Forex trading is all about analyzing the financial market. When a trader enters the forex trading, his attention is focused on gaining maximum profit. To do this, he takes all necessary and basic measures.
Understanding and analyzing the market is a prerequisite for surviving in forex trading. A trader can easily earn profit by closely observing the current trends of the market. However the analysis of market is usually ignored by new, overconfident and careless traders and as a result they suffer losses and credit goes to forex trading.
Conditions of market:
The market has four major market conditions: Trending, Retracing, Ranging, and breakout. Different techniques are used for these four conditions. Similarly, different decisions are made under different conditions. So, the current market trend affects the traders’ investment. Understanding the market is a complex and time-consuming process that begins with reading manual and technical aspects. Analysis of the market is not a science. There is no specific set of rules for understanding the market trends.
Intuition and Practice:
Understanding the market trends and using them for a profitable investment is not a child’s play. It takes time, as well. No one can become an expert analyst of the market overnight. Traders who are considered as Ace in forex trading must have devoted plentiful time in understanding the trends of market. Obviously, hard work pays off. Intuition also plays a vital role in this regard as well. Traders with strong intuition nail it. Knowledge, practice, and intuition are major factors leading traders to succeed. Sometimes, Luck also affects the profitability of the investment. In the end, traders make their decisions based on their understanding of market trends.
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