This is our second post in the series, Forex for Newbies. If you are completely new to trading, you will need to read these posts in order to gain maximum effect.
In order to trade forex using Elliott Wave, you need to purchase and read the Elliott Wave Principle book first in order to predict market turns and direction.
We are trading from an Elliott Wave perspective, so the first post necessarily covered the basics of the Elliott Wave Principle, and pointed towards useful resources such as the free online History`s Hidden Engine movie which explains the concept of Elliott Waves so well.
Once the basics of the Elliott Wave Principle are understood, it can be seen that it can be used to predict market turns and direction. This is powerful information and you can use this to trade forex online from the comfort of your own home, in your pyjama`s if you like! Before beginning to actually trade, you will need to learn some basic terminology and play with some online trading platforms.
Currencies are always traded in pairs, as the value of one currency is determined by comparing it to another. The majority of currency pairs will have the USD included, and if not are termed `cross currencies`, such GBP/EUR.
