Printable View
Successful traders don’t lose their hope because Forex trading is a long term process. You should be strength in mentally because Forex is a challenging and complicated business where earning is money is not so easy. I have chosen Forex4you broker who is really expert to provide excellent customer services. They give expert analysis and motivational offers to their clients. They always support even mentally and always stood by their clients in difficult situations.
Hope is very important for success in any Field. But there is one more important thing which is skills. If we are not skilled enough no hope will help is to survive. Once we are skilled enough we can hope for the best. Most people don't give importance on skills as it needs time to get skills. People want profit quickly. As a result they lose money in the forex. Broker is also very important for trading. A good broker like XeroMarkets is very much necessary for success.
For example, consider the currency pair EUR/USD. In this example, the first currency is called the base currency and the second US dollar is called the quote currency. To trade with those currencies in forex you need a broker like FXdirects. Two currencies are always involved in a forex trade. One is being bought in exchange for the other. Together, those two currencies are called a currency pair and are usually represented as two three-letter currency abbreviations.
A pip is the smallest unit of price for any currency. It is an abbreviation of percentage in point. Most currencies are expressed to the fourth decimal point, and the pip is the smallest change in the fourth decimal place, or 0.0001. This means that for USD, a pip is 1/100th of a cent. The Japanese Yen is the only currency expressed to the second decimal place, making its pip value 0.01. Join FXdirects learning academy to learn more about pip.