Getting so much confused with the terms. Please, help.

If you want to become successful in the forex market, you need to choose the best strategy and choose the best broker.

Hey, I suggest you take a course on forex and familiarise yourself with the terminology and the basics of it. Don’t worry, you will get it right with practice.

if you are getting confused, try different source. maybe some other website or portal is able to explain better.

You better check out Babypips if you are getting confused with the terms. You'll have all the terms nicely explained and that will surely be helpful for you.

Personally, I would write the basic terms that are in trading, and have already learned to apply them in practice using a demo account.

The best way is to go step by step, understand all the terms one by one and take as much time as required. No need to rush up. No compromises in the learning phase.

First check the regulations of the broker. The broker needs to be regulated and licensed. Then check the facilities they are providing like spreads, leverage, margin, deposit and withdrawal facilities and customer support.

Pipsology course by Babypips is really good for beginners.

Perhaps it will be more convenient and practical for you to try them in practice after studying the terminal, using a demo account

Fx_howie posted:
Pipsology course by Babypips is really good for beginners.

Indeed, I started with that too. very helpful.

sidekickstarter posted:
Hi,

I am reading for the last three/four days about Forex and right now, I am getting totally confused. I can't get used to with the terms used in Forex related conversation.

How could I improve this? I am trying to understand and memorize those terms like looney, currency pair, pip, pipettes, lot and thousands more. Is there any other easy method?

I even search for kind of Forex Dictionary but failed to find one.

Hope that, you won't mind.

It's totally okay to be confused. There's a LOT of terms and conditions you can inbox me if you want to i can help you out

ElliotCooke posted:
First check the regulations of the broker. The broker needs to be regulated and licensed. Then check the facilities they are providing like spreads, leverage, margin, deposit and withdrawal facilities and customer support.

All of the things you have mentioned are certainly a must to check. I would add to this checking if your strategy is aligned with your broker, because then only you can benefit from the broker which you are using.

A broker will not guarantee your success; it is your intellect and wit which help you to gain success in the markets because a broker is just a platform for trading, but the actual control is in the hands of the trader.

russellgutierrez posted:

ElliotCooke posted:
First check the regulations of the broker. The broker needs to be regulated and licensed. Then check the facilities they are providing like spreads, leverage, margin, deposit and withdrawal facilities and customer support.

All of the things you have mentioned are certainly a must to check. I would add to this checking if your strategy is aligned with your broker, because then only you can benefit from the broker which you are using.

The spreads and the leverage for me is very important as a trader. So I chose the brokers FXTM and Fxview because they fulfil both of the parameters. Now this does not mean that other brokers are bad or not good but they are not meant for me because they don’t have the requirements which I need.

Everything you say is correct, the main thing is to choose a broker with whom it will be reliable and where the trading conditions will suit you

Lorencecolling posted:

russellgutierrez posted:

ElliotCooke posted:
First check the regulations of the broker. The broker needs to be regulated and licensed. Then check the facilities they are providing like spreads, leverage, margin, deposit and withdrawal facilities and customer support.

All of the things you have mentioned are certainly a must to check. I would add to this checking if your strategy is aligned with your broker, because then only you can benefit from the broker which you are using.

The spreads and the leverage for me is very important as a trader. So I chose the brokers FXTM and Fxview because they fulfil both of the parameters. Now this does not mean that other brokers are bad or not good but they are not meant for me because they don’t have the requirements which I need.

Brokers are very important for your strategy; it is an integral part and you can try out as many as possible using demo trading. It will help you to learn about the interface and help to incorporate many other trading skills.

I am a day trader who constantly trades using automated trading scripts. These can be made with knowledge of the MQL language which is a proprietary language of MT4 trading platform. So I always use brokers that offer MT4, like Oanda, Fxview, IG etc.

russellgutierrez posted:
I am a day trader who constantly trades using automated trading scripts. These can be made with knowledge of the MQL language which is a proprietary language of MT4 trading platform. So I always use brokers that offer MT4, like Oanda, Fxview, IG etc.

MT4 fan here as well :)

Dorigda posted:
Everything you say is correct, the main thing is to choose a broker with whom it will be reliable and where the trading conditions will suit you

Agreed. What according to you is reliable? I would like to know