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How to make FX trading work for you part 1

Apologies to William Shakespeare for adulterating his famous line from, As you like it,when the mournful Jacques utters these famous words, “all the world’s a stage and all the men and women merely players; They have their exits and their entrances, And one man in his time plays many parts, His acts being seven ages’.…

Apologies to William Shakespeare for adulterating his famous line from, As you like it,when the mournful Jacques utters these famous words, “all the world’s a stage and all the men and women merely players; They have their exits and their entrances, And one man in his time plays many parts, His acts being seven ages’. I was thinking this week about the different stages of FX growth. I remembered back to when I first entered the world of FX and I wanted to give a brief outline of the different stages of a trader drawing on my own experience. Very few people talk about their development as a trader, and yet everyone has to learn.Starting from the ‘birth’ of a trader through to ‘adulthood’ and beyond this two part series will elaborate the five stages of growth I have identified for an aspiring FX trader. Let’s start with the birth stage. It’s rarely pretty…

Birth : The horrible world of the rookie

Being an FX rookie anywhere is hard. Being a retail FX rookie is nearly impossible. Certainly breaking through the stage is. Approximately 90% of retail FX traders give up. You enter the world of FX keen and enthused. You may have seen a video, demoed a MT4 platform or known a friend who ‘made a lot trading’ and you decide to take the plunge. You can do this, you say. For me, back around 2002-03, I was working for a charity for the time and my wages were very low. In fact at the charity we worked at we were grateful that we received any wages. Prior to my joining, a salary was not a standard thing each month. Hard to believe, perhaps, but true! Well, one day our charity had a conferences and one of the conference speakers was a pensions adviser. I had a wife and thought ‘ok, I had better sort out a pension’. So, off I went to the advisor’s seminar.

However there was a problem! The advisor was recommending that I saved what to me was a ridiculously high amount of money. So, being a creative thinker, I thought there must be a way of doing this more efficiently. Then it occurred to me. So, I said to the advisor, ‘If I save my money in GBP’s but exchange it into USD’s when the exchange rate is in my favour and then do the opposite when the exchange rate changes again, I can make my pot grow faster’. It was what the pensions adviser said to me next that led me to FX. He just said, ‘then you will be doing what I am doing’.

You quickly realise when you are learning FX that you have a lot to learn. FX robots, Technicals or Fundamentals, google is awash with trading gurus ! There are so many ways to go wrong. That is not to mention the internet forums. They are full of people who are frankly quite odd. You would have some so called ‘expert’ hammering a guy for being an ‘idiot’ and a ‘trading loser’. Then huge ego-driven arguments. Not an easy learning environment. So, if you are there right now at this place, what should you do?

What to do as a rookie

Focus on learning the basics. Check out a good site like babypips.com. Work through it. Trading takes time. The jargon, the concepts. You don’t need to know it all, of course, but put time in to learn. Don’t get a FX mentor at this stage, spend time learning the basics on your own.

Realise that you need to use fundamentals to decide your instrument to trade and then technicals to time your entry and exits. Work on understanding what that last sentence means.

Toddler: Finding your feet

How to trade FX

You are now trading and getting mixed results. You have worked out that some news events have a big impact on price and you are ready for it. You know about key support and resistance levels and you can see that some places are technically great for entries. You may have backtested a system or a dozen and you are confident and ready.You are not a beginner anymore, but you have gaps in your knowledge. You may not understand the role of the bond and equity market in FX and options and central bank language is still a but of a mystery. You know what a ‘spike in cable’ means, but you don’t understand what is moving the currency pairs.

When I was learning to trade at this stage I discovered the beauty of a ‘sell on stop’ in combination with a market maker broker. It was a beautiful time. The market maker brokers I was with got caught with their trousers down when I’d sell on stop out of a big market event. Because the market maker has an artificial market the fills I got tended to be quite good (this will depend on different brokers obviously). They honouedr the trade on the hope that next time I would mess it up, over leverage and hand all my money over to them. However, what bugged me during this time was yes, I was making money, but I didn’t know why or which direction the market was going in. I had constant insecurity in my mind. It was horrible as I only understood the technicals of trading. This stage ended for me when I got an e-mail closing my account I only worked out many months later why they had shut my account because I was exposing their market making model.This made me assess where I was at and decide that I wanted to not just trade the markets, but have an understanding of them. If you are here, wanting to understand the markets and why it moves then here is what you need to do:

What to do

Get a mentor. Pay for training from a professional. You will save years of frustration. I mean imagine trying to learn any skill without guidance.Yes, you can do it, but it doesn’t mean you should do it. Only the most persistent and able will persevere through the incredible frustration in self teaching a profession

What to avoid

What to do

Do not use high leverage at this stage. There is a phase that gets bandied around that ‘90% of new traders lose 90% of their capital in the first 90 days’. I personally recommend that during this stage you do two things:

  1. Don’t use leverage. If you have invested 1000 units of currency only trade 0.01 micro lot. This is trading without leverage. If you leverage up, lose your account then you will create mental barriers to your success further down the line. Trust me and follow this advice.
  2. If and when you lose 10% of your account, stop trading, Something is wrong and you need to re-evaluate. Demo trade until profitable and then get back on the bike.

By following this advice you will almost certainly learn to trade before blowing out your account. You will also avoid losing a painful amount of money that you most probably need. Oh, and by the way, learn to trade with as little money as possible. You may very well lose it at first, so whatever you do don’t invest a lot. Finally, if you do lose a lot. Don’t worry. You can rebuild and re-start. Just don’t do it twice.

The next article will be on the ‘Adolescent and Adult ‘stage of trading. I hope that this has helped some people out there and please share it around to anyone you think might benefit from it. Remember trading takes a long time to learn, despite what you may have been told. However, most of the ability to succeed just comes from not quitting, so it is a skill that you can master.

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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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