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Five crucial skills you need to start trading forex | London Business News | Londonlovesbusiness.com

Everyone can trade the forex market, right? Wrong. Regardless of what anyone tells you, the forex market isn’t for everybody. At least not at first. Diving into the forex market requires more than just an understanding of how the market works. There are numerous skills that every forex trader needs to possess to succeed in…

Everyone can trade the forex market, right? Wrong. Regardless of what anyone tells you, the forex market isn’t for everybody. At least not at first.

Diving into the forex market requires more than just an understanding of how the market works. There are numerous skills that every forex trader needs to possess to succeed in this risky market. The reason why many people lose in the market is because most of them lack these vital skills.

In this article, we’ll look into five of these skills. Take a look:

1. Mathematical and analytical skills

Forex market isn’t a game of chance. It’s not like winning the lottery. It demands a series of analysis to understand through the chaos of numbers. An analytical mind enables you to interpret the market quickly and determine trends and patterns.

Since the data is represented in charts, you’ll need to use indicators and other charting tools to make sense of the numerical mess. This is part of technical analysis.

You should be able to combine the economic data and market information, such as price action, to identify the best entry and exit points in the market.

The better you are at analyzing the market, the higher your chances of success.

2. Master your Focus

With forex trading, there’s a ton of numbers to work with, all of which can change in split seconds. So, you need to master your focus. Learn how to force out any distractions during your analysis and focus on the data on your online trading platform.

Research on different strategies and find one that works for you. Focus on perfecting that strategy on your demo account, before diving into a real online trading account.

Additionally, you can opt to focus on one trading instrument and gain an in-depth understanding of how its market behaves. This will give you a significant advantage over other traders.

3. Self-control

Too much of anything is destructive, including forex trading. Once you’ve earned your profits, you have to learn how to control your greed. Set clear, attainable goals for yourself, and once you’ve attained it, exit the market.

This will help you avoid some embarrassing losses.

Furthermore, you need to control your emotions when trading. Most traders blow their accounts and lose money because of trading by their emotions. You need to understand that in Forex, losses are inevitable.

Even the best of traders incur losses. In fact, the best traders are the ones who know when to take losses, and when to take their profits.

4. Flexibility

There are numerous changes that occur in the forex market. This means that a good trader should be able to adapt quickly to these new changes. Despite having your working strategy, you need to have an understanding of other strategies and how to use them.

This means putting your research skills at work and finding out the latest developments in the forex world. Have a set of analysis tools and indicators that you’re proficient with, ensuring that you can get the best out of any market!

Flexibility also means that you can handle any drastic changes in the market without affecting your account.

5. Keeping your records

The best way to learn forex trading is by keeping track of your mistakes. A good trader is one who understands the power of record keeping. This is something that even the best traders still do. It’s the most crucial part of mastering your strategy.

Record keeping means studying your trades, and recording the reasons you took them, the entry position, stop-loss and take-profit positions, and the market reaction.

With good, detailed records, you can easily go back to your notes and look into where you are going wrong, and how to amend it.

Final thoughts

For anyone aspiring to start forex trading, the skills above are vital for your success. Luckily, all these skills can be learned and practised through a demo account. Once you’ve mastered them, you may then open a live account and start competing in the big leagues.

But remember, forex is a skill that requires mastery. Without the skills, you’ll be fighting a losing battle.

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RoboForex adding EOS Cryptocurrency

RoboForex adding EOS Cryptocurrency

RoboForex announced today adding EOS, a cryptocurrency which is now available for trading with the broker on both MT4 and MT5 platforms.

Roboforex added EOS CryptocurrencyCurrently, RoboForex clients have 7 crypto instruments to choose from.

RoboForex keeps expanding its crypto portfolio.

The latest addition is EOSUSD, which is already available to the clients through MT4 and MT5, alongside with six other crypto pairs:

BTCUSD, ETHUSD, BCHUSD, DSHUSD, LTCUSD, and XRPUSD.

The EOSUSD trading conditions are the following:

  • minimum lot size: 100,
  • minimum increment: 0.01,
  • leverage 5:1.

EOS is a cryptocurrency that was introduced in 2017 and is based on blockchain and smart contracts. Its key features are scalability, decentralized apps, and huge throughput (a few million transaction per second).

This is another step towards developing our crypto portfolio.

Our clients do value the flexibility and state of the art technologies we offer them As for us, our mission is meeting their expectations and constantly improving the trading conditions by opening the door to new instruments and opportunities.

says Denis Golomedov, ;Marketing Director at RoboForex.

Roboforex and Cryptocurrency

This Broker has been on the forefront of crypto trading on the Metatrader 4 and Metatrader trading platforms from the beginning and pushing for more and more trad-able assets to be added to their offering .

it took this broker a little bit of time but now that they got them selves into the cryptocurrency trading arena they come to lead the pack. this in combination with their the trading platforms they are offering makes this a broker to take notice of.

as yet there are not enough brokers that offer metatrader 5 and especially one where you are able to trade bitcoin ethereum, litecoin and now also EOS.

About RoboForex

RoboForex is a brokerage company catering to clients from various countries. The broker’s focus is providing the traders with access to its own financial market platforms.

