Smart Prime Academy

How to Earn Money While Trading Forex

Learning about Forex Trading Skills is all good and well, but none of that truly matters unless you achieve what you have wanted to do from the start. This, in most cases, is of course making profit. Here at Smart Prime Academy we would like to explain how to earn money in this field, and what needs to be done to get there.

Be Aware Of How To Read A Forex Quote
When currencies are being quoted, they’re always done in pairs (an example being GBP/USD). The main reason they are quoted this way is because within every foreign exchange, you are purchasing one currency whilst selling the other.

You may now be asking; how do I know which one I’m selling and which one I’m buying? This is a perfectly understandable question, as it can seem complicated when you first look at it.

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How We Can Help
We here at Smart Prime Academy want to do everything we can to make sure that you learn as much as possible about the forex market and its intricacies. That is why we provide you with these blog posts, as well as our highly professional Foreign Exchange Market Courses in Richmond Hill. To learn about how to join our online academy, be sure to call us at 1-877-870-0092 today. We look forward to hearing from you!

Our Website: https://www.smartprimeacademy.com/

The Best Days to Trade Forex

You could learn all of the Forex Trading Skills you possibly want, but it is important to know about specific factors such as time and dates. There are certain days within the week that tend to show more activity/movement than others. You will want to be aware of this information, so that you can find the best way to successfully trade in this market. Here at Smart Prime Academy, we want to go into when the best days are to trade and why.

Which Days/Times Are Best?
In general, from patterns and trends that we have looked at, it is best to usually trade sometime within the middle of the week. This is where most of the action takes place in the forex market.

The busiest time slots are most commonly the best times to trade, as any high amount of volatility ends up presenting more opportunities.

Manage Your Schedule
Even though the forex market is open 24 hours every day, that doesn’t immediately mean that there’s always something going on. Sleep is really important, so the last thing you want to be doing is staying up nights hyper-focusing on the market. When push comes to shove, every trader should know...

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Forex or Stocks: Which One Is Better?

Learning forex training skills is highly beneficial, but what if you’re interested in the stock market? Well, if you’re looking to trade within the stock market, it is important to understand that there are a lot of stocks out there. As of now, there are around 2,800 stocks on the NY Stock exchange. On the NASDAQ, there are even more with a whopping number of over 3,300 stocks. With all of these different stocks to constantly be keeping up with, trading in this market can be complicated.

With forex, things are a lot easier to learn. That is because while there are dozens of different currencies being traded, the majority of people trade within the seven major currency pairs. When you’re looking over seven pairs vs. thousands upon thousands of stocks, which one would really be the easier choice? Forex would obviously come out above the stock market, in terms of an easier concept to grasp.

Here at Smart Prime Academy, we want to go into the pros & cons of both the stock market and the foreign exchange market, and explain which one we believe is better.

Market Hours
When it comes to the stock market, hours are limited. In the United States, for example...

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Why Should You Trade Forex?

Trading forex is a great idea, as it comes with a number of different benefits. Once you learn some important forex trading skills, you will see all of your hard work pay off in the long run. Below, our team at Smart Prime Academy has come up with a list of some of the advantages to trading forex.

Entry Requires Little Money
Many would assume that it would be costly getting yourself involved with the forex market. The truth is, it does not cost a lot when compared to futures or stock trading. Online brokers provide “mini” trading accounts with account deposits as small as fifty dollars!

Do we recommend that you open an account with the minimum? No, of course we don’t. This small cost of entry, however, opens up forex to a much larger community; a community that is less knowledgeable when it comes to trades.

A Market That Is Open 24 Hours
When you trade with forex, there is no need to wait for the market to open. From the opening on Monday in Australia to the close on Friday in New York, the market is constantly open and...

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The Main Players in The Forex Market

In our previous posts, we have talked about some important forex trading skills, the markets’ benefits, even its history in the world. We haven’t, however, discussed the big players within the market. This is just as important to know, and we here at Smart Prime Academy want to explain below.

Before the late nineties, only the most elite could be in this trading market, and by the most elite we mean the most rich. With the initial requirement of 10-50 million dollars in order to start trading, it’s safe to say this market was not accessible to the normal everyday person.

