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Michael Nigelson

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Everything posted by Michael Nigelson

  1. Hi, I would like to learn how to use Fibonacci retracement.
  2. Hi, thank you for your question! When wanting to trade on a Forex market first it is necessary to choose a specific currency pair, which will best suit your trading style and the amount of risk willing to take. Then you decide whether to buy or sell, according to the market, and the technical tools employed, you can decide which option will bring higher profits. When you are unable to be present in person for the trade, a good thing to do is to place automatic orders, which will help you seize on opportunities, and prevent losses according to the previously set parameters. Keep track of your strategy, and how much profit it generates for you, if necessary change it or opt for a new one.
  3. Hi, I would like to know differences between investing in Forex and stocks.
  4. Hello, thank you for your question! The reason why Forex markets are open 24 hours a day is that the trades are conducted all over the world, and this leads to different time zones. Another reason is that trades are conducted over networks of computers, and not over a physical exchange place that needs to open and close at specific times. Trading starts in the Australasian area, then Europe, and finally in America. When one of them closes, another one usually opens which leads to non-stop trading. The highest amount of daily trading is done in periods when their working hours overlap, especially in the case of the U.S. and Europe sessions. While the time zones overlap, the generally accepted timezone for each region are as follows: New York 8 am to 5 pm EST (1 pm to 10 pm UTC) Tokyo 7 pm to 4 am EST (12 am to 9 am UTC) Sydney 5 pm to 2 am EST (10 pm to 7 am UTC)
  5. Hi, I would like to learn how are Forex trades taxed.
  6. Hello, thank you for inquiring! The non-farm payroll (NFP) is an important indicator in the U.S. economy, as it represents the number of jobs added excluding government, farmer, private, and non-profit job positions. It is a very strong indicator that has a huge impact on financial markets and how well the economy is performing. It is released monthly, usually on Fridays, which causes large movements in Forex markets before the weekend.
  7. Hi, thank you for asking this question! The first step when starting with Forex is to open a demo account, which will allow you to register your own paper trade. And before committing too much of your own capital, you should learn the rules of the trade, and how the trade functions, what are its advantages and disadvantages. Then when you feel confident enough, you can commit as much capital as you feel necessary. It is important to trade without emotion. Also, do keep track of previous successes and failures so you can learn what works and which mistakes you are making. After you conduct an analysis, try to focus only on present trade, approaching every single one as the first one.
  8. Hi, I would like to know the meaning of Forex.
  9. Hello, thank you asking this question! Margin is the amount of money you need to dedicate when opening a trade, it is usually a small percentage of the full position of the currency pair. It is one of the most important concepts in Forex trading, as it is the initial step for trading, and it decides the risk you are willing to take, but also the profits you may receive.
  10. Hi, I would like to know about hedging in Forex.
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