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Foreign Exchange Melbourne: The Pros Of FX Trading

Trading foreign exchange Melbourne can be fun and profitable. For entertainment, almost nothing beats watching an European Central Bank monetary policy meeting press conference, wherein the world’s press tries to trap Dr. Draghi into saying something that he’s never said before, and he – once again – proves that the English he mastered, while he was an economics Ph. D. student at the Massachusetts Institute of Technology, is far superior to that of the questioners. For profit, just take a look at the weekly chart of the EUR/AUD (and its 1-year old “inverse head and shoulders” pattern). When was the last time you saw such a wonderful, bullish chart? Just think of the magnificent “buy low in Sydney, sell high in London” “day trading” opportunities lying therein.
Be careful with trading on Mondays, though. If something nasty happened in Beijing on Saturday (like an evil economic statistic being let loose), Auckland can gap down on Monday, frying your stop losses before Sydney even opens shop. Be smart; always trade defensively.

Why More People Should Try Foreign Exchange Melbourne

Having a forex trading account opens up an investment venue that is rather unique among the world’s capital markets. Forex is global, with trading just following the sun around the clock. You can place all cash trades or leverage your positions up to 200:1 (and, in some cases, higher). There’s no penalty for shorting a currency pair. In fact, there are almost no prohibitions on any kind of trading (although some brokers refuse to service “scalpers” or other forms of “high frequency trading”). For those who don’t have a lot of pocket change, “micro” and “mini” accounts are available (for an initial deposit as low as $50, in some cases). You can also practise with “demo account” before going “live”.

Steps To Getting Up And Running With Foreign Exchange Melbourne

Practising with a “demo” is a great way to learn advanced trading and charting techniques without the stress of worrying that you’re going to blow up your cash kitty. Try specialising in 1 currency pair, like the AUD/USD. Using a 1-hour chart, test out the applicability of various moving average crossover strategies. For instance, is the use of a pair of 10-period and 20-period weighted moving averages actually more profitable than the deployment of a pair of 10-period and 20-period exponential moving averages? While a “Know Sure Thing” indicator on a 1-hour seems to work well for telling you when to launch a trade, can the same thing be said for it on a 15-minute chart and/or a 5-minute chart?

How The Everyday Person Can Make A Profit With Foreign Exchange Melbourne

Monday morning trading sessions in Asia can be most exciting. If Europe and North America spent all of the prior Friday selling everything off (or some horrible news occurred over the weekend and prices gapped lower on Auckland’s opening), then there is a high chance that a “buy low in Asia, sell higher in Europe” strategy might be just the ticket. Or, if the prior trading week end in a frenzy of optimism (and/or a weekend event has buoyed everyone’s animal spirits), then a “sell high now, buy lower in Europe or in North America” strategy might be the way to go. You could also get Machiavellian and just launch some hedges, allowing the market to determine which viewpoint is correct.

 

 

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