I'm just wanted to take the time with you to today to share smart forex trading advice. This can be a very tough business for a lot of people. Losses can come at you quick and you can lose all your money fast. When you know how to play smartly, you're in the position to build and protect profits.
What moves the markets?
Most of the time, the prices of currency are moved just by natural market forces like supply and demand. But there is one thing about currency that you have to understand, it's fiat. Fiat means that money doesn't have any value in itself, it's just paper. This means that their is an emotional side to the price of a currency, which traders have a hard time measuring.
The best way to identify these factors is the health of the economy. The economy or societies belief in the economy, is what really holds up the value. If people don't trust the economy or think it's on a down trend the currency will go down. People typically don't view the economy as bad, they usually hear it on the news. This brings me to my point; watch the news. There is a lot of information being presented that really does have an effect on the price of currency.
When to trade?
With this being the foreign exchange market, you have 24hrs of the day to trade, so when should you do it? The best time in my opinion is during high volume times. That is the time when most people are trading. The reason is simple; you can guarantee to yourself that no one trader can manipulate the price of a currency, which can be done during low volume times.
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