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How to Become a Forex Trader & Build an FX Mindset

Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? In this piece we’ll explore how you can become a forex trader, revealing the qualities you need and the processes to follow to get…

Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? In this piece we’ll explore how you can become a forex trader, revealing the qualities you need and the processes to follow to get started and be a consistent trader.

What does a forex trader do?

A forex trader takes long or short positions on currency pairs with the goal of making a profit. A forex trader is strategic, disciplined and always switched on to the markets. Whether focused on a technical or fundamental approach, or both, he or she will be looking to build an understanding of currency pairs’ behavior and set up profitable trades.

Forex trader symbols and currency market rates

In the 24-hour currency market, trading never sleeps, meaning there will always be action, although forex liquidity levels will peak and trough at certain points around the clock. Some traders may wish to operate in unsociable hours to put them in a position to capitalize on international markets.

What it takes to be an effective forex trader, by the DailyFX analysts

So what does it take to be an effective forex trader? From possessing a passion for the markets to having unshakeable discipline and more, here are the traits that will assist you as a forex trader from the horse’s mouth: our top analysts.

1) Have passion

“You must have a real interest – passion even – in whatever financial market/s you are going to trade” – Nick Cawley

Nick Cawley, DailyFX analyst

When trading the foreign exchange markets, you must have a real interest and understanding of monetary policy, one of the main movers of price action. For example, if you are trading GBP/USD you need to be fully in tune with all Bank of England and US Federal Reserve policy moves and speeches – both drive the market. So aim to be on the same wavelength as the central bank/s, but don’t bet against them – they have big pockets and nearly always win.

2) Understand the macro drivers

“It’s vitally important for traders to know that all currencies can have many macro drivers at any given point” – David Cottle

David Cottle, DailyFX analyst

The Australian Dollar is a primary example of a currency driven by a range of macro factors. It is often thought of as a ‘growth’ or ‘risk’ correlated unit – one which is likely to gain when the world feels better about global growth and struggle when the reverse is the case. While this is often true, there are a huge number of other possible drivers. Major commodity prices, Australian monetary policy prospects and localized political risk can all see it move against the general market grain at times.

In these days of highly correlated markets it’s tempting to separate currencies into ‘risk on’ and ‘risk off’ camps but this is far too simplistic.

3) Remember: It takes two to forex tango

Currency pairs are driven by both sides of the equation” – Martin Essex

Martin Essex, DailyFX analyst

When trading currencies, a trader needs to understand what is happening in both relevant territories. For example, when trading GBP/USD, it’s advisable to keep up with the most recent Brexit news in addition to the latest on the US/China trade war. More generally, though, a good understanding of market trading is important, from stop losses to chart patterns; from market psychology to the role of central banks.

4) Exercise proper money management

“You can have the best forex trade ideas in the world and still lose if you can’t limit losses and capture profits” – David Rodriguez

David Rodriguez, DailyFX analyst

Sound money management is the key difference between the hobbyist and the expert trader. To wit, real data from a major FX broker showed that its clients closed EUR/USD trades out at a gain 61% of the time, and yet lost money because the average winning trade was 48 pips while the average loser was 83 pips. That’s no way to make money, and that’s exactly why money management is the difference-maker between a hobbyist and a successful professional.

Read more: The No. 1 reason why forex traders lose money

Traits of Successful Traders

Traits of Successful Traders

Recommended by Ben Lobel

Discover the key traits of traders in today’s market

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5) Have the right mindset

“Strong self-discipline is needed to follow a clear-cut game plan” – Paul Robinson

Paul Robinson, DailyFX analyst

You have to be a self-starter, able to hold yourself accountable and learn from your mistakes; there will plenty of them. A love of markets and the process of trading, not just money, is extremely important – it will get you through the challenging times. Strong self-discipline is needed to follow a clear-cut game-plan, but also the flexibility to adapt to changing circumstances as market conditions are always evolving.

6) Show grit

Grit is highly underrated in most facets of life” – James Stanley

James Stanley, DailyFX analyst

Trading can be difficult. It can only appear easy from the outside because clicking a few buttons to buy or sell isn’t very difficult. But it’s not easy to consistently beat the crowd, and almost anyone on this path will, at some point, face challenges. Grit is what enables success in those challenges, and a lack of grit is what makes it easy to quit for whatever reason.

The Ultimate Checklist to Become a Forex Trader

Now you know what qualities you need, it’s time to understand how to be a forex trader from a practical standpoint. Here’s the checklist:

1) Find the right broker

Choosing the best forex broker will make all the difference when it comes to benefiting from quality of user experience, reliable client support and competitive pricing.

2) Know how trading capital works

As a forex trader you must understand margin and leverage. Margin allows a trader to open leveraged positions, meaning greater exposure to the market with smaller capital outlay. Newer traders often look at unused margin as buying power and therefore tend to be too aggressive on their position sizing. Leverage maximizes gains and losses making your account equity quite volatile. Regardless of the amount of leverage your broker offers, we suggest using little or no leverage in your trading.

3) Start with a demo account

Practice with a demo account to familiarize yourself with the markets. From here, you can build and refine a trading strategy, get comfortable with your chosen platform and build the confidence you need to trade real money.

4) Take the plunge

Trade small with your real money account at first, and work your way up. Trade with risk management protocols in place, using stop losses, and only trade when you have undertaken in-depth analysis, whether trading fundamentals or technicals, or both.

5) Never stop building your knowledge – and character

Winning traders never stop learning and building their expertise on key markets. You should know your selected currency pairs inside out, which technical factors are relevant, and how market events shape the movements of certain pairs. Recording your trades in a trading journal will help you assess your performance and be in a position to constantly review and reassess your approach.

Master forex trading with help from the experts

Ready to start your forex trading journey?

  • Download our free New to Forex Guide for a basic introduction to the forex market and how to trade this asset class.
  • Take our DNA FX Quix to discover what kind of forex trader best suits your personality.
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Online Trading platform SIRIX

best-forex-demo

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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