Connect with us

news

10 Tips To Become A Master Of Forex Trading

Trading is a very popular business today. If you’re a trader, you have access to a wide range of commodities and products that you can trade. One of the top trading fields is forex trading. It has built up a market for currencies and helps create a global connection for everyone. It is also an…

Free $100 Forex No-Deposit Bonus

Trading is a very popular business today. If you’re a trader, you have access to a wide range of commodities and products that you can trade. One of the top trading fields is forex trading. It has built up a market for currencies and helps create a global connection for everyone. It is also an area which rewards you generously with an income.

If you are not yet familiar with what forex trading is, here’s a brief. Forex trading is the market for an exchange of currencies. With the relevant and appropriate data, you can apply your analysis to create profits for yourself. However, in order to become a master of forex trading, there are certain skills that you need.

These skills can help you make your way through amateur forex traders and into expert forex traders. These skills can be the differentiating factor that sets you apart as successful. To help you out, here are the best 10 tips to become a master of forex trading.

  1. Learn About Forex Trading

10 Tips To Become A Master Of Forex Trading

10 Tips To Become A Master Of Forex Trading

Forex trading can be a bit complicated to get the hand of. Therefore, to master this field you have to lay down your basics. This means get all the fundamentals right. Forex trading is an area which carries big risks. Financially, if you get any point wrong, you could be in trouble. This is why it is critical that you understand how forex markets work.

Before starting your first forex trade, make sure you know your foundation to the core. You should understand how the forex trading trends work. What determines those trends, and what is the process through which you can begin trading. There is a lot to learn, however even with just a little effort and time you can know the basics. This education will help you a lot in your journey with forex trading. Therefore, it is best that you start with this tip. You can watch educational videos on this and even read books. It’s the best way to begin your mastery.

  1. Be realistic

When people begin their forex trades, they are often consumed by how much money they can make. This can balloon your expectations. If you plan to become a master of forex trading, you should know when to be realistic. It is very easy to be consumed by the hopes of earning money, however that’s not all there is to forex trading.

You should be managing your expectations. It’s better to understand that there might be times when they payout isn’t as high as you expected. Therefore, this can be the tip that sets you apart from other traders that aren’t doing so good. It’s a journey and you can’t skip steps.

  1. Establish Your Risk Appetite

This is a crucial forex trading tip that everyone should repeat to themselves. It is critical to establish your risk appetite. When you’re in the middle of multiple trades, it can get very tempting to get a little overboard and overcommit. That is not what you should be doing.

You should establish a risk appetite and report it. Remind yourself of it when there’s the need to do it, and after substantial time has passed, you can revise. After all, once you have a flow with your trades, you can increase or decrease your risk appetite accordingly. This also involves diversifying your portfolio. Make sure you invest in various funds, so you don’t lose out on everything at once. Risk is the most important factor of forex trading.

  1. Select A Trading Strategy

There are numerous trading strategies available that you can try out to master forex trading. However, after your experience with forex trading, you must have figured out what works best for you. There is always something that you are an expert at. There should be one strategy that stands out for you and that should be your trading strategy.

Forex trading has always involved strategic thinking. Therefore, you should have a favorite one to cushion on. Make sure you perform back-tests on the strategy you choose. It is bound to be a winner.

  1. Skip the Demo Account

Demo accounts are a great way to practice forex trading. This is because it allows you to keep an open mind and invest freely. However, this may be a mistake in the long run if you want to become a master of forex trading. This might not make sense right now. Let’s break this down.

When you have a demo account, you are likely to overspend your unreal cash. Therefore, the account does not provide you with realistic standards. You likely won’t have such a high amount of cash in real life. Plus, risk management and market analysis can also cause you to underestimate how difficult the process really is. Therefore, take the tip. Skip the demo account.

  1. Keep Your Emotions In Check

While your emotional side is needed to make some decisions, forex trading needs a more balanced mind. When things are going downhill or even well, you might make some questionable choices regarding your forex trades. Humans can cloud their judgements when their emotions overtake.

It is best to keep your emotions in check. Manage them accordingly, and if you can stick to your strategy, do that. That is a tip that can serve you well for a really long time. Your control over your emotions in times of market extremes is what will set you apart as a successful trader.

  1. Set Stop Losses

Anything can happen at forex markets at any time. You cannot be present at your trading terminal all the time. How can you master forex trading if your losses dip to the lowest while you are asleep? Here is how you can prevent that from happening and master your forex trades. Using stop losses will help in effectively stopping you from losing you more than you can afford.

