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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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Statements about Cryptocurrency

Statements about Cryptocurrency

Cryptocurrencies are in a bubble and regulators could burst this at a whim.

  • Eight years after the introduction of Bitcoin, there are now over 900 cryptocurrencies and their prices are at all-time highs.
  • Richard Schiller categorizes bubbles as an underlying story driving the market forward, as opposed to the fundamentals of the assets. Cryptocurrencies are riding on a narrative of economic empowerment and freedom.
  • Despite the widespread attention that cryptocurrency receive, many of the actors involved in the market are not fully informed. Debate tends to turn to hype and naive investors are buying crypto-assets without fully understanding what they are.
  • Banks spend 73% of the market capitalization of Bitcoin each year on regulatory compliance. Crypto-assets are currently unregulated and free of these restrictions. As such, the market has thrived but also developed some bad habits.
  • Regulators cannot necessarily shut down cryptocurrencies, but they can restrict liquidity into them from fiat currencies and hamper their growth. The global derivatives market, for example, is worth $1.2 quadrillion, dwarfing Bitcoin’s $100 billion market cap.

Statements about Cryptocurrency

Market manipulations in crypto markets are undermining their credibility.

  • Due to low liquidity, no regulation, and a lack of clear understanding of the markets, pump and dumps are widespread in crypto markets. This is where a speculator can artificially sell while concurrently buying their own currency, wait for the market to rise, and then dump their holdings.
  • Frontrunning is also a common occurrence in ICOs, where early investors—who are used to show initial faith in the enterprise—buy discounted tokens before immediately selling them on.

As with historic bubbles, scams are exploiting naive investors.

ICOs can have the characteristics of vaporware. Entrepreneurs are raising hundred of millions of dollars purely on concepts. Money is being raised from investors who do not truly understand the technical concepts being proposed to them, let alone whether they are feasible.

  • The actual asset structures of ICOs are not only complex but also new forms of assets in their own right. This further confuses investors, which is compounded by the “FOMO” mentality of rushing into investments and following the crowd.
  • The use of celebrities to promote ICOs further demonstrates the use of manipulative marketing techniques used to cajole immature investors into participating in ICOs.
  • The current ICO craze is reminiscent of the South Sea Bubble of the 18th century, a speculatory period that involved crazed investment into enterprises in the New World. Once one of the highest valued companies of all time, the South Sea Company’s bubble burst and the company disappeared almost as quickly as it appeared.

Blockchains are still not proven technology, and more work is required.

  • Blockchains are still new concepts and their technology has not yet been proven on a consumer-wide scale. Attention should be focused on developing this, not speculating on short-termist projects.
  • The security of blockchains is a concept that most investors in crypto-assets do not understand. The onus is on them to protect their assets, which, on the basis of the amount of thefts and frauds in the space, is not being done properly.

There are some solutions to these issues.

  • A less polarized mentality of “us against the world” is needed; this could be enforced by the promotion of self-regulatory standards. These could also help to highlight the bad actors in the ecosystem.
  • More development is required into the underlying technology of blockchains. In the long run, this would be far more valuable than ICO moon-shot projects.
  • Awareness and discussion needs to be promoted. Conferences should present balanced debates from both sides of the crypto-view and more emphasis should be placed on educating investors instead of soliciting their investments.

Originally Published here at https://www.toptal.com

Statements about Cryptocurrency

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CMStrader Signals provider, the number 1 signal provider 4 years in a row

CMStrader Signals provider, the number 1 signal provider 4 years in a row.

CMStrader, the number 1 signal provider 4 years in a row, is now offering free signals to new clients!  Reliable trading tools are fundamental part of successful trading.

cmstrader for the Best Trading Signals

cmstrader for the Best Trading Signals

 

CMStrader’s signals success rate is estimated in 91% this should be enough to take a look and decide for yourself. since this is their biggest feature and drives this broker towards success, it is opretty afe to say that they do their utmost to provide you with quality forex signals.

This broker also entered the cryptocurrency market and offers several cryptocurrencies.  in short they act on the market and engage their clients directly.

when you start trading at CMSTrader, you can choose from a extended list of currencies, indices, commodities, gold and oil.

CMStrader Signals for better Trading

CMSTrader sends trading signals to traders’ accounts when there is an opportunity to buy or sell orders at specific points; an overview of the speculated price or loss ratio is included.

CMStrader Signals the number 1 signal provider among brokers

CMStrader Signals the number 1 signal provider among brokers

The signals are sent directly via SMS to a cellphone for major currencies traded on the stock exchange, foreign goods and precious metals.

