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There are said to be a lot of myths about technical analysis. Some people believe that it's the only way to trade, while others think it's a waste of time. This article will dispel some of the most common myths about technical analysis and show you how to use it to your advantage in Forex trading . 1) Technical analysis is only useful for short-term trading While it is true that technical analysis can be used for short-term trading, it can also be used for long-term trading. The time frame that you use will depend on your trading style and goals. If you are a day trader, you will most likely use shorter time frame charts such as the 15-minute or 1-hour chart. If you use technical analysis as a swing trader, you will probably use more extended time frame charts like the four-hour or daily chart. And if you are a position trader, you will likely use even longer time frame charts such as the weekly or monthly chart. 2) Technical Analysis Is Only For Stock Traders Technic...

Risk is an inherent part of  Forex trading . No one can predict with 100% accuracy which way the markets will move, and even the most experienced traders can lose money if they're not careful. However, there are ways to reduce your risk when trading Forex, and in this article, we'll discuss five of the best strategies for doing so. 1. Use Stop Losses One of the most recommended strategies by experienced traders and the Forex community to reduce and manage risk when trading is to use stop losses.  What is a stop-loss? A stop loss is an advance order you can place with your broker, which will automatically close your position when a specific price level was reached.  This helps protect you from losing too much money in a major market move against your position. You specify the maximum amount you're willing to lose on a trade with a Stop Loss. 2. Use Trading Strategy A trading strategy can help you avoid making costly mistakes when trading Forex. There are ma...