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Education
TradeForex.NG has its roots in education.
We provide many articles on Forex education, Forex strategies and different types of Forex analysis.
In this category we cover topics like hedging, scalping as well as different types of Forex terminology. Here we also answer questions like the best time to trade forex, what CFD trading is and what a pip is.
Before moving on to how to choose a broker, how about starting first with the basics and understanding what is Forex?
At TradeForex.NG we seek to share insightful articles that traders can learn from before investing capital, and during their trading journey.
Our education articles will help you on your way to successful trading.
How to Read a Forex pair. Bid and Ask.
Currencies are always listed in pairs: EUR / USD or USD / GBP. Why is that? Because in every foreign exchange transaction, we are in the same time buying one currency and selling another. Example of currency quotes, the Euro against the US dollar: The first currency in the quotation from left to right, is called the base currency (in this example, the Euro); the second currency is called the quote currency (in…
Is Forex Trading Profitable in Nigeria?
Forex trading is both a profitable and risky venture. There is the potential to be successful and make profits. However, this is not always the case considering the huge percentage of people who make losses compared to the small number of people making profits. Nigeria is a country located in West Africa where interest in Forex trading has increased over the years. Earning an extra income, an increase in Forex…
Understanding Base and Quote Currency
The Forex market facilitates the trading of currencies from different countries. The aim is to profit from the changes in the currencies’ values against each other. Currencies are quoted in pairs. For example, EUR/USD. The first currency is known as the base currency while the second currency is the quote currency. When you buy a currency pair, it means that you have bought the base currency and sold the quote…
Negative Balance Protection
The Forex market will always be unpredictable and will result in either profits or losses for the traders. Hence, traders are always required to take necessary measures to avoid making excessive losses such as using stop losses. Brokers on the other hand also take precautionary measures to protect their traders. They provide negative balance protection which is discussed below. What is Negative Balance Protection? A negative balance in Forex is…
The Elliot Wave Theory
Nelson Elliot, an accountant, discovered that the stock market moved in repetitive cycles. This was in the 1920s and 1930s. The repetitive patterns were due to the psychology of the traders during that time. Elliott named this theory: The Elliott Wave Theory also known as “Elliot Waves” and published a book about it. This pattern can be observed in both bullish and bearish markets. The 5-3 Wave Pattern The Elliott…
Forex Market vs Stock Market
Traders have preferences when it comes to the financial markets they invest in. Some trade in the stock market and others in the Forex market. Traders must understand the differences and similarities of these financial markets before investing. This will help them in making better decisions that will suit their needs. This article aims to show the differences between the two financial markets and why one may be better than…
Martingale
Traders, both novice and professional use different trading strategies in the forex market. From trend trading strategies, range trading, trading breakouts, trade reversals, trading support and resistance levels, and use of indicators. All these just show the numerous trading strategies out there in the market. The focus of this article is to discuss a trading strategy known as the Martingale Strategy. How the Martingale Strategy Works The Martingale strategy involves…
Fibonacci retracement
The word Fibonacci is derived from the name from of a mathematician called Leonardo Fibonacci. This man lived in the 13th century. He was trying to create an equation to determine how many rabbits he could raise when he came across a pattern that appeared in numbers. This pattern now bears his name and is known as the Fibonacci series. The sequence is based on the premise that any number…
The Impact of US, UK Elections on the Market and What Traders Should Know
Elections, irrespective of whether a parliamentary, presidential or referenda based, lead to a great deal of market uncertainty. During the entire election period, issues like national security, international trade, as well as government spending becomes a matter of huge debate and discussion. In this article, learn about the impact UK and US elections have on the foreign exchange market and what traders should be aware about the markets during the…