What do you need to start Forex trading?

Actually you just need a computer to start Forex trading. If you have a computer then you can start trading in demo account. Even you can start Forex trading with your android Phone or I-phone. Broker will provide you demo account with demo balance. You can easily get $5000 in your demo account any time.

You need to practice 3 to 6 month in demo account. In this time you need to learn about trading, about market analysis and about technical tools properly to make profit regularly.

When you will start to make profit regularly in demo account then you can start real account. You can start real trading even only $5.

One Day Fibo


The indicator is based on Tom Strignano idea about building FIBO channels from previous day candle, the start point here is day close price. Fibo levels are built both sides, up and down.


One day Fibo

Input parameters are just colors.

Download one Day Fibo Indicator


Please review about the indicator  to help others. If you think it is good then please like and share the post.

PaxForex 7$ No Deposit Bonus

PaxForex is currently offering USD 7 as a free welcome Forex Bonus. If you want to get  7$ No Deposit Bonus, Please open an account and verify your account after that apply for the bonus. Terms and conditions are easy.. Don’t try to open multiple account even not with different name.. The automatic system will detect Multiple account and Both accounts will be banned.



Open Bonus Account


নিয়মাবলি নিচে দেয়া হল


Initial balance: USD 7
Available volume lot size: 0.01 – 0.6
Maximum number of open positions: No limit
Leverage: 1:500
Instruments: Currency pairs
Expert Advisors: Yes
Scalping yes
Forex Bonus Withdrawal requirements
Total Traded volume size must be 1.5 lots (150 trades) per each $5 profit

How to receive Your Free Welcome Forex bonus:

  1. Click button “Get bonus

    – If you are already registered with us then follow instructions “How to open new Forex account and choose “Bonus Welcome $7
    – If you are not register with us, fill the form.

  2. Login in to myPaxForex
  3. Verify your account by submitting your personal Proof of ID (passport, driver’s license) and a proof of address.

To withdraw Profit from the Free welcome forex bonus the client has to have traded a Total trading volume size of 1.5 lots for every $5 profit.


A Client receives a USD 7 welcome forex bonus. After some trades the client makes USD 5 profit; the balance is now USD 12. To withdraw the profit of USD 5 (profit) the client has to trade a total trading volume siz of 1.5 lots. This means that the client can make 150 trades per 0.01 lot size or 15 trades per 0.1 lot and etc. After more trading, the forex trader earns another $5. The balance becomes $17 ($10 profit) and he has traded 1.5 lots. In this case, the trader could withdraw $5 and the rest of the profit remain in his account. To withdraw another USD 5,the trader has to trade another 1.5 lots.

Total trading Volume size Example Calculation:

A Client made two trades. His first trade has a volume size of 0.01, and his second trade has a volume size of 0.1. Total Trading Volume size is 0.11 = 0.01+0.1

“7$” Free Welcome Forex Bonus Specification is subject to Terms and Conditions.


Support and Resistance

One of the most important areas I often reference on the Forex Blog are support and resistance levels as “tactical points of interest”.

Support levels are potential “demand” areas where the price is often given to find support as it is declining.

This means the price is more liable to “rebound” off the level instead of pushing through it – all things being equal.  However, once price has passed through the level, by a significant degree it is often likely to continue falling until the next demand level.  A decline beneath a support level is often indicative of a new readiness to sell by the market participants or a lack of motivation to buy until price moves lower.

support 13 300x135 Forex Support and Resistance Tutorial

Resistance levels are potential “supply” areas where the price is often given to find resistance as it is rising.

This means the price is more liable to “rebound” off the level instead of pushing through it.  All the same, once price has passed through the level by a considerable amount it often has the potential to continue rising until the next supply level.

resistance 11 300x135 Forex Support and Resistance Tutorial

The following areas can all be used as support and resistance and are closely watched by price action forex traders:

  • Horizontal price support and resistance
  • Fibonacci retracements and projections
  • Floor trader Pivots,
  • Trend lines
  • Moving averages

This article will focus on the horizontal support and resistance elements.