Also Read: How to Set the Stop Loss (SL) and Take Profit (TP) Targets

If you are not at your terminal and the rate drops to your set level, your trade will automatically close. Hence, if the exchange dips any lower you won’t be subject to that loss. Another similar strategy is to take profits at a set level. Markets behave unexpectedly sometimes, and it might crash land after a price high. Therefore, if you have a risky investment, you must establish some take profits as a forex trader.

  1. Study The Market Trends

Successful forex traders always study the market trends. So, if you want to be a master of forex trading, you should do the same thing. Stay up to date with how the market is behaving and when. It is also important to keep track of other key investment portfolios. Other than this, also keep your eye on the determinants of the market trends.

All of these are critical pieces of information that will decide the profit on your trades. If you base your forex trades on technical analysis, then this is more important to you. Factor in all your determinants, it will help your trades. Sometimes, markets can even flip. But, if they do, you will know beforehand.

  1. Accept Losses

This is one of the most difficult tips that people find difficult to follow in forex trading. A master of forex trading can always accept losses. Forex traders are often blinded by profits; therefore, it is very important that they understand this point. Not every trade will make a profit. Once in a blue moon, markets can respond harshly to anything. This means you are never risk-free.

Millions of losses happen everyday at the forex market. If you want to become a master of forex trading, you must accept your losses and continue on. Eventually, there will be a time when you will also lose no matter how good you are. You must stick to your strategy. Make minute changes and move on. Being stuck over the losses will be of no use in the present or the future. The best thing is to take measures to prevent it for the future, yet still accept the possibility.

  1. Choose The Best Broker

If you don’t trust your broker, the forex trading journey can be very hard for you. Therefore, make sure you choose the best broker. You won’t be able to set your forex trades right, if you are spiraling about the decisions your broker makes. It’s not of help to anyone. When you are choosing your broker, do your own proper research.

Understand who is well known in the forex market. Research on what characteristics make the best forex broker. When you are choosing between your options, try asking the right questions from your potential broker. These can always set things right. Check their license. See if they have insurance. How is their customer service? Examine their trading platform. These can help you differentiate between the best for yourself.

Once you follow these 10 tips, it will become very easy to become a master of forex trading. However, the entire trade boils down to how well you can manage yourself and trust your own strategy.

Continue Reading
Advertisement

news

AvaTrade introducing 3 new crypto pairs

crypto trading with Avatrade

AvaTrade introducing 3 new crypto pairs – updating 3 others

AvaTrade has yet again improved their cryptocurrency trading offering.

AvaTrade is introducing three new cryptocurrency pairs: NEOUSD, EOSUSD & MIOTAUSD in addition to the 15 crypto assets already on offer.

These new pairs have been available since July 1st, 2019 and provide an excellent opportunity to diversify your clients’ portfolios and increase their exposure to this vibrant 24/7 market.

AssetTypical SpreadLeverageMarginMin Nominal Trade Size
NEOUSD1.5% Over-market2:0150%10
EOSUSD2% Over-market2:0150%10
MIOTAUSD1.5% Over-market2:0150%10

To unify their cryptocurrency instrument labels, They are relabeling their existing Ethereum, Ripple & Litecoin instruments, by replacing the existing instruments with new USD labelled ones:

AssetOld SymbolNew Symbol
RIPPLEXRPXRPUSD
ETHEREUMETHETHUSD
LITECOINLTC_MiniLTCUSD

These new pairs have also been available since July 1st,

The trading conditions for each one is identical to those of the older respective assets they replace.

Effective immediately, new positions are only available on the new pairs.

Avatrade Clients will not be able to open new positions on the old assets, but those already open will remain unaffected until July 29th.

Existing positions on XRP, ETH and Litecoin-mini that remain open on July 29th will be automatically replaced with corresponding positions on the new pairs, , at the same opening price and at no cost to clients.

as any broker that values their clients would do , Avatrade makes sure that the clients will not be affected by the change.

Visit Avatrade NOW

Continue Reading

news

Neteller Launches Cryptocurrency Exchange Service

Neteller Launches Cryptocurrency Exchange Service

Neteller  one of the most known Digital fiat currency wallet provider , has started allowing its users to buy, sell, and hold cryptocurrencies including BTC, BCH, ETH, ETC, and LTC.

They do this on the large scale with a pilot in 10 countries and soon another 50 countries to join . They understand that if you do this effort it will only succeed if you can do this on a global scale.

Neteller and Cryptocurrencies

Neteller is a service which is operated by Paysafe Financial Services Ltd.,

paysafe

paysafe

founded in 1999, Paysafe Financial Services entered the market with the mission to provide an online alternative to the known traditional payment methods.

