Hello guys, since in here at 3 am, so I want to say. Good morning, selamat pagi, ohayou! :D hehehe anyway, in previous article I already explain about forex mindset that after long term investment and not just short term trade! And today, I'll give forex tutorial about forex term! Every forex trader should know at least some of term in forex, so when you talk at forum and discuss about forex you still get the idea, about what they are talking about! basically in forex world there's a lot of term, if I have to mention one by one, it could be hundreds of it! For complete forex term you can check this site (Investopedia Forex Term )
There are so many forex term, but some of it are never been mentions at forum but of course some of term are always mentioned, e.g. Lot, PIP, Leverage, Swap, stop loss,Candle stick, FIFO(broker MT4 Feature)Exotic pair EUR/USD,EUR/MXN, USD/RUB USD TRY (currency pair), long/short(buy/sell)Hedging, Carry Trade, Price actions, Fundamental,(forex Analysis and strategy) NFP, interset rate, Dovish, Hawkish(central bank prediction) , Market Maker, ECN, STP,(broker type), Bearish, Bullish,(market trend) and etc.
The best way to understand forex term, actually I have some tips, that you can follow! Below are a few tips for you, so you can familiar with fx term in short time!
- Tips number one, Use MT4 and trade with it! You don't have to use real money to play with mt4! All you need is open demo acc, and then trade! By doing this, your instinct will react, and have high interest in forex trading activity! i.e want to learn about forex, and this is a good sign, And I am pretty sure that you will force yourself to learn much more about your investment! Do you know there's some trader that using MT4 more than 2 year! Crazy ehh ;) well. Actually not! In fact most of trader before using real money they will test their EA strategy, with demo account for about 2 -4 years! by doing this, they can make sure, their forex strategy really works in long run, and if there a mistakes, they still can change EA setting without risking real money!
- Tips number 2, Hang out and ask in forum! Most of us, don't have guts to ask stupid question at forum sites! Good news is, you don't have to ask stup1d question in order to understand forex term! All you need to do is read all forex thread in forex factory! Just FYI, forex factory are one of the best fx forum in the world! so that place can be the best information resources! At least it’s free, and you can learn forex without spending a dime!
- Tips number 3! Join forex Contest! This will boost your ability to compete with other trader! it’s fun, and also if you can win Forex Championship you'll get thousands of dollar ;) the idea of this method are simple because human will push their ability to the limits if there's a rewards! And do you know what make this world's keep moving and growing? ;) Simple because of competition! I.e. rich and poor! Whether you like it or not! Competition already starts from the start of the beginning! Yep, when you still a 5perm ;) you compete with other billions! If you born to this world it mean, you already a champions, the best from the best!
- Tips number 4(additional), Be smart and Creative! I know it’s sound cliché! But, as far as I know, if we use the same method over and over, meanwhile the previous user fails miserably! Then something wrong with that strategy! If you want to be a champion! Then use, and find another methods! Otherwise choose another Investment! And do you know that forex transaction per day is worth more than 2 billion of dollar! But unfortunately retail trader is only smart fraction from that ecosystem! There is 4 significant participant in forex Industry e.g central Banks (government), Banks and Other Financial Institutions, Hedger and Speculator! We retail trader are in speculator area! Because we tend to speculate about market! We try to predict where market to go! To be honest we can't do that! Seriously! At least we can't predict market using some chart! Right? Even the government itself can fail! (Nobody safe) but there is community that always growth bigger and stronger! Simple because they are not greedy! ;) Yep, I bold one of the participants!
Well guys, at this moment, I only give 4 tips ;) just hang in there and don't forget to bookmarks my Blog OK! :D keep on reading my forex tips and tutorial from me! I will guarantee, you will not be one of the looser out there! Though I can't promise you will rich fast! But you can make decent profit for long run!