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Taking your first steps in forex with a demo trading account

Trading currencies means mastering a skill set to help you win at the foreign exchange (forex or FX) game. Learn how to conduct fundamental and technical analysis, read the market, and use risk management tools – and you might just end the session a few pips ahead of the pack.

Trading currencies means mastering a skill set to help you win at the foreign exchange (forex or FX) game. Learn how to conduct fundamental and technical analysis, read the market, and use risk management tools – and you might just end the session a few pips ahead of the pack. 

Trades take place between counterparties based anywhere in the planet where forex isn’t banned. For most people, if you have a reliable, fast internet connection, you can be a currency trader. 

People often start trading as a side-line. But the taste of success leads many to try it as a career. The benefits are obvious: you make your own hours, you work for yourself, and if you’re good, you’ll make a tidy sum. Money and freedom with a low barrier to entry. What’s not to love?

It’s so attractive and easy to get into that many jump straight into the deep end of full-time trading without getting the experience they need. That creates avoidable risk and leads to losses. 

Forex is packed with opportunity, but you have to learn the mechanics of trading, know how to read market moves, see trends, and build a trading strategy. That way, you can go forward with a system rather than relying on instinct or otherwise winging it. 

To learn properly, you need to spend time in the classroom. In forex terms that means signing up for a demo account. Demo accounts create a simulated trading environment where you can try your hand – and fail a few times – without risking any real money. 

Demo accounts explained

Demo trading accounts are virtual broker accounts where you can try before you trade. They use real-time data to simulate the real-world conditions you’d face if you were trading live.

The demo gives you real quotes for the currency pairs you choose and provides a selection of financial instruments. It looks and acts like a real account. You can open and close positions. Score gains or suffer losses – but only in virtual funds. No actual cash is ever put at risk.

You don’t need to make a deposit or link your bank details to open a demo. The funds your trade is a sort of play money created by the site for practice purposes.

So you can’t lose, though you can’t really win either. What you can do is have a solid go and learn from your wins and losses. What did I do right, and what did I do less right? Demo accounts give you a safe setting to experiment with different trading methods and see if you can cope mentally with the emotional highs and lows of trading. 

How do you start demo trading? 

Go to almost any forex broker’s website, and you can register for a demo account within minutes. The broker will ask for some personal data. How much depends on the company and regulated jurisdiction they operate in.

Once confirmed you’ll be given amounts to ‘fund’ your account with – all virtual money. 

The majority of demo forex accounts have similar features: buying and selling currencies, quotes for currency pairs, analysis tools, news feeds, and educational resources.

You might also get basic access to a broker’s customer support. Take advantage of these freebies if they’re on offer. They’ll help you get a good sense of what the company will be like to deal with after you’ve signed on for real. 

The screen set-ups can vary somewhat, and the execution platforms might differ (MT4 OR MT5 in most cases). That’s another excellent reason to use demo accounts. Even if you’re a seasoned trader, the demo account lets you do a hands-on trial before engaging in trades with that broker.

When does the demo phase finish?  

If you’re new to forex trading, most experts agree you should look to make about fifty demo trades before moving over to live trading with real cash. You need at least that much demo time under your belt to understand the mechanics of entering an order, closing a position, or using stops and limits. 

Notch up enough virtual trades, and you’ll have a firm idea of whether forex is for you. If it’s going well, you’ll be making profitable trades regularly. Crossing the 50-order border also gives you enough time to sense check if you’re emotionally cut out for the forex life.

Currency markets can be a roller coaster, loaded with hourly highs and lows. To be successful is to be disciplined and mostly immune to the fear, greed, and crushing disappointment that can grip you if a trade goes south. That doesn’t mean you don’t feel emotions, just that you’re trading decisions won’t be unduly influenced by them. As much as possible, you need to trade cold. 

If you feel like your feelings won’t be a problem, the next milestone to pass is the ability to form a trading strategy. There are four cornerstones:

  1. Timings. Choose the same daily time slot to learn the action that characterises that session.
  2. Pairs. Decide which currency pairs you want to trade – ideally based on knowledge of what drives the economies of those markets.
  3. Risks. What tools and position limits will you use to minimise losses?
  4. Instruments: Will you trade commodities, indices, CFDs, or currencies?

Pro tip: When your four-part trading plan is ready, test it on the demo account first. That’s what seasoned traders do before attempting any new strategic approach.

Demo accounts are like forex school

There’s no better way to learn the basics of forex and test drive a forex broker’s online trading platform. Demo accounts give you a real sense of what FX trading looks and feels like. Experience all the highs and lows. And never have to put your own cash in peril.

