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Posted on Feb 27, 2019 at 03:47 PM
Is it possible to trade the Forex market without Analysis? Here's a must see guide to mastering Technical analysis and getting the chance to learn moving average, MACD and Stochastics.
As a Forex Trader, analysis is the bedrock of your trades and a little slumber in your analysis can cause you a fortune, so learning to analyze is a very important decision for you.
In Forex trading there are 3 types of analyst, the sole fundamental, sole technical and the traders who use both analysis methods.
So it is safe to say, long as you're trading the Forex market, you're either a fundamental or technical analyst or both.
I know you must have heard a lot about technical analysis, but let's summarize what technical analysis really is and it's component in this video.
Technical analysis is characterized by 3 key features:
1. Technical Analysis is a Chart Based Analysis: typically a technical analyst works with only information provided on his chart, he examines the market for expectant fundamental news and map out time to excuse him/herself from the Forex market. In the absence of possible news interference they make their analysis and forecast based on what is seen on the currency chart they intend to trade.
2. Technical Analysis depends highly on the use of Indicators: If you're aspiring to become a traditional technical analyst, you may need to master the use of at least one indicator and as many as you can. These indicators help in identifying trends, price volumes or over-bought and over-sold zones, depending on the indicator chosen.
3. Technical Analysis is supported by Price Action: Whatever method you employ in analyzing the market, there is a need to validate the effectiveness of your analysis, in the case of technical analysis, only price action favors the validity of your analysis and forecast. If price goes in the direction of your analysis consistently then your analysis/strategy might just be right, otherwise if price consistently moves away from your forecast, then you may have to re-analyze your strategy.
Since it has been long established that trading successfully will require more than luck and every trader would need a personal profit strategy.
Every strategy is based on an analysis and if you want to use the technical analysis method, you may want to examine the 3 features above and ask yourself. "How well is your technical analysis?
If you do not know how to analyze the market, or you feel the need to go back to the drawing table and learn technical analysis from the scratch, then you should join our online Forex Profit Academy now!
In the Forex Forex Profit Academy, we will start from the scratch and go through the technical analysis together from Moving average to MACD, and Stochastics and round it off with a live practical session that will usher you into building your own profitable strategy
To join the us as we study this click here now.