Forex Trading – Practical Tips For Beginners - 1redDrop

-

Forex Trading – Practical Tips For Beginners - 1redDrop

Forex Trading – Practical Tips For Beginners - 1redDrop

Posted: 31 Oct 2020 05:36 AM PDT

The Forex market is becoming increasingly popular thanks to its liquidity and daily volumes of trading. The opportunities are endless. If you are searching for new ways to invest your money and have been thinking of Forex, we give you the best tips to help you start. 

Know the markets 

The Forex market is just one of many financial markets. All of them are connected. The fluctuation in currency prices is mainly linked to the fluctuation in prices in the commodity markets. These markets are all susceptible to speculations from central banks and other financial institutions. To succeed in Forex trading, you need to have at least some basic notions about all of these in order to understand the news events, recognize the opportunities and market trends, and make sound financial decisions. 

Make a trading plan

After you have defined the capital you want to invest, you need to prepare your forex trading plan. It should include the following information: when you want to exit the market, how much time you are willing to spend trading, your research regarding the pair you are interested in, your risk management strategy, and your trading strategy. 

Having a good plan is half of your success. When we say the plan, we think first of all of a realistic and healthy motivation. Don't be greedy, thinking you are going to buy a yacht and a Lamborghini after just a couple of days of trading. 

Selecting a Forex broker

Selecting the right forex broker is vital. The best brokers are, first of all regulated, transparent regarding fees and commissions, have efficient customer support, and offer you training. They need educated and informed clients because it's in their best interest. If you trade successfully, they also make more profits. 

Practice on a demo account

You cannot start trading out of the blue. Fortunately, many forex brokers offer you training and are ready to help you with all aspects of forex trading before you decide to trade for real. In that way, you can feel the market and finally decide which currency pair you want to trade.

What instruments to use to invest in Forex?

The best way for trading forex at the beginning can be done through CFDs These are speculative products that allow you to trade the future trend in the price of a currency pair without having to own and without delivering physical currency.

What is the easiest pair for a beginner to trade?

The easiest forex currency pair to trade often varies from trader to trader. It depends on their attitude toward risk and interests. A good approach would be to start with the major currency pairs that have a higher volume of trading, which makes them much more liquid and potentially less volatile.

Know your limits

Don't invest more than you can afford to lose. Every trading bears some risk, but Forex can turn out to be too risky if you make unreasonable decisions. In the beginning, stick to the compound strategy, piling up your profits little by little. While growing your funds slowly but surely, you learn on the way, and then you can try some riskier moves.

Control your emotions

It's easier said than done. However, you must; if not, then at least learn to focus and streamline them properly. You must trade with a clear and cool head. When you recognize that frustration is overwhelming you, stop trading until the next day or later. 

Final Thoughts

Determine how much time you have available for trading daily. Will you trade full time or will Forex trading be your hobby? Define goals according to the capital you can afford to invest. Keeping a trading diary is suitable for beginners. It helps you have better control over the money.

5 top Forex trading platforms for beginners - fingerlakes1.com

Posted: 21 Oct 2020 08:32 AM PDT

When forex trading, you want to use a platform and broker that is trustworthy. The last thing you need is for the company to get audited and fall under because they didn't follow regulations.

Forex trading has specific regulations to follow that help protect the trader and their investment. An example of a non regulated broker and trading platform would be Hugosway broker. Basically, it's unsafe to put your money in for trading and should be avoided.

Rather than learning the hard way which trading platform you should use, we did the work for you. We have a list of the top five forex trading platforms that are perfect for beginners.

  1. Alpari

Being one of the biggest forex brokers available, Alpari started back in 1998 by three partners in Russia. It has over one million clients from 150 countries around the world. Alpari has kept up with the evolution of our world and offers various services for any modern forex trader.

Due to Alpari following all compliances and holding multiple regulatory licenses, this international company has proved to be a transparent and trustworthy forex platform over the years.

What makes it excellent for beginners is it requires no minimum deposit. You have access to a demo account to test things out before joining, and it has multiple options to help minimize the risk of trading.

  1. Go Markets

Up next is Go Markets, which started in 2006. This company prides itself on being compliant, having competitive spreads, and various technological developments. Go Markets main headquarters is in Australia, but does hold offices in other places, including the UK.

