how to Take First Learning Step in Forex Trading

Earlier, we said that price action should theoretically reflect all available market information. Unfortunately for us forex traders, it isn’t that simple. The forex markets do not simply reflect all of the information out there because traders.

pinion of why the market is acting the way it does. The market is just like Facebook – it’s a complex network made up of individuals who want to spam our news feeds.

pcrawler, or Celine from the donut shop – feel about the market. Each trader’s thoughts and opinions, which are expressed through whatever p

they take, helps form the overall sentiment of the market regardless of what information is out there. forex is the best trade

The problem is that as retail traders, no matter how strongly you feel about a certain trade, you can’t move the forex markets in your favor. Even if you truly

believe that the dollar is going to go up, but everyone else is bearish on it, there’s nothing much you can do about it (unless you’re one of the GSs – George Soros or Goldman Sachs!).

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As a trader, you have to take all this into consideration. You need to perform sentiment analysis. It’s up to you to gauge how the market is feeling, whether it is bullish or bearish, and you decide how you want to incorporate .

perception of market sentiment into your trading strategy. If you choose to simply ignore market sentiment, that’s your choice. But hey, we’re telling you now, it’s your loss!

Being able to gauge market sentiment aka sentiment analysis can be an important tool in your toolbox. Later on in school, we’ll teach you how to analyze currency market sentiment and use it to your advantage, like Jedi mind tricks.

A simple line chart draws a line from one closing price to the next closing price. When strung together with a line, we can see the general price movement of a currency pair over a period of time.

A bar chart is a little more complex. It shows the opening and closing prices, as well as the highs and lows. The bottom of the vertical bar indicates the lowest traded price for that time period, while the top of the bar indicates the highest price paid.

The vertical bar itself indicates the currency pair’s trading range as a whole. horizontal hash on the left side of the bar is the opening price, and the right-side horizontal hash is the closing price.

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Take note, throughout our lessons, you will see the word “bar” in reference to a single piece of data onbar is simply one segment of time, whether it is one day, one week, or one hour. When you see the word ‘bar’ going forward, be sure to understand what time frame it is referencing.