​Ten Forex Trading Skills for Beginners! Part I

Forex trading is a better financial tool than investment in the stock market, featuring discretionary time and greater leverage. Therefore, WikiFX has elaborately concluded ten trading tips in the forex industry for beginners.

1. Elliott wave principle

These mood swings equip traders with specific patterns evidenced in the movements of market prices at every degree of trend or time scale, conducive to the formulation of trading tactics and the acquisition of more accurate opportunities and points.

2. Trend lines

The tip concentrates on how to use technical indicators, such as trend lines and channels, aiming to determine the current direction of a market and to have a clearer picture of trends by applying trend lines to the highs and the lows.

3. Law of attraction in forex trading

This skill centers around exerting basic rules of the market volatility in a bid to help traders forecast points where the market will move, even the duration of fluctuations, so that they can take the initiative in their trading.

4. Turtle trading system

This is a trend-following strategy in essence, the core of which can be summarized as following trends, purchasing a stock or contract during a breakout, and precisely knowing where to liquidate if a loss occurs.

5. Gann theory

William Delbert Gann, an American trader and market theorist, was a believer that mathematical relationships and geometrical angles can predict future price movements. The theory plays a significant role in forex trading skills that is incomparable in making predictions.

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