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How To Trade In The Forex Market For Beginners: These 5 Crucial Tips Will Save You

Easily the largest financial market in the world in terms of trading volume, the global forex market trades at about $5 trillion per day. Given that figure, there is much to gain if you decide to venture into this world. But, it is also competitive, ruthless, fast-paced, and if you’re not careful, you could lose a ton…

Easily the largest financial market in the world in terms of trading volume, the global forex market trades at about $5 trillion per day. Given that figure, there is much to gain if you decide to venture into this world. But, it is also competitive, ruthless, fast-paced, and if you’re not careful, you could lose a ton of money.

Its competitive allure is exactly what attracts traders to the market every day, which ranges from the professionals that make trading their bread-and-butter, to the people that have little to no experience but still have the guts (and the money) to give it a go.

computer-3033135_1920 For the unexperienced, the Forex Market can be scary and ruthless. Photo: Photo by Pixabay (CCO)

As challenging as it is, mastering the forex market is not an impossible task, and learning it can spell all the difference between winning big and losing all your money as a trader.

We’re here to give you a few basic tips to point you in the right direction, and hopefully help you land the success you desire.

Note that there are high level risks to trading in the market. It’s best to consult with an expert market analyst before making a decision to invest as you may sustain losses. International Business Times is not liable for any loss or damage.

Why Do People Lose Money In Forex?

Understanding why a lot of forex traders lose their hard-earned money in the market is crucial in order to make sure you don’t end up the same way. So why does it happen?

lack of understanding about the market and how it works contributes a lot. Unlike most highly skilled professions, there is no barrier to entry in the forex market, and anyone can open an account and start trading. Unfortunately, this means a lot of people without the know-how immediately jump into it without first doing the legwork.

Another factor is the lack of preparation, because even the best traders in the world can immediately lose money in the market if they go in without any preparation. Not knowing anything about trading psychology is also a common reason, and there are many pitfalls to it. Then there are trading fees, which a lot also don’t take into account.

So now that we’ve tackled some of the common reasons that result in big losses for traders, it’s time to take a look at some crucial lessons and tips you need to learn if you are to master this competitive space, or at least be smart enough to keep playing the game.

1. Learn Before You Start

When it comes to doing something new, knowing is half the battle, and this holds true especially in the world of trading. Especially for one that’s so easy to join like the global forex market.

Thankfully, it’s easy to avoid the pitfalls by simply educating yourself about the ins and outs of the industry that you want to enter. While there are countless resources on the internet to help you, it’s also easy to get information overload, leaving you more confused than you were at the start.

Forex 1 Forexmentor is an online platform and community that will help you master forex trading. Photo: forexmentor.com

This is where having mentors that are experts on the subject come in handy, and you can find some of the world’s best in Forexmentor. Founded by veteran trader and educator Peter Bain back in 2003, Forexmentor was established to help address the misinformation young and budding forex traders get online.

Now, Forexmentor has massively grown to support a community made up of thousands of members, trainers and mentors that all help contribute world-class education to those that still don’t have the knowledge and tools for the trade, be it through live training services, one-on-ones or comprehensive video classes and courses.

Forex 2 Two teaching platforms from Forexmentor that will both educate you about different aspects of the market. Photo: forexmentor.com

Forexmentor can be extremely beneficial for new traders, and can give you the edge and knowledge you need before entering its choppy waters. You can, for example, join Coach’s Corner, the longest-running forex coaching program offered by former broker Vic Noble and price action expert Darko Ali.

Started back in early 2006, Coach’s Corner offers real-time insight and training, giving you an integrated approach to trading that will teach you trading psychology and market environment, among others. Live webinars composed of QAs are also held monthly, while premium members are given access to the 24/7 live trading chat lounge where you can interact with other like-minded individuals.

For those who want something more basic, you can join options expert Lennox Chambers’ Simple 1-2-3 forex trader program where you will learn a simple and rule-based trading system that you can use to enter and exit each trade with confidence.

Forex 3 Besides webinars and courses, Forexmentor also offers home education materials. Photo: forexmentor.com

Forexmentor also provides home study courses that you can study at your own pace.

With all this, Forexmentor hopes to cover everything that you’ll ever need to not just survive in the forex trading markets, but thrive and find continuous success.

2. Find Yourself a Reliable and Reputable Broker

Now that you have the know-how to navigate the volatile and fast-paced waters of the forex world, it’s time to find a broker. But not just any broker. Remember that this is your money you will be trading, so work with a broker you can trust.

For security measures, make sure that you only open accounts with brokers that are registered with the National Futures Association. Remember to trust your money only to firms that are verified, and don’t hesitate to contact your broker or their representatives if you have questions.

Know and understand as much as you can, you’re paying them for it.

3. Practice, Practice, Practice

Before you can be good at something, you need to be bad at it first. This is also true with forex trading, especially if it’s for your first time. Thankfully, you don’t need to do all of that in the open, as it’s common to open a demo/practice account before actually trading money.

You’re in luck, as virtually all forex trading platforms offer practice accounts where you can trade hypothetically without using any real money. The idea behind this is to let you become adept at order-entry techniques and other skills that you need in the real trading floor.

It may sound unfortunate, but instances of newbies sticking to losing position instead of accepting paper loss are very common. Practicing with a demo account will let you avoid that and master the techniques that you’ll need without using real money. So take your time with this, and make sure you put in the hours.

write-593333_1920 Despite being competitive, arming yourself with the right materials and knowledge will help you find success in forex trading. Photo: Photo by Pixabay (CC0)

4. Start Small

Once you’ve mastered the necessary techniques using your practice account, it’s time to make a real one and actually trade money. But don’t go all-in just yet, and start with just a small amount of money. Let go of your desire and emotion to win big for now, and familiarize yourself with the playing field.

With small money, you can become an expert trader without losing big. Gain experience, and start growing from there. Take your time as well, you’ll thank yourself later. Patience is the name of the game.

Additionally, don’t be nervous when you lose, because chances are, it will happen a couple of times (hence starting with small money).  Maintain your cool when you win, and don’t be too hasty to withdraw. But also remember to pull out of the market when it’s unfavorable to you.

5. Develop a Strategy

Much like soldiers that plan before going to war, make sure that you develop a plan and strategy as you keep trading forward. One good strategy is to protect your account via a protective stop loss, which is effective at making sure that your losses will stay minimal and reasonable at best.

Another one to consider is to keep your charts clean, either by keeping analysis techniques to a minimum or avoiding multiples of the same types of indicators.

Lastly, keep a record of your wins and losses as you can learn from them in the future. Include your history of trading activity, dates, profits, instruments and such, as those can be useful in helping you become a more experienced trader.

These crucial tips can help increase your chances of becoming successful in the forex market. It may be hard, fast-paced and unpredictable, but following these tips will help you become a better trader than your counterparts. Good luck!

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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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