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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…

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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.

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Online Trading platform SIRIX

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SIRIX|  Online Trading platform SIRIX Review

[yasr_overall_rating]

Everyone that has been trading for some time has most likely traded on the metatrader 4 trading platform of metaquotes. This has been the standard in the industry for the last couple of years.

 

But more and more brokers Like CMSTrader and UBCFX are offering alternatives that might suite certain traders even better then the MT4 as they have a lower learning curve and are designed more intuitive.
One of these platforms is the Sirix Trading Platform.
The Sirix Trading platform is

Sirix, a fully packed trading software with numerous with numerous options and special indicators that are designed by the software company to present you with a personalized trading experience.

Positive features and benefits of the Sirix Trading Platform

Ease of Use: if you are a trader you will be able to access your Sirix trading platform and see all your trades and other information at any place and time. The Web-trader is a fully function trading platform that does not require you to do any download. This has more or less become the norm of the industry and if you for example take the Sirix Trading platform of LegacyFX you will be able to have a download desktop version, a web version and a mobile version.
these in general all have the same functionalities but of course is the mobile version a bit more limited due to the smaller screen real estate.

Indicators and Options: this platform provides build I more than 50 Indicators which for most traders is over kill but it does allow most traders to find the right indications to match their trading behavior and trading strategies.

The Charting Package that Sirix provides is easy enough to understand and gives you as a trader all the information you need, there are different time frames that in combination with the ability to display lines and annotations make this platform feel like it is designed for you.

Social Trading: Sirix has a full feature social trading module that allows you to watch the trades of others which might give you new insights and trading ideas. If you come a across a trader that is particular successful you are able to copy that traders’ trades and create a full automated copy trader,
You as the trader are still in charge and you have the option to trade with lesser or higher amount then the trader you are copying.
In order to use the social trading, you have to open an account with their social trading community.

This can only be done by using a nickname an order to protect you identity. When you are part of the community then you are part of all the brokers that offer this feature to their traders. Meaning you are able to follow a trader that is trading with 12trader while you are trading with account from UBCFX or any other broker that has Sirix.

Now I have to mention that if you look to only trade social then the Etoro Platform is still a better solution s this system is built only for social trading and they have pretty much defined the concept.

 


Sirix Crypto Trading Platform

this is the latest platform that was launched by Leverate.

it focuses , just like the name says more n the trading of cryptocurrencies.

as this company understands that this is the direction where the market is going and more and more traders are asking for trading in Bitcoin or ripple trading to just name a few they have added this feature to the Sirix Platform , this means that every broker that has the sirix trading platform is in theory able to offer trading in cryptocurrencies.

in addition they have launched also a platform that is only trading cryptocurrencies but that will be another review as i have yet to see and play with this system


Conclusion
The Software company Leverate has created a very user friendly platform with inbuilt social trading and news functionality. When they launched this platform in 2012 it was already a good platform but today it rivals the best of them easily.

The Intuitive aspect of this platform is one of the key features and makes the threshold of trading lower for newbies. There is also a fastn amount of Sirix Tutorials out there that will help even the total beginners with the Sirix Platform

Now of the traders that need bots and more indicators then there sis still nothing that beats the metatrader 4 trading platform but for many traders Sirix offers more then enough and makes the trading experience easier then with MT4.
More and more brokers are offering this alongside their other trading platform so you as a trader will come across more and more brokers that have the Sirix Trading platform in their arsenal.

These are some of the Best Broker for trading on Sirix

UBCFX
LegacyFX
12Trader
CMStrader

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Who Will Speak at Blockchain & Bitcoin Conference Stockholm?

Who Will Speak at Blockchain & Bitcoin Conference Stockholm?

Bringing DLT Specialists Together:

 

 On September 11, Sweden will host Blockchain & Bitcoin Conference Stockholm organized by Smile-Expo – international coordinator of business events.

The conference will introduce various topics regarding blockchain and will drive attention to the most topical problems of the cryptocurrency market today.

Key speakers:[yasr_overall_rating]

One of the invited experts is the Member of Swedish Parliament Mathias Sundin who is involved in the Tax Committee and the Finance Committee. The specialist has co-founded a revolutionary technological organization Warp Institute and joined financial company Goobit. At the event, the speaker will analyse the power of decentralized systems, evaluating its long-term strenghts.

Head of Digital and Innovation at Landshypotek Bank Merete Salmeling will deliver the presentation, too. She will explain how DLT can be integrated into the real estate, and what advantages it brings.

President of Blockchain Alliance Europe Tanja Bivic Plankar will join the conference as well. Being an initial coin offerings expert, she will share knowledge about ICOs, describe recent innovations in the token sale sphere and talk about the regulatory framework.

Meet the speakers at the Blockchain & Bitcoin Conference Stockholm

Regulatory and legal challenges coming with innovations will also be discussed by Dr. Guenther Dobrauz-Saldapenna – Partner & Leader PwC Legal Switzerland. The speaker is a lawyer, VC investor, and banking specialist. He provides business consultations and has already written 10 books discovering innovative processes, money and technology.

See the full list of Key speakers here

Blockchain & Bitcoin Conference Stockholm is the second crypto event in Sweden carried out by Smile-Expo. The company has already held 40 successful crypto conferences in 25 countries.

Use an opportunity to meet leading DLT specialists, ask questions and learn new topical information about the blockchain industry at first hand at the conference!

Blockchain & Bitcoin Conference Stockholm

Details of the event and registration are available on the official website of Blockchain & Bitcoin Conference Stockholm.

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Go Visit the Blockchain & Bitcoin Conference Stockholm

Go Visit the Blockchain & Bitcoin Conference Stockholm

The Blockchain & Bitcoin Conference Stockholm is a highly anticipated crypto event in Sweden.  and is being held for the second time.

after the success of the first one they look to make this event a annual one.  since the crypto industry is going more and more out of the shadows and becomes more mainstream you will find that the quality of people involved also grows.

this is clearly displayed in the extensive list of speakers at this event.

Event goals:

bringing together the international business community in order to share their experience of integrating blockchain and cryptocurrencies; discussing blockchain industry issues and finding ways to solve them; encouraging a balanced growth of the cryptocurrency market.

Conference topics: 

  • blockchain in various sectors: energy industry, real property, newsmaking etc.
  • Legal regulation of the blockchain sector
  • token models and their application
  • ICO regulation.

Speakers:

the list of world-renowned blockchain experts, including government officials, foreign investors, entrepreneurs, lawyers, and developers is impressive and should get this event the notice it deserves.

Meet the speakers at the Blockchain & Bitcoin Conference Stockholm

who should not miss this Event :

investors, business people, lawyers, startup founders, and those aiming to launch a token sale.

why should not miss this Event :

:to receive full information with case studies about the blockchain application, to discover how to comply with the legal norms in the blockchain industry, to find business partners, and to enhance your brand awareness.

Prices of the Event

Standard ticket  – 240 EUR

  • Full access to all conference sessions
  • Access to demo area
  • Сoffee breaks
  • Speed networking

Student ticket – 121 EUR

  • Full access to all conference sessions
  • Access to demo area
  • Сoffee breaks
  • Speed networking

A valid student ID should be presented at check-in. No refunds on the day of the event.

Buy Your ticket Now


Blockchain & Bitcoin Conference Stockholm is a part of the series of Blockchain World Events held in 25 countries. The organizer is Smile-Expo International Company.

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