{"id":1086,"date":"2018-06-28T12:08:02","date_gmt":"2018-06-28T11:08:02","guid":{"rendered":"http:\/\/www.wasteyourtime.co\/?p=1086"},"modified":"2019-09-09T11:41:22","modified_gmt":"2019-09-09T10:41:22","slug":"what-is-needed-to-trade-on-forex","status":"publish","type":"post","link":"https:\/\/traders-paradise.com\/magazine\/2018\/06\/what-is-needed-to-trade-on-forex\/","title":{"rendered":"What is needed to trade on Forex?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/06\/what-is-needed-to-trade-on-forex\/#Are_you_disciplined\" >Are you disciplined?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/06\/what-is-needed-to-trade-on-forex\/#CONCEPT_OF_FOREX_TRADING\" >CONCEPT OF FOREX TRADING<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/06\/what-is-needed-to-trade-on-forex\/#What_is_needed_to_trade_on_Forex_the_essential_part\" >What is needed to trade on Forex, the essential part<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/06\/what-is-needed-to-trade-on-forex\/#Who_trades_on_the_Forex_market\" >Who trades on the Forex market?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/06\/what-is-needed-to-trade-on-forex\/#Basic_terms\" >Basic terms<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/06\/what-is-needed-to-trade-on-forex\/#What_is_needed_to_trade_on_Forex\" >What is needed to trade on Forex?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/06\/what-is-needed-to-trade-on-forex\/#Conditions_for_Success\" >Conditions for Success<\/a><\/li><\/ul><\/nav><\/div>\n<h4><span class=\"ez-toc-section\" id=\"Are_you_disciplined\"><\/span>Are you disciplined?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p style=\"text-align: right;\"><i><span style=\"font-weight: 400;\">2 min read<\/span><\/i><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1087\" src=\"http:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/forex-3-e1530183834313.jpg\" alt=\"\" width=\"824\" height=\"342\" \/><br \/>\n<b><\/b><\/p>\n<p>What is needed to trade on Forex? To come to the answer we must clear several things.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"CONCEPT_OF_FOREX_TRADING\"><\/span><b>CONCEPT OF FOREX TRADING<\/b><br \/>\n<b><i><\/i><\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><b><i>Forex<\/i><\/b><span style=\"font-weight: 400;\"> represents the foreign exchange\/currency market. The word <\/span><b><i>forex<\/i><\/b><span style=\"font-weight: 400;\"> itself is made of two English words: <\/span><b><i>foreign and exchange<\/i><\/b><span style=\"font-weight: 400;\">\u00a0and signifies the purchase of currencies from different countries.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Unlike other stock exchanges, <\/span><b><i>Forex<\/i><\/b><span style=\"font-weight: 400;\"> does not have its physical seat in a city. It exists in an electronic network consisting of large financial institutions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Today, Forex is the largest financial market, which has a daily turnover of around <\/span><b><i>$ 5.5 trillion a day.<\/i><\/b><\/p>\n<p><b><i>You can complete this whole process online<\/i><\/b><\/p>\n<p><span style=\"font-weight: 400;\">The term <\/span><b><i>currency market<\/i><\/b><span style=\"font-weight: 400;\"> means the sale of one currency with the simultaneous purchase of the other. As currency pairs are traded, in order to profit from the shift in the exchange rate, you need to buy the currency that you think will strengthen and sell the other.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There is no need to wait for a growing market to profit. At any moment, one currency will strengthen in relation to the other. <\/span><\/p>\n<p>The FX market is constantly creating opportunities for investment<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_needed_to_trade_on_Forex_the_essential_part\"><\/span><strong>What is needed to trade on Forex, the essential part<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Since nothing concrete and tangible anything is bought and sold, this type of trade can be a little confusing. You should think that you are buying a part of the value of a country. If you buy a Japanese yen, you are buying a part of the Japanese economy that is in direct correlation with what the market thinks about the current and future health of the Japanese economy. Generally, the <\/span><b><i>established exchange rate<\/i><\/b><span style=\"font-weight: 400;\"> of the two currencies <\/span><b><i>is<\/i><\/b><span style=\"font-weight: 400;\"> a <\/span><b><i>ratio that reflects the state of one economy in relation to the state of another economy<\/i><\/b><span style=\"font-weight: 400;\"> (the state, the currency).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Forex is opened 24 hours a day, except on weekends, so that Sunday trading starts on <\/span><b><i>Sunday <\/i><\/b><span style=\"font-weight: 400;\">from <\/span><b><i>21:15 CET<\/i><\/b><span style=\"font-weight: 400;\"> and runs until<\/span><b><i> Friday <\/i><\/b><span style=\"font-weight: 400;\">at <\/span><b><i>23:00 CET<\/i><\/b><span style=\"font-weight: 400;\">. During the day there are several time intervals that coincide with the working hours of the world&#8217;s largest stock markets.<\/span><br \/>\n<b><i><\/i><\/b><b><i><\/i><\/b><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Who_trades_on_the_Forex_market\"><\/span><b>Who trades on the Forex market?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><a href=\"https:\/\/traders-paradise.com\/recommends\/city_index_uk\/\" target=\"_blank\" rel=\"noopener noreferrer\"><br \/>\n<img decoding=\"async\" class=\"size-ful alignright\" src=\"http:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/Half-page-banner.png\" alt=\"\" \/><br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1088 alignright\" src=\"http:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/forex-2-e1530183935377.jpg\" alt=\"\" width=\"300\" height=\"200\" \/><\/a><a href=\"https:\/\/traders-paradise.com\/recommends\/city_index_uk\/\" target=\"_blank\" rel=\"noopener noreferrer\"><b><i>Forex traders<\/i><\/b> can be classified into two groups, <b><i>hedgers and speculators.