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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See LIVE Results By the Top Forex Robots!
BONUS From Recent $35,000 Forex Course Held Live in Vegas! Forex Megadroid Review [http://www.bestforexrobots.org] (Forex Megadroid Platinum Edition)
As seen on CNN, CNBC, Forex Traders
