More than $5 trillion is traded on the Forex market daily. However, Forex is not the only market where traders participate in the foreign exchange process. Forex futures are very close to Forex itself and the turnover of this market is close to $100 billion.
Nearly every day, I see the information about Forex trading mentors throughout the web. People are interested in their services because they think that mentors are more professional and experienced. But it’s not always true. The market is full of sort of Forex trading mentors who offer magical trading strategies, expert advisors, and books on the subject of rather poor quality. It seems to me that there are not so many of real mentors who can share their own experience with newbies, but there are always people who want to make money on the newbies’ ignorance.
The Forex market is constantly waving. It has periods of the uprising, moving down, and consolidations. Most of the traders use systems that perform better on the rising or falling market, but there are strategies that work perfectly on consolidating one. So, it’s like… The equity curve just follows the waves of the market. It means that you shouldn’t always stop trading when the price goes wrong.
Not every trader can dedicate all his time to Forex. Even if he does, he has to plan the trading day. If a trader dedicates Forex a few hours in a week, he should do it. I can say from my own practice, that trading on Forex needs a trading schedule. The market moves chaotically, and I’d be lost in it without an order.
The post Three Tactics for Trading Forex Around a Busy Schedule appeared first on Forexnote.
There is a variety of currencies on Forex, but only a few are the most traded ones. Keep reading and you'll find out which currencies receive the maximum trading volume.