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As recently as the early 1980s, brokers, and traders charted the movement of currency prices by hand with nothing but a legal pad and a pencil. In less than four decades, the charting industry has been revamped several times over, which has led to intricate, complex tables that traders decode today before executing currency trades. Charting software allows those in any market to see price moves, observe changes over various stretches of time, and combine this information to conduct market analysis and predictions. It’s an absolute necessity for carrying out intelligent trades; without it, trading currencies would be a lot more like gambling: highly dictated by chance. 1. NinjaTrader This award-winning trading platform offers forex traders FREE access to its advanced charting, strategy backtesting, and trade simulation. It’s well known for its sophisticated charting software, which has been enough to persuade many traders to switch from other trading platforms to NinjaTrader. If you are looking for a forex platform that offers both strong charts and the ability to make trades, this could be a great choice for you. NinjaTrader advanced forex charting capabilities offer comprehensive tools customizable for your particular focus. It offers dozens of indicators for gaps, news, trends, swings, volume, reversal, volatility, value area, Elliot wave, and more. Charts have multi-timeframe and multi-tool analysis with hundreds of add-ons available from third parties. While charting on NinjaTrader’s sleek interface can be incredibly informative, there is a learning curve for new traders. NinjaTrader does have a wide range of useful educational materials are available including daily training webinars designed to educate new users on the powerful tools available, hundreds of on-demand training videos, and an informative YouTube channel. The NinjaTrader User Guide offers copious details on how to use each chart feature. In terms of payment, NinjaTrader offers a range of options: NinjaTrader is always free to use for advanced charting and trade simulation. As an added bonus, you can get unlimited free real-time and historical forex data trials without a brokerage account! For live trading, you can use a free live trading license if opening an account through NinjaTrader Brokerage. You can also lease the program quarterly for $180, a half-year for $330 or one full year for $600. A Lifetime lease is also available for $999 which includes free software upgrades for life. NinjaTrader itself does not offer smartphones or tablet options, but there are several plug-ins on the market that you can set up within your devices to be notified of trade updates. For U.S. customers trading through NinjaTrader Brokerage, they can choose to trade through FP markets and Oanda. 2. TradingView Without a doubt, TradingView comes in at the number one spot on this list. It is a favorite among a multitude of traders, thanks to the fact that its free version offers more features than several paid packages on the market. For the forex market, in particular, TradingView offers a view of all currency pairs, cross rates on the most commonly traded pairs, as well as currency indices and an economic calendar for major macroeconomic events. It also serves as a trading community; Thousands of traders and analysts publish their ideas and forecasts as well as comments and assessments of trade patterns. This can be a great tool for a new trader or someone who wants to become more familiar with the intricacies of trading a certain currency pair. A lot of TradingView users also noted that its option to make its trade histories public – even if only to friends or family members – gave them more accountability and improved their decision-making tactics. TradingView is available on your desktop, tablet, and smartphone, all of which can be synced and saved in a cloud, which offers a seamless transition between devices. TradingView Fees Free: Use on one device, up to one saved chart layout, no customer support Pro: $9.95/month (use on one device, intraday time frames, up to five saved chart layouts, regular customer support, and more) Pro Plus: $19.95/month (sync up to two devices, intraday time frames, up to 10 saved chart layouts, fast-version customer support, and more) Premium: $39.95/month (SMS alerts, sync up to five devices, intraday time frames, unlimited saved chart layouts, priority customer support, and more) Please note that you’ll need to get set up on a trading platform in order to execute any actual trades, like Forex.com, Oanda, and others. 3. FinViz This platform is another winner among investors across the world and is utilized by millions of traders, whether their focus is forex, stocks or commodities. This web-based platform offers not just charts, but also heat maps, portfolio management tools and a host of news and blog links to keep you informed about what’s to come in the currency world and the international market at large. Heat maps are a favorite feature of FinViz, where traders can quickly analyze the health of certain currency pairs based on a color scheme from green (healthy) to red (unhealthy). There are also a host of free filters that can allow traders to narrow in on information geared towards their preferred currency pair(s). The downsides of the platform are that it is solely web-based, without mobile chart viewing. Traders also complained that its interface is somewhat dated. Lastly, while the free version offers lots of information, it also crowded with numerous pop-ups. In terms of pricing, charts on FinViz are free, however, they are not all in real time, and some are even delayed as much as 15 minutes — a big delay in the world of currency trading. An upgrade to FinViz Elite may be worth your money, as all features are given in real time, and the upgraded version also