Strategies
Technical Analysis:
Trend Following: Identifying and trading in the direction of established market trends.
Chart Patterns: Analyzing price patterns for potential trade setups, such as double tops/bottoms, head and shoulders, and flags.
Technical Indicators: Using mathematical formulas to identify trends, momentum, and support/resistance levels, e.g., Moving Averages, Relative Strength Index, Bollinger Bands.
Fibonacci Levels: Applying ratios from Fibonacci sequences to identify potential areas of support and resistance.
Price Action: Trading based on the price movements themselves, without relying on indicators.
Fundamental Analysis:
Economic Data: Monitoring economic releases (e.g., GDP, inflation, employment) to assess their impact on currency values.
Political Events: Considering the effects of political developments (e.g., elections, policy changes) on currencies.
Interest Rates: Evaluating the impact of changes in central bank interest rates on currency values.
Supply and Demand: Analyzing the balance between supply and demand for currencies in the global market.
News and Sentiment: Monitoring financial news and market sentiment to gauge the potential direction of currency pairs.
Hybrid Approaches:
Technical + Fundamental Analysis: Combining both technical and fundamental methods to provide a comprehensive view of the market.
Sentiment Analysis: Using data from social media, news articles, and surveys to assess the sentiment towards a particular currency pair.
Machine Learning: Applying algorithms to identify patterns and make predictions based on historical data.
Resources
Educational Platforms:
Babypips
Investopedia
Forex.com
Trading View
Brokerage Platforms:
MetaTrader 4/5
cTrader
Trading Station
NinjaTrader
Blogs and Websites:
DailyFX
Forex Factory
FXStreet
Trading Heroes
Books:
«Forex Trading for Beginners» by Anna Coulling
«The Forex Trading Course» by Kathy Lien
«Technical Analysis for Beginners» by Adam Grimes
«Currency Trading for Dummies» by Jeffry R. Carter
Courses:
Udemy
Coursera
Udacity
EdX