When it comes to trading FOREX, one of the most important things to know is what causes a currency to rise or fall. Knowing this, along with having a rough idea of what a news announcement will say is one of the best ways to make profits. This is one of Shawn Lucas’ favorite ways to trade: scalp the news and catch the movements early on. So, what all in all constitutes some of the biggest strengthening, or weakening, movements in the U.S. Dollar, along with other world currencies.
Asides from the FOMC interest rate and rate statements, Non-Farm payroll is one of the most sought-after trading announcements. This announcement details the amount of people employed in all the non farming job sectors. The breakdown goes down to the detail about people employed in retail vs mechanics, vs medical, etc. While most traders do not care so much about the breakdown by industry, the amount of people employed is a major mover in the FOREX market. This is one of the reasons you will see the Non-Farm announcement traded at the Apiary Fund.
Holding trades over long durations of time is a very strategy based question. As you’re looking into whether or not to hold your trades over time, looking into what your strategy has to offer is a big part of that. Apiary Fund does offer strategies that allow for those longer term trades, but it is a matter of finding if those types of strategies are for you. If you scalp or do shorter term trading and it works well for you, then don’t feel the need to hold your trades longer, because you may turn out less profitable. Looking into a longer term strategy may be what you need to take your profits to the next level.
Support and resistance is the most used method for FOREX trading. This is the reason it is one of the first strategies that Apiary Fund reviews. On top of being the most used, it is also one of the easiest methods to use in one's trading for the most part. What the areas, areas being the key word, of support and resistance show is a reliable spot for reversals or breakouts. Now technically, at any point and on any candle, you can have a point for a breakout of price or a price reversal. The support and resistance, however, shows a reputable place and an easier entry point than just any random spot on the candle.
One thing that is rampant these days is scams. Whether it be an email promising you riches for helping royalty or someone promising to double money you wire them, they are all over. In the trading world, there isn’t an exception. This is especially the case with FOREX since it is not a centralized market such as the stock market. But there are a few things you can look out for when you're getting started to make sure you don’t get roped into a false trading company.
Candlesticks are the most commonly used method for trading in the FOREX markets. They show the most vital four analytical points when trading. The only thing they are missing is the volume of trades being pushed through. Although, there are Volume Candlesticks that do present that information for you. However, with the FOREX market’s lack of centralization, an accurate measurement on volume is near impossible. So, with FOREX, candlesticks show the vitals: High, Low, Open, and Close.
When you are trading, or learning to trade, in the FOREX market, it can at times be overwhelming. It is especially overwhelming if you are going into the process with no help. Help in the forex market can come in many forms from joining an education company, like Apiary Fund, or having a personal advisor help you out, like Shawn Lucas. Either way, the path is not necessarily an easy one, but having an advisor is more likely to get you where you want to be faster and help you build your plan in ways you may not have thought.
Most strategies, regardless of their complexity have some form of chart reading as part of them. This chart reading can come in many forms, all stemming from the price action of the chart. Price action comes in many forms from single-candle formations to multi-candle setups as well. These all have some way of indicating what the price will do next. Apiary Fund reviews a lot of different price action styles both in videos and articles you can read. Here are a few forms of price action and how they can let you know what is going on in the market.
When it comes to trading FOREX, everyone wants every advantage they can get. This advantage can come in customized indicators, auto-traders, or at times, trading multiple pairs at once. Trading multiple pairs can be done for a variety of reasons. You’ll see traders do it just to have a little extra income on top of the pair that they are usually trading, or you will see traders using multiple pairs that can foreshadow a similar pair. When it comes to the latter, knowing what pairs you’re looking for similar movements and what pairs to look at for opposite movements becomes very important.
Humans are creatures of habit, as the saying goes, and traders are no different. If anything, a trader is much more a creature of habit than anyone. Crossover, buy; breakout, sell; new crossover, sell; etc. We fall into the habit of looking at one thing to trigger a response for us to execute a trade or set one up for later. These habits can be good or bad depending on how out there they are. Apiary Fund reviews hundreds of trading accounts and sees good habits and bad habits alike all the time. Here are some of the trading habits Apiary Fund has seen that makes for a successful and lower risk trading account.