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What Is a Forex Trading Blog?
A Forex trading blog provides information and solutions on Foreign Exchange on a personal note. It is personal account on the author’s trading portfolio report on each currency pair showing the pip gain-loss, mistakes in pair trading and general tips for daily and long term perusal. It may contain much more depending on the blog. What’s great about a blog is it is more reader friendly than online newspapers; it connects with the trader on a personal level.
A good Forex blog is informative containing all technical aspects of foreign exchange trading but with insight and analysis from its author. This technical analysis identifies features of the current, past and present markets. It may also identify resistance and support with the use of Fibonacci or by looking at historical bands along the trend line, vertical or horizontal. Technical analysis for a Forex trading blog shows the uses of indicators, their functions and calculations.
Aside from this, it also gives reader a view of candlestick patterns, moving average indicators, RSI, MACD and ways to deal with a market that is seemingly overbought and oversold. With insight from the author and other guest professionals, the reader will certainly be able to use the information and analysis in deciding on the proper trading plan and other trading decisions.
Aside from technical analysis, the Forex trading blog gauges the strength of varied currencies on the basis of other more fundamental factors like socio-economic, finance and reports. The analysis dwells on the market moving effects of the current announcement as against previous and forecast announcements. It is therefore very important for a blogger to be aware of these daily fundamentals and how they affect the Forex trading market.
The blogger should also be keen on any financial announcements in the news and connect these with the shifts in the market. Quotes from the financial world’s prime figures as well as big institutions like the central bank will likely have implications on currency pairing and trends. For example, the market is showing strength as indicated by a strong currency after a country’s central bank has decided to raise interest rates.
A great Forex trading blog will tackle the psychology of efficient and profitable trading that can help readers in the course of trading currency online. It is important that traders have a certain mindset when trading so as to be able to go with the flow and adjust to the different turns, ups and downs of the Forex market. It is also important to have a positive attitude, a trading plan where goals and objectives are identified. The blog should also have advice on how to develop a good working relationship between broker and trader because it is definitely one that is important.
A Forex trading blog does not only contain news about the foreign exchange market; it is also a multi aspect reference that will effectively help the readers. It must be done with authority and candor so that readers are inspired and set for action after reading the blog.
Guest post by FXCC - Forex Trading Blog
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