This tutorial is for Starters in Forex trading. When you start the Forex trading, you need to start it with understanding the market. Then what is the Forex market or Foreign exchange market ? The foreign exchange market, also known as the Forex market, is a global marketplace where currencies are traded. Currencies are important because we need them to purchase goods and services locally and across borders. There is no central marketplace for the Forex market. The forex market is the largest financial market in the world. It is even bigger than the entire US stock market. There are various participants with different purpose trading currencies in the Forex market. The participants in the Forex market include banks, international companies, hedge funds, money managers, tourists, and individual investors. If you want to become trader, it probably means to start as the retail trader. As a retail trader, there are several requirements to start. Here is the list of what you need before starting to trade with live account.
Chart Reading Techniques
Understand the market driver
Especially, choosing the right brokers and trading platform is the first requirement when you are just starting up. In this tutorial, we will spend some time on how to choose the right broker for you. We can not emphasize how important this is for your forex trading. When you choose the broker, the first thing you need to check is their reliability. To check their reliability, you need to check their financial regulations. Financial regulation basically protects the customers funds.
Some of the popular regulation is listed here for your information.
Financial Conduct Authority, United Kingdom (FCA)
The European Securities and Markets Authority (ESMA)
Australian Securities and Investments Commission (ASIC)
Financial Markets Authority, New Zealand (FMA)
Monetary Authority of Singapore (MAS)
National Futures Association (NFA) and The Commodity Futures Trading Commission, United States (CFTC)
Financial Sector Conduct Authority, South Africa (FSCA)
Dubai Financial Services Authority (DFSA)
The Federal Financial Supervisory Authority, Germany (BaFin)
Japan Financial Services Agency (JFSA)
What is the main difference between these financial regulations? In fact, they are established in different country or region. Your broker needs to have at least one of these regulations. At the same time, some broker meets the multiple of these financial regulations. From our experience, the best strategy to choose the broker is that you should choose the financial regulation established in your country or near your country if you can. For example, if you are from United Kingdom, then it makes sense to choose the FCA regulated broker. It is also possible to choose the financial regulations near your country too. For example, if you are living in France or Italy, then it makes sense to choose ESMA. However, you can also choose FCA as it is geographically not far from each other. If your country does not have any domestic financial regulation, then try to choose the stricter financial regulation. Sometimes, it is wise to contact the financial regulation directly to check if they protects the customers from outside the country too. For example, ask them if their regulation cover you as equally as their domestic customers.
After you have chosen the right financial regulation, we still need to check the reputation of the Forex brokers. In doing so, you might have to research about the broker on the internet. In this case, we recommend to check up the several websites instead of just few websites. Especially, check their deposit and withdrawal procedure. Sometimes, some brokers makes the deposit simpler but they makes hard to withdraw your fund. Usually, it is good to test with small money first before you transfer the bigger deposit.
After you have chosen the broker, next thing you need to choose is the trading platform. Most of trading platforms provide order execution and charting solution together. The most popular one is MetaTrader trading platform. As the free order execution and charting platform, MetaTrader is used by most of Forex brokers. MetaTrader 4 and MetaTrader 5 are two different generation of trading platform. MetaTrader 4 is older and still popular. MetaTrader 5 is newer and it is growing. In our experience, many of the essential functionalities are the same or similar between MetaTrader 4 and MetaTrader 5. However, the technical analysis tools and indicators in MetaTrader 4 can not be transferred to MetaTrader 5 directly. It is probably because the data feeding methods and communication protocol between server and client are substantially different between them. Hence, in choosing between MetaTrader 4 and MetaTrader 5 platform, you need to know that the technical analysis tools and indicators are not compatible. However, often, the technical analysis tool and indicator developers provide the same solutions for both platform. Hence, you need to ask them if they provide the technical analysis tools and indicators for your own platform too.
You can also watch YouTube video titled “Forex Trading for Starter”.
The book: Science Of Support, Resistance, Fibonacci Analysis, Harmonic Pattern, Elliott Wave and X3 Chart Pattern (In Forex and Stock Market Trading) is an dedicated book for the Forex trading for Beginners. This book will provide some basic and advanced knowledge towards Forex trading. Even if you are new or existing traders, we recommend this book because the book shares many fresh new ideas towards your day trading. Especially, many people thinks that chart reading is difficult. It is true when you start it in the wrong phase. This book helps you to start the chart reading from the most basics to essentials. This book provides the scientific rational + many good examples for the chart analysis. The book can be found in all the major book distributors in the world. Please choose the best book distributor you like from the link below including amazon.com, Google Play Book, scribd.com, Apple Book and so on.
In the modern electronic trading environment, good tools are the priority for winning trading performance. MT4 Harmonic Pattern Scanner is such a tool you must have in your trading arsenal. MetaTrader 4 is one of the most popular trading platform since 2010. It is accessible for free of charge for any trader from all over the world. We provide a range of powerful harmonic pattern scanner particularly desinged for MetaTrader 4 platform. Likewise, all these indiator and pattern scanners are available in the next generation trading platform, MetaTrader 5 too.
1. Harmonic Pattern Plus for MetaTrader 4 and MetaTrader 5
One of the first automated Harmonic Pattern Scanner released in 2014. It can detect 11 most popular harmonic patterns with well-defined trading entries and stops. Pattern Completion Interval, Potential Reversal Zone and Potential Continuation Zone are supported. In addition, other dozens of powerful features are added like Japanese candlestick detection, etc. This is the repainting pattern scanner.
2. Harmonic Pattern Scenario Planner for MetaTrader 4 and MetaTrader 5
It is an advanced Harmonic Pattern Scanner. On top of the features of Harmonic Pattern Plus, you can also predict future harmonic patterns through simulation. This is the tactical harmonic pattern scanner designed for Professional harmonic pattern trader. This is the repainting pattern scanner with predictive algorithm.
3. Price Breakout Pattern Scanner for MetaTrader 4 and MetaTrader 5
Price Breakout Pattern Scanner is the popular Breakout Pattern Scanner with affordable price with many powerful features. It can detect Triangle, Falling Wedge, Rising Wedge pattern, Head and Shoulder Pattern, Double top and Double Bottom. As a added bonus, you have access to 52 Japanese candlestick pattern + Smart Renko. However, this scanner can repaint. It does not support multiple timeframe pattern scanning. This is the repainting pattern scanner.