The names and standard abbreviations of the world's major currencies:
Benchmark currency: The first currency in a pair of currencies, and the currency that remains fixed when determining the price of a pair of currencies.
Relative currency: The second currency in a pair of currencies is also the quoted currency.
The following are the major pairs of currencies that account for nearly 80% of global foreign exchange transactions.
The following are the ten most frequently traded currencies in the world:
Major economic indicators that echo the fundamentals
Technical analysis refers to the analysis of future price trends through past market data. Technical analysis believes that price fluctuations have certain rules to follow and historical trends will repeat. The most common tools for technical analysis include charts, price patterns, price trends, rate of change, moving average and volume changes. The first step in technical analysis is to learn to look at pictures. There are many types of charts, but they are very similar. The most basic and commonly used is the Yin-Yang candle chart.
Support and resistance
Support points and resistance points refer to price points where upward or downward pressure occurs repeatedly in the chart. The support point appears at the low level, while the resistance point appears at the high level. Once the breakthrough point is reached, the two will often transform into each other. For example, if the support point is downward after breaking through, it will usually become a new resistance point. During the period of rising market, the breakthrough of resistance point can become the support point of the upward trend, while during the period of falling market, the breakthrough of support point may become the new resistance point of the downward trend.
Double Top and Double Bottom
When a pair of currencies shows an upward trend and encounters resistance points, a double top is formed. After reaching the double top, the price begins to fall back to the support level, and the Neckline appears, and the price will eventually continue to rise to the resistance level. After failing to break through the resistance level, prices will fall for the second time. At the Neckline level, prices began to fall again.
The opposite of double roof is called double bottom. The downward trend began to reverse when prices fell twice to support levels. If it fails to break through the support level, prices will start a new round of recovery. Sometimes a pair of currencies will reappear as a Neckline, then move from a support level to a resistance level.
A triangle pattern is usually a feature of a stable trend followed by an accelerated price breakthrough contrary to a continuous trend. Triangle pattern includes three basic types: isosceles triangle, ascending triangle and descending triangle.
Rising triangle represents a stable period of rising price trend. It consists of a relatively flat, even horizontal resistance line and another oblique upward support line. With the convergence of the two lines, the probability of price breakthroughs is increasing. The pattern trend ends when the price rises far above the resistance level.
An isosceles triangle
The isosceles triangle represents a stable period of rising or falling prices. The isosceles triangle is composed of an obliquely upward support line and another obliquely downward resistance line. The isosceles triangle will also have price breakthroughs in the same direction as the previous trend, but this situation does not often occur.
The falling triangle represents a stable period of falling prices. It consists of a straight line of downward resistance and a straight line of relatively flat or even horizontal support. With the convergence of the two lines, the probability of price breakthroughs is increasing. When prices fall sharply to support levels.
Key Definitions for FX
When you are on the chart, press "ALT + T" and the sell / buy button will appear in the upper left corner. This will enable you to place transactions quickly, and you will be able to adjust stops and stops.
2. new orders
Press F9 on the keyboard or click "New Order" on the MT4 standard toolbar. The order bar will pop up as shown in the screen shot below.
A dialog window will appear. Select the currency pair to trade from the drop-down list.
Next, select the market execution in the order type drop-down list.
Enter the number of hands you want to open. Keep in mind that the trading volume of your position size is expressed as the number of standard hands. A standard hand is worth 100,000 units. Therefore, if you want to buy 5,000 units of a currency pair, you can enter "0.05" in the volume field.
If you have any notes about the transaction, you can choose to fill in the notes. Finally, decide whether to buy or sell a pair of currencies. A dialog window will appear to confirm that your transaction has been executed.
If you don't think it's the best time to buy/sell, you can use the bill to set a specific entry price so that the order can be executed when it reaches that price.
This can be done by opening the order pad and clicking on the type of bill.
There are four types of bill of lading transactions:
Buy Limit is overweight (buy below current price)
Buy Stop overhangs (buy above current price)
Sell Limit is short (sold above current price)
Sell Stop is short (sold below current price)
After you have selected the type of order, please enter the price you want to enter the market, and then fill in the stop and win price. Fill in and click the Place button to enter your transaction. A dialog box will appear to confirm that your transaction has been executed.
The following markets
MT4 allows you to customize the layout of the chart. Feel free to try different layouts and see which one fits you best. By default, when you first log into your MT4 trading account, there will be only four charts, but you can add more and drag any tool from Market View onto the chart to see historical prices.
Close your transaction
All transactions you open will be displayed under the "Transaction" label. You can close your order by clicking the "x" button on the Left side of your transaction.
You can also log in to your trading account via MT4 App.
You will be able to monitor, place and close any transactions in your account.
(To close your order, you need to keep the existing order until an option appears on the screen to close or modify your order.)
Select IFFX Market-Live for Real Account
Select IFFX Market-Demo for Simulated Account
Please enter your MT4 account and password for login.