which direction it could move during the news trading. It is also referred to as directional bias when you place an order based on in which direction the market might move in future after the news release.
2) Try to figure out the fundamental reasons for why and how any news release affects the market and why it moves towards a particular direction after the news release.
3) When you are willing to place the trade based on a non-directional bias, it means you don’t care which way market prices move, you just want to place the order. It might be a good move under normal market circumstances, however, if the news released is of high impact, you might want to consider before placing the order.
4) Before placing an order based on the news release, it would be better if you check different reports to get a feel for what really is happening. Look for things like:
5) Entering into the market without proper knowledge and preparation during a high-impact news release can turn out to be a disaster for your trading position. Take your time and get some practice. Do your research and evaluate the economic indicators to recognize how they impact the forex market.
6) Keep in mind that, when a news is released, its effect usually lasts from half n hour to 2 hours, and it can change based on the current scenario of the market. So make your trading plans based on that.
7) In case you have done a fundamental and technical analysis of the market for an expected news release, but when the actual news is released and market moves according to that, and the real movement does not match your expectations, do not go against the market trend. Just follow the market trend. It might be that you might have missed some details while making analysis or might have fully understood what effects might come upon the market on the release of the news.
8) Last but not the least, never be in too much hurry to get into a trade. Rushing into the things might prove to be a damaging move on your part. Look for the strong indicators, and make sure whatever news has been released in the market is genuine and not a hoax, and only then make your move to trade in forex market.
Just keep in mind that, nothing comes easy and you must put some efforts on your part to enjoy the benefits of the market conditions.
To learn more about technicalities in the forex market, refer to ‘ What are the must know the technical terms used in the Forex Industry that I should know ? ’ and if you want to hire forex brokers in Sri Lanka, refer to ‘ Where to trade Forex Online and type of Forex brokers ? ’
Prathilaba October 17th, 2018
Posted In: forex school
Tags: forex, forex brokers, forex brokers in sri lanka, forex brokers Sri Lanka, Forex Trading, Forex Trading Ideas, forex trading in Lanka, forex trading in sri lanka, forex trading sri lanka, News Trading, Pin Bar Trading Pattern, Reversal Trading, Tips for news trading, trader, trading ideas
Being emotional is part of being a human. But getting emotional when you are trading in forex market might not be such a good thing. You can’t avoid emotions, but what you can do is not let them influence your decision-making abilities. As a result, it is important that you understand what type of emotions you should watch out for while trading in the forex market. If you want to do forex trading in Sri Lanka , managing your emotions in a refined way would decide your ability to earn profit or loss in the forex market. The best way to approach your emotional dilemma is to understand your nature as a trader, find your strengths and weaknesses, and pick a trading method that will suit your psychology and financial standing.
Here are some of the most common emotions people feel when trading in the forex market:
A large number of forex traders, both novice and experienced, go through a temptation of over-trading. They make plans to overcome this temptation, which can be tricky at times. By formulating a well-defined management plan of action, you can get over the urge of overtrading and stay in the market in the long run while also maintaining and improving your trading position.
Fear is a part of trading in forex market where prices move up and down, and where there is no guarantee that you will not lose what you have earned, a few bad moves, and all might get lost. The fear of reaching a position where a trader might have to suffer losses can be damaging and the trader might also lose some of the very profitable opportunities out of fear.
Winning a few hefty trade deals can make a trader greedy for more and he or she might become less conscious or overconfident when trading in the forex market. Try to avoid being over greedy. Greed might work for you at times, but it can also make you reckless and you might start making too many impulsive decisions that might be harmful for your overall trading position. Greed can increase the risks and also encourage your gambling tendencies.
Hope is like a double-edged sword. It is good for life and trading, but having too much hope can be as damaging as too much greed and fear. If you have placed an order on the losing trade, you might be hoping that the loss will turn into profit in future. As a result, you may miss all the signs that the trade will go on the path of losses and continue with that trade. You might also enter into a bigger trade hoping that it will compensate all your previous losses, which might prove to be very risky. So be careful what you wish for or to be more specific, what you hope for.
Getting excited and anxious is not unusual when trading in the forex market. When you are very anxious or excited while trading, it is often an indicator that you are working against the trading rules and expectations, or you have gotten into a deal where you are wondering whether it was a right or bad move, or you are gambling a high amount. The best way to handle this situation is to write down your feelings and figure out the reasons behind why you are anxious or excited and plan accordingly.