comes with access to advanced charting features like technical studies and performance tracking correlation charts comparing currency pairs or any commodity or stock. The Elite version also offers the ability to do backtests and will give you email notifications about important market events in real time. The price for an Elite subscription is $39.50/month, or $299.50/year. A general note on using charts: Trading experts advise not using more than two different applications, including your trading platform, when it comes to looking at charts. Dancing across too many platforms can lead to more confusion, and may make executing trades more stressful than need be. Final Thoughts on the Best Forex Charts Expect to use a good chunk of time reading trading charts, which is much like learning to read a new language. Once you’ve put in the work to be able to fluently interpret the information on the screen, you’ll be one step closer to executing lucrative trades. Many newbie traders ask which chart setup is the best of the best, and experienced traders say that such a panacea simply does not exist. Also read: Compare Now | Demo Trading Vs. Live Trading

Forex trading has always been a challenge to many. However, this year appears to be tougher as even this is affected by the pandemic. Add the fact the United States recently elected a new president. These factors play very important roles when it comes to trading in general. Last week, the news made everybody optimistic about the vaccine that could stop the pandemic. Because of vaccine optimism, the currency market started to liven up once again. However, it appears to be short-lived as a few countries have reported more virus cases. For just a few days, the positive movement of the currency market has hit the pause button. Now, even if this is the case, there are still people who are suddenly interested in trading, particularly in Forex. This could be because people now have more time to look into things. The health crisis has also somehow made people more concerned about their financial state that they are now finding ways to be financially stable. While Forex trading could be a great solution to secure your financial situation in the future, know that this can still be very risky. There are many things that you should know but it’s also important that you won’t commit these mistakes that led Forex traders into the zeroes. Don’t just jump into it You may have heard plenty of success stories in Forex trading and that’s good. There are success stories because Forex trading could work. However, don’t just jump into it. This is a serious matter that you need to educate yourself on. Having the money to trade doesn’t mean that you’re ready. Take advantage of the digital age and get all the resources that you can get. Read books, attend seminars or webinars, watch videos, read articles, and use demo accounts. And if you want to know certain comparisons between demo and live trading accounts then the following guide might help you, https://topasiafx.com/blog/demo-trading-vs-live-trading The more you know and the more practice you get, the better. Think of getting into Forex trading as getting into a war. You should never go to war without weapons and combat skills. Not looking for the right broker Once you start to educate yourself about the world of Forex exchange, you will get to know how important it is to trade with the right broker. Only deal with regulated Forex brokers. The last thing that you want is to lose your money because of a trading scam. Luckily for you, it’s so easy to look up the best Forex brokers out there. Just make sure that once you start with a broker, you don’t go all-in right away. Also, don’t get easily enticed by bonuses. Take it slow and build a relationship with it. Go for small trades first. Earning a lot of money shouldn’t be your only goal This is a mistake that many people have whenever they think about Forex trading. This is ultimately the goal but if you’re just starting, set a small goal first. Preferably for newbies, your first goal should be learning the ins and outs of Forex trading. Your main goal at the start and as you get used to the trading market is to stick to your trading plan. This leads us to the next mistake you should avoid. Not having a trading plan is not acceptable A trading plan is necessary no matter what. This guides you through your exchange journey. Part of educating yourself is learning how to make a solid trading plan. A trading plan should include the rules that you will set for yourself before you get into any trades and before you get out of a trade. The training plan should consist of the guidelines of what you should be looking for before entering a trade, the amount of money that you can risk in a trade, the specific market condition to look out for tor if you should get out of the trade to stop losses or to ensure profits, and the set time for the market to reach your target. It should be your goal to stick to your trading plan. All your trade and movements should be noted down. Make sure that you record everything so that you have something to review. It doesn’t matter whether a trade failed or succeeded. Either could help you in your future trades and could help you master the art of trading. You don’t control the market Once you’re used to Forex trading and you’ve already profited from this, you’ll learn that this can be a very exciting and thrilling activity. This is comparable to what gambling can make you feel and it could be addictive. During an all-time high, you may get the impression that you are already in control of the market. However, keep in mind that you never are and never will be. You can’t dictate the market no matter how good you are at trading. All you can do is to act on what the market is telling you. If the market price is where you want it to be, then that’s when you trade.

