Currency Trading E-books - Another Way to Be Rich, Or to Be Poor?

Currency trading, or Forex trading as it is generally known, is the act of exchanging one country's currency for another. The way currency trading works is simple. You exchange the currency for better rates than they were before and therefore make money on the transaction. All currency traders are dreaming of learning new ways to make more money out of currency trading and many e-books out there promise to make them a truck of money with currency trading.

Now, many people have been complaining about this type of trading just being another scam that people use in order to get money for e-books, but at the same time it is important to realize that Forex trading is a legitimate type of investment that people use every single day in order to make a lot of money.

In general, there are far fewer scams online than you would think from reading the angry forum posts or e-mails of people that have misunderstood the instructions and ended up performing badly as a result. While nobody in their right mind would say that there are no scams online, the actual act of Forex trading is by no means a scam. Some of the e-books that are offered on the topic might very well be scams and that is definitely something that you need to guard against.

I am not saying that there are no good currency exchange e-books out there because it's not the truth. However I suggest you use caution when you have to pay for that kind of e-book. Better to be safe than sorry.

So, how do you figure out whether a particular Forex system is a scam? Well, short of buying it and trying it out on the free version of Forex trading software offered by many companies, there is not much that you can really do. This is why before you buy a Forex system e-book, you need to make sure that there is a no questions asked refund policy behind the purchase so that if you find it doesn't work, you can easily return it and get your money back. Most of the people that sell products of that type do include refund policies, but make sure that you know before you make the purchase that you can get a refund later on down the road.

Another good way to understand if a particular e-book might be a scam is to read up on Forex at the local library or in financial circles, thereby understanding exactly what Forex trading is and how it can make you money. If you do this and you understand what the experts are doing to make themselves money, you'll be better prepared to determine whether a particular e-book might make you money. However, you should never be hesitant to buy and try if there is a refund policy in place, because you can always get your money back if the system does not meet with your expectations.

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Courses in Currency Trading - The 4 Major Groups of Technical Analysis

During your courses in currency trading, you will inevitably need a basic understanding of the four groups of technical analysis, and a couple of indicators used in each. Dozens of technical indicators exist, but as a new trader, or any trader, you do not need to study every indicator known to man. You should though, have at least one indicator for each group to obtain an overall view of market conditions.

The principal purpose of most technical indicators is to determine the trend, by watching a combination of volume, price, and other indicators. This is not an accurate science because the trend can change according to market statistics, positions of traders, or any significant change in any economic situation.

Know These 4 Groups Before Taking Courses in Currency Trading

The four indicator groups are:

momentum - trend - volatility - volume

Momentum indicators are used to indicate the speed or velocity of change in price from recordings over a certain time period in the past. They tell us if a currency or a market has risen to its overbought zone, or fallen to its oversold zone. A few of the indicators are: CCI-Commodity Channel Index, RSI-Relative Strength Index, CMO-Chande's Momentum Oscillator, and Stochastics.

Trend indicators are used to identify the direction of trends. The Moving Average is the most basic indicator because it smooths price action into a signle line. By averaging the data, a smoother line is produced, making it much easier to view the underlying trend. Depending what time period you use, minutes, days, months, in addition to the type of chart, daily, weekly, monthly, the trend line will exhibit different variations. A shorter time period used, will result in greater variations, making it more difficult to determine how and if the trend will change. Of course that goes to say that a longer time period chosen will result in less fluctuation, therefore easier to predict.

A few of the indicators are: MACD-Moving Average Convergence/Divergence, Moving Average Indicator, Forecast Oscillator and Parabolic SAR

Volatility indicators measure how active a market is as reflected by the size of price ranges without specifying a price direction. This is useful because a sudden change in volatility levels can often lead to a major price move. They are indicators used to describe the magnitude of day-to-day fluctuations in prices. When applying volatility indicators to a price chart, you can see how active a market is as from the size of price ranges without specifying a price direction. A few of the indicators are:
Bolinger Bands, Average True Range-ATR, Bollinger Bands (BB), Trading Bands, Volatility Chaikin's.

Volume indicators show the volume and weight of trades behind a particular move in price. They measure the the amount of buyers and sellers responsible behind market moves. They confirm the trend and the buying or selling pressure in that trend direction. As volume increases, prices usually also increase The absence of confirmation may warn of a reversal. A few of the indicators are:

Chaiken Money Flow, Force Index ,Demand Index, Ease of Movement, On Balance Volume (OBV), Volume Rate-of-Change (ROC).

Trade indicators work well when there is some continuity and predictability of the market direction. Like most indicators, they best used in conjunction with others. In the end, they're only an aid to assist traders to make informed decisions, but even so, they're extremely useful as a whole.

You'll also want to begin learning the basics of futures trading charts during your courses in currency trading I recommend http://www.forex-currencyexchange.com to learn much of the basics you'll need to get started on your way to becoming a profitable Forex trader.

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