How reliable is support and resistance?

One factor to keep in mind when trying to determine support and resistance levels is that it does not always happen precisely at exact numbers (although it can sometimes!).

There can be a short term imbalance, which results in a spike through an area, and novice forex traders sometimes mistake this for failed support and resistance after a subsequent reversion to the recent range.

Chart time and experience helps us make discretionary judgement calls on whether a fake out/spike is taking place or if the area has been broken with reference to the time frame we are trading.  Other factors like the volume traded at a level can help with this analysis on other asset classes but not with forex.

Here are some of the key points I note when looking at a potential support or resistance level:

  • How many touches does the level have?  The more (accurate) touches the more interested I am in the level, as it will likely have caught the attention of other traders and potentially have the associated order flow.
  • How big were the previous bounces off the level.  The more pronounced the better.
  • Did this level form over a recent trading session or a while back?  More recent levels capture my attention but older levels are also noted.  I prefer to look from the right hand side of the chart and draw technical levels accordingly.

Price flip areas – Support becomes resistance and vice versa

Another rule of technical analysis states that support often turn into resistance and vice versa.

After price breaches support, the level can turn into resistance.  A penetration of support often indicates that the pressures of supply have overcome the inherent demand at a given level, so when price returns to the area there is, in all probability, an increase in supply so we now have resistance…

If we really think about it this makes perfect sense.  Fear and greed rule all markets, including Forex, and this is a great example of why.

Imagine you just bought a serious amount of euros and price went against you…  You are potentially holding a huge losing position and it doesn’t feel good.  You bought the euros at a clearly defined support level and wish you never did.  Then, just as you think the trade will hit your stop loss, the euro rallies and moves towards the original entry point.  The euphoria of seeing your hard earned money come back is overwhelming and you think yourself lucky to get away without a loss, close the trade at the previous support level, and breathe a sigh of relief.

While observing charts we sometimes forget what is actually behind every movement in price – people move price!

If this is happening on a large scale (the market) with many traders doing the same we create a resistance level as supply has increased – you create supply when closing the trade.

While observing charts we sometimes forget what is actually behind every movement in price – people move price!

Support has become resistance!

support becomes resistance1 300x135 Forex Support and Resistance Tutorial

With practice and chart time, you should be able to see potential support and resistance areas and plan your strategy around them accordingly.

It is our opinion that the best trade entry and exit strategies usually combine support, resistance and price action.

Trend lines

Trend lines

Trend Lines are an important tool in technical analysis for both trend identification and confirmation. A trend line is a straight line that connects two or more price points and then extends into the future to act as a line of support or resistance.. These lines are used to clearly show the trend and also help in the identification of trend reversals.

A trend line may be classified as:

  • Rising trend line or uptrend line
  • Declining trend line or downtrend line
  • Sideways trend line


  • trendfriend1

What is Market trends ?

A market trend is a tendency of a financial market to move in a particular direction over time. Trend is the most important concept in technical analysis. A trend designates the general direction of a market movement. It is important to identify trends so that you can trade with them rather than against them.

Types of Trend

A trend may be:

  • Upward – this is called a Rally ; the market trends the way up
  • Downward – this is called a Downtrend ; the market trends the way down
  • Sideways / Horizontal – this is called “flat market” or “trendless” ; the market trends nowhere

Trend Lengths

A trend of any direction can be classified according to its length

  • Short-term Trend ; it usually lasts no more than three weeks
  • Intermediate Trend ; it usually lasts somewhere between 3 weeks to several months
  • Long-Term or Major Trend ; it is considered to last for a year or more. It is composed of several intermediate trends, which often move against the direction of the Major Trend

Benefits of Forex Trading

Benefits of Forex Trading


Market Liquidity and Volatility

  • The forex market is the largest and most liquid of the financial markets.
  • Daily activity often exceeds $4 trillion USD a day, with over $1.5 trillion of that conducted in the form of spot trading.
  • Forex spot trades consist of a contract to trade a given amount of a currency pair with a market-maker, at the advertised buy / sell price (the spot rate).
  • It is the existence of volatility within the forex market that enables trader’s to take advantage of exchange rate fluctuations for speculative purposes.
  • Traders must be aware that greater volatility also means greater risk potential.
  • nasdaq-nyse-dollar-value-595

Market Hours and Liquidity

  • Forex trading operates 24 hours a day, five days a week. The greatest liquidity occurs when operational hours in multiple time zones overlap.
  • It is important to understand the correlation between liquidity and market activity.