Demo trading is virtually risk-free. Those low stakes make demo accounts the perfect environment to test your trading mettle.

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RoboForex adding EOS Cryptocurrency

RoboForex adding EOS Cryptocurrency

RoboForex announced today adding EOS, a cryptocurrency which is now available for trading with the broker on both MT4 and MT5 platforms.

Roboforex added EOS CryptocurrencyCurrently, RoboForex clients have 7 crypto instruments to choose from.

RoboForex keeps expanding its crypto portfolio.

The latest addition is EOSUSD, which is already available to the clients through MT4 and MT5, alongside with six other crypto pairs:

BTCUSD, ETHUSD, BCHUSD, DSHUSD, LTCUSD, and XRPUSD.

The EOSUSD trading conditions are the following:

  • minimum lot size: 100,
  • minimum increment: 0.01,
  • leverage 5:1.

EOS is a cryptocurrency that was introduced in 2017 and is based on blockchain and smart contracts. Its key features are scalability, decentralized apps, and huge throughput (a few million transaction per second).

This is another step towards developing our crypto portfolio.

Our clients do value the flexibility and state of the art technologies we offer them As for us, our mission is meeting their expectations and constantly improving the trading conditions by opening the door to new instruments and opportunities.

says Denis Golomedov, ;Marketing Director at RoboForex.

Roboforex and Cryptocurrency

This Broker has been on the forefront of crypto trading on the Metatrader 4 and Metatrader trading platforms from the beginning and pushing for more and more trad-able assets to be added to their offering .

it took this broker a little bit of time but now that they got them selves into the cryptocurrency trading arena they come to lead the pack. this in combination with their the trading platforms they are offering makes this a broker to take notice of.

as yet there are not enough brokers that offer metatrader 5 and especially one where you are able to trade bitcoin ethereum, litecoin and now also EOS.

About RoboForex

RoboForex is a brokerage company catering to clients from various countries. The broker’s focus is providing the traders with access to its own financial market platforms.

RoboForex Ltd is a licensed company (License No. IFSC/60/271/TS/17).

 

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Local bitcoin Trader Jailed for Money Laundering

Indicted: Local bitcoin Trader Jailed for Money Laundering

Local Bitcoin trader, Theresa Lynn Tetley, also widely known as Bitcoin Maven has been indicted for indulging in illegal bitcoin-for-cash transactions. According to the Central District of California, the LocalBitcoins.com trader has been sentenced to 12 months in prison.

She has also been handed a three-year supervised release and a $20,000 fine. A former real estate investor and stockbroker, the court ordered her to relinquish $292,264.00 in cash, 25 assorted gold bars, and 40 bitcoin.

money launderingTetley pled guilty to one count of operating an unlicensed money exchange business, and another related to money laundering. Her case is the first of its kind in the Central District of California.

Tetley was procedurally supposed to register her business with the Financial Crimes Enforcement Network, an agency of the United States Department of the Treasury.

The agency is responsible for analyzing transactions to curb money laundering and related financial crimes. She also failed to implement standard anti-money laundering protocol, including reporting of certain financial sources as per the requirements of this type of business.

Tetley is said to have traded over $6 million for clients within the United States and charged higher rates as compared to other traders within the LocalBitcoins platform.

Also noted in the court documents was that Theresa Lynn laundered bitcoin for a customer who had been suspected of having acquired the cryptocurrency through illegal activities, including drug sales on the dark web.

She also carried out a bitcoin to cash transaction for an undercover agent who had explicitly declared that his bitcoin was tied to narco-trafficking operations.

According to the report, Tetley’s service was responsible for fueling the growing use of cryptocurrencies to launder money and supported a black market system set up purposely to circumvent the law.

The organizations involved in her investigation included the IRS Criminal Investigation and the Drug Enforcement Administration.

Just One of Many

That said, the government has been committing significant resources to counter the crypto – dark web menace, and earlier this month, a major sting operation was carried out against a major money laundering network. Thirty-five suspects were arrested.

One individual, identified as John Edward Monette, was charged with Conspiracy to Distribute a Controlled Substance. He was also alleged to have carried out numerous bitcoin for cash exchange transactions on the dark web, most of them in 2017 and totaling about $19,000.

Another dark web vendor busted during the operation, Ryan Farace, 34 was indicted for being involved in an alprazolam tablets manufacture and distribution scheme.

He sold the drugs on the dark web, with all transactions being made in bitcoin. Additional digital currency money laundering transactions were made to conceal the sources.

Article Originally Published:

By ELIZABETH GAIL at Coincentral

 

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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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