New trader?

We’ll show you how forex works and why you should trade it. The foreign exchange market – also known as forex or the FX market – is the world’s most traded market, with turnover of $5.1 trillion per day. Put this into perspective, the U.S. stock market trades around $257 billion a day, quite a large sum, but only a fraction of what forex trades. Forex is traded 24 hours a day, 5 days a week across by banks, institutions and individual traders worldwide. Unlike other financial markets, there is no centralized marketplace for forex, currencies trade over the counter in whatever market is open at that time.

Have some experience?

Let’s create a trading plan that will help you stay on track and meet your goals. Sometimes there is a misconception that you need highly evolved market knowledge and years of trading experience to be successful. However, we often see that the more information we have the more difficult it is to create a clear plan. More information tends to create hesitation and doubt, which in turn allows emotions to creep in. This can prevent you from taking a step back and looking at a situation subjectively. If your immediate answer is, “to make money” you should stop right there. If the only goal is to make as much money as fast as we can, we are ultimately doomed, because it will never be enough.

Deep on strategy?

Great, we have guides on specific strategies and how to use them. One breakout strategy is the European Opening Range. This strategy typically focuses on EUR USD (Euro/U.S. Dollar), although it could be applied to any of the European majors. While the Forex Market is open for 24-hours a day (Sunday evening through Friday evening ET), market activity in a given pair is not necessarily consistent throughout. Look for a breakout of this range +/- 10 pips, or 1/10th of the daily Average True Range (ATR), to maintain above/below this level for 10-15 minutes. This is an attempt to detect a direction of the ‘flow’ for the remainder of the day.