A beginners guide simple forex trading system

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Forex is a global and decentralized financial market for trading currency. Basically it trades in different types of currency and in doing so determines the relative value of one currency over another. For example Mr A trader in America trades $10,000 and exchanges it for Euro’s.

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A beginners guide simple forex trading system

  1. 1. A Beginners Guide: Simple Forex Trading System By James Taylor http://www.FishingForexPips.comCopyright by James Taylor - http://www.fishingforexpips.com/ All rights reserved.
  2. 2. Forex is a global and decentralized financialmarket for trading currency. Basically it tradesin different types of currency and in doing sodetermines the relative value of one currencyover another. For example Mr A trader inAmerica trades $10,000 and exchanges it forEuro’s. Copyright by James Taylor - http://www.fishingforexpips.com/ All rights reserved.
  3. 3. The exchange rate of US dollars to EuropeanEuro’s is determined by the foreign exchangemarket, more commonly known as Forex.The goal of this article is to provide beginnerswith a brief explanation on simple Forextrading systems in the hopes of tickling theinterest of more consumers to participate inForex trading. Copyright by James Taylor - http://www.fishingforexpips.com/ All rights reserved.
  4. 4. The first thing a consumer has to know aboutsimple Forex trading system is to determinethe type of market. Is the market a bullish,market or a bear market, meaning is it a risingmarket which will continue to rise or is it afalling market which may continue to decline. Copyright by James Taylor - http://www.fishingforexpips.com/ All rights reserved.
  5. 5. Second, keep a close watch on your charts andlook at the trending. Is there momentum, Isthe momentum one that favors a rise or a fall?If you want to sell then it is best to look for asudden spike from the market, refer tomomentum indicators like RSI, MACD andstomachastic. Copyright by James Taylor - http://www.fishingforexpips.com/ All rights reserved.
  6. 6. Now while the price is still spiking up but themomentum starts to slow then it is time tosell. This is what is known as bearishdivergence which is basically the time framefrom which the price and demand is at itspeak but is about to fall. Copyright by James Taylor - http://www.fishingforexpips.com/ All rights reserved.
  7. 7. Third, always have stop loss protection inplace, regardless of how good a time it is tosell or even buy. Basically a consumer/traderhas to patiently wait for prices to plummetthen while it is at a decline it is time to moveyour stop to break even. By doing this theconsumer/trader is able to take profit bysetting a downside target. Copyright by James Taylor - http://www.fishingforexpips.com/ All rights reserved.
  8. 8. Fourth, watch for trend reversals. Basicallywhen a rise or spike in the market ends andstarts to plummet there will almost always bea short burst or spike upwards. This usuallylasts a day or a week at most. Copyright by James Taylor - http://www.fishingforexpips.com/ All rights reserved.
  9. 9. That is the time a consumer/trader shouldwatch the market very keenly and time unloadwithin those short spikes. Now if theconsumer/trader is lucky enough he or shemay even time it to coincide with a new trendwhich can last at least a week and at most amonth. Copyright by James Taylor - http://www.fishingforexpips.com/ All rights reserved.
  10. 10. These are just some of the many simple Forextrading systems which can be learned byconsumers thru proper reading materials,careful supervision, and a lot of patience. Copyright by James Taylor - http://www.fishingforexpips.com/ All rights reserved.
  11. 11. FREE Forex Strategy To Make Hundreds Of Pips! Free Gift: Fishing Forex Pipss Indicator System [ Worth $197 ]http://www.FishingForexPips.com/Copyright by James Taylor - http://www.fishingforexpips.com/ All rights reserved.

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