<\/i><\/b><\/a><\/p>\n<p><b>Hedgers<\/b><span style=\"font-weight: 400;\">: governments, companies (importers and exporters) and some investors who are exposed to exchange rate changes.<\/span><\/p>\n<p><b>Speculators:<\/b><span style=\"font-weight: 400;\"> This group, which includes banks, funds, corporations, and individuals, creates artificial pressure on the course in order to profit from variations or price movements.<\/span><br \/>\n<b><i><\/i><\/b><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Basic_terms\"><\/span><b>Basic terms<\/b><br \/>\n<b><i><\/i><\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><b><i>Pip<\/i><\/b><br \/>\n<span style=\"font-weight: 400;\">Represents a change in the ratio of the currency by one decimal. It is the smallest unit change course. Pip is the last decimal in a currency relationship<\/span><\/p>\n<p><b><i>Stop and Limit &#8211; Orders<\/i><\/b><br \/>\n<span style=\"font-weight: 400;\">Often the trader wants to limit the loss in the position he has opened (in that case he sets the &#8220;stop&#8221; order) or wants to take profit at a certain level, which is acceptable to him (in this case he sets a &#8220;limit&#8221; order).<\/span><\/p>\n<p><b><i>Long <\/i><\/b><span style=\"font-weight: 400;\">&#8211; Tremin used for the purchase order,<\/span><br \/>\n<b><i>Short <\/i><\/b><span style=\"font-weight: 400;\">&#8211; tension used for a sales order,<\/span><br \/>\n<b><i>Bid<\/i><\/b><span style=\"font-weight: 400;\"> &#8211; bid price,<\/span><br \/>\n<b><i>Ask<\/i><\/b><span style=\"font-weight: 400;\"> &#8211; the price that is claimed,<\/span><br \/>\n<b><i>Buy<\/i><\/b><span style=\"font-weight: 400;\"> &#8211; Shopping,<\/span><br \/>\n<b><i>Sell<\/i><\/b><span style=\"font-weight: 400;\"> &#8211; sale,<\/span><br \/>\n<b><i>Spread <\/i><\/b><span style=\"font-weight: 400;\">&#8211; the difference between the sale and purchase price,<\/span><br \/>\n<b><i>Chart<\/i><\/b><span style=\"font-weight: 400;\"> &#8211; graph<\/span><br \/>\n<b><i>Time frame<\/i><\/b><span style=\"font-weight: 400;\"> &#8211; time period,<\/span><br \/>\n<b><i>Candlestick<\/i><\/b><span style=\"font-weight: 400;\"> &#8211; \u00a0Candlesticks show that emotion by visually representing the size of price moves with different colors.<\/span><br \/>\n<b><i><\/i><\/b><\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_needed_to_trade_on_Forex\"><\/span><b>What is needed to trade on Forex?<\/b><br \/>\n<b><i><\/i><\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><b><i>Before <\/i><\/b><span style=\"font-weight: 400;\">you <\/span><b><i>start trading<\/i><\/b><span style=\"font-weight: 400;\"> the currency, you need to <\/span><b><i>open an account<\/i><\/b><span style=\"font-weight: 400;\"> with a <\/span><b><i>Forex broker<\/i><\/b><span style=\"font-weight: 400;\">. Our recommendation is that before you decide on trading on Forex, open a demo account with one of the brokers so that through the use of the platform, you will continue to monitor market activities and learn more.<\/span><br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-1089 size-full\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/06\/forex-4-e1530184037669.jpg\" alt=\"What is needed to trade on Forex\" width=\"250\" height=\"167\" \/><b><i><\/i><\/b><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Conditions_for_Success\"><\/span><b><i>Conditions for Success<\/i><\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">You must have a good knowledge of technical and fundamental analysis, as well as managing your account. You should also know the psychological aspect of the trade and that you are disciplined.\u00a0<\/span><span style=\"font-weight: 400;\">To be able to trade <\/span><b>Forex <\/b><b><i>successfully<\/i><\/b><span style=\"font-weight: 400;\">, there is a whole world of <a href=\"https:\/\/traders-paradise.com\/mentorship-when-trading\/\">education<\/a>, really extensive analysis and countless hours of tracking a very large number of relevant and potentially relevant information, all without any guarantee that the right decision will be made. <\/span><\/p>\n<blockquote><p><b>So once again<\/b><span style=\"font-weight: 400;\">, the investment rule has been confirmed:<\/span><b><i> high risk must be taken to achieve high income.<\/i><\/b><\/p><\/blockquote>\n<p>To learn more about Forex trading follow Educational series HERE<\/p>\n<p><a href=\"https:\/\/traders-paradise.com\/magazine\/2018\/07\/money-risk-trading\/\"><strong>Risk Disclosure (read carefully!)<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Are you disciplined? 2 min read What is needed to trade on Forex? To come to the answer we must clear several things. CONCEPT OF FOREX TRADING Forex represents the foreign exchange\/currency market. The word forex itself is made of two English words: foreign and exchange\u00a0and signifies the purchase of currencies from different countries. Unlike [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":1253,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1014,1012],"tags":[984,164,90],"class_list":["post-1086","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","category-traders-secrets","tag-forex-education","tag-forex-market","tag-forex-trading"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What do you need to trade Forex? - For beginners - Traders Paradise<\/title>\n<meta name=\"description\" content=\"What is needed to trade on Forex? The essential part is that nothing tangible is bought and sold. 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