Not every Forex broker provides guaranteed stop loss, and most that do are not even regulated. Therefore, we did our own market research to find out the best brokers that provide guaranteed stop loss and are well-regulated: 1. XM XM is an internationally recognized online Forex and CFDs broker that began operations in 2009. Known for its wide range of assets, competitive spreads, and multiple trading account types, the broker is the best choice for online trading. Tradable Instruments It allows trading in more than 1,000 instruments and over 55 currency pairs from a single trading account. Other assets supported include indices, shares, commodities, precious metals, energies, and cryptocurrencies. Trading Accounts XM offers four trading accounts types – Micro, Standard, Ultra-low, and Shares. Each account has a different deposit requirement and provides the trader with favorable trading conditions. 80% of novice traders trade with no demo accounts and accounts lose money. A demo account is also available to avoid complex instruments. Minimum Deposit Traders are required to deposit a minimum of $5 for using the Standard and Micro accounts, while the XM Ultra-Low and XM Shares account holders need to pay a minimum of $50 and $100, respectively. Trading Platforms XM allows the trader to trade with the two most popular Forex trading platforms – Forex MetaTrader 5 and MetaTrader 4. Both platforms can be accessed via the web across all devices as well as the mobile app. Spreads and Commissions The broker offers the lowest possible spreads and commissions fees that vary with the accounts. However, it charges no fees on making deposits or withdrawals. You can also know more about its trading charges on our expert’s review page. Regulation The Forex broker is regulated by the Australian Securities and Investments Commission (ASIC), the International Financial Services Commission (IFSC), and the Cyprus Securities and Exchange Commission (CySEC). Maximum Leverage Trading is made flexible with the same margin requirements and leverage ranging from 1:1 to 888:1. Margin requirements remain unchanged while leverage can be modified. Guaranteed Stop Loss XM allows guarantee fills on orders up to 50 lots at the best available market price. Research and Education The website of the broker has well-curated educational resources, which include market overview, news feeds, XM Research, technical summaries, economic calendar, podcasts, tutorial videos, webinars, and seminars. Customer Service The customer service is prompt and available in multiple languages. It can be reached via live chat or email or over the phone. 2. easyMarkets easyMarkets is another online forex and CFDs broker that was founded in 2001. The broker is quite popular among traders for making trading convenient through its innovative Freeze Rate and dealCancellation features. Tradable Instruments The broker offers an extensive range of over 200 instruments and more than 150 currency pairs. It allows trading in 8 asset classes, including forex, CFDs, indices, shares, commodities, precious metals, cryptocurrencies, and options. Trading Accounts easyMarkets offers three account types for trading – Standard, Premium, and VIP. These accounts have different deposit requirements and serve individual trading needs. It also offers a demo account (major traders with no experience with demo accounts lose money, to stop losses try demo accounts before a real one). Minimum Deposit Traders need to deposit different amounts depending on the type of account chosen. The minimum deposit for a standard account is $25, while Premium and VIP account holders need to invest $2,000 and $10,000 minimum, respectively. Trading Platforms easyMarkets trader gets the choice of trading through its proprietary web-based platform or MetaTrader 4 (MT4) platform or mobile app. All the platforms come with pre-installed technical and analytical tools that give a smooth trading experience. Spreads and Commissions Unlike its competitors, the Forex broker offers fixed spreads regardless of market