Most of the traders aiming us now neteller as one of the companies through which we made our deposits and if we had any profits also our withdrawals. A couple of years ago they left the Forex and Binary industry behind since the charge-back issue became just too expensive.

But as any companies knows, if you do not adept you die. The binary option market is all but dead and the Forex industry has moved also into the directions of the cryptocurrencies. thus, neteller understands that this is where the future is.

So Lasts week they announced that they are now offering a wallet with buy and sell cryptocurrency options.

As of today, Neteller users can buy, hold and sell cryptocurrencies via a recognized cryptocurrency exchange including bitcoin, bitcoin cash, ethereum, ethereum classic and litecoin, purchased using any one of 28 fiat currencies available in the Neteller wallet.

It may not seem so exciting but for many users that love this service it actually is. More and more currencies will be added making them an true exchange in the near future.

Now one is able to fund their neteller account through many different means (Mobile, Epay, Paysafecard, local bank deposits, and bitcoin)

We think that will make the threshold for many people, who would want to buy or sell cryptocurrencies, lower. This in return is a good thing for the overall acceptance of the cryptocurrencies in the mainstream of every day life.

Conditions for buying and selling cryptocurrencies through Neteller

The rates offered are somewhat in the lower middle of the current market making them go for the save route. The average market rates on the major cryptocurrency exchanges differ all in all not that much anyways, as this is not the main reason to choose to buy Bitcoin through Neteller

The minimum cryptocurrency purchase or sale amount is “approximately equal to 10 EUR,” the firm clarified, adding that the maximum amount depends on the transaction limits associated with each account.

When You open an account with Neteller you have to choose your default currency. This is of course for most people in accordance on their geographical locations, people in Britain will go for the pound most Europeans go for the euro and pretty much the rest of the work goes for the US Dollar, thou other currencies are available

The fee is 1.5 percent for purchasing and selling cryptocurrencies from wallets with EUR or USD as the default currency.

The fee rises to 3 percent for wallets with other default currencies.

Neteller  | Why is this a good move for neteller and one that we should expect from other online Payment providers as well ?

At this moment till last week Neteller users can pay, get paid on thousands of sites, and send money around the world through their system.

The company claims to have “millions of point-of-sale, ATM and online locations” for users to withdraw or spend their cash.

Last July 25, Paysafe ( which as you remember is the company that owns Neteller and Skrill)  announced that another digital wallet provider in its group, Skrill ( formerly known as moneybookers), started allowing customers to “instantly buy and sell cryptocurrencies, including bitcoin, bitcoin cash, ether and litecoin, using any one of the 40+ fiat currencies available in the Skrill wallet.”

We could now see that this was like their test run on this concept.

We do not know the numbers that Skrill produced since they offered this service but it must have been encouraging enough for Paysafe to include their flagship brand in this endevour.

We will see where this leads but we are hopeful that this is the next step in global acceptance to the cryptocurrency revolution. Let me know what you think

Continue Reading

news

The basics of trading that one should know

The basics of trading that one should know

Things you should be aware of before you start

The currency trading industry and now also the cryptocurrency trading industry have gone through enormous volatile times the last couple of years. Now with trump and its trade wars. The fast rise and somewhat recline of the cryptocurrencies and the fast pace of international politics and economies that create high rises and steep fall of the currencies.

So what does it all mean and what can you do before start to trade on these news headlines.

Good brokers like LegacyFX and UBCFX provide the traders with the latest market news and updates on a continuous basis but if you are new to trading you still have no idea what to do with this.

You start by understanding that the involves a high degree of risk, including the risk of losing you hard earned money. Besides the ones that were lucky enough to have bought Bitcoin a couple of years back and cashed in in the end of 2017, most people don’t get rich overnight.

You have to understand that you only trade with money that you are able to lose, going hungry because you want to open a trade is not the right wy to go about it.

So, What is Forex?

You should by now understand that the value of currencies goes up and down every day.

This in general becomes apparent the moment you go on vacation and what you bought last year with your money now is not the same amount you get today at the exchange.

This is on a large scale, what a lot of people do not know is that there is a foreign exchange market – or ‘Forex’ for short – or “FX” for even shorter, where you can potentially make a profit from the movement of these currencies.

The most known Trader is George Soros who made a billion dollars in a day by trading currencies. This is of course on a scale that we are not able to reach and you need a huge amount of money to begin with. Still he made a billion in one day!!

The internet has played a huge part in making trading in currencies accessible for the masses. You also do not need huge amounts of money to actually do this. Now keep in mind that if you make 10% profit on your investment but the investment was just $50 you basically just end up with $55. still no bank will give you 10% interest on your money.

