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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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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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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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