A range-bound market is a scenario where there's price blockage within the range on the price chart. Which means the general price action is situated between two specific levels, the high of the range, and the low of the range. You might hear some traders refer to range-bound market trading as “price consolidation,” “congestion phase,” or “flat market.” When the Forex pair is not going either up or down, it is considered to be in “consolidation phase,” or “horizontal phase.”
There are a lot of people out in our big world who have probably heard about Forex trading, maybe from a family member, a friend, read an article, or seen an advertisement online, etc. Most likely, it has piqued your curiosity but you’ve never really pulled the plug on learning more. So, this article is for those of you who can relate to that, or for beginner traders who may feel they’re a bit in over their heads.
The instability and spread size of the market means there may be opportunities for you as a trader to achieve huge profits and also suffer from huge losses if you’re not prepared and careful. The most difficult task for a trader to grasp is how they can predict the direction of the market as close as possible. The key secret to becoming a successful Forex trader is to always strategize and analyze your trades. You also need to embrace some specific qualities, one of the most important ones in passion.
I’m going to discuss trading in groups and why this can be beneficial for your journey when trading Forex. Trading in a group setting can benefit you in many ways by having other people around that are going through the same Forex process journey as you are, because not only can it be comforting because they know how you are feeling, it also just feels good to know you’re not alone in times of distress.
Many people will attempt Forex trading with the hopes of having a successful and profitable journey. However, not everyone will end up becoming a trading sensation earning huge profits. Why is it that some traders manage to be consistently profitable and some traders are flat out broke and burnt out in a matter of months? Why do some traders take the challenges of Forex in stride and others feel the disappointment of every loss? There are no simple answers to these questions, but I can tell you a little of everything that will tie it all together.
Signals can be a very polarizing subject. On one side, you have the person who believes their strategy proves itself enough that no aid is needed or that a signal will not help you learn and is a waste of time. On the other hand, some traders believe that getting a trade entry and exit to place can help identify trends in the market at that point that they may not have seen or that a signal can be a great confirmation for a preexisting idea in the market. Either way, signals are a big thing in the trading world, but what are they?
I wanted to share with you the importance of your Forex trading education so you know right out of the gate how seriously you need to take it. Trading for most beginners is completely foreign, and the concept of the market is unknown. Having a steady program and or trading coach at your side is ideally the most important elements of a formula towards achieving financial success when trading Forex. For some reason, with being new to the Forex market, people can sometimes assume they can become successful and profitable by attempting to teach themselves and watching numerous free Forex videos online and reading documents that ultimately will always prove to be unhelpful. Let me tell you, this is not the way you want to learn to trade.
Most Forex financial traders that are profitable and successful are building their careers in silence, but there are a few traders that have stood out to me personally as being very popular and amazing people you can look up to if you’re wanting some inspiration on what trading Forex can do for you and your life. Here are a few of those professional traders you can look up to and learn more about how they got to where they are today.
Starting something new is exciting and scary at the same time. The unknown of what will happen, what will change, can be extremely overwhelming. I’ve prepared some questions I know brokers are frequently asked by people who are unsure whether they want to make the plunge and get into the Forex business or not to help guide you to some clarity.