It's any individual's dream job to be able to make money from home and spend most of your time engaging in whatever you want. In fact it is the goal if you're able to make as much income as you want whenever you want so you never ever have to worry about your financial situation again.
A career being a forex trader can enable you to live this dream but in order to do so you’re going to have to become a master at forex analysis. It's going to be impossible for you to generate winning trades before you analyze the foreign exchange markets and trying to do this is simply likely to lead to you losing your money.
There's an urban myth that foreign exchange brokers do not want you succeed! There is nothing further from the truth. Fx brokers make a lot of money from profitable traders, which shows that in reality they want only to see you succeed in trading the fx markets.
When trading Foreign exchange there's 2 types of analysis that you're going to need to learn, there's news analysis and technical analysis.
News analysis is all about knowing factors which include politics, economies, wars etc. .. and recognizing how they can affect the Forex market. What happens to the currency any time a country is gaining power or when it is getting unstable. By being savy at understanding these movements you will be able to assess which currencies are going up and which have been heading down. This information will aid you to select which currency pairs you may be trading.
The technical analysis is a bit more what you would generally associate a trader with. This involves reading the information that is coming direct through the markets. These are typically integrated into what are known as Forex broker platforms. There are numerous types of indicators that will help interpret the forex market and you will have to find out which ones do the job and assist you to find out moneymaking trading strategies.
However the biggest ability of all and one that will be almost never discussed, for a trader who's wanting to learn forex analysis is being able to determine what time of the day to trade. Mainly Because all countries worldwide have currencies and their working hrs are different, forex is a 24 hour business but the times which you want to be trading are when there will be the best opportunities.
Most good fx traders love to catch the end of the European market and the start of the US market simply because this usually means they can trade the world’s most popular currencies in a single session. That time period is in between 8am and 12pm EST NY time. If you trade during these times then it's likely that you will be finding the most financially rewarding trading opportunities.
So if you would like live the dream lifestyle then it merits understanding not only the way to master forex analysis but in addition what the right times of day are for your individual trading systems.
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