What Is Forex Trading Education and Where Should You Start?
Good Forex trading education should start with three key fundamentals: understanding market mechanics, chart analysis and risk management. First, beginner traders should understand what moves currency pair prices, such as interest rates, economic news or international political events. Next, they learn technical analysis using price charts and indicators to find suitable entry and exit points. Finally, and just as important, is risk management, such as setting lot size, placing a Stop Loss and not using more leverage than necessary. A good Forex trading course should therefore cover all three areas, not just focus on profit-making techniques.
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Forex Trading Glossary
Pip
The unit used to measure price changes of currency pairs in the Forex market
Lot Size
The size of an order sent to the market, which affects the value of each price movement
Stop Loss
A preset level to cut losses and limit the damage on an order
Take Profit
A preset level to close an order and lock in profit
Technical Analysis
Analyzing prices with charts and indicators to forecast market direction
Fundamental Analysis
Analyzing economic factors and news that affect currency pair prices
