Is it possible to make forecasts at Forex?
Everyone who has ever thought about trading wonders if it is possible to forecast currency fluctuations. Actually, that is the core question defining if it is worth the effort. Therefore, I can say definitely Forex is worth it! The Forex market is predictable just like any other notion. You only need to examine this notion, devote some time to finding out some regular patterns that, no doubt, do exist.
Can anything be forecast at Forex?
Unfortunately, it may sometimes be hard to forecast market movements. This can greatly surprise most novices as their lack of self-confidence makes them want stability and transparency of all conditions. Nevertheless, professionals know that there is an exception to every rule.
Therefore, you might wonder how it is possible to rely on one's own observations when regularities sometimes do not prove to be correct. It emerges then, that market observations should be as versatile as possible and conducted over a long period. It means, not only do you have to notice correlations between the readings on the chart, but try to relate all sorts of things that happen in politics and economy (society or culture) to currency fluctuations. It may seem to be an unrealisable task. However, the opportunities Forex provides are worth it. You will learn to live with this idea in your mind and your brain will be able to pick out necessary information of everything. That is how professional formation is made up. You will gradually become a true trader.
Regularities of the Forex market
While observing the Forex market, you will certainly single out a slew of regularities. They become even clearer during major trading sessions. I suggest paying attention to oil, gold and dollar rates. All market participants know that growth in gold and oil prices results in descending dollar rates. However, you should be attentive here, as price fluctuations should coincide.
I should mention that forecasting the modern Forex market might be hard even for professionals. Successful trading implies a constant increase and careful selection of information sources because your money depends on their reliability. That is why high quality analytical materials are usually provided for a fee and solely by truly competent people who know really much about Forex, finance, politics, and so on. There are still brokers that assume financial responsibility and provide their clients with free analytical materials. Their clients, exclusively.
In conclusion, I would like to say that losers are normally those who opt for the easy ride. There cannot be miracles. Trading is different from other business areas in the fact that it yields good profits. However, it does not mean that trading requires less expertise than other professions.
Good trading everyone!