Basics of Technical Analysis for Successful Forex Trading

Forex trading has a unique quality — it is available to anyone. Moreover, this applies not only to the low threshold for entering the market, thanks to which you can start trading with a small amount of money. This also applies to the level of financial knowledge of the trader:

● Forex allows you to start making a profit even without initial financial knowledge thanks to the copy trading function

● As you comprehend the features of Forex analysis, you can refuse someone else’s help and begin to make an independent choice

● Experienced traders can earn not only by trading currency pairs but also by allowing others to copy their strategies and receive commissions for this

How to Build a Successful Forex Trading Experience?

● Starting your trading experience with a small deposit, you can scale your profits with high leverage that can enormously increase profits. 

● In the same way, starting with a little knowledge, you can gradually become a professional by mastering technical analysis.

What Does Forex Market Analysis Consist of?

The Forex analysis consists of three main components:

● fundamental analysis that allows you to make long-term forecasts based on the study of macroeconomic indicators and socio-political events

technical analysis allows you to study the chart of quotes movement and the formation of trends under the influence of various factors 

● indicator analysis predicts the further direction of the trend, and therefore, determines the entry points for profitable transactions

What to Look For When Conducting Technical Analysis?

When conducting technical analysis, the focus should be on:

● trends, as they dictate what action is profitable to take at the moment, buy or sell a currency

● price levels between which quotes move. They are usually called the support level and the resistance level, because the first does not allow the price to fall below some threshold level, and the second — to rise

● channels that determine the boundaries of price changes. They are ascending, descending, and lateral, the latter being the most frequent in the currency market

Useful Forex Technical Analysis Tools from the R MobileTrader

● R MobileTrader offers you a convenient trading platform that will help you conduct technical analysis using 14 different tools, including basic indicators. 

● You can use trading alerts to not miss a convenient trade entry point.

● Demo trading will allow you to master the basic strategies and test all the indicators without risking your own money.

● The possibility of copy trading to master effective strategies following experienced traders.

● Rich analytical resources that will allow you to rely on forecasts and reports prepared by experts. A convenient presentation in the form of a Forex chart will help you to quickly capture the essence of all events without overloading your mind with large and redundant pieces of text.

R MobileTrader allows you to quickly master the basic skills of trading and technical analysis thanks to its rich support resources. You do not need to search the entire Internet looking for an answer to your question. Everything you need will be on one platform. R MobileTrader will help you become a successful professional very quickly!

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