How to Partner with a Forex Broker That Fits Your Trading Style - Toshi Times
How to Partner with a Forex Broker That Fits Your Trading Style - Toshi Times |
- How to Partner with a Forex Broker That Fits Your Trading Style - Toshi Times
- EUR/USD Making a Recovery in the Daily Forex Market - Securities.io
- Forex Basics-Setting up Online Trading Account - EconoTimes
- HYCM announces ETFs release on its Meta Trader 5 platform - Forex Traders
| How to Partner with a Forex Broker That Fits Your Trading Style - Toshi Times Posted: 19 Feb 2020 06:42 AM PST A Forex broker is key to your Forex trading success. Unfortunately, finding a broker that's reliable and exceptionally considerate is not an easy job. It's a painful experience.Forex traders—just like you—need to find a simple way of partnering with brokers. Not any Tom, Dick, and Harry broker, mind you. But a business-savvy one that fits a trader's trading style. The reason why? It's through a good broker that good decisions are made, excellent trades are won. As a trader, you need to not only find a reliable broker. You also need to partner with a professional one to help with your trading needs and aspirations. This article walks you through a number of helpful tips for partnering with a Forex broker that fits your trading style. 1. What are your broker's policies?Finding a Forex broker is not something you can do in one sitting, especially if you're Australian looking to trade BTC with Australian Forex brokers.
In fact, partnering with one that matches your trading style is far from easy. You have to invest tons of hours of time to research, review, and dig through the profiles of as many Forex brokers as possible. You need to do this to ensure that you do business with a reliable one that matches your trading style. Yes, your trading style is important. Assuming you're a short-term trader who often scalps a few pips here and there… Partnering with a broker that allows scalping and provides Currenex account will fit your trading strategy. And it will be vital for your success. Even if you're a long-term trader, more concerned with overnight interest rates that brokers offer… Reviewing your prospective broker's overnight rates and business policies is important before making a decision to do business with them. 2. Is your trading strategy in line with what your potential broker offers?Every FX broker is different: You have a different mindset, different goals, and different strategies from your other colleague. For this reason, both you and your colleague may require a different Forex broker. For example:
Take your time. Find a broker that suits your trading strategy. It doesn't matter how long it takes you. The goal is to find the one that can help you succeed in your Forex trading business. 3. Does your prospective broker offer social trading?You're not a robot. You can't handle the intricacies embedded in Forex trading and still have free time to connect, engage, and socialize with other FX traders. The solution? Subscribe to social trading. "It's a growing movement,"ConnectFX's Gino D'Alessiosays about social trading. "[It's also] a great way of sharing knowledge and building community amongst forex traders." Therefore, to double your Forex trading success, partner with a broker that provides some sort of social trading facilities and digital currencies and tools, so that when you intend totrade BTC with Australian Forex brokers, for example, you can do that with ease. In this case, eToro comes to mind. The platform has the largest social trading and a huge user base plus other valuable perks. For instance, eToropays you when other people copy your trades. ConclusionFinding a credible Forex broker to partner with isn't as difficult as you may think. If you apply the right tips, use professional advice, and do your homework, you can find and connect with a credible broker in record time and see a boost in your trading success. To begin the hunt for a broker, start by:
It's about ensuring that you partner with the right broker that fits your overall trading needs. This is the crucial first step because, to paraphrase Kathy Lien, the journey to becoming a professional and profitable trader can be a long and lonely road, she says. You need to partner with a broker that understands your business strategies.  | ||||||
| EUR/USD Making a Recovery in the Daily Forex Market - Securities.io Posted: 25 Feb 2020 07:55 AM PST Regardless whether you are a brand new trader in the forex market or someone with extensive experience, you will have certainly encountered one thing on your journey. Leverage. If you are new to forex trading then you may wonder exactly what is meant by this, how you can utilize it, and what kind of leverage is available from your forex broker. Since every top forex broker around the world offers some kind of leverage, we will cover the main points of leveraged trading here. This should help you make the best decision for your trading future when selecting your next broker. The Basics of Leverage in Forex TradingIn its most simplistic form, leverage is simply money borrowed from a source that can increase the size of position or amount of capital that is available to you. In this case, the source that you are borrowing money from in the form of leverage, is your broker. The amount of leverage that you can benefit from will depend primarily on two factors:
These are two of the most important factors when looking at how much leverage may be available to you as a standard forex trader. Here we will take a closer look at how much leverage you can expect to receive. Typical Amounts of Leverage Available in Forex TradingThis varies around the world and between different brokers, but can go up to as much as 100:1 or more with certain brokers. Forex trading leverage is most commonly expressed in this ratio format and indicates in our example that with a $1 balance of your own funds, you could open positions worth as much as $100. As mentioned, the leverage available will depend heavily on where the broker is regulated. The most prominent example of this is within the EU. Due to ESMA (European Securities and Markets Authority) regulations, all brokers are restricted to offering a maximum leverage of 30:1 regardless of the market traded. Effectively, this means that you can only borrow a maximum of 30 times your capital balance to trade with. The idea here is to protect traders from becoming excessively involved in leveraged trading where losses can mount quickly. This is typically more than enough leverage and is usually only available within the major forex currency markets which are often viewed as less volatile. With a 30:1 leverage and a deposit of $100, you could hypothetically open positions to the value of $3,000. In other markets such as minor forex currency pairs, CFDs, and cryptocurrency trading, the leverage available can be considerably lower anywhere from 1:1 (no leverage), through 5:1, 10:1, 20:1 depending on the risk of the market. If you happen to be a more experienced trader, then of course the broker may be more likely to approve a higher leverage, and for traders who can open professional trading accounts, these limitations can be stretched further. The Benefits of Leverage in Forex TradingThe key benefit and reason why many traders employ leverage when they are trading forex is the