Sometimes while trading in the forex market, you lose a great deal or face losses because of the actions of an opponent or another trader. You might feel very angry at this and in order to prove yourself better than your rival, you might want to retaliate against him or her. This can lead to a very bad example of risk management. Because results of revenge can be something you might not be ready to handle and it might have devastating effects on your trading and overall financial status. Decisions you will take in the throes of revenge might turn out to be bad business decisions.
How To Handle Your Emotions When Trading In Forex Market?
Mentioned below are a few tips on how to manage your emotions so that they won’t ruin your trading performance:
To manage your emotions like fear, hope, greed, etc. you can start maintaining a forex journal. To know more about how to do it, you can refer to the article ‘ What is a Forex Trading Journal and Why I should use a forex trading journal ? ’
Also if you want to to know how to trade forex in Sri Lanka, read ‘ Introduction to Forex Trading ’.
Prathilaba October 17th, 2018
Posted In: forex school
Tags: controlling emotions in forex, emotions in forex, forex, forex brokers, forex brokers in sri lanka, forex brokers Sri Lanka, Forex Trading, forex trading in Lanka, forex trading in sri lanka, forex trading sri lanka, trader, trading forex, What Emotions Should You Watch For In Yourself While Trading Forex
When it comes to doing forex trading in Sri Lanka, it is a lot more than just studying numbers, charts, patterns, and ratios. It also involves the personal skills and talent of the trader. However, even the best of forex traders work on improving and sharpening their skills with diligent preparation, training, and discipline. In order to become one of the successful forex traders in Sri Lanka, you should conduct a self-examination of whether you know exactly what you are doing, and understand on why and how you should avoid any kind of fear and greed when trading in forex market. Mentioned below are a few tips on how to become a successful broker, and how to trade forex in Sri Lanka successfully:
Now, it is essential to understand that before you get into a forex market, you are required to have some prior knowledge and understanding regarding how you will take trading decisions and implement them when trading in forex market. You should also know about what is the right time to enter and exit a forex trade. There are many ways to read a forex market. While some people prefer to do analysis involving the economic factors, some read charts, patterns, and trends in order to make a trading decision. It doesn’t matter what method you like to use, you would have to be consistent and be sure that you know what you are doing and that you are choosing the right method for yourself.
But for you to do that, first you would have to learn on how to do it and forex trading is not something you can learn overnight. You would have to put in lots of hard work, practice assiduously, and have patience when learning the changing mechanics of a forex market. Forming your foreign currency trading plan and developing the necessary skills will require time and patience, and the right opportunities will come your way. Also be smart when making trading decisions. Do hard work and smart work.
When trading in the forex market, keep a forex journal to keep track of how you are progressing in the forex market trading. These journals can be very convenient, especially when you are going through a negative phase in the forex market trading results. It can be a confusing and demoralizing situation for you. It might be difficult for you to figure out where did you go wrong with your trading decisions. In this situation, you can refer to your forex journal.
When you are looking for the answers to questions like ‘Am I making the right trading decisions?’, ‘Can I keep trading the same way I have been doing in the past?’ ‘is it time to change my approach or quit the market?’ and so on. It will be a lot easier to find answers to these questions if you can refer to past transactions.
A forex journal will help you to recognize the particular time intervals when you were not making the expected profits, although you had been following your pre-planned trading strategy without failing. In your journal you should enter the entry and exit time of your trade, the volume of the trade, market conditions, why did you enter the trade, your profits or losses, and so on. This will help you acquire the psychological control and discipline in order to execute your order successfully.
When you are entering into a forex market, you will not survive without sufficient capital in your pockets. Luckily, you can start trading in the forex market with small margin amount. Yet, it is an unwritten rule that you should not trade beyond what you cannot handle financially and psychologically.
Some traders think that the larger accounts will give them larger profits, but that is not always the case. In case any of your trading decision doesn’t sit right with market conditions, you might have to suffer heavy losses. Without enough capital, you might be putting yourself at a greater risk than what you can afford.
When entering a forex market trade, it is necessary to consider the risks involved and see if it is worth putting your money into it or not. Along with the risks, you must also consider the possible payoffs, and then make the final decision.
