Forex trading on mobile apps in India - Daily Pioneer

Forex trading on mobile apps in India - Daily Pioneer
Stories of forex trading 'heroes' belie a quiet market - The Australian Financial Review
Managing Emotions in Forex Trading - Finance Magnates

Posted: 27 Nov 2019 04:47 AM PST

Trading forex in India can be restrictive, as it's not legal to trade currency pairs that do not involve the Indian rupee (INR), in keeping with the legal frameworks from the Reserve Bank of India (RBI), the Foreign Exchange Management Act (FEMA) of 1999 and the Securities and Exchange Board (SEBI). Indian traders who want to avoid these limitations and legal issues can use international regulated brokers that accept Indian clients.

Being one of the most liquid and popular markets in the world, traders can take advantage of the Forex market around the clock. However, in today's busy world, it is sometimes tough to fit Forex trading into a packed schedule. Mobile phones are therefore a great tool for making money on the Forex market, as it gives traders the freedom to trade on the go.

Mobile Forex trading is increasingly popular in India because of affordable smartphones and relatively cheap internet plans. While smartphone users have been growing in India over the years, there are a few things to look for in a smartphone to best take advantage of Forex trading on mobile apps, as not all phones are created equal.

The two most important factors to take into consideration when choosing a smartphone are 1) the size of the screen, and 2) the battery life of the phone. The display, the internal storage and the processor speed are also important aspects to consider.

While nearly all Forex brokers offer mobile apps, you need to choose the right broker for your trading needs (all the features you might need to start trading Forex and other markets on your smartphone are available here).

A regulated broker

You first need to select a regulated broker that is overseen by a reputable regulator, such as the ASIC, the FCA or the CySEC, so you can be certain that you're trading in a safe environment. Moreover, regulated brokers usually offer additional protections for retail traders, such as investor compensation schemes. You should also check out the reputation of the broker you want to use and be sure that it keeps client funds in segregated accounts in top-tier banks.

Advantageous trading conditions

When choosing a broker, you should also have a look at the type of trading accounts offered, the minimum deposit required, the available assets and financial products, the leverage, the spreads and the trading fees, as well as deposit/withdrawal options. It's also important to be sure that the customer support is knowledgeable and available in your time zone.

Compatible trading platforms

Finally, you need to be sure that the trading platform and software offered are compatible with your operating system. It is also important that you have access to the trading tools you need to implement yourtrading strategy.

Bottom Line

"With an increasing number of people doing everything from shopping to booking taxis on the smartphone, it is a natural progression for mobile users to start trading on their hand-held device," said Raghu Kumar - Co-founder of RKSV onThe Economic Times India.

Technology advancements are improving charts and trading tools to offer sophisticated and advanced trading environments. Forex mobile apps allow you to trade on the go in an easy and powerful way. But you need to be careful not to overtrade. Just because trading is available at your fingertips doesn't mean that you should trade all the time…

Stories of forex trading 'heroes' belie a quiet market - The Australian Financial Review

Posted: 26 Nov 2019 05:58 PM PST

His advice, which other professional currency traders and investors might be interested to read, is that "once you know how to do it, it's not that hard".

One has to wonder, really wonder, how they manage it. Because over at the wholesale end of things, the talk of the town is just how dead the market is –hardly a breeding ground for lucrative trading opportunities. The market is, in Commerzbank's words, "structurally boring".

How have currencies managed to elicit such a label from a German bank that is not exactly predisposed to excitement? Chief analyst Ulrich Leuchtmann noted earlier this month that his currency volatility index "has returned to the low levels which I referred to as 'unsustainable' in spring. Well that was wrong. 'Nothing happening' seems to be the new normal."

This is an interesting point. Yes, we have been here before, as recently as March. Then, the three-month rolling trading range of the euro against the dollar was at its narrowest point ever, even taking into account old Deutschmark rates going back more than 35 years.

At the time, this was seen as a blip, a reflection of the US Federal Reserve's decision to put interest rate rises on pause. Analysts also noted the market paralysis induced by the trade war between the US and China.

Now, implied volatility in the euro-dollar exchange rate – a measure of how likely market participants believe a shake-up to be – is at a new record low. "It can't get more dead than that," Commerzbank said on Tuesday.

It can get more dead, though. Bilal Hafeez, formerly a senior currencies analyst at Deutsche Bank and Nomura, who now runs analysis hub Macro Hive, points out that while expected volatility in the euro against the dollar is at an all-time low, actual volatility has been lower before, in the late 1970s.

For him, this means it would be unwise to expect a burst of excitement. Previous notable pick-ups in volatility have been driven by moments when major central banks embarked on different paths.

"Today, most central banks are on hold at low rates," says Hafeez. Watch them for reasons to pounce, he says, but in the meantime, the experience of the 1970s shows that deeply sleepy market conditions can last for years.

The snooze-fest this (northern) spring may not have been a blip, then. Stability is sustainable after all. The trade talks are still grinding on with little chance of a swift resolution.

The global economy is sluggish, but not dramatically so. Major central banks are all singing the same tune, and the UK's exit from the EU is tangled up in national politics. The trigger for a burst of activity is not obvious.

This is not necessarily a bad thing, of course. Boring predictability can be very useful for corporate treasurers, and the have-a-go retail traders gracing the tabloid pages still claim to be making a small fortune, somehow. Other fund managers, bank trading desks and market intermediaries, on the other hand, need some movement, any movement, to make a living.