potential profitability. Forex trading is a huge volume trading market, the biggest in the world of trading. If you have looked at our recent article on forex lot size, then you will know that the typically standard lot size is 100,000 currency units. This can mean a cost of $100,000 to trade just one standard lot. So, instead of putting a full $100,000 or more on the line, many forex traders will use leverage. Utilizing the maximum EU broker leverage of 30:1, you could then trade with up to $100,000. This effectively means that through increasing your leverage, you can also increase your purchasing or trading power to take more advantage over changes in the market. Risk management can also be a second area where, if well-considered, can definitely benefit from utilizing leverage in forex. As mentioned above, you will not want to risk your entire balance on just a few trades in the forex market, instead, you can use leverage to only commit a small percentage of your balance yet still fill the position. The Cost and Risks of Using LeverageWhen you do decide to utilize the leverage on offer from your broker, besides the positive potential and benefits that we have mentioned, there are naturally some costs and risks involved. Thinking of the costs first, your margin will go up depending upon both the size of the positions you open, and also how those positions move while they are open. Taking a look at our recent article on margin in forex trading will help you to gain a deeper understanding of how the margin works but it is certainly something to keep an eye on when using leverage. The main risk when dealing with leverage is connected to the increased size of your positions. This means that when the market moves the size of your profits or losses can be greatly amplified. On the positive side, this of course can mean you make money quicker when the market moves in your favor. On the other hand though, you can also rack up quick losses. Choosing the best forex broker who also provides negative balance protection, and employing an astute risk management plan that you stick by are two things you can do that will help you successfully manage your trading on leverage. Final Thoughts – How Much Leverage Should I Use? So, you have opened your forex trading account and been approved for leverage from your broker. The common temptation is to use as much as possible. In reality though, you need to do an impartial assessment of your position and not engage more in leverage than you can afford to lose. Particularly if you are a new trader, the recommendation would be to start small with the leverage and continue learning as much as possible through any educational content provided to help improve your knowledge and skill as a trader.
Spread the love  | ||||||
| Forex Basics-Setting up Online Trading Account - EconoTimes Posted: 25 Feb 2020 06:16 PM PST  Foreign exchange, also known as Forex, involves the buying and selling of the world's major currencies. It's considered the most liquid market in the world and the largest by dollar value. It's the most popular form of investment because it allows average traders to compete with large institutions such as banks and hedge funds. The only thing you need is to have is an online trading account. Types of Online Trading Accounts There are a variety of online trading accounts that a trader can register and start trading Forex. The most popular online accounts include the standard, mini, and managed accounts. Each of these online accounts has its own advantages and disadvantages. So, it's important to learn about the available online trading accounts before you start trading. These accounts have different features, and the one that you choose to trade with depends on the size of the initial investment, your tolerance for risk and the amount of time you can spare daily. When starting, it's paramount to choose an account that matches your knowledge, skill, and experience. Standard Online Trading Accounts These are the most common online trading accounts. The standard trading account gives the trader access to currency worth $100,000. However, it doesn't mean that you have to invest $100,000 to operate a standard account. According to the rules of margin and leverage, you only need to have $1,000 to start trading. Many traders choose a standard trading account because it has a high gain potential. For instance, when you invest $10 and the position moves by 100 pips, you stand to gain at least $1,000. You can't get such a profit with any other trading account. Besides, the standard account comes with mouthwatering perks for individual investors. On the other side of the coin, standard trading accounts have a huge capital requirement. Many brokers will need you to have at least $2,000 minimum balance before you can trade. Others even ask for $5,000 to $10,000 as a minimum balance. Besides huge capital requirements, standard accounts also have a high potential of making a loss. Just the way you can easily make $1,000 of the position moves with you, you can also lose $1,000 if it moves against you. The standard account is best suited for experienced and well-funded traders. Mini Trading Accounts While standard accounts allow traders to trade full lots, mini trading accounts allow traders to transact using mini lots. In many trading platforms, a mini lot is equivalent to $10,000, usually one-tenth of a standard account. Many platforms offering standard accounts will also offer mini trading accounts. Mini trading accounts are best suited for new traders who are hesitant to trade with standard accounts. One major advantage of mini trading accounts is that they are low-risk. Newbies and inexperienced traders can trade with mini accounts safely because they only have to trade with 10,000 increments. Mini trading accounts also provide an excellent platform for traders to test new trading strategies without risking a lot of money. Most of the mini accounts have a low capital requirement. You can open a mini trading account with as little as $250 and start trading. The only major disadvantage of mini trading accounts is that they have low returns. Managed Trading Accounts These are Forex accounts where you invest the money and let someone else make the decisions about buying and selling. In a managed trading account, you invest the money, set your objectives, and let the account manager work to meet them. Either pooled funds or individual funds can fund managed trading accounts. The major advantage of managed trading accounts is that you have a professional Forex broker to run the account. The account is best suited for investors with busy schedules, yet they want to make some money trading Forex. Most of the managed accounts have a huge capital requirement. Some platforms will need you to have a minimum of $10,000, especially if you are operating an individual account. This article does not necessarily reflect the opinions of the editors or management of EconoTimes.  | ||||||
| HYCM announces ETFs release on its Meta Trader 5 platform - Forex Traders Posted: 25 Feb 2020 08:23 AM PST [unable to retrieve full-text content]HYCM announces ETFs release on its Meta Trader 5 platform Forex Traders  |
| You are subscribed to email updates from "forex broker" - Google News. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
Comments
Post a Comment