Possible BUY trade ( updated on 27/04/ 2020;at 2:20 PM GMT +3)
stop-loss: 1.06008
Buying Price: 1.06312
Take profit areas : 1.06580
Sell trade for Eurgbp
Stop Price: 0.87712
Selling Price:0.87336
take profits: 0.86874
BUY trade ( updated on 27/04/ 2020;at 12:45 am GMT +3)
stop-loss Price:1655.491
Buying Areas 1697.712 and 1685.975
Take profit price :1746.598
SELL trade ( updated on 27/04/ 2020;at 11:55 am GMT +3)
stop-loss: 110.746
Selling Price: 110.338
Take profit areas : 109.873
SELL trade ( updated on 27/04/ 2020;at 11:45 am GMT +3)
stop-loss: 1.41475
Selling Price: 1.40803
Take profit price : 1.40000
Can You Get Rich By Trading Forex? I want to be honest with you and the truth is forex trading is a business that need proper mindset before one start investing in this industry. Again, its of paramount importance to know that, all traders lose on some trades and there is no one out there can brag that they have 100% win at all times.
With the right education and mindset, its easier for a trader to increase his/her odds of winning and become a winner like 70-80% of the time. I want to highlight that the reason why many people lose in trading is that, they do not have the right mindset and they always think of how to make a million in a day. I was like you if you still have that mindset.In trading you must take it like any other business where by you need time to master, education alone is not enough, you still need more time of practising than even learning.
You can be a recent graduate from car driving school but that does not mean you are a driver, yes, you are driver but you have not practised enough to automate the process. All traders need to understand that, forex trading is just like driving a car. You need to be consistent with the strategies you have chosen to use. Let me be frank enough today with you, any strategy you have today can make money for you. I know there are better strategies out there, but the one you have if you consisitently practice in demo before you can jump on live account, you will make money. The bad thing is that, many people want to by-pass the procees of learning and practicing and they end up having only the introduction of how the market work.They only know when it goes up buy when it goes down sell, this will kill you my friend! You need first to seek the knowledge, and then practice what you have learnt.
Many traders do not believe in their trading strategies and that is why they keep on looking for holy grail. The holy grail in trading is just practising your strategies over and over again. If you stick with the ones you have today for a period of one year, doing extensive paper trading and stimulation trading, you will become a professional trader and you will eventually become rich.
Another holy grail, for them who do not want to pay for mentors, you can still get the basic information and trading strategies from youtube for 100% Free. If today you can do yourself a favour and just stick to one mentor ( you can choose me if you want haha) who you think will help you in becoming a millionare that will be a win to you. The problem with many aspiring traders who want to buy their ferrari cars next year is that, they keep on changing their strategies.
Today, one might be practicing how to trade using bollinger bands, yes, if you practice this long enough, for sure you will start making money. The problem is that, when they get new information from youtube, ”How I made $30,000 a month just by using RSI and stochastic indicators only?”.You find yourself now starting learing how to get the same amount. The person did not tell you for how long they have practised those two strategies for them to be successful. the person might have 10 years in trading only using those two strategies.
My simple advice today is to stop chasing money, and stick to one strategy for a couple of years and you will become rich my friend. Trading as it sounds good to call yourself a forex trader, you need to know these basics.I was there and i also struggled with different strategies but my mentor guided mewhat I was doing wrong.Just stop chasing money, and it will chase you. Seek proper knowlegde, practice the same strateigies for the next 3-4 years and if you do not make money SUE me. I will as well give you the same piece of advice for free because I care for you lol!
So please, plan your thoughts properly. We need to have the mindset of being rich yes, but you have to do the work. In this case I mean inspired action. Working on the same strategies over and over for a period of 3-4 years is not a joke! The consistency itself is what I call inspired action. You may start doing this being 100 people but only 10 people will complete the journey. Why are you among the 10 people if not inspired action??
By the way, you are perfectly caapable in becoming a pro in the industry if you think of these very simple basics things I have mentioed above. You will get challenges, you will blow many accounts, you will feel discouraged but just focus on becoming the best. Its my wish one day you will as well give someone you care the same advice.
Many people complicate things but you just need basics on how trading work to become a millioanare.Its my vision that your ferrari is coming soon! In case my English is not perfect, please remember I am a trader but not a writer lol. I think I helped you today? Looking forward to see your emails of how you are doing at admin@myforexglobal.com or SKype me at mentor@mfg.com. in case you need more help. Telegram Channel link:
Today, I am going to show you ”How to Read a Forex Quote” in case you have been asking yourself how.
In forex, currencies are always grouped in a pair, such as GBP/USD ,USD/JPY or EURUSD. It’s grouped this way because in every foreign exchange transaction, you are simultaneously buying one currency and selling another.The example below shows what is the base and quote currency for easier understanding.
As a trader, its important to know how the pairs are grouped. The pairs are categorized as major or minors.
All the major pairs are 8 in number;
USD, EUR, GBP, CAD, JPY, CHF, NZD, and AUD.