"We empathise with those that subscribe to the idea of 'secular stagnation' in FX volatility," wrote Bipan Rai, an analyst at Canadian bank CIBC. He adds another item to the list of factors depressing the market: the growing investor obsession with tracking benchmarks.

Buying dips in bonds and equities has become a reflexive habit, he says, suggesting there is less emphasis on trying to top up gains or avoid losses with currency bets.

But this should not give investors "carte blanche" to stop worrying about hedging their FX exposure, Mr Rai adds. For one thing, volatility tends to cluster, he says. Everything is quiet until it is not. Second, volatility tends to revert to the mean too.

By that analysis, complacency is dangerous. But believing that a burst of return-enhancing volatility is just around the corner can be career-limiting too. Pick your poison.

Financial Times

Managing Emotions in Forex Trading - Finance Magnates

Posted: 27 Nov 2019 02:30 AM PST

Set emotions & ego aside

In the world of Forex trading, it is of paramount importance to maintain a level of discipline and not to let our emotions get the better of us.

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Traders need to come to terms with who they are! Traders also should be aware of the fact that they will eventually experience different emotions.

How we manage these emotions will affect our overall decision making and in terms of trading – profitability.

Our mental state has a significant impact on how we behave and the decisions we make. In this piece, we will take a look at which emotions traders commonly experience, harnessing those emotions

Maintain discipline

When thinking about our emotions in Forex trading, there are 2 stand out feelings that every trader will go through. Fear and greed. Fear affects traders decisions in that a trader will be less inclined to take any risk.

Traders may see opportunities in the market but fear can be so damaging in that traders run the risk of a case of 'analysis paralysis'.

When a trader opens a position, fear can make traders close positions early and often before hitting a target stop loss.

If a position has crept into profit, fear can make us close a position too early as to not lose any profit. Holding on to a position for a little longer could result in hitting a target and earning more profit.

When a position is in loss Generally, fear does not allow us to behave properly. Fear can ruin everything! Not only in trading but in real life too.

Greed. As defined in the Cambridge Dictionary, is a very strong wish to continuously get more of something, especially food or money – the latter being more apt for the benefit of this article.

Greed can make us over trade, take too much risk and deplete an account balance pretty quickly!

Traders driven by greed will enter the market without any real strategy, putting their account balance at risk as well as some frayed nerves.

A common misconception in trading is that these natural emotions we go through should be ignored. As we know from real-life, ignoring a problem will not make it go away.

Often it can make it much worse! So when we think about the way we feel when trading, we should think about harnessing these different emotions and using them to our advantage.

There are things that traders can do to harness emotions and make ourselves more successful.

Reduce size of position

When using bigger lot sizes, it is only natural that there will be an increase in adrenaline being pumped around our bodies.

Are you an emotional person? Bigger trade positions naturally translate into a bigger emotional strain. So if we reduce position size this can in turn naturally reduce our stress levels resulting in a clearer thought process and theoretically – better trading decisions.

New ECN STP broker, EagleFX has lot sizes starting from just 0.01 Lots – meaning that you can access over 55 currency pairs and over 30 Cryptocurrency pairs from a deposit as little as $10.00 – all helping in stress for the consumer.

Keep a record or journal of how you are feeling

Write down exactly how you feel at the time of entering a trade. Then we can look back to see what the catalyst is for how we feel at that time.

What exactly we were feeling at the time can be invaluable at a later date when learning to identify which specific emotions are attached to different assets we choose to trade, lot size we choose and initial investment size.

It is knowing which emotions are detrimental to our trading account that is the trick to success here. Keeping a log helps us analyze our own performance and identify areas for improvement.

What is of great importance is to avoid being sucked into revenge trading. Traders can occasionally fall foul after a significant loss.

This is where a trader will in effect 'chase' their losses and get straight back involved in a new position when the best course of action may be to take a step back and take stock of the current situation.

Use a blend of analysis

When performing your analysis before getting involved in positions, it is important to use a variety of technical analysis fundamental analysis & sentiment analysis.

It is also useful to make use of daily analysis. EagleFX has within its site updated daily market news whilst also lending its users access to an economic calendar.

Sign up is completely free! Users can enjoy access to the latest global, economic news to make a more informed decision when entering a trade.

Choose a strategy and stick to it

This does not have to be a rule for the hole of your trading career but it should be a rule adopted for a certain position just opened when trading a particular asset.

When managing our emotions it is important to have a plan and stick to it. This is often easier in thought rather than action but maintaining personal discipline and control will, in theory, yield better results in the future.

Summary

To conclude, it is key to keep ourselves grounded, conduct a variety of research and make use of economic calendars. Materials are abundant online to assist traders.

The key is in adding the right ingredients to the mix to suit YOU! Identify what sort of person you are deep down and you will quickly be able to identify what strategies would be best suited for you and which styles fit better to your personality.

Knowledge is power in the trading game.

Head over to EagleFX today to take advantage of a range of features to aid you in your education such as the daily market analysis.

Build on your existing knowledge today and take advantage of $10 deposit minimum, micro lot trading and competitively tight spreads.

Disclaimer: The content of this article was provided by the company, and does not represent the opinions of Finance Magnates.

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