Low Cost of Forex Trading

  • The cost to trade with most forex brokers is the spread. This is the difference between the bid and the ask price.
  • Spreads in the forex market also tend to be much less (or tighter) than the spreads applied to other securities such as stocks. This makes OTC forex trading one of the most cost-effective means of investment trading.

Advantages of Margin-Based Trading

  • Most OTC forex brokers offer margin-based trading accounts.
  • Margin-based accounts differ from credit-based accounts in that when trading in a margin account, you must first open an account with your broker, and thenfund the account by depositing money into the account.
  • Once you have funded a margin account with your broker, you can engage in any trading activity you wish so long as you have sufficient margin remaining in your account.
  • Leverage makes it possible for you to trade larger positions than would otherwise be possible based on your actual account balance.
  • This means that leverage can provide greater potential for returns.
  • The downside of course is that there is also greater potential to lose money and you can incur significant losses in your account very quickly.


Potentially Profit Regardless of Market Direction

  • A short-sale – or simply a short – is the selling of a currency pair before you buy it.
  • It is very easy to enter into a short-sale when trading in the forex market.
  • In order to make a profit on a short, you must buy the currency back for lessthan you received when you sold it. The difference represents your profit or loss.
  • The ability to engage in short-selling means that it is possible for you to profit no matter which way the market is trending.
  • When rates are increasing, you can earn a profit if you buy (go long) a currency pair, and then sell it later for more than you paid.
  • When rates are falling, you can earn a profit if you sell (go short) a currency pair, and then buy it later for less than you earned when you originally shorted the currency pair.

Why Trade Forex?

Forex offers several advantages over speculative trading in futures, stocks and other equities. Eight major currency pairs dominate most currency trading, so it is a much simpler market to follow for most traders. The vast majority of trades involve the United States Dollar, while the Euro, British Pound and Japanese Yen are also widely traded.

Although most currency speculation occurs between a relatively small number of currencies, many brokerages offer trading in a much wider range of less commonly-traded currencies.

Some prospective traders looking to participate in speculation are attracted by the low account balances required to open a forex account with some brokerages.

Forex offers many advantages..

  • No commissions

  • No middlemen

  • No fixed lot size

  • Low transaction costs

  • A 24-hour market

  • No one can corner the market

  • Leverage

  • High Liquidity.

  • Low Barriers to Entry

  • Free Stuff Everywhere

How Does the Forex Market Work?

Until the 1970’s, and for the previous 100 years, the value of most currencies was tied in some way to the value of gold. In 1944 this “gold standard” was replaced by the Bretton Woods Agreement which valued the United States dollar against gold, and all other currencies against the US dollar. In 1975 that agreement fell apart and a system of floating exchange rates was widely adopted, leading to fluctuations in currency values in an open market-and laying the foundation for foreign exchange speculation.

Today, trading in foreign currencies by speculators usually takes place through a forex broker or dealer, who provides the trading platform to transact forex trades. Such trades occur in currency pairs, such as USD/JPY (United States Dollars/Japanese Yen). Note that two currencies are always involved in a forex trade, with one being purchased while the other is being sold.

The forex trader will generally hold the purchased currency (called a position) for a period of time, intending to profit when the prices of the two currencies change favorably. The transaction is completed, or the position is closed, when the opposite currency is bought and the other sold. Profit is calculated by the difference in the buying and selling price.

Different brokers offer different services, and traders need to be careful their broker is serving their best interests. Each broker provides demonstration or practice accounts, where a new trader can play with virtual money until they feel comfortable opening a real account. Analysis can be completed and orders are placed online, at the trader’s request.