Fear and greed can be very damaging for your trading position in the forex market. It is important to control your raging emotions when trading. It might be perhaps one of the difficult impediments when you are operating in the forex trading market. Each and every time prices move up or down, you might feel tempted to buy or sell the currencies. But you must control your impulses until you are sure that market is moving in the direction you have been expecting. Getting greedy with rising prices, and fearing when prices are falling are not the appropriate traits to hold on to, especially if you want to be a successful forex trader in the long run.
Fear can stop you from forming a strong base in the forex market and you might also lose some very profitable opportunities. It is fear of losses that might lead you to sell your foreign currency too early while making a very small amount of profit. Know that fear can be controlled and managed by creating a proper and effective plan and maintaining patience and discipline.
When trading in the forex market, utilize right take profits and stop loss strategies to make the best out of existing market conditions and price movements. This could be a bit complicated. The objective behind this strategy is to get out of the trade when you are making good profits, instead of waiting for the prices to go down and then get out of the trade with the fear of hefty losses.
The eventual goal for forex market traders is to make best out of price changes so as to make profits at the right opportunities. With the careful implementation of take profits and stop loss strategies, you can improve your control over your trades and funds, and reduce the risks and maximize the profits.
If you want to learn about forex market analysis, you can refer to ‘ Fundamental and Technical Analysis in Forex Trading ’, ‘ What is the Price action trading analysis ? ’, and ' Forex Trading with Support and Resistance Zones ’.
Prathilaba October 17th, 2018
Posted In: forex school
Tags: forex, forex brokers, forex brokers in sri lanka, forex brokers Sri Lanka, Forex Money management, Forex Trading, forex trading in Lanka, forex trading in sri lanka, Forex Trading Journal, forex trading sri lanka, Forex trading tips, successful trader, trader
To maintain a proper journal is always an important task when it comes to forex trading. The main purpose of doing this endeavor is to determine, monitor and keep the focus on your foreign currencies and their performance in the market, and to improve your overall portfolio of foreign exchange trading. A forex trader with discipline and organized knowledge is a moneymaking trader and having a forex trading journal is the initial phase of achieving that.
Keeping a forex trading journal might sound like an easy job, but to actually start one can be a bit confusing and difficult, especially if you are just starting to make your way into the forex market. As a matter of fact, several forex traders do not maintain a forex trading journal as they simply give up the task and rely heavily on the trading logs provided by their forex brokers. The trading logs provided by brokers contains your transaction history, but they are only slightly useful as they do not tell you why you bought or sold a currency.
A forex trading journal is more than just entering transaction records including beginning, finishing, and execution of the trade. It is also about improving your trading techniques and, understanding and transforming your own mindset. The forex trade journal is more concerned with the trader’s emotional mindset before and after the trade takes place.
Usually, a forex trading journal is maintained by many flourishing traders who want to maintain an objective outlook towards their foreign exchange trading circumstances so that they won’t get carried away in upward trends nor they will lose their money with wrong moves during downward trends.
If you want to do forex trading in Sri Lanka with successful results in the long term, keeping a forex trading journal will provide with a great insight that you will not get from the logs provided by your broker or from any other source.
Forex trading journal is prepared while keeping three main objectives in mind:
As a trader, you might still be wondering why you need to maintain a separate forex trading journal when your broker is already providing you with real-time records of your trading transactions. The answer is forex journal offers a lot more than just the recording of your forex transactions. Given below are a few reasons as to why you need to keep your own forex trading journal:
Of course, the basic idea behind maintaining a forex trading journal is to record transactions for the future reference. Over a time period, the journal will become a place of your trading historical data, which you can use for decision making in the future. You will have a summarized record of all your trades and you will be able to keep track of each trade and check on the effects of every trade on your overall trading position in the forex market. Based on your analytical skills, you can gather lots of information from your collected and recorded data and use them for more beneficial market actions.
While the main objective of creating a forex trading journal is recording data, it is also a great planning tool. It provides you with in-depth information about your trading history using which you can make your plans for future trading. You can set parameters for each trade deciding on when you want to buy or sell a currency, your price range, and how much risk you are willing to take without actually harming your profitability and trading position in the market. Basically, a forex trading journal can be your personal thoughts book where you not only record transactions, you also record your sentiments about each trade and where you want to take it from there. You can set goals and work towards attaining them.
One of the most important reasons for why you should keep a forex trading journal is that with time you can identify your trading methodology and work on improvements where you think necessary. You will be able to track your trading performance through forex trading journal and see how well your trading style is performing in the changing market circumstances.
