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For traders, forex trading can involve a multitude of tools to help them make smart trading decisions. Example of a tool are "pending orders". Pending orders allow you to set trades, ahead of time. It frees you up from needing to have your computer on and staring at the market all day long. A pending order example is called a Buy Limit Order. This order tells your broker to buy a currency pair when the price drops to a certain level, or below. If you want to use an analogy, t

For traders, forex trading can involve a multitude of tools to help them make smart trading decisions. Example of a tool are "pending orders". Pending orders allow you to set trades, ahead of time. It frees you up from needing to have your computer on and staring at the market all day long. A pending order example is called a Buy Limit Order. This order tells your broker to buy a currency pair when the price drops to a certain level, or below. If you want to use an analogy, t

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Imagine you close a trade thinking you made money, only to realize you lost money once you account for all of the different costs. Does that ring a bell? This frustration happens more often than traders would like to admit and it is all rooted in one simple concept: the breakeven point.   The breakeven point isn't just another trading phenomenon to remember and learn; it's the North Star to your financial journey, revealing to you where you need to be, just to break even (or

Big Figures constitute one of the most valuable concepts in forex trading that all traders must have a grasp of. The term Big Figure refers to the first few digits in a currency quote that create psychological barriers within the market. For example, when EUR/USD trades at 1.1050, the Big Figure is 1.10. When a USD/CNY quote is 6.95, the Big Figure is 6.9. These are round number areas that act as magnets for the forex market. They capture the interest of traders around the wo

The Bullish Engulfing pattern is one of the most established candlestick patterns in forex trading. This single pattern consists of two candles that indicate falling prices are about to shift to rising prices. This happens when a sizeable green candle engulfs the body of the prior small-sized red candle. Think of it in this example, a small wave is overtaken by a large powerful wave. The force of the larger wave has taken control and changed the direction of the water. This

The high levels of volatility and leverage in the forex and CFD markets can be rewarding but are also well-known for being risky. While lucrative opportunities attract millions of traders across the globe, the reality is that the vast majority of retail traders lose money due to a lack of risk management strategies.   Therefore, it all comes down to a fundamental question: If a single currency pair exposes you to concentrated risk, how do you reduce that incurred risk while s

The forex market is fast. Prices move up and down in seconds. Traders need a way to measure these movements and how far prices could potentially travel in a day. Enter ADR - Average Daily Range. ADR is a simple statistic that tells traders how much the price moves across the day. Specifically, it measures the average distance between the daily high and daily low price taken over a number of specified days. Even the smartest forex traders will use the ADR measure to set potent

The high levels of volatility and leverage in the forex and CFD markets can be rewarding but are also well-known for being risky. While lucrative opportunities attract millions of traders across the globe, the reality is that the vast majority of retail traders lose money due to a lack of risk management strategies.   Therefore, it all comes down to a fundamental question: If a single currency pair exposes you to concentrated risk, how do you reduce that incurred risk while s

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