Achieving any goal or reaching satisfactory accomplishments, requires a strong commitment. Nothing happens without effort, patience, consistency, and determination. This is relevant to every sphere of life, including trading.
Sometimes, beginner traders find it difficult to commit to trading. Issues like fear of losing money or not managing to interpret trends can prevent people from making a trade and gaining more profit. Therefore, interested traders need to be more aware of specific terms and concepts relating to trading, as traders usually accomplish profits and awards after they have obtained the relevant skills and knowledge.
One of our primary aims is to support traders by helping them overcome their fears of failure and creating a solid partnership. We at LegacyFX realize that proper information and awareness are the most powerful weapons for successful and profitable trading. That is why we dedicate our time to preparing advanced forex courses, which all our clientele can access. The only requirement for prospective traders to use our educational material is to have real accounts. Once logged in, videos and other resources are at their disposal. Materials are prepared professionally and address major topics that are beneficial to both future and current traders. Topics range from covering the fundamentals of global trading, looking in-depth into various trading tools, emphasizing factors affecting the forex market, and much more. Our materials also answer crucial questions such as what and where to invest.
All our educational materials are offered in tandem with a variety of financial instruments to be traded on, such as currency pairs. In the foreign exchange market, currency pairs measure the value of one currency against the value of another one. Our available educational materials answer questions like what pairs consist of, i.e., base and quote – and of course, which are the most traded currency pairs. A “base currency” refers to the first currency in the pair, as it is the one that determines the price movement that traders speculate on. Traders should predict whether a currency is going up or down, to decide which steps to take at the right moment – to buy or to sell. The second currency in the pair is known as a “quote” currency.
To ensure this information makes sense, we will take as an example one of the most preferred currency pairs in the forex market, GBP/USD. What is estimated in this instance is the value of the British pound versus the value of the US dollar. To make more accurate predictions and forecasts about the expected price movements of this or other currency pairs, it is advisable for the traders to look at the bigger picture and to take into consideration external factors. For instance, unanticipated political events that may occur, monetary policies in respective countries, as well as economic trends- like economic growth or recessions-can all affect a currency’s price.
We help clarify fundamental terms such as pips, long and short positions, bullish and bearish trends, support and resistance levels, etc. Using the example from before, a trader decides to buy GBP/USD, basing his or her decision on the assumption that its price will eventually go up. In this case, the trader is establishing a long position. Opposingly, the term short position is just the opposite, as it refers to the circumstances when a trader expects depreciation and sells.
The GBP/USD currency pair, and all other instruments offered are displayed on our platform in pips. Pips, or “price interest rate”, are the smallest price movement an asset can make. However, since most assets are typically quoted to only four decimal places, any additional decimal places after that are even smaller changes known as fractional or baby pips.
As clearly shown above, our educational knowledge of financial terms and trading information is unprecedented. This knowledge has grown based on our ability to cater to current and future traders’ needs for information and skills. By making our trading educational material accessible to all our clientele, we offer them what they lack to make the right trading decisions at the right time.
Join us to see how our materials can educate you to become a successful trader!