In any given week there are up to 50 news events marked on an economic calendar. Some barely create a blip in the price movement and others can move the markets by hundreds of pips.
In forex trading, as far as predicting price goes, nothing is a certainty and anyone claiming otherwise has never traded the markets or is selling a pot of gold at the end of a rainbow.
Impulsive trading is gambling in another form and it is one of the biggest downfalls for both novice and experienced traders. A trader hits a winning streak on a few trades and feels indestructible.
A market correlation is when two markets move together. This could be in the same direction or the opposite direction. Understanding the how and why it happens is especially useful information that can help you identify the future price direction of an instrument.
Reading the tape (THE PRICE ACTION) is one of the most important tools in anticipating future movement in the markets. The concepts behind setting up Support & Resistance lines is for the purpose of giving a trader the potential pivot points to where a symbol can either bounce off or break through.
The forex exchange market is made up of individual currencies from countries all around the world. What moves the currency markets is based on the concept of demand and supply.
Having limited time to review charts does not mean you cannot make money trading the financial markets. Follow the steps below and get a head start on your trading journey.