In addition, signals can be sent to an e-mail address and or traders can be notified directly over the phone.  This service is available 24/5.

Like with Most proper signal services don’t expect 50 signals a day as simply there are not that many. you will get maybe a few good ones a day on which you could and most of the time should act.

Earn profits with CMStrader Signals in the forex market – the biggest trading scene in the world. Enjoy our unique benefits, trading education, minimum margin and best leverage! Start with a demo account and enter the amazing world of forex with CMStrader.

More about CMStrader Signals & Forex Broker

  • Name :CMSTrader
  • Website :cmstrader.com
  • Established :2013
  • Regulation :FSP
  • Country :United Kingdom
  • U.S. Clients Allowed ?  :No

CMSTrader is a leading investment advisor specializing in personal wealth management and growth and is a somewhat a newcomer to the Forex market.

they started in 2013 and since then have won several awards 2 including one for having best customer service in 2013.

CMSTrader “CMStrader Signals” is authorized under the name of CMS Ventures Limited which is a New Zealand Registered Financial Service Provider (FSP).

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Supreme Court Sides With Bits of Gold in Bank Dispute

Supreme Court Sides With Bitcoin Broker “Bits of Gold” in Israeli Bank Dispute

Upon appeal, the Israeli Supreme Court has rejected the closure of Bits of Gold’s banking facilities at Leumi bank, Tel Aviv.

The Israeli cryptocurrency brokerage’s appeal followed a previous ruling against it that has now been set aside by the higher court.

As Israel and many other countries struggle with the accelerated phenomenon of virtual currencies, Leumi Bank recently made the news for being a particularly blunt in its rejection of Bitcoin.

We should of course not be surprised with the banks attitude towards bitcoin or any other cryptocurrency for that matter. keep in mind that the banks become more and more obsolete because of them. Bits of gold versus leumi

They will keep on loosing money which now they make with ridiculous commissions of work that is fully automated. so they will try to see how they are able to make the operation and acquiring cryptos  as hard as possible knowing that they will never be able to stop them.

There is widespread anticipation that the upcoming G20 Summit in March 2018 will produce a global, moderate framework for a regulatory approach. Set against that are persistent hostile stances the world over from banks, asset managers and even governments towards cryptocurrencies.

Now that the countries understand there is money to be made with Taxation in cryptocurrencies they might want to make sure that the banks stay within their lane. 

Apart from the Israeli revenue service opting to tax cryptocurrency assets as “properties” and other more positive developments dating back to mid-2017, Israel remains a strange mix of genteel acceptance alongside wildly opposing voices.

There is thus Hope But no decision

Bits of Gold has fought a David and Goliath battle since their banker decided it wanted to steer clear of all cryptocurrency-related business.

On record as recently telling another bitcoin-related trader that they simply don’t want the business, Leumi Bank’s hard-line stance is accumulating bad press. The second-largest bank in Israel appears as discriminatory when analyzing virtual currency traders and other digital coin businesses.

During 2017, a customer made a bank transfer to the Kraken exchange site for buying bitcoin worth $1000. The bank identified the request, halted it, and started investigating.

The elated CEO of Bits of Gold, Youval Rouach said that “The court’s decision enables us to focus on the growth of the Israeli cryptocurrency community.”

 

The February 26 Supreme Court ruling granted Bits of Gold a temporary injunction against their account closure pending further scrutiny by the bank and other parties. The presiding bench declared that the company had “acted transparently and did not violate any provision of law.”

Calling the bank’s concerns “speculative” and turning an unsympathetic ear to the plaintiff, the ruling does, however, allow for the bank to still close the account on any small technical detail that defies legislation. As a record of a public spat around cryptocurrency’s right to be recognized in many ways, the ruling is seen as a victory for the local cryptocurrency community.

One Small Step Forward

Although not as absolute as nations like China that has opted for draconian bans, Israel is a front line for digital coins’ right not just to exist, but also become assets in the true sense of the word. The Supreme Court noted in its written ruling that Bits of Gold had not made itself guilty of the violation of any standing laws since opening its doors for business.

 

The Bits of Gold v. Leumi Bank case might become something of a test case once the bank applies its mind in scrutinizing the company’s accounts against the backdrop of existing legislation. The outcome will also be informed by sentiment post the G20 Summit due in March as well as other global regulatory trends.

Now that the countries understand there is money to be made with Taxation in cryptocurrencies they might want to make sure that the banks stay within their lane.

This was First Published by coindesk

 

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