Whenever we look at any price charts we find support and resistance lines. It is important to define and identify support and resistance levels. As it is an important tool to capture successful trades and minimise losses. The support and resistance levels are a powerful trading indicator and when combined with other buy or sell indicators they make it easy to place trades with little chances of failing.
It is important to understand what these support and resistance levels are. A support level is the lower price level where the price of a particular currency pair that you are dealing with (when it moves downwards), will touch and then rebound back. While the resistance levels are the higher price level where the price of your currency pair will approach (when moving upwards) and change direction to move downwards. The more times the market reaches these support and resistance levels and retraces back, more relevant that level becomes, especially if it represents a big figure (a round number with two zeroes).
There is another term very important to know about is lots, which is the measurement in which currency is traded. A standard lot is 100,000 units and a mini lot is 10,000 units. However brokers may even offer a lot of 1000 units. Market order is another commonly type of order in the market. It is used to enter a trade at the latest market value. Limit order is utilized to buy or sell when the trade achieves a certain designated price on the market. Stop order protects the traders against potential losses. In other words, when the trade does not follow the profitable path, the trader can pull out.
It won't be fair to end the article without prompting the names of some efficient trading robots. Two of the most popular trading robots are Fap Turbo and Forex MegaDroid. Their proven accuracy is almost the same (96 %). These have the latest features which have been developed according to the requirement of the forex market. Their draw down rate is also very low as compared to most of the other trading robots present in the market. It has been seen that the forex brokers create nuisance by closing down the account of the trader or make the trading robot non-profitable, once they know higher profits are being earned with the help of trading software. Fap Turbo has a stealth mode due to which the brokers do not come to know about the real profit earned. Such kind of smartness is seen in Forex MegaDroid too. It has an inbuilt mechanism which makes it invisible to these brokers.
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