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ssiFX Essentials

The following is a checklist of general forex concepts and processes with which you should be familiar with at this stage:-

  • forex majors and minors (or exotics)
  • currency pairs
  • forex quotes (bid, ask, spreads)
  • pips and pip values
  • trading lots
  • trading accounts (equity and margin)
  • profit and loss calculations
  • broker types
  • order types

With the exception of the last, these topics are covered in functional detail under the main menu tab Trading Forex.

It is very important that traders understand the various types of oders which may be placed with their individual brokers. This is essential since some brokers may not offer certain types of orders and execution guarantees. Please check with your broker for a further details.

Although the ssiFX system has been designed to work effectively with the most efficient and universal order type, namely the market order, users are strongly encouraged to acquire a full and complete understanding of other order types, such as stop-loss, trailing-stops, etc. When used in conjunction with the ssiFX system, these order types can not only be used to extract higher profits (via earlier trade entry and later exits, contingent trading strategies, etc.), but more importantly, they can be highly effective tools for traders trying to recover from losing positions.

 

In addition, the following is a checklist of ssiFX concepts you should be familiar with at this stage:-

  • ssiFX currency sets and panels
  • ssiFX (virtual) global currencies

These topics are covered under the sub-menu tab ssiFX Forecasting Systems.