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Successful Forex Technical Analysis Concepts For Newbies Many of the large Forex Brokers that novices use release technical analysis and recommended entry and exit points for most currency pairs on a daily basis. Many beginners resort to relying on this option soon after they commence trading once they realise the limits of their own Forex knowledge and capabilities. You can use technical analysis to help you analyze Forex positions in order to detect new trading opportunities. However, if you do so, one of the first and most fundamental features you must determine is the size of time frame that you will use. You also need to realise that the statistical methods used in technical analysis perform much better and are far more reliable using time frames longer than one hour. Many newbies attempt to detect technical formations such as double tops, head and shoulder, triangle break outs etc using 1, 5, 10 or 15 minute time frame. However, this is not a good practice as the statistical techniques are unreliable with these short time frames. So which are the best time intervals to use? There are a large number of times frames that can be chosen when analyzing the Forex Market using Statistical Techniques. The most popular timeframes used are the hour and the day ones. If you have already developed a trading strategy based on a selected time frame then stick with it. Otherwise, here are some guidelines that you may find of use. Fundamentally, statistics produce more reliable results the longer the time frame used. This is especially so when the trading is following a regular patterns such as during stable times. However, longer time frames can be more vulnerable to sudden sharp reversals which can be a serious problem. Very short time frames below 10 minutes do not lend themselves to most types of statistical analysis but some traders do use them for other types of trading strategies and analysis such as Scalping. The main concept used by scalping is to minimize risk by entering and exiting trades as quickly as possible. You will then need to repeat this process a large number of times targeting for a small gain at low risk each time. One of the main ideas of this strategy is to attack the markets during their off hours when they have settled into a tight predictable range pattern. A good time period for scalping this way is between 9.00pm and 1.00am GMT and only the following currency pairs are traded: EUR/GBP, EUR/CHF, GBP/CHF and USD/CAD. You will find that Forex can be very quiet with low volatility because the USA, Canada, Europe, UK and Switzerland do not release important fundamental data during this time period. Forex Analysis is used to design Forex Trading Systems and consists of two elements which are Fundamental analysis and Technical analysis. Are there times when one supersedes the other? Yes, there are because the releases of highly important Fundamental data can be very dramatic events and technical analysis is of very limited use during these times. If you are a newbie to Forex my advice to you is to get a mentor / teacher to help and guide you. However, make sure they have a good track record and publish regular results. You also need to make sure that they trade for a living themselves and on a regular basis.

Best Online Forex Broker For Beginners and New Traders One of the biggest decisions any Forex trader has to make is which Forex broker he o she is going to use. After all, your broker has to be supportive, provide an easy to use interface, and make your trading as simple and fast as possible. The problem is that most online Forex brokers have trading platforms which are more suitable for experienced traders than for new ones. Some of these platforms can make the entry into Forex trading downright frightening and can even make it harder for you to make money at first. If you're a new trader, you have to make sure your trading platform is super-easy to use and simple to understand. I think that eToro is the best online Forex broker for beginners for the following reasons: 1. Etoro's graphical interface allows you to choose from a variety of trading platforms some of which are displayed as a game would so that it makes trading fun, especially when you're starting out. Of course, this doesn't mean that eToro doesn't provide detailed charting software as well as technical indicators and analysis tools. 2. Etoro allows you to open an account with a very small initial deposit. Anywhere between $50 -- $100. This makes it much easier to begin trading since you don't have to to put up to much money. 3. Etoro have a very supportive staff which help their traders with any questions. This is excellent for new and inexperienced traders. 4. The eToro platform is one of the most friendly and easy to use interfaces I have come across. 5. This is a stable platform and a highly respected broker. 6. You can trade in multiple languages so you shouldn't have any problems trading. Overall, I think this is the best Forex broker for beginners and a great one for veterans as well.

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