RoboForex Ltd is a licensed company (License No. IFSC/60/271/TS/17).

 

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Local bitcoin Trader Jailed for Money Laundering

Indicted: Local bitcoin Trader Jailed for Money Laundering

Local Bitcoin trader, Theresa Lynn Tetley, also widely known as Bitcoin Maven has been indicted for indulging in illegal bitcoin-for-cash transactions. According to the Central District of California, the LocalBitcoins.com trader has been sentenced to 12 months in prison.

She has also been handed a three-year supervised release and a $20,000 fine. A former real estate investor and stockbroker, the court ordered her to relinquish $292,264.00 in cash, 25 assorted gold bars, and 40 bitcoin.

money launderingTetley pled guilty to one count of operating an unlicensed money exchange business, and another related to money laundering. Her case is the first of its kind in the Central District of California.

Tetley was procedurally supposed to register her business with the Financial Crimes Enforcement Network, an agency of the United States Department of the Treasury.

The agency is responsible for analyzing transactions to curb money laundering and related financial crimes. She also failed to implement standard anti-money laundering protocol, including reporting of certain financial sources as per the requirements of this type of business.

Tetley is said to have traded over $6 million for clients within the United States and charged higher rates as compared to other traders within the LocalBitcoins platform.

Also noted in the court documents was that Theresa Lynn laundered bitcoin for a customer who had been suspected of having acquired the cryptocurrency through illegal activities, including drug sales on the dark web.

She also carried out a bitcoin to cash transaction for an undercover agent who had explicitly declared that his bitcoin was tied to narco-trafficking operations.

According to the report, Tetley’s service was responsible for fueling the growing use of cryptocurrencies to launder money and supported a black market system set up purposely to circumvent the law.

The organizations involved in her investigation included the IRS Criminal Investigation and the Drug Enforcement Administration.

Just One of Many

That said, the government has been committing significant resources to counter the crypto – dark web menace, and earlier this month, a major sting operation was carried out against a major money laundering network. Thirty-five suspects were arrested.

One individual, identified as John Edward Monette, was charged with Conspiracy to Distribute a Controlled Substance. He was also alleged to have carried out numerous bitcoin for cash exchange transactions on the dark web, most of them in 2017 and totaling about $19,000.

Another dark web vendor busted during the operation, Ryan Farace, 34 was indicted for being involved in an alprazolam tablets manufacture and distribution scheme.

He sold the drugs on the dark web, with all transactions being made in bitcoin. Additional digital currency money laundering transactions were made to conceal the sources.

Article Originally Published:

By ELIZABETH GAIL at Coincentral

 

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Why You Need to Get Onboard With Blockchain!

Why You Need to Get Onboard With Blockchain!

Blockchain tech – so revolutionary in nature that some are calling it the “new internet.” It has applications in just about every industry, and has completely altered the way we think about internet security, the processing of information, and the speed of transactions.

Blockchain is the technology that supports the digital currency  or cryptocurrency called Bitcoin –

however this is not what it is really about as it has a far wider scope of applications and is being commercialized in a growing number of areas.

It has generated much interest in technology circles and beyond, because of the new possibilities it opens up in financial services, the public sector and other areas.

According to sites like BitFortune.net, blockchain tech is definitely worth keeping an eye on due to the myriad of benefits it provides.

Blockchain and Bitcoin are not the same thing – Bitcoin is implemented using blockchain technology, but blockchain technology can be used in contexts much wider than Bitcoin or other cryptocurrencies. so when we are talking about the blockchain we are talking about a combination of a number of technologies, these including:

  • Distributed ledgers.
  • The blockchain data structure.
  • Public key cryptography.
  • Consensus mechanisms.

Part of what makes it so exciting is that it is completely open source. As a result, there are already a number of interesting blockchain apps, and the number is growing daily.

The technology is so secure that it is already being used by DARPA to secure military data. Various governments around the world are working on ways to use the tech to protect their own data.
The tech is tamper-proof, and the data stored within it is permanent. It cannot be erased or altered, and this is what makes it so enticing to those needing more secure networks.

But there is more, folks. (Okay, so that sounds a bit like an infomercial, but the benefits are real nonetheless.) Transactions can speed across the network – taking only as much time as it takes for them to be authorized.

The blockchain cannot be described just as a revolution. It is a tsunami-like phenomenon, slowly advancing and gradually enveloping everything along its way by the force of its progression.

William Mougayar

The system runs without the need for an intermediary, and this reduces the time it takes to execute transactions. This, and the unique way that the tech works, means that costs are significantly reduced as well.

What makes it so revolutionary is that the information is spread across every computer within the network. With Bitcoin, that means the data is securely “backed up” over thousands of computers.

Now, it is unlikely that banks will entrust their data to a public network in the same way, but they have been working on creating networks of their own instead.

The potential savings in terms of cost and time are extensive. If you want to learn more about these savings, check out the infographic below.

 

Why You Need to Get Onboard With Blockchain!


Why You Need to Get Onboard With Blockchain!


Visit bitfortune.net . for more interesting Infographics

Guys did an amazing job and was allowed to share.


 

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