Perhaps one of the best parts of maintaining your own forex trading journal is that you can see where you are going wrong with your investment habits, and thus you can change your damaging habits to something more creative, constructive and profitable actions. With more and more improvements in your investment style that can also give you more profits and strengthen your portfolio, your confidence will increase in your ability to make sound investments in foreign exchange market and make the valuable decisions during volatile market conditions.
When it comes to preparing forex trading journal, you can prepare it in the way, which is most convenient for you. The best and easiest way to approach it is that
Whenever you complete a trade, note it down in an excel sheet or a notebook along with the reasons for why you entered into that trade. That way you will be able to analyze your past trading decisions to get a better outcome in the future.
Given below are some of the basic elements that you must keep in your forex trading journal pertaining to each of your trade:
If you want to know more about how to trade forex in Sri Lanka, analysis of forex trading in Sri Lanka, how forex brokers operate, and many other things you can refer to, ‘ Introduction to Forex Trading ' and other related articles.
Prathilaba October 17th, 2018
Posted In: forex school
Tags: forex, forex brokers, forex brokers in sri lanka, forex brokers Sri Lanka, Forex Trading, forex trading in Lanka, forex trading in sri lanka, Forex Trading Journal, forex trading sri lanka, What Is a Forex Trading Journal, Why I Should Use a Forex Trading Journal, Why Use a Forex Trading Journal
Every financial market, including the forex market, in the world, has the tendency to rise and fall. The best way to figure out the market movements is to analyze their price action along with the different levels of price movements. Two main levels in the forex market are support and resistance levels.
Support and resistance levels are main elements in technical analysis and they can help you in developing a supporting structure from which you can get a better understanding about the price movements, stop loss positioning and profitable opportunities in the market. Basically, you will get to learn how the forex market works and what are the factors that affect the price movements and how they do it.
The strategies based on support and resistance zones or levels can help you in identifying the most profitable points where you can buy or sell the currencies to make most out of the market trends.
If you are finding it difficult to trace the support or resistance level, given below are a few steps to do it:
When it comes to identifying the market conditions, market trends are perhaps one of the most sought out factors that traders look for when buying or selling a foreign currency. The future market trends and price movements are somewhat unpredictable. However, by simply identifying a trend, a trader can recognize what could be a better move to make profits from current circumstances.
A trend is an occurrence when a market is moving in the same direction for a long period of time. Trends usually occur due to two main psychological biases on people’s part. They are herding and confirmation bias.
Herding Bias - When a market has been moving downwards for a longer duration, traders expect the market to continue in that direction in coming future as well. Due to this, they might start selling their currencies at a lower price, which will again lead to the market moving down further; hence, more people selling their currencies. This is called Herding.
Confirmation Bias - in this, traders make assumptions regarding in which direction the market is moving and then they regard all the present evidence in the forex market to see and confirm which direction the market may go.
In counter-trend trading, trader assumes that current trend will move back in reverse and then tries to make profits from that reverse trend. In general-counter trend, trading is a medium-term plan of action where same trading positions are kept during many day or even weeks. For forex trading in Sri Lanka, you can use counter-trend trading strategies for various goals along with earning clean profits, diversifying and managing the risks involved, and so on. You can also look for skilled forex brokers in Sri Lanka to do the job for you.
A range-bound market can be defined as the market where price moves between a particularly high and low price. The higher price is leading resistance level where price can’t break through the level to rise further under existing circumstances. Similarly, the lower price is the leading support level where price can’t break through to fall below the level under existing circumstances. This market movement can be categorized as horizontal movement.
Now, in order to make sure that the range-bound market trading goes on smoothly and effectively, it is necessary to find and confirm the range. For that price must touch two similar high and low prices and that too without breaking those levels at any point between them. After you have confirmed your range, the best approach for trading is to purchase the currencies near the support level and sell the currencies near the resistance level.
A breakout takes place when the price moves past a specified trading range for example support and resistance level with enlarged volume.
In breakout trading, the main objective of the trader is to get into the forex market at the time when the price does a breakout and then continue to the trade in that direction up until the volatility stops.
There are 3 types of breakouts. They are:
At times, when there is an extended price movement of the market in one direction, the traders take a respite and think about how to proceed further. If they decide to trade in the same direction as previously, it is called continuation breakout.
In reversal breakouts, market price moves in the same direction for a period of time and after a respite, if traders think that the previous trend was not right, they will move the price in reverse or opposite direction.
