How To Get Started With FX Trading?

After many questions and requests, here's a quick start video for those looking to start trading.
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We have a question here from a subscriber, saying that they have just started trading very recently. And it’s still easing into everything. And they want to know whether, we have any advice on where, or how they can get started off on the right track.

So I think, thanks for this great question. It’s a very important one to look at. Especially since there will be many different sources, screaming lots of different information at you. And it can sometimes get a little bit overwhelming.

Now, this advice would, this would be advice that, I would give someone, that wanted to start off on the right track. And that is just going back. And I know it sounds very cliche, but just go back to the realest basics, of what trading is. The real basics, that you should always start with, is knowing the difference, between fundamental analysis and technical analysis.

Now, with the fundamentals, we look at things like economic data, monetary policy, geopolitics. We look at cross asset, cross correlations, market volatility, market positioning, daily sentiment. We use all of that to determine, whether an instrument is undervalued or overvalued. Or in other words, whether we think the market will most likely buy it. Or will most likely sell it.

Then we can also turn to something like the technicals. Now, this is the charts, or the chart tools and techniques, we use to find high probability entry and exit spots on the charts. And these can be things, like support and resistance levels, or trendlines, or moving averages. I mean, there’s so many out there.

So, for example, we might be, the fundamentals might be telling us to be bullish, on a particular currency pair. So, let’s just like, the Euro versus the US dollar. We might be bullish on this pair. But the pair might be approaching a major level of resistance, on the higher time frame. And it might just be getting very close, like this one, in this example. Very close to a major higher time frame trendline. So, does these elements change our bullish bias on the pair?

No, it doesn’t. But because, it’s such a massively important level, It means that we need to take caution, and either take our profit, if we’ve been trading to the upside. Or reduce our risk and lock in some profit. Or if we still want to get in on the trade. It means that it will be based, to wait for the market, to either break through that level. Or wait for a possible pullback to then re-engage it back to the to the upside. And basically buy it back on sale. So, now the second and most logical question, you can have after this, is where can you learn most of these things?

Well, you see the the forex was terminal. Has been designed, exactly with that in mind. So the quickest way for you, to learn the fundamentals as well as the technicals. Can be combined, by just using the resources, that we have available in the terminal.

So if we go to the terminal, if you want to see how the market, and how we use market data and events, to see which currencies have the highest probability, of moving in a particular direction.

Then the precision briefings we have every day. So these will be called the European daily opening news. Or the New York daily opening news. These things are absolute gold. Because they will be telling you exactly, what is happening in the markets right now. What is moving the market right now. And not only in the FX Space. What is moving the markets in terms of currencies. What’s moving commodities, what’s moving fixed income. Is giving you a whole range of market moving events.

And now, this is of course, a lot of information for a beginner to digest. So to try and help you. And basically teach you how to use market data and news to develop a bias for a currency. Every single day, we have the dominant currency sentiment reports. And you can see that, that’s just a little in bite sized nugget. Where we basically, we take all of that information. And we filter it down, and give you bite sized chunks information. On telling you exactly, what is moving the markets right now. What is the most important things you need to know.

Apart from the dominant sentiment team reports. Every day, you’ll always have the videos. We’ll give you a daily opening video, telling you exactly what is moving the markets. Of course, if you can’t find in the must read section. You can always find it, in the video commentary section as well. And this will basically give you shortcuts, to see what the highest probability movers are, in any particular trading session. But more importantly, it’s aimed at teaching you, how to fish for yourself. So it’s teaching you, how to use the same information that we use. But to use that to develop your own biases, for particular currencies.

Now after that, there’s also as we said, the video commentary section. And, this is basically an era, where we tried to combine, both the fundamentals as well as the technicals. By looking at the current biases in the market. And, looking at the major currency pairs. What’s the bias on each of them. And then, of course, showing you some high probability areas on the charts. Using the technicals that you can look for some, target some stock process, look for some entries et cetera.

Now please keep in mind, that these are not trading signals, that we give out on a daily basis with the videos. These videos are aimed at giving you, a tradable direction, based on a specific rationale. And then just highlighting a couple of, key areas on the charts, where we might expect the instruments to react from. Now, if you go through the daily process, a couple of times. Starting with the dominant sentiment theme. Or rather starting with the opening news, then reading the dominant sentiment themes. Reading this tradable sentiment shift report, watching the videos. As you go through that process, a couple of times, you should catch on quite quickly.

And apart from the daily reports, there’s also the weekly reports. These ones, you can find in the currency research section. And these ones will have things like, a weekly top trading opportunities report. That goes through the biggest events, we’re highlighting for this week. We have a fundamental drivers report, that goes through the fundamental baseline for the currencies. A COT report, and that’s released on a weekly basis. And more recently, we also have our new video library or video archive.

Now, this is a wealth of info on questions, that was basically asked by our subscribers. So, some of these questions, will go through some of the most common, and not so common questions. And that the subscribers have asked. And if you spend some time going through, each and every one of these ones, I think it will dramatically shorten your learning curve. And if you have any questions of your own, you can always ask them below one of the videos.

So, if you go to the sentiment stream, open up the video commentary below. Each of the videos, there should be an option for you to ask a question. Of course you can ask it to the analysts. And we can get back to you with an answer. So in my opinion, you’re using these tools that’s already available in the terminal, is a great way for a trader to get started. With both understanding, the fundamentals as well as the technicals. And in one clearly defined process on a daily basis.

So I do hope that helps. And any other questions, please don’t hesitate to let us know.

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