Puthankote Vadakeveetil Aboobacker the CEO of Pride Group Ltd that is headquartered and based in Dubai. Under Mr. P. V. Aboobacker’s insightful guidance the Pride Group has ventured into various industry domains like non-banking diverse-interest, private network of companies like the Financial Exchanges and Brokerage Firms, Hospitality sector, Medical Centers, and Real Estate to name a few. As the executive head of Pride Group, Aboobacker constantly strives for the best outcome for his clients and all the stakeholders of Pride Group.
In one of his seminars on trading he highlighted the importance of the use of certain unique technical indicators that will give traders an edge in making profits. Fibonacci forex trading is the basis of many forex trading systems used by a great number of professional forex brokers around the globe, and many billions of dollars are profitable traded every year based on these trading techniques.
Mr. PV Aboobacker explained that the world famous Fibonacci sequence, the definition of this sequence is that it’s formed by a series of numbers where each number is the sum of the two preceding numbers; 1, 1, 2, 3, 5, 8, 13… But in the case of currency trading what is more important for the forex trader is the Fibonacci ratios derived from this sequence of numbers, i.e. .236, .50, .382, .618, etc. He observed these ratios are mathematical proportions prevalent in many places and structures in nature, as well as in many man made creations.
Mr. Aboobacker feels that Forex traders can greatly benefit from this mathematical proportions due to the fact that the oscillations observed in forex charts, where prices are visibly changing in an oscillatory pattern, follow Fibonacci ratios very closely as indicators of resistance and support levels; maybe not to the last cent, but so close as to be really amazing.
Fibonacci price points, or levels, for any forex currency pair can be calculated in advance so that the trader will know when to enter or exit the market if the prediction given by the Fibonacci forex day trading system he uses fulfills its predictions.
Many people try to make this analysis overly complicated and thus scaring away many new forex traders who are just beginning to understand how the forex market works and how to make a profit in it. But the Pride CEO strongly feels this is not how it has to be. We can’t say it’s a simple concept but it is quite understandable for any trader once he or she has grasped the basics and has had some practice trading using Fibonacci levels. According PV Aboobacker this along with other secondary indicators will help to improve the accuracy of the entry and exit point for every particular trade.
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