With the development of the Internet, millions of people got the opportunity to trade in the currency market. The most accessible is the FOREX international currency market, whose daily turnover reaches hundreds of billions of dollars.
Instructions
Step 1
It is very easy to start trading on Forex - register at any dealing center, download a trading terminal, most often it is mt4. Put a certain amount on your account, for the first time 10 $ is enough for you. Do not put more, as the probability of losing your first deposit is close to 100%. Open the terminal, enter your username and password, select the currency pair you need. Everything is ready for trading, one important question remains to be resolved - how to trade so as not to lose?
Step 2
The secret of successful Forex trading lies in your psychology. Never rush to make decisions, do not rush to enter the market. If you are in a hurry, then your decision is wrong - there are practically no exceptions to this rule. Analyze the situation carefully, wait for an opportune moment. When trading intraday, you will have to wait for hours, sometimes you will not have a good opportunity for the whole day. This is normal and correct - it is better to be left without profit (profit) than to lose your funds, rushing to enter the market.
Step 3
Explore the available Forex literature. You should know the main signs of a trend reversal, be able to use indicators. However, none of this will give you much benefit. Why? Because the bulk of traders also have this knowledge. So, it will act the same way as you. But this principle gives you the key to understanding the laws of course movement. You need to understand how the crowd behaves and how the big players act, knowing its behavior. The task of large players (speculators) always comes down to deceiving the expectations of the crowd and turning the course in the other direction. Understanding these processes, you will be able to go not with the crowd, but with the speculators and withdraw your part of the profit. You can find very good recommendations in the book "Mastery of the Swing Trader" by Alan. S. Farley.
Step 4
One of the best indicators of market sentiment is the volume of transactions. By analyzing the volumes, you can most likely understand where the course will go. Unfortunately, there are no volume indicators on Forex that would indicate exactly the amount of funds invested or withdrawn. All existing volume indicators show the so-called tick volume - that is, the number of transactions per unit of time, which does not allow us to accurately judge the mood of the crowd. But there is a way to get around this complexity.
Step 5
Download the Thinkorswim PaperMoney trading platform from the link provided: https://fxmail.ru/soft/thinkorswim-papermoney/#download Register by going to this address: https://papermoney.thinkorswim.com/tos/myAccounts/paperMoneyInterface/paperMoney.jsp registration, you will get access to 60 the opportunity to use the downloaded terminal. After the end of this period, simply re-register.
Step 6
Open the Thinkorswim PaperMoney trading platform, read about its settings here: https://www.trade-ua.com/fortraders/soft/thinkorswim/ Select the Charts tab. Find the drop-down list on the left side of the window and select / 6E. You will see a data window for trading in single European currency futures. Now open the Studies item in the upper right part of the window, then: Quick Study - All Studies - V-Z - VolumeProfile.
Step 7
Now you have a chart of the euro with two volume indicators. One, on the right, shows the distribution of volumes by price. The second, lower one, by bars. Set the time interval you need (the button in the upper right part of the program window), then compare the chart with the Eurodollar chart in Forex. You will see how closely they match. But now you have a real volume analysis tool that you can successfully use in trading.
