Trying to forecast forex rates is an acquired skill

[Decub]

Only very few traders are born with speculative skills. In fact, most of the professional traders are what they are now only because of hard work, commitment and discipline. As long as a beginner is willing to go to any extent to learn forex trading and implement the same in reality, success will be at his door steps sooner. Whether it is technical or fundamental analysis, a trader will be able to do the same without any difficulties as long as there is dedication.

Even those that are known to make these forecasts are said to be following their instincts. I also feel that doing so requires some good experiences as it is not something that comes just with the little knowledge we have. Those are really what forms an integral part of Forex learning.

 

[Daisy]

Yes, I think in forex, we must acquire a lot of skills. One of those is analysis and the ability to understand fundamentals and how it affects our trades. Forex is a topic where it requires a lot of mental effort so one can become more proficient after long years of training and gaining experiences in trading. He will become a much better trader just like anything else in life.

 

[Ruchibhar]

one has to be very much experienced before doing this. but there is also a possibility of wrong guesses.

 

[Suresh]

Yes, Forex market is based on predictions. Sometimes people ask me if I make this much deposit how much my profit will be. I am already tired of explaining them that no one can tell it exactly, you just need to predict.

We distinguish two types of analysis:

1. Fundamental analysis. Its principle is that currency fluctuations depend on global financial, economic and politican news. For making this kind of analysis you simply need to regularly follow global news. Yes, they directly influence currency rates. It is also important to know what are those fundamental factors that mainly have an impact on the concrete currency pair. For example economic factors affecting EURUSD are interest rates, employment number, etc..
   
2. Technical analysis. This type of analysis is the examination of the previous price movements with the aim to predict the future movements. The analysis is performed through charts.

You can analyze the market yourself while trading, otherwise you can use the one offered by your broker. Almost all brokers provide their own analysis. I work with IFC Markets and in general I use their analysis, though sometimes I myself make it, as well.

 

[Daisy]

Surely, in forex, a lot of our skills will be acquired though experiences. the longer we trade the more experiences we have and the better we will do. I think in forex, we must try hard to gain experiences through trading or demo trading. We will be smarter traders and more profitable traders if we keep working hard at it.

 

[barood4money]

It is not a joke to forecast forex rates. It needs lots of experience and great talent. And to acquire such place it takes years. I think 1 of 100 traders become such expert. I would also love to be such person.

 

[budado]

Its really a require skills. The more we can end up having some good income the more we can really going to have something that can make us earn big amount of money I do know we are in here to make sure that we can end up having some good profit. I do know we can and we will.

 

[Decub]

And by extension, all skills required in Forex are acquired. Traders are what they are because they learnt how to trade and didn't come as a gift from God. The more you learn, the better trader you shall make and the better you predict the market. It is a business where your experience counts a lot.

 

[kasual]

No doubt that we need to measuring the possibilites. We need to spend effort to analyze the market before make trading decisions. We have chance to get profit result if conduct analysis with proven method. But if are just guessing, we are make no effort to make profit probabilities widen.

 

[gkintl]

Future price forecast can be done efficiently through technical and fundamental analysis. Since fundamentals drive the price, economy related data, when used for calculation, would give accurate results. However, fundamental analysis is not an easy task. It is not just reading or understanding news but applying it to the past and present data to arrive at future price. Thus, most traders prefer technical analysis. Elliott wave theory would be of great assistance to a trader in predicting the future price. It takes a while to understand and apply the theory perfectly. It is certainly an acquired skill.

 

[kasual]

If consider the price movement which uncertain, impossible to traders able to predict the outcome if they are have no good knowledge and skills. The chance to conduct proper analysis appear if traders previously take practice and learning in order to make the skills and knowledge improve.

 

[Pettyeve]

It is true, the traders trading in here in the forex market will not be able to predict hundred percent of the market. but the skill that is needed to trade is what they learn by practicing. Whether it is fundamental or technical analysis, it is by practicing that you learn how to predict it.

 

[Decub]

Because there are many factors which will influence the prices of the market, forecasting the possibility of these is something that requires knowledge and not instinct. Though there are however those whose instincts seem to work but I believe more that it is something learnt over time.

 

[kasual]

The simple rule to be successful is being competent. In case of forex, where traders task is predicting the future market outcome, traders need to have good analytical skill. Being accurate and make profit wouldn’t be happen if traders unable to analyze market situations and they are just blindly guess in trading.

 

[tray]

Having good analytical skills isnot enough I also think ability for you to be able to control your own loss and have patience is also very important.
Forex is a risky business so we must learn how the business work very well before making any further decission to trade

 

[budado]

We must focus on doing analysis. Theirs fundamental and technical analysis that we can use. I do advice that we use both of this analysis to have a much better result. I do earn using this both analysis and I'm happy that some how I do earn money.

 

[Firoj Ahamad]

To forecast the forex market is not so easy it need quit time to forecast forex rate if any body come to know and if any body come to accursed the forecast forex rate i thin he or she able to understand the forex business and he or she able to make huge profit so it is matter of long time.

 

[budado]

Theirs three ways to do analysis. One is fundamental, the other one is technical and the last one is sentimental. This three type of analysis can really help us make some good income. In the near future I'm sure I can earn big in here.

 

[Decub]

That's right but I feel the sentimental analysis is something that is almost virtual because I'm yet to see who makes use of this form of analysis in the real sense. It tends to be a combination of fundamental and technical analysis. I guess it's something that is more like a paper work.

 

[rexway]

If someone can actually forecast forex rates then it is sure that he is going to be a very successful trader.because to be able to earn from forex you will need to learn about forex and also gain in profits from the ever changing rates.If that ability was available to me then I would surely have been gaining constant profits as all that matter in forex is the rates and their changes.And I am also trying my best to analyze the trade and the rates from a very long time.But it has not been that successful.