Being new to the Forex industry can be a daunting and overwhelming experience! So, it’s easy to see why so many beginner traders get so quickly flustered by the market’s intense pressure and end up running away. That is why I’m going to go over a few tools you can continue to familiarize yourself with so you can accomplish all your trading goals, and beat the feeling of not being prepared.
These are some basic tools that all traders at any stage in their journey can use to help influence their performance in the market. The first tool you should know and continue to study is candlestick charting, and what each individual candle and their OHLC values mean. For those that don’t recognize OHLC, it’s a type of “bar chart” that shows open, high, low and closing prices for each period. OHLC is useful because it shows four major data points over a period of time, with the closing price being considered the most important by many traders. Another tool you can equip yourself with is studying price action patterns; which fall into continuation, reversal, and breakout patterns.
You can also learn about support and resistance. More times than not, it's not just a single line but rather a zone that marks where price has reversed or where you can see buyer and seller activity as increasing. Another excellent tool for all traders to have is the knowledge about supply and demand, which is very similar to support and resistance because it shows the trading zones of interest.
The last tip I have to study up on is trending, ranging and consolidating the markets, which includes dynamic support and resistance. The Apiary Fund is the company I have gained all my trading knowledge from, and let me tell you how big of a difference it makes to have such supportive people in your corner. The Apiary Fund reviews these tools and offers various forms of education to their eager community. Having the best community and group of traders from all stages in their journey is so important for your success as a Forex trader because the market can be overwhelming and unpredictable. And of course, having people in your corner can make all the difference, cheering you on , wanting you to accomplish your trading goals. I hope this helps add some ammo to your belt, and you can achieve your financial goals.