Many people and I am talking millions are now trading every day, most do this on the side and don’t do this as a full-time job, but there are today enough people that are full time traders and making enough money to live comfortably.

Retail forex market needed Brokers

The Forex market for the retail market was born, it started around 15 years ago to become more serious as technologies advanced and the stream of information became almost instant, this is important for trading as one second can make the difference between profit or loss.

So, the moment the technology was there the people that wanted to trade were there all that was needed were the Forex brokers that offered the platform for trading.

There are latterly hundreds of companies of not thousands that offer this service and there are good ones like LegacyFX and there are scams (these tend to not last long)

Forex explained in short

The Forex market is the largest financial market on the planet and has been for many years now.

Its average daily trading volume is more than $4 trillion. (just let that number sink in for a second). Of this total amount around 5% is the retail market meaning traders like you and me. Still 5% of 4 Trillion is still a number with a lot of zeros behind it.

If you compare that with the New York Stock Exchange, which only has an average daily trading volume of $55 billion. You truly see the size.

To give you another example:

if you were to put ALL of the world’s equity and futures markets together, their combined trading volume would still only equal a 25% of the daily Forex market. Insane right?

Why does this even matter?

It matters because there are so many buyers and sellers that transaction prices are kept low. To explain how trading the Forex market is different than trading stocks, here are a few major benefits.

  1. Most Brokers don’t charge commissions – you pay only the bid/ask spreads.
  2. There’s 24hour trading – you decide when to trade and how to trade.
  3. You can focus on your currencies and become experts in only those pairs that you follow instead of following and selecting out of 5000 stocks
  4. You can trade on leverage, (something to be very aware of as it can magnify potential gains but also your losses).
  5. Forex is accessible for almost everyone– you don’t need a lot of money to get started
  6. In the Forex market you can trade on Demo accounts to learn before you commit your money

How is Forex traded?

The mechanics of a trade are virtually identical to those in other markets. The only difference is that you’re buying one currency and selling another at the same time.

This is also the reason as to why the currencies are quoted in pairs, like EUR/USD or USD/GBP.

The exchange rate represents the purchase price between the two currencies.

Example:

The EUR/GBP rate represents the number of GBP one EUR can buy (relevant now with all the Brexit issues going on) . If you think the Euro will increase in value against the British Pound, you buy Euros with British Pounds. If the exchange rate rises, you sell the Euros back, and you cash in your profit.

Now the same works for strading Bitcoin, ethereum, Litecoin or other cryptocurrencies. this has become an entire new market and has introduced many people to Forex . you should here be also aware that trading cryptocurrencies is like regular trading so you will be able to lose great sums of money.

the Best thing i found about trading cryptocurrencies is that the Leverage by default tends to be very low which makes the risk of losing it all much smaller.

Sounds simply enough?

Why does not everyone Trade.

The same could be asked as to why not everyone plays poker, you can make money. The comparison between the 2 is actually closer than you might think.

All traders that are successful will tell you that 80% of successful trading is psychology and the other 20% is research. It takes time to get the research down, but it can take a lifetime to master the psychology.

People tend to do things differently when real money is on the line and are accepting losses in the hope that the trend will reverse or taking out profit too early because they don’t want to lose what they just have gained. In short, the psychology is the hard part.

One should be aware that you can loose real money and a lot of it very fast if you don’t know what you are doing.

Now most Good Forex brokers offer some educational tools, some more than others that will teach you how to trade. There is also something that is called social trading that will allow you to follow other traders and see what they are doing in order for you to learn and make money at the same time.

So here are some ground rules for those that look to start trading

  1. Get involved in the market, watch read and listen to the news to understand what is happening
  2. Go through a trading course ( a good one is here)
  3. Open a demo account and trade at least a month (my advice to do this even longer)only on this before you even think about trading with real money.
  4. Check out social trading, there are some options for this, this broker offers this also.
  5. Try with an amount that you are able to afford losing. See this as your tuition money.
  6. Take it slow, don’t become greedy and follow the basic rules

Basic Rules (there are many more but start with these)

  1. The trend is your friend
  2. Don’t add money to a losing position
  3. Don’t trade on too many different currency pairs
  4. Trade only with a good broker
  5. Don’t open to many positions (no one needs 100 positions a day)
  6. Develop your strategy and stick to it.
  7. Know that NO ONE is 100% of the times right, everyone loses some.
  8. Last but not least, don’t trade with money you cannot afford to lose.

Now all that I want to say is good luck.  😊

 

Continue Reading

Trending