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How to accomplish Currency Trading Success: Part 1
Currency trading success can be achieved simply by anyone, as everything regarding trading currencies can be specifically discovered, by any trader wishing to put it in the time and effort to do so.
Trading currencies successfully is a combination of two factors:
Firstly, you need a successful trading method for long term currency trading success to forecast market direction and these techniques fall into two categories:
1 . Fundamental analysis
A foreign currency trader who makes deals based upon fundamental analysis, will look at the supply and need situation relevant to the particular foreign currency studied, and try and forecast the impact of such aspects as:
· The health of the economy
· Interest rates
· stability of payments
· Trade deficit
· Other factors
In today’s marketplaces with the all-fundamental information available in seconds anywhere in the world, fundamental information is quickly reflected in the price.
Traders therefore, can have difficulty acting quickly sufficient to position themselves in the market in relation to breaking news.
In light of this, more traders looking for currency trading success are using a specialized approach to the markets.
2. Technical analysis
Technical analysis is the study of a currency, based strictly upon using only the price history of the particular currency.
Technical analysis uses simply no information about the currencies supply plus demand situation – it simply focuses on price action.
The common belief is that the currency cost reflects all the known information about the currency as it is immediately reduced in price action.
Technical analysis nevertheless does something more — it indirectly studies human being psychology.
Since price designs reflect shifts in human being psychology, one can assume that particular patterns, cycles and styles, will repeat themselves once again, as human nature has remained continuous over time.
Technical analysis takes into account both the fundamentals and the market individuals psychology and this gives all of us a simple equation:
All recognized fundamentals + human mindset = Price action
the particular fundamentalist studies the cause of marketplace movement, while the technician research the effect.
For currency trading achievement, you need to catch the longer-term trends that yield the big profits. The technical investor does not care how and the reason why these trends develop; almost all they want to do is make money from them when they occur.
Look at any currency price graph over time and you will see extensive trends and many of them last for years.
The secret of currency trading achievement is using technical analysis to spot all of them.
Long Term or Short Term Trading
For long term currency-trading achievement, is it better to be a long term trader, rather than a short-term investor.
While traders can, and do make money with short-term methods of investing, the fact is, currencies trend longer term and these are the trends that will yield the biggest profits.
The reason for this is obvious:
Currencies reveal the underlying health of the economic climate.
These cycles of growth and contraction, tend to last for many months or even years and a long term position trader offers huge profit potential, if they can lock into plus hold these longer term styles.
The choice between long term, plus short term trading is very subjective, but generally the longer-term cost trends tend to be easier to forecast, and offer better risk or reward, so an extensive approach is the one to focus on.
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