Forex traders are the hardest working traders around. The average broker or individual investor has six and a half hours to trade stocks in America, from 9:30 AM to 4:00 PM. But the forex markets never close. Because they rely on national currencies, there is always a forex market open somewhere. As a result, forex is an incredibly popular alternative for people who have regular 9 to 5 jobs. They can trade for a few hours in the evening after work or even in the early morning hours.
How does forex trading really work? An investor must select a currency pair. The most popular pair is the US dollar (USD) and the Euro. The trader then selects the currency that he expects to appreciate in value against the other one. In recent days, investors who bet on the Euro against the USD have done quite well, since the currency has rebounded a bit off its lows.
Forex is incredibly popular with day traders because the hours are long and there are plenty of opportunities to make money. But investing in international currencies is different from simply buying stock in a Fortune 500 company. There are countless factors to consider. Perhaps that is why technical analysis is so popular with forex traders.
When it comes to ordinary securities, few traders embrace technical analysis, but many forex traders swear by it. Why is this? Because currency traders know that it takes an awful lot to move these markets, therefore, they are more likely to follow certain patterns and trends…and that is what technical analysis is. It involves looking at charts and data from the past to help investors predict prices in the future.
Every forex trader worth his salt knows how to read a forex chart. They often appear quite complicated at first, more so than the average security. But once a trader learns to read them, he can track the price and volume in real time of any currency that trades in the market. Charts are generally displayed in lines, bars, or candlesticks. It really depends upon your preference.
It is important to note that not everyone believes in technical analysis. But as I said, the forex market is replete with new converts. Perhaps it is because the techniques and the tools used in this established trading strategy have an impressive track record when used in the forex market.
Why buy Elemental Trader? There are dozens of software programs and strategies sold online that promise to make investors big bucks in short order. But few of them rely solely on technical analysis. The reason for this is simple, the tools and techniques used in technical analysis are rather sophisticated. It takes traders years to master them. But if you buy Elemental Trader, you can take a shortcut.
Elemental Trader is marketed as the most reliable and sophisticated pattern recognition software on the market. It is designed specifically for investors who are interested in forex trading. Without getting too technical, the software analyses real-time currency charts and identifies buying and selling opportunities, which appear as a bold line on the charts. If you buy Elemental Trader, you will receive an instant competitive advantage over other traders. Not only can it be used by the tyro or the expert, but it can be utilized to track any currency that trades on forex.