volatility. However, spread requirements are relative to the trading accounts, instruments, and trading platforms. Deposits and withdrawals are free of charge. Regulation easyMarkets is authorized by ASIC and CySEC, making it a transparent and secure broker for online trading. Also, traders’ funds are kept safe with the regulators’ reimbursement schemes. Maximum Leverage Leverage ratio at easyMarkets varies with assets, trading accounts, and the regulators. The maximum leverage is 1:30 for European Union traders and 1:400 for Australian traders. Guaranteed Stop Loss easyMarkets gives the trader free access to guaranteed stop loss to stop runaway losses. It enables a trader to set a limit to the maximum risk when trading. The broker closes the trade exactly at the set rate, or when the market moves unexpectedly. Research and Education Its comprehensive selection of research and educational materials is an added advantage for novice traders. On the research side, traders gain access to market news, trading charts, live currency rates, and an economic calendar. The educational section has an engaging collection of trading courses, eBooks, and informative articles and videos. Customer Service easyMarkets offers easily accessible and satisfactory customer service during the trading week. Apart from the live chat, email, and phone, it can be reached via social media. 3. Plus500 Plus500 is a leading Forex and CFDs broker that was established in 2008. The broker delivers the best-in-class trading experience through its innovative financial instruments. The safety of traders is the utmost priority of Plus500, understanding which it keeps their funds in segregated bank accounts and uses SSL encryption. Tradable Instruments The broker supports over 2,000 instruments, including forex, CFDs, indices, shares, commodities, exchange-traded funds, options, and cryptocurrencies. Traders can take advantage of them to diversify their investment portfolios. Trading Accounts Only two account types are available for trading with Plus500 – Consider whether Retail or Standard account and Professional account. The two are different in terms of leverage, which is 1:30 for the Standard account and 1:300 for the Professional account. There is also an option for the demo account to sop losses. Minimum Deposit The minimum deposit requirement at Plus500 broker changes with the payment method used. For example, traders need to deposit $100 if they are paying via credit or debit cards or electronic wallets and $300 when paying through bank transfers. Trading Platforms As opposed to other mainstream online brokers, Plus500 has its user-friendly proprietary trading platform that is suited for web-based as well as mobile trading. Since it does not offer the MetaTrader platform, traders would miss some of the advanced trading features like automated trading. Spreads and Commissions Plus500 relies on instrument-specific spreads for making revenues. Though it does not charge deposit and withdrawal fees, additional fees could be applied in the form of overnight funding, currency conversion fees, guaranteed stop-loss fees, and account inactivity fees. Regulation The forex broker is highly regulated by the CySEC, the ASIC, the UK Financial Conduct Authority (FCA), the Seychelles Financial Services Authority (FSA), the Israel Securities Authority (ISA), and the Monetary Authority of Singapore (MAS). Maximum Leverage The maximum leverages offered under the Retail and Professional accounts are 1:30 and 1:300, respectively. Guaranteed Stop Loss Traders, who cannot afford to take the high risk of losing money, can add a guaranteed stop order to their trading positions when trading with Plus500. By limiting their potential losses, the broker ensures that they never lose more than their investments. Research and Education The broker has limited research and educational offerings, which include charting tools, economic calendar, Trader’s Guide, and video tutorials. Customer Service It offers 24/7 reliable customer service with live chat and email support.

