HOW TO GET STARTED IN TRADING? Step 1- Open a demo account with a trusted and regulated broker Step 2- Have a trading plan and trading strategy Step 3- Start trading on a demo account to test out your trading plan and strategies first Step 4- Start live trading and create second source of income […]
BASIC INFORMATION ON CURRENCIES EXCHANGE If you ever travel to another country for holidays or work and you have exchanged your currency to their foreign currency, you would have participated in forex trading. Take for example, you are a Singaporean visiting Malaysia, you would have sold Singapore dollars and bought Malaysia Ringgit. The foreign exchange […]
CALCULATING CONTRACT SIZE Forex is commonly traded in specific amount called lots. 1 lot will represent 100,000 units. For Metatrader the smallest contract size is 0.01. In the above example, if I enter a long position 1 lot of Gbp/Usd, I would have entered a contract size of 1.25087*100,000 units*1 lot = 125,087 USD. If […]
DIFFERENT MARKET ORDER TYPES OF MT4 & MT5 Market Execution Market Execution means that you would like the market to execute the orders immediately at the current price. Pending Order There are 6 different types of pending order: Buy Limit Sell Limit Buy Stop Sell Stop Buy Stop Limit Sell Stop Limit Buy Limit A […]
21 EASY CANDLESTICK PATTERN (How to read a candlestick and What a candlestick meant) Takeaways: A bull market is a market that is on the rise and where the economy is sound; while a bear market exists in an economy that is receding, where most stocks are declining in value. Although some investors can be […]
MAIN GROUPS OF CHART PATTERNS It’s not enough to just know how the tools work; we’ve got to learn how to use them. REVERSAL PATTERNS Reversal patterns indicate that an important reversal in the trend is taking place. To trade these chart patterns, simply place an order beyond the neckline and in the direction of […]
WHAT IS FUNDAMENTAL ANALYSIS? Fundamental analysis in forex attempts to predict currency moves by studying interest rates, government policies, business cycles, and economic growth in the 2 countries where the currencies are being compared. It considers all the variables that could affect the supply and demand for any particular stocks, commodity, or financial instrument. Fundamental […]
IS IT BETTER TO HAVE MORE THAN 1 BROKER? Yes it is important to have more than 1 broker. Fortitude Funds recommends you have at least 3 brokers for the following reasons: For Best Rates.Online brokers come in different forms, some are better than others and many offer different features and services. Different brokers can […]
MENTAL ANALYSIS (TRADING PSYCHOLOGY) Adopting a trader’s mindset There could be a huge gap between what a trader understands about the market and his ability to transform the knowledge to make consistent profits in the market. What’s taught in school cannot be applied to trading. Data has shown that the largest group of consistent losers […]