Its very good to understand how these pairs are grouped for one, if you group them correctly you will save on the spreads for example
if you say NZDGBP will have a higher spreads than GBPNZD. Many brokers out there have different arrangements and some just want to have a higher spread. I have found a reliable broker who will conventionally group these pairs as they are supposed to be, IC Markets ECN Broker
| USD | EUR | GBP | CAD | CHF | JPY | AUD | NZD |
| EURUSD | EURUSD | GBPUSD | CADJPY | CHFJPY | USDJPY | AUDCAD | NZDUSD |
| GBPUSD | EURGBP | GBPCAD | CADCHF | EURCHF | EURJPY | AUDCHF | NZDCHF |
| AUDUSD | EURCAD | GBPNZD | USDCAD | GBPCHF | GBPJPY | AUDJPY | NZDCAD |
| NZDUSD | EURNZD | GBPJPY | EURCAD | CADCHF | CADJPY | AUDNZD | NZDJPY |
| USDJPY | EURJPY | GBPNZD | GBPCAD | AUDCHF | CHFJPY | AUDUSD | EURNZD |
| USDCHF | EURAUD | GBPCHF | AUDCAD | NZDCHF | AUDJPY | EURAUD | GBPNZD |
| USDJPY | EURNZD | EURGBP | NZDCAD | USDCHF | NZDJPY | GBPAUD | AUDNZD |
From the example of the British Pound versus the U.S dollar; the first currency to the left of the slash is called base currency while the second one is the on the right is called the counter or quote currency. (USD).
The first currency determines if you are selling or buying. If you place a buy trade, it means that you are buying GBP while at the same time selling the USD. In case you place a sell trade ( short position) you are selling GBP while at the same time buying the USD. When buying, the exchange rate will determine how much you need to pay for one unit; this means that, Base currency is always 1 equivalent to something.( quote currency.)In the example above GBPUSD=1.51258 it means that for you to buy 1 GBP you need 1.51258 of the USD.
When selling, the exchange rate tells you how many of the quote current you get when selling one unit of the base currency.
As per the example above, you receive 1.51258 U.S dollars when you sell 1 GBP.
In simple term, you buy the pair if you believe the base currency will appreciate (gain value) relative to the quote currency. Again, you will sell the pair if you think that the base currency will depreciate or lose value relative to the quote currency.
What is the first thing I need to know is if I want to buy or sell?. If you want to buy it means that you will be buying the base currency and sell the quote currency simultaneously. In this case, you will want the base currency to appreciate and then sell at a higher price. When you hear traders saying ‘going long’ they simply mean, buying so, long = buy.
If you want to sell; that is, you are selling the base currency while buying the quote currency, you want the base currency to fall in value and then you would buy it back at a lower price. This is called ‘going short’ or taking a short position. Short = Sell.
All forex quotes are given into two prices that is bid and ask. You as a trader should know that, bid is lower than the ask price.as shown below.
The bid price. This is the price your broker is willing to buy the base currency in exchange for the quote currency. The ask price ( offer price) on the other hands is a price at which your broker will sell the base currency in exchange for the quote currency. Spread is define as the difference between the bid and the ask price.
On the EURUSD quote above, the bid price is 1.34568 and the ask price is 1.34588.
To simply this as per our definitions above, if you want to sell Eur. You click ‘sell’ and you will sell euros at 1.34568 and in case you want to buy EUR, you click BUY and you will buy euros at 1.34588.
The illustration below will summarize all what we covered.
Understanding basics of how to read a forex quote in trading is important as you will always be ahead of the game by calculating the spread your broker is offering. Always use brokers that provide reasonable Spreads.
Affiliate Links
I love that you are curious and that you are checking out this page right now. You know me, I love to help and teach aspiring traders something new! You will see throughout the website and in my blog posts links that go to outside sources (other websites and services).
These links may be what is referred to as an affiliate link which means I could earn money if you end up clicking on one and purchase/sign up for that service/product. If I am sending you to an outside source know that it is only because I have tested it myself and believe in it. I am all about sharing my recommendations and providing you with the best service/product and even excellent support.
The money earned through my affiliate links is just another way for me to earn a little extra income so that I can continue doing what I love which is helping aspiring traders with the right resources. If you choose to purchase something through me and use my affiliate links it is greatly appreciated and I thank you!
“I Wish You Well In Your Journey & In Your Trading.”-
Buy trade ( updated on 06/04/ 2020;at 9;30 am GMT +3)
stop-loss: 0.58452
Buying Price: 0.58787
Take profit areas : 0.59147
Buy trade ( updated on 26/02/ 2020;at 10:00 am GMT +3)
stop-loss: 70.634
Selling zone: 70.104 and 70.181
Take profit areas :69.47
Buy trade ( updated on 19/02/ 2020;at 6:35 am GMT +3)
stop-loss: 1.2705
Buying zone: 1.27496 and 1.27371
Take profit areas :1.28171
Like our page and leave a comment on this post.