Considering diving right into the Sea of financial industry known as Foreign exchange or Forex? Well, before that, " Are you really prepared to face the most volatile market head-on? " Ask yourself that! To be frank, one of the major factors which we ignore most of the time is "prioritizing our own perspective," and which obviously pays us back in the long run. Knowing ourselves should be our primary objective and that does not only bind to online forex trading except it also implies in our day-to-day life. So, before anything, "Knowing yourself" should be your GO-TO. Now, let's move on to today's topic which deals with the term" know yourself and its effects on trading". KNOWING YOURSELF IS MORE IMPORTANT THAN KNOWING THE MARKET And, to be honest, while trading is one of the prime aspects that should not be neglected at any cost. So, if we ask you, "How do you really know yourself?" What will be your initial comeback to this? And...don't feel pressurized yet. We don't know about you but as per Aristotle, "Knowing yourself is the beginning of all wisdom". And that's not it! Famous public figures like Carl Jung also quoted that, “The privilege of a lifetime is to be who you truly are.” Did you get the significance of understanding yourself? BETTER! Despite all of this, you may start to wonder, " How can I really know myself, you're kidding right ?" Let's face it! Anyone will think of this as similar to what you're viewing and which is totally justified. In order to know yourself well, you can take several steps. Any BRIGHT ideas? No worries! If you don't come up with anything at this moment, we got you. I mean, that's what we do! Help you in certain ways so that you don't get stuck anywhere in your online forex trading career. P.S: In case you’re drowning in the Foreign exchange industry while searching for a trading broker to pull you up then AssetsFX might be the IDEAL choice for you! Bearing that in mind we're gonna breakdown some of the most EFFECTIVE steps that will help you master yourself as well as sharpen your trading senses. So that being said, let's dive right in, But before bragging all about the psychological facts and myths used in trading, how about highlighting some of the basic steps which can lead you to know yourself BETTER. Why is that? Because trading is mostly a profession. So, before knowing the things about your profession, you should rather know yourself completely and in that way, you'll find self-confidence along with a better overview of yourself. In order to attain that, you can follow the ABSOLUTE steps stated below: TAKE SOME TIME AND "BE QUIET" We really can't deny the fact that while we stay quiet and think something through, it becomes quite easier. And that's not even a CAP! As it's often considered a universal truth. So, what you've to do is, give yourself some time and ask yourself stuff before actually doing them though it might get uncomfortable sometimes because you're probably alone at that time but trust us, it works like MIRACLE! And you'll find that against all the odds you're being true to yourself and that counts BIG TIME. And exactly at that moment, you'll be able to discover the true self of yours which is hiding DEEP inside you. FOCUS ON WHO YOU ARE RATHER THAN WHO YOU WANT TO BE Let's face it! Ask anyone out there, "what do you want to be?" And guess what? 98% of the people will give you a fancy answer and when you're done, ask them, "who you truly are?" it will be an odd silence, nothing more, nothing less. Believe it or not, that's the BITTER truth. Because nowadays, no one really focuses on who they are. Instead, they want to become someone else, and that's the root of self-confidence issues. Remember that, in this ever-evolving cruel world, no one is really perfect as everyone lacks certain things, but that doesn't mean that you won't discover yourself fully. Instead of becoming someone else, find more about yourself, evaluate the chances and take proper actions. As per, our friendly neighborhood Spiderman (Peter Parker), Everything starts from a leap of faith! So, it's high time, take the leap now cause it's now or never! DISCOVER YOUR COMFORT ZONE AND DISCOMFORT ZONE Finding out certain things, such as what you're good at as well as not good at is one of the most crucial initiatives which performs a HUGE impact on your way to knowing yourself BETTER. Though it'll probably take quite a long time or sometimes more than expected for you to find out in which things you're good at or passionate about and in which things you're not. As an example, while performing this process you'll discover certain things which will give you comfort along with confidence and make you think," Yes, I can do this". And at that point, you'll know that the procedure which you were undergoing was successful. But wait, there's more! While exploring yourself, you'll also