Support and resistance levels are levels on a trading chart that a price will return too. It is the repetitive return to these key prices that sets the basis for all trading evaluations and hopefully the plotting for future moves.
The starting part of your forex trading education will center on studying the Forex market background. Recognize that the Forex market has volatile market conditions that are constantly changing, most particularly the foreign exchange rate. Through getting a Forex trading education, you will know how to examine closely such market changes and make suitable decisions.
Some of the best foreign money exchange services provide clients with a personal account manager who can be contacted for any queries about the process. You can also ask for advice about the cheapest commercial currency exchange and how it can be done. The experts at most of these companies have been in the business long enough to give you accurate advice and to ensure that you get the best in the market.
Forex trading robots can assist by making decisions for you in some cases. There are some that are programmed to carry out specific tasks for you, saving you from even needing to completely understand how the foreign exchange market works. The robots will analyze the markets for you and advise when to buy and sell a certain pair of currency.
Remember, the key to long term success is "diversity". Without diversity, that $1000 that you have invested in only 3 programs could easily vanish in minutes. Even though a lot of program admins don't admit it, a lot of programs really invest their funds into other HYIPs. A lot of admins say they put the money into forex, but this takes a large sum of money in the first place just to open a forex account (forex is short for "foreign exchange" of currencies). This is what makes diversity so important.
When the price hits a new high in a four week period, buy long and cover short positions. If the price fall to a four week low reverse and sell short.
As each trade is closed, I keep a running total of pips won or lost in the left margin, so I can at a glance where I am at for the day. Once my target is hit, stops are tightened right up or I just close out. No better feeling than getting a trade into a 'no lose' situation.
"Slippage" occurs when your trade is executed away from the price you were offered. It adds a cost that you do not want. So a low commission with slippage is a false economy. The true cost of the transaction would be " slippage plus pip spread".