In false breakouts, the price moves past a certain level or trading range like support or resistance, or triangle, but then it doesn’t speed up in the same direction. It might move back into the trading range.
If you want to have some tips on how to trade forex in Sri Lanka successfully, you can refer to our article, Forex Money Management – Forex trading tips that you need to know to be a successful trader.
Prathilaba October 17th, 2018
Posted In: forex school
Tags: forex, forex brokers, forex brokers in sri lanka, forex brokers Sri Lanka, Forex Trading, forex trading in Lanka, forex trading in sri lanka, forex trading sri lanka, Support and Resistance, Support and Resistance in Forex
The price action trading analysis is the evaluation of raw price movements through price charts in the forex market for over a period of time. Using the price action of a forex market, you can see which direction is the market moving and how you can use it to earn profits while trading.
For doing successful Forex Trading in Sri Lanka, you can use price action trading analysis as it can help you make the right trading decisions based on price movements.
There are various economic factors that affect the price movement in the forex market and it can be seen on the price charts which are used for technical analysis. Thus, instead of wasting your time analyzing every economic factor, just make use of price action trading as it is easy to follow and it considers all the factors affecting the price movements.
The price action trading analysis comprises making predictions and speculations about price movements in the future. There is no hard and fast rule as to who can use price action trading analysis. This method is used by individual traders, speculators, large trading firms and other parties involved in the forex market. The price action trading analysis is associated with past price movements and data of the recent past. It uses all sorts of technical analysis tools including market trends, price charts, high and low swings, technical data about support, resistance and consolidation, etc.
The price action trading analysis comprises of 4 main elements. They are:
With the help of these 4 elements, you can make yourself a successful trader in the forex market:
Support and resistance zones are perhaps one of the most used price action trading tools. As a currency price move upwards and downwards over a period of time, it is inclined to stay inside a range. The up and down limit of that range of a currency price is called support and resistance zones. By choosing the support and resistance zones, you will get a lot better and easier understanding of price movements. It also helps you in grabbing good trading opportunities.
As a forex trader, you should learn how to evaluate highs and lows of the forex market correctly. That way, you will get able to attain a much-improved understanding of how to earn profits. By studying the highs and lows of the forex market movements, you will also be able to gather information about what could be the market trend in near future, how long the trend might last, will it be strong or weak, etc.
Here, finding the right price action signal important. Even the best price action signal might not be right for your trading position. You can improve your chances of earning good profits by doing trades at significant and substantive price levels. Many times, novice traders use any price action signal they get, without thinking of when and where they are occurring and whether they are going to make something substantial out of it or not.
Most of the times, when traders in the forex market have difficulty understanding new patterns or charts, they prefer to stick with textbook patterns. They use their textbook knowledge while but what they need to understand is that the forex market has come a long way and its working and structure keep on changing.
But what to do when despite using textbook patterns and knowledge, you are losing your money in forex trading. What you need to do is think innovatively and look at the things from a different angle and objectives. Price, trends, and patterns keep on changing continuously and it is not a feasible solution to trade in the forex market with the same patterns.
When you are creating a list of forex currencies to keep an eye on before you start trading, it is important to make the right choices. Choose the currencies based on how they might perform in near future and whether there would be sufficient price movement for you to buy and sell the currencies at right time with the right amount of profits. Many times, currencies have low price movements which in turn might lead to volatile conditions with narrow ranges, tight congestions, and squeeze consolidations. Only choose those currency markets that offer broad and well-defined price action and avoid the markets that have very low price action or are too changeable and strident. Keep rotating your currency pairs based on market conditions and price trends.
The price action trading analysis is a skilled and analytical method of approaching your forex trade. It is one of the most profitable methods if you want to Forex Trading in Sri Lanka. If you want to know more about different forex charts and their patterns you can refer to Forex Chart Types, Chart Patterns, Candlestick Patterns, and Indicators. To learn how to trade forex in Sri Lanka, read Where to trade Forex Online and type of Forex brokers article.
Prathilaba October 17th, 2018
Posted In: forex school
Tags: forex, forex brokers, forex brokers in sri lanka, forex brokers Sri Lanka, Forex Trading, forex trading in Lanka, forex trading in sri lanka, forex trading sri lanka, price action, price action trading, What Is Price Action Trading, What Is Price Action Trading Analysis