come across several things which will at first trouble or bore you but after doing a few attempts, you'll become fond of them eventually and online forex trading is one of them. That's why Yvan Byeajee stated that: “Focus, patience, wise discernment, non-attachment —the skills you acquire in meditation and the skills you need to thrive in trading are one and the same.” So, these are the steps that can help you to know yourself even better than ever but while trading the approach usually varies from the ones stated above. Let’s dive right into them, shall we? FIGHT THE FEAR As per many trading associate publications and surveys, almost 95% of the traders face a common feeling, which is obviously the fear of losing money. So, how's it connected to knowing yourself? Well, while trading, knowing yourself is more crucial as well as significant than knowing the market. While trading asks yourself first if you can really pull this one up or what'll be your approach if you lose money, i.e. Finally, if you find your inner confidence that you can accomplish this trade for better, then open that trade not before. Trading psychology holds quite a significance in order to trade better. That's why it might be wise to interact with experienced market traders to know about their ADRENALINE. If you can find that out, it'll be a lot easier for you to fight the fear of losing your capital unless you won't be able to trade comfortably. If you still face hesitation, check out several Forex forums to get a better disclosure. Besides, BabyPips might be the ULTIMATE destination for this approach as they have a dedicated category for trading psychology only. See that? Tell us it’s not fascinating! DON'T CHASE THE RABBIT INSTEAD START THINKING Chasing the rabbit is one of the terms which has the ability to express a significant meaning, and in this context, it means don't chase after money, instead evolve your trading method. As a reason, Alexander Elder stated that, The goal of a successful trader is to make the best trades. Money is secondary! Did you get the point? It's okay to think about winning the trades, but at the same time, you should always be prepared for the worst-case scenario. The online marketplace is more volatile than ever, which means there's a pretty good chance that you might lose all your money. Therefore, a proper mindset is needed in order to trade in the online trading market. As per David Sikhosana, “Losses are necessary, as long as they are associated with a technique to help you learn from them.” It's no doubt that the market will test your emotion in every way possible but the real question is, "Do you have what it takes to get back up against all the odds?". If yes, then welcome to the online trading sphere. You'll be able to survive here in the long run despite all the difficulties you’ll face. RID FROM ALL THE DISBELIEFS There are often certain traders who possess various disbeliefs both in their personal and professional lives. And as far as we know, online trading is mainly part of one's professional life. Now, let's move onto the main point, while trading you should always try to get rid of all the negative beliefs which you have as it can often conflict into much more of an issue and can turn against you. Besides, these conflict beliefs usually inherit from families, and that too most of the time. But on some occasions, society also produces certain impacts which later on leads to several disbeliefs. And trust us, if you're a victim of conflicting beliefs then you should work on that ASAP unless you won't be able to go through the HEAT of the online trading sphere. You're getting it, right? AT A GLANCE: As we've come to an end to today's discussion, let's summarize the key takeaways once more. They simply go like this: Take some time and "BE QUIET": It's always a wise decision to give everything a PAUSE and think the stuff through. So, do that! Focus On Who You Are Rather Than Who You Want To Be: Always give top priority to becoming yourself first instead of becoming someone else. It'll pay off! Discover Your Comfort Zone And Discomfort Zone: Point out the things which you're passionate about along with the things you don't like. You'll get a BRIGHT idea about yourself! Fight The Fear: Having any sort of fear or phobias won't let you fly freely in this financial sphere. Try to get rid of them! Don't Chase The Rabbit Instead Start Thinking: History has deliberately proven that chasing after money is not the solution. There are other possibilities, explore them! Rid From All The Disbeliefs: In this modern and evolved civilization, there is no place for disbelief. The faster you get rid of them, you'll succeed! Lastly, let’s hope that you’ll find these contexts helpful along with applying them in your day-to-day life (on and off trading). That being said, we're putting it to a conclusion.

