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If you want to make serious money from currency trading, you need to take Forex education seriously. Think twice before trading your money and risking it in the market. Ask yourself if you have had enough training in real trading. Ask yourself whether your education is sufficient to ensure the security of your business. Here are the different aspects you need to consider about forex:
basic education
Basic education includes knowing what Forex is, the different terminologies used in trading, what brokers are and how trading works. You can get the most basic educational information from the websites of FX trading brokers. The training and educational materials found on these websites are free of charge. Therefore, you do not need to spend a lot of money to buy eBooks that provide you with basic currency exchange education. Simply visit FX sites and view educational e-books, articles or videos.
fundamental analysis
Fundamental analysis is a school of thought in forex trading where the trader looks at current economic conditions that affect currency value to determine whether to go long or short in a trade. This includes checking economic news regularly before acting on a trade. In other words, the trader looks at external factors that affect currency value. To understand how fundamental analysis works, you need to study the subject in detail from a book, from a video, or directly from experts.
technical analysis
Unlike fundamental analysis, technical analysis uses charts, graphs and currency price flow to determine whether to go long or short. This school of thought is based on the concept that history repeats itself. Certain patterns in the graph usually reappear in the future. There are various tools that can be used to analyze graphical data. Some of these tools can be very complex. Therefore, to ensure the success of technical analysis it is necessary to study how to use these tools in the right way.
Forex education does not stop after learning the basics of FX trading. To be a successful trader, you need to master fundamental analysis and technical analysis as well. These are the two most important schools of thought in any type of trading. Some people prefer to use only fundamental analysis. Others prefer to use only technical analysis. When it comes to choosing which strategy to choose, practice on a demo account and find out which one works best for you.
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