Top Forex Pairs
Forex is the largest market in the world and trades around the clock. Which currency pair is trending the strongest RIGHT NOW? Find out what pair is topping our list and where is it going, view this list for free now!
Todays Top Performing Forex Pairs

Traders Day Trading

Traders Day Trading Home

Traders Community

Traders Financial Directory

Kennys Elliott Waves Blog

Trading Questions

Technical Analysis Questions

Traders Site Blog - What's New

Stock Market Trading

Stock Market Trading

Trading Resources

Online Stock Brokers

Financial Spread Betting

CFD Trading

Forex Trading

How to Calculate Fair Value

Money Management

Learn How to Trade

Learn How to Trade

Virtual Trading

Trading Course

Stock Market Basics

Technical Analysis

Technical Analysis

Elliott Wave Theory

Hurst Cycles

WD Gann

Stock Chart Patterns

Trend Trading

LT Technical Analysis Trading

ST Technical Analysis Trading

The Stock Market

The London Stock Market

The Federal Reserve

Financial Articles

Submit Financial Articles

Site Search / Misc

Site Search

Quick Links


Great site Kenny.

Technical Analysis written in a straightforward way so that everyone understands.

There's only a small few who get it consistantly correct and you are certainly in that group. Chris

Thanks for putting this all together and sharing! BHW

Awesome Stuff! Kenny has shown time and time again the ability to show us direction in these markets. Khalsa

Kenny, I appreciate your insight and analysis. You make sense of what I can rarely see.

Thanks for sharing.

Took a gold short at 1240 just closed at 1203 :-)))))))))))))))))) ........ top call!!  Gekko

Forex Trading Online 

Currency Trading Explained Part 2

Forex Trading Explained Part 2

Forex trading
Successful Forex Trading requires three important factors.
Previously in this series, we discussed the three factors required for success in currency trading as being knowledge, experience, and emotional control. 

Knowledge starts with becoming familiar with the jargon in the industry by perusing all manner of forex websites and reading any online articles pertaining to the topic. 

Your initial objective is to achieve a fundamental level of understanding so that when you do take a trading tutorial or structured class, it will mean much more to you, and you will not waste time trying to make sense of all that you are taught.

If there is a shortcut to preparing yourself for trading in this high risk and high stress environment, it is finding a mentor to help guide both your early efforts, as well as your actual trading experience down the road.  Accept your "amateur" status, and learn from an expert.

Learn. Practice. MAKE MONEY! With a Stock Market INVESTING course Click Here

One of the first topics that will be covered will be fundamental analysis, the reasons why currency values fluctuate as much as they do.  Economic, financial, and political information is constantly being either released at scheduled times or happening "ad hoc" in the news.  Analysts and traders alike are gathering this data, analyzing it, and forming opinions about how it will impact currency valuations.

Currencies come in pairs.  The relative value of each countrys economic health determines the foreign exchange rates in the market.  For you, the Forex trader, this process produces constantly changing "Bid/Ask" spreads for your chosen currency pair. 

The fact that there is so much information out there and so many different people making differing interpretations of the same data is the reason why values are fluctuating in wave-like patterns.  The resulting volatility is the reason why trading is even possible.  Constantly changing values equate to opportunities for short-term gains, the very essence of speculating, which is what forex trading is all about.

Your instructor will tell you where to get the most important information and how to put it to good use.  Typically, economic data releases are scheduled events, much anticipated by traders due to the propensity of these releases to create new market trends.  You need to be aware of these dates for your chosen trading currency pair in order to "trade on the news", or at the very least, to prevent yourself from being blindsided by a market rush when in the midst of trading positions.

Your instructor will also help you develop a trading strategy, a step-by-step plan that will guide you before, during, and after a position is closed.  Practice sessions on a free forex trading demo will provide invaluable experience before you put your real money on the line.  These demos allow you to use virtual cash and real time currency quotes to refine your plan and develop the consistency and confidence that must be present to survive in this trading discipline.

Lastly, you will learn about trading psychology.  Studies continually confirm that a traders worst enemy can be his own subconscious mind.  Its intervention can destroy the best decision making process ever conceived by causing doubt, hesitation, or, worse yet, procrastination.  You must be able to block its influences.  You must practice your trading plan until it becomes habitual to ensure steady decisions when under the gun.

Your trading plan is the topic for the last part in this series.  Technical analysis and prudent risk and money management techniques will be discussed.  Learning these skills will tell you how and when to open and exit a trade, using market disciplines that have stood the test of time.

Forex Trading Part 3

Learn more about Currency Trading Tecnical Analysis in part 3 or return to Part 1 of our Forex Trading series.

Return to the Traders Day Trading Homepage
Stock Market Trading with Technical Analysis Charts - Learn How to Trade Successfully!