The world of foreign exchange, or forex, can be daunting even to experienced hands-on investors. However, there are plenty of books on the subject of currency trading, ranging from basic introductions to the forex market to advanced strategies based on fundamental analysis and technical analysis. These are five of the best that have stood the test of time and the forex market's ups and downs. Here are four hugely effective books: Currency Trading for Dummies by Brian Dolan Currency Trading for Dummies is one of the best of the lot for beginners. It presents clear, easy-to-read instructions on currency trading and descriptions of the forex market. In fact, it's not a bad read for more seasoned hands who need a quick refresher on the basics. It's regularly used as a resource by the financial media. Originally published in 2011, the updated book was co-written by Brian Dolan, former chief currency strategist at Forex.com, and Kathleen Brooks, director of research at Forex.com. P.S: Participate in the New Year promo Contest of LiteFinance & Win iPhone 13 Pro Max! Day Trading and Swing Trading the Currency Market by Kathy Lien Kathy Lien is a world-renowned currency analyst, BK Asset Management's managing director, and a frequent guest on Bloomberg, CNBC, and Reuter's programs. Now in its third edition, her book employs a two-pronged approach that combines theory and actionable learning with balanced insight into the fundamental and technical forex trading strategies designed to generate regular profits. Lien walks readers step-by-step through Forex fundamentals such as the long- and short-term factors affecting currency pairs. She also covers the technical analysis trading strategies that professional forex traders use on a daily basis. Japanese Candlestick Charting Techniques by Steve Nison Steve Nison's Japanese Candlestick Charting Techniques is credited with introducing this versatile technical-analysis tool, now widely used by forex traders, to the Western world. The book provides a lengthy and in-depth education on candlestick charting, which is also used for futures, speculation, hedging, equities, and anywhere else that technical analysis may be applied. Nison's work is ideal for traders seeking to up their trading strategies game. As they do, they might want to consult one of the sequels. Nison has written: The Candlestick Course, Beyond Candlesticks: New Japanese Charting Techniques Revealed, and Strategies for Profiting with Japanese Candlestick Charts. How to Make a Living Trading Foreign Exchange by Courtney Smith Courtney Smith begins How to Make a Living Trading Foreign Exchange with an introduction to the world of forex that explains how the market works. But most of this 2010 work is devoted to making money, offering six strategies to earn a steady income by trading. He also provides important risk management techniques as well as material on the psychology of trading. It includes an explanation of Smith's unique "rejection rule," a strategy designed to double the profit generated from basic channel breakout systems. cheers!

Starting a forex trading business is a relatively simple undertaking. All you need is a reliable forex broker, a feature-rich trading platform, and a small amount of capital to buy and sell currency pairs. However, there are certain pitfalls, risks, and factors that you need to be aware of to trade effectively and turn a profit. The Forex market is inherently different from the stock market. More than $5tn is traded every day, mostly by ‘institutional’ traders connected to large institutions and companies. These trades account for 94.5% of activity on the forex market. When starting a business, you will work as a retail trader and make use of leverage offered by brokers to support your entries into and exits from the market. Learn the basics You can trade without prior knowledge of forex, but it is not recommended as you will run up significant losses very quickly. Opening a demo account is arguably the best way to get to grips with the different aspects of Forex trading as you will be able to experiment freely and adopt new strategies without the fear of financial setbacks. You can also watch video tutorials, attend webinars, and read relevant blogs and articles for both basic and advanced insights. Another key skill for forex trading is technical analysis. Mastering the art of reading charts and indicators such as Bollinger Bands, the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) will enable you to identify movements and trends that can be used to make profitable moves. Select a reliable broker Forex brokerages effectively act as a middleman between you and the forex market, so it is vital that you choose a broker that is not only reliable and regulated but also well suited to helping you achieve your financial goals. Legitimate traders will provide you with a trading platform that is secure, has access to major pairs, and offers additional tools and charts to support your decision-making. Be aware that there are scam brokers that will attempt to dupe unsuspecting victims with a range of fraudulent practices such as Ponzi schemes and signal seller scams. Malicious third parties may also attempt to present themselves as reputable outlets and promise large profits, when in fact they are fake or illegitimate. You can find authentic brokers by reading reviews and investigating them beforehand. Organize your trading capital Trading foreign currencies have a lower point of entry compared to