There is a specific set of information that is necessary Forex trader to succeed.
1. A trader needs to learn the professional language of the Forex market, understand the meaning of the terms Forex.
2. You must have an idea about the basic laws of the market of currencies.
Each of the major currencies traded in the Forex market, the dollar, Euro, pound sterling, yen etc — has its own «character»and requires the presentation of the General laws of its movement in the market.
What currencies are traded in the Forex market? Terminology of the market Forex (Forex)? Who and how is trading in the market Forex (Forex)?
3. You must, at least in General, the present economic situation in the world. As a rule, the Forex market is more likely to undermine public disclosure of information on macroeconomic indicators of the world’s leading economic powers. And the relationship between the largest economic «emperiya» and a very modest one game at Forex absolutely straight.
In practice, this means that the speech of the head of Federal reserve system (FRS) or any statement of management «Old lady» (Bank of England) can directly affect the success or failure of an open you deal amount of $100. Therefore, the trader who wants to be successful, you need to define the information which he must constantly receive.
4. Useful step in the work on market Forex is communicating with other traders.
More experienced and seasoned investors can you suggest any decision or to acquaint with the information you for some reason have missed. But remember that traders professionals often communicate on a professional slang, several other than the official terminology.
For example, open a position to buy the base currency at the professional slang is called «long», the open position is to sell the base currency, «short», the maximum price is high (High), minimum rates — «low» (Low). A trader with a profit in the open transaction and losing it in connection with the desire to earn more, that is, «overdoing position, in other words, greedy trader, called «pig». Trader background, doesn’t have its own opinion on the direction of trade, shaken and long selects the direction in which the open position and eventually opening the position when the professionals already out of the transactions, referred to as «sheep».