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Forex is always traded in pairs – for example AUD/USD. You speculate on whether the price of one country's currency will rise or fall against the currency of another country, and take a position accordingly. Looking at the AUD/USD currency pair, the first currency (AUD) is called the 'base currency' and the second currency (USD) is known as the 'counter currency'.
You can read more about technical indicators by checking out our education section or through the trading platforms we offer. The best forex trading strategies for beginners are the simple, well-established strategies that have worked for a huge list of successful forex traders already. Through trial and error you should be able to learn Forex trading strategies that best suit your own style. Go ahead and try out your strategies risk-free with our demo trading account.
Forex Factory has consistently added value to the trading experience by connecting users to the right brokers. It remains a star in its niche and is a household name in many trading circles. The brand is trusted by many veteran traders. We recommend the platform for market news-hunters rather than technical followers. We also recommend its social forums as a great learning tool for forex trading.
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While many forex traders prefer intraday trading, because market volatility provides more opportunities for profits in narrower time-frames, forex weekly trading strategies can provide more flexibility and stability. A weekly candlestick provides extensive market information. It contains five daily candlesticks, and changes which reflect the actual market trends. Weekly forex trading strategies are based on lower position sizes and avoiding excessive risks.
If traders are positive on the prospects for the Yen, they would expect the number on the right to go down – i.e. the Yen would be getting stronger against the Dollar. Traders would be buying less Yen with a Dollar as the Yen got stronger. Similarly, if the Yen was expected to weaken, forex traders would expect the Yen number to go up, reflecting the fact that the dollar could buy more yen.