Unless you are new to trading you probably know already that technical analysis is a method of forecasting future price movement of commodities, securities, etc (in this case currencies) based on chart analysis, pattern formations, technical indicators, etc. Forex can be traded technically and in my opinion it is quiet predictable.

There is no fixed centre for the trade so all the trade is done over telephone, internet and fax. The foreign exchange trade witnessed a massive boom only after online forex trading systems were introduced, internet and telephone has helped the trade grow from $70 billion a day in the 80s to around $1.5 trillion to $2 trillion today.

The currency market is made up of around five thousand institutions most of which are international banks, central government banks, commercial companies as well as big brokers and all these are connected with each other and do business on the go through online forex trading system. The major centers for online forex trading are New York, Frankfurt, London, Paris, Tokyo, Hong Kong, Bombay among others, and all these centers also communicate and deal through online forex trading. The benefits of online forex trading are listed below:

I'm not saying that a four-year degree is necessary, nor are college courses in Forex trading, but a proper education is never a bad idea, especially when you're putting your money on the line. Investing in books, videos and seminars is a great plan if those things work for you and you feel that you are prepared properly and adequately for Forex trading once you've completed the material. If this is the case, then it is money well spent. Most people, however, end up with more questions from these sources than answers.

This is why I suggest a mentor to assist you in the process of learning Forex. A mentor is a teacher, guide and companion on your journey. A Forex mentor is someone who will use his experiences in Forex trading to teach you the necessary skills to be successful. He will use his past successes and failures as examples to help you get started. He will help you identify your best method of learning and choose materials that will assist you according to what you need. A mentor will save you countless hours of research that will not help you as well as thousands of dollars purchasing ineffective material. You are also likely to find that you are making profitable currency trades much sooner than you would have been without utilizing the services of a mentor. ( Part II )

Trading Times - The FOREX market is open 24 hours a day (except weekends) which means that in the US it opens at 3:00 pm Sunday (EST) and closes Friday at 5:00 (EST), allowing active traders to choose the times they want to trade. Commodities trading hours are all over the board depending on which commodity you are trading. Including extended trading times US stocks can be traded from 8:30 am to 6:30 pm (ET) on weekdays.

Trade execution - In the FOREX market, trade execution is almost instantaneous. In both the equity and commodity markets, you count on a broker to execute your trades and their results are sometimes inconsistent. While all of these features make trading the FOREX market very attractive, it still requires a lot of education, discipline, commitment and patience. All trading can be risky.

The nature of the market is such that risk comes inherent and can not be separated but risk can be minimized if you are trading at the right point of time and the right point of time can be anytime only online forex trading allows you to be there at the right time as all other methods as explained above are slow and usually take up a lot of time in processing.

With so much to learn it is likely there is much more for you to know about foreign currency. For additional information visit the authors main page at coin values

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