Today we will begin with one of the first in a series of trading tool and strategy guides – an overview of Moving Averages.
The widely known billionaire, real estate mogul, and current Republican presidential candidate once wrote a book called “How to Get Rich”. In this book Donald Trump who is worth 3 billion dollars, speaks about the secrets of the business world and just as the name of the book suggests, “How to Get Rich”.
Before you begin doing any technical analysis, you need to learn what chart types exist out there, as this is one of the most crucial things needed to be able to trade correctly. In this article, we will have a closer look at some of the most popular chart types that are available in the Meta Trader 4 terminal by default and how to access them.
Charts and Trades: What Next?
You’ve opened your first account with a broker? Great, congratulations! Success is around the corner, it seems: download your trading terminal, open it, and… begin making profits! Stop right there, not that fast. Did you come to this market to make profits, or for your dose of adrenaline while throwing your deposit down the drain? Trading is serious work, that requires skill and patience. Why, you would ask, after all there are so many people who’ve managed to make a profit in such a small period of time? In a manner of speaking, this is true, but do ask those people how they’ve fared in the long run? Luck doesn’t always follow them around, and talking publicly about losses… isn’t always pleasant. This is why the first thing that you have to do is to stop associating trading with easy money, and tune yourself into serious work. This is also true for aggressive advertising campaigns with promises of “becoming a trader in just five minutes”, “earning easily on price fluctuations”, etc.
The worldwide web in general is often a safe harbor for the existence, development and reproduction of different parasitical and harmful creatures, called scammers. The Forex market, as a part of this enormous society is also a common victim of different Forex scams, some of which are more simple and individual while others are perpetrated by whole well organized societies.
All people are unique, and possess individuality. This is true in all areas of life, and trading isn’t an exception. Every trader is different based on a variety of factors: different level of aggressiveness, deposit loads, trade duration, as well as many other features which the trading style of each trader very unique. You should always be aware of your characteristics and use that awareness when selecting trader types to your favor.
Despite the said uniqueness, there is a set of criteria used to distinguish each trader based on several criteria.