I'm going to give you some of my forex trading insight that should help you become a much better trader. This is the largest market in the world with over three trillion dollars a day in trades, so there is a huge potential for each person out there to make a profit.
The first piece of advice I'll give you is to stay up to date on the economic news that comes out. There is a lot of this and it really has an effect on currency. The value of a currency is held up by the economic policies, stability and current conditions, so it is imperative for you to understand what is going on. When you hear news about the GDP and unemployment rates, you can tell how this will effect the currency if they're good or not. You should also pay attention to any interest changes by the central bank. Essentially when interest rates change, the supply of currency will change. This change causes the price to change as well.
My next piece of advice is to trade during those high volume times. The reason is because the volume is high enough to keep things stable. There is no one trader that can come in and manipulate the market. This is a very common occurrence during low volume times. Large banks will make big trades which will cause the price of currencies to rapidly change, even going in opposite directions.
Lastly, you'll want to get yourself some automated software to look over your trades. You can't always be in front of the computer watching everything, so it's nice to have software watching it for you.
I'm currently giving a 7 day free forex course. Newbies and experienced are all welcome. If you're interested in participating, check out the Casual Forex Trader.
Reuters - A team from the U.S. Securities and Exchange Commission (SEC) is in India to meet the new board of fraud-hit outsourcer Satyam Computer Services on Thursday, the Times of India paper said, citing sources.Forex Live Quote
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