Luckily, with the ever increasing rise of the internet, forex brokers are able to provide trading accounts to regular traders like us.

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Forex History

In the world of trades, the forex market and forex trading skills have been around for a while. Before that, however, what took its place? Well, when World War II came to an end, the entire world was going through unspeakable chaos. Western governments needed to create a system to make sure the global economy did not completely fall apart.

The “Bretton Woods System” agreement eventually came to be, and made the exchange rate of the United States dollar against gold. While this kept things stable for a little bit, the rules of this system became obsolete, and why wouldn’t they? After all, the world’s economies were going through constant change, and with change came new systems. In 1971, the Bretton Woods agreement was removed and replaced with a different currency system.

Once the nineties came along, so did the advancement of technology. This would see itself as a huge advantage in the world of currency systems and their efficiency. Around this time, banks began creating their own platforms for trade. These platforms were made to stream quotes live so that people could go about trading on their own accord.

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The Forex Market vs. Futures: Why Choose Forex?

Trading with the forex market doesn’t have to strictly do with the stock market. It provides people with a number of other different advantages that we here at Smart Prime Academy will explain below.

Liquidity
Did you know that approximately $6.6 trillion is traded daily within the forex market? This makes it the most liquid market in the entire world. Not only is it the most liquid, but it stays liquid consistently. This means that positions can be liquidated and stop certain orders with little to no slippage. The forex market can also absorb transaction sizes as well as volumes of trading.

In comparison, the futures market trades a measly $30 billion in a day; that’s a much smaller trading value than the one forex has.

It’s Open 24 Hours a day, 5 days a week
When New York trading closes, immediately after, the Sydney market opens right back up! This makes for a seamless, 24 hour market that is open almost all the time. This in turn gives you the chance to react to fortunate or unfortunate news quickly and accordingly.

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What Is Traded Within the Foreign Exchange Market?

The answer to this question is quite simple— money is traded within the forex market. To be more accurate, it is currencies that are traded. Since you are not purchasing anything that is physical, this type of trading can be seen as complicated to many.

The easiest way to look at this is by thinking of buying a currency like buying a share in a certain country. The cost of a currency is most often a direct correlation to the market’s outlook on both the current and future health of a country’s respective economy.

For example, if you were to buy Japanese yen, then you are essentially just purchasing a share in the Japanese economy. In this hypothetical situation, you are under the belief that the Japanese economy is doing well, and will improve more and more as time goes by, making you profit in the end.

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What are Pips In The Forex Market?

You may have heard about the terms “pips” and “pipettes” being thrown around when talking about forex trading skills, but what do they mean and how are they calculated? After all, you shouldn’t even consider trading until you are aware of these terms, as they see themselves as very important in the long run. Here at Smart Prime Academy, we will explain everything you need to know.

What Are Pips?
Pips are essentially a unit of measurement to express changes in value between two currencies. For example, if a EUR/USD goes up from 1.1040 to 10.1041, the .0001 USD rise is known as one pip. As a general rule, a pip is most commonly the last decimal place of a quote price.

What Are Pipettes?
A pipette is, in simplest terms, equal to a tenth of a pip. If a currency pair moves from 1.20631 to 1.20632, that .00001 move higher is known as a single pipette. On platforms for trading, the digit that appears to the right of two larger digits is usually considered the one tenth of a pip.

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The Liquidity And Size Of The Foreign Exchange Market

The majority of trading that happens within the forex market is on what is known as the interbank market. Unlike other types of financial markets, forex does not have a central exchange or a physical location. It is seen as a 24 hour, over the counter market since it is run within a number of different banks connected via the internet.

When it comes to the most popular financial market in the world, the forex OTC takes the cake. It involves a number of different individuals and organizations from all around the planet. When it comes to the OTC market, people will usually figure out who they want to trade with based on conditions of trading, reputation and overall pricing.

Forex Speculation
Both financial and commercial transactions are part of the overall trading volume. It is important to point out, however, that most trading is based on speculation. To put it simply, a majority of the trading volume is from people who buy/sell depending on short term movements of price. Matter of fact, the trading volume added on by speculators is stated to be somewhere around 90%.

Read More: https://www.smartprimeacademy.com/blog/liquidity-size-foreign-exchange-market/
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