To convert the value of the pip to U.S. dollars, just multiply the value of the pip by the exchange rate, so the value in U.S. dollars is $10 (8.93 * 1.12). The value of one pip is always different between currency pairs because of differences between the exchange rates of various currencies.

In terms of foreign exchange trading, currencies are quoted in terms of a currency pair. The base currency is the currency against which exchange rates are generally quoted in a given country. Examples: USD/JPY, the US Dollar is the base currency; EUR/USD, the EURO is the base currency.

Here’s the Forex base currency explained: the base currency is the first element of the pair and it represents one unit of that currency that buys the second currency. For example, in the EUR/USD currency pair, the euro is the base currency and it shows how much US dollars can one euro buy.

All you need to do is increase your Forex trading account by 200% and you will have 1 million dollars. If you were to make an average of 10% profit a month, it will take 1.7 years for you to make 1 million dollars.

Strategy & Risk Analysis I find the only way to provide a 100% win rate, is to use no stop loss. Most people that hear no stop loss will be shocked, and then turn and run away immediately. It’s possible when using this strategy to get stuck in trades for weeks, if not months if the market takes a long time to recover.

Traders will do well to keep in mind the helpful tips to winning forex trading revealed in this guide:

1. Pay attention to pivot levels.
2. Trade with an edge.
3. Preserve your trading capital.
4. Simplify your market analysis.
5. Place stops at genuinely reasonable levels.

What is the best Forex trading strategy?

• Bolly Band Bounce Trade. This strategy is perfect for a ranging market.
• Forex Overlapping Fibonacci Trade. These strategies are a favourite among many traders.
• The Pop ‘n’ Stop Trade. Trying to chase the price when it goes upside rarely works.
• Trading the Forex Fractal.

This is fact. As stated, the consensus on the conservative side is that 70% to 80% of all Forex traders lose money and this number can go as high as 90%! Any kind of trading, and especially Forex trading, requires a lot of dedication to learning how to trade and developing a solid foundation of Forex knowledge.

Knowing when to buy and sell forex depends on many factors, such as market opening times and your FX trading strategy. Many traders agree that the best time to buy and sell currency is generally when the market is most active – when liquidity and volatility are high.