Go Markets is a safe platform to trade with as it is authorized under the Australian Financial Services License. With its customer support and providing challenges to be a successful trader, Go Markets is another top forex trading platform choice.

  1. FP Markets

Established in 2005, FP Markets is an Australian-based trading company that serves thousands of clients worldwide. The popular trading platform is licensed and follows all trading regulations.

What makes FP Markets an excellent choice for beginners is how it connects the trader to the market without dealer intervention, giving the trader the best rice possible. Their electronic bridges and enhanced DMA pricing models are their secret weapons.

  1. XM

One of the newest companies on the list, XM broker started in 2009 and operates in just under 200 countries worldwide. It is regulated and follows enhanced regulatory standards. Each jurisdiction XM operates in has its rules to follow, and XM keeps up with them.

XM provides a variety of trading opportunities as it expands into different regions. It also offers various support options, including research material and webinars, making this an excellent beginner's platform.

  1. IC Markets

Rounding up the top five is IC Markets. Starting in 2007 in Australia, IC Markets is a competitive and regulated trading platform recognized globally. What makes it unique is that IC Markets works to provide a bridge between retail and institutional clients. It also offers its users a wide range of forex trading knowledge and experience to help you grow.

That wraps up our top five list of forex trading platforms. Other platforms worth looking into include BDSwiss, FXCM, and Axiory.

By sticking with one of the platforms on our list above, you can trade freely on a regulated and compliant platform.

What You Should Know About Forex Trading Signals - Robotics and Automation News

Posted: 28 Oct 2020 03:00 AM PDT

What You Should Know About Forex Trading Signals

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close

Comments

Post a Comment

Popular posts from this blog

Position Sizer Expert Advisor for MT4/MT5 - EarnForex News

-
Image
Position Sizer (MetaTrader expert advisor) calculates how many lots to trade based on: Entry and stop-loss levels Risk tolerance Account size (balance, equity, or even your savings account) Account currency Currency exchange rates Its main features include: Works with any trading instruments — currency pairs, CFDs, equities, indices, commodities, futures, cryptocurrencies. Calculation inputs and results are displayed in a graphical panel. The panel can be moved freely across the chart. You can easily close or minimize it. All calculation parameters can be adjusted inside the panel in one or two mouse clicks. Entry, stop-loss, and take-profit lines can be dragged directly on the chart. You can choose to set stop-loss and take-profit as distance in points. Alternatively, you can set them as multiples of ATR (Average True Range). If a take-profit is given, the calculator shows the potential reward level and the risk-...
Read more

NZD/USD drops from weekly highs post-dismal ADP report, meanders around 0.6630s - FXStreet

-
Image
The NZD/USD snaps two consecutive days of gains, down 0.15%, amid a positive market mood. The US ADP employment report was dismal, though it barely influenced the US dollar. NZD/USD is downward biased, and failure to break above a downslope trendline opened the door for the YTD low. The New Zealand dollar climbs but retreats from weekly highs around 0.6662 after mixed than foreseen NZ jobs report released in the Asian session. At the time of writing, the NZD/USD is trading at 0.6637. The US ADP Employment report was ignored by investors as they prepare for Friday's NFP An hour and a half before Wall Street's opened, the ADP Jobs report was released. The figures were dismal, showing the losses of more than 301K employments when polled economists expected at least 207K private jobs added to the economy.  The ADP Chief Economist said that "The labor market recovery took a step back at the start of 2022 due to the effect of the Omicron va...
Read more

Wyckoff Method: Rules, Accumulation, and Distribution - Investopedia

-
Image
Legendary technician Richard Wyckoff wrote about financial markets in the early decades of the 20th century at the same time as did Charles Dow, Jesse Livermore, and other iconic market analysis figures. His pioneering approach to technical analysis known as the Wyckoff Method has survived into the modern era. It continues to guide traders and investors in the best ways to pick winning stocks, the most advantageous times to buy them, and the most effective risk management techniques to use. Wyckoff's observations on price action coalesced into what's known as the Wyckoff market cycle. It's a theory that outlines key elements in price trend development that are marked by periods of accumulation and distribution. Four distinct phases comprise the cycle: accumulation, markup, distribution, and markdown. Wykoff also defined rules to use in conjunction with these phases. These rules can further help to identify the location and significance of price within the broad s...
Read more