stock as investors can set up an account with as little as $10 or $20. Brokers also offer something called to leverage that allows you to trade more than you have in your account. Leverage of 50:1, for example, would give you access to $100,000 if you deposited $2,000 into a margin account. While leverage is beneficial for beginners as it increases their trading position beyond an opening cash balance, it can amplify losses and lead to financial woes if not used correctly. If you manage leverage carefully though, you can mitigate many of the downsides and use it to your advantage. Practice, practice, practice As noted earlier, opening a demo account will give you free rein to practice your trades so that you have a better understanding of when to buy and sell at the right time. This is also a perfect opportunity to try out new strategies and tactics. You should keep practicing for a few weeks at least or until you feel comfortable making the step up to real money. Trade For Real Money Trading real money on forex will expose you to certain pitfalls that you may not have experienced during your practice trade. It is important to remember that forex is not a shortcut to instant wealth. You will need to slowly nurture and develop your account, especially during the formative weeks and months, to make sustainable profits. However, don’t be deterred by a losing streak either. It is statistically normal for even the most successful traders to run into a barren period when losses mount up. These downturns should not be a signal for you to close your account as you should eventually be able to bounce back if you keep making the right moves. Finally, just because you have started a forex business does not mean that you have to be trading 24 hours a day, seven days a week. The forex market is ‘always on’ due to the time zones for each region, but try to work for a set seven or eight-hour period that fits into your daily schedule at first and then go from there. Remember, the smartest move sometimes is to sit back and not enter the market. Taking this advice on board will give you the best chance of setting up a business that can support profitable day trading on the forex market.

The wide world of trading has helped many people buck the trend of their 9-5 job, or at least helped them discover new ways to earn money. Finding a new source of income is important for building an independent life that can help you retire early, send your kids to college, live comfortably, or just give you some peace of mind in the bank. Forex trading is one of these potential income sources that may interest you if you are looking for ways to earn more money and learn new skills. First things first though are that you need a refresher on some of the terms and phrases that you need to know before you even commit to a real trade scenario. Just like riding a bike, you want to know what it is you are doing before going for a ride, and Forex trading can be intimidating to those that do not know much about it. Check out these must-know terms to help you get started on your Forex trading journey. 1. Currency Pair Trading currency means exchanging it on the global market. This global market is full of different types of currency, so currency pairing is the simple term to describe this exchange. USD (U.S. Dollar)/EUR (Euro) is a common example of a currency pair, so is something like GBP (Great British Pound)/CAD (Canadian Dollar). Currency pairing is also useful for traders as it allows for analysis for market research. Using currency pairs of common currencies, called major pairs, are the most traded, then you have things like cross pairs which are not major pair currencies, then exotics, for lesser currencies. As you can see, this is one of the more easy terms to understand as it relates to the actual currency you are trading within a broad sense. 2. Pip Pip, or percentage in point, is the 4th decimal point of a currencies value. So if you looked at a currency that was traded at 0.7842, the 2 is considered the pip. This value will fluctuate as markets naturally change short and long term, but the pip helps determine the value of trade when converting one currency to the aforementioned currency. Pips are a small but useful term to know, and once you get trading regularly you will be able to identify them easily to help you maximize your potential. 3. Stop-Loss Stop-loss is a term that relates to specific trading orders. The stop-loss is the action of setting a signified price to sell in order to prevent any loss. The stop obviously indicates the point at which you will hold until then sell, and loss speaks for itself in limiting any damage. This is one of the best Forex signals to receive, it helps limit any further loss, or keeps you from losing gains on a trade in the first place. Stop-loss is an important thing to know for beginner traders to help them make logical, not emotional trades. 4. Bullish/Bearish This term applies to financial markets as a whole, and you have likely heard them thrown around numerous times. Bullish, or bull market, is a euphemism to indicate that the markets are doing well and that there is expected growth to continue. Bearish and bear markets indicate a slowing down and decline of expected growth. The bull is meant to be a forward-moving, aggressive animal, while the bear in this context is an animal that spends a lot of its time sleeping, hibernating. These are useful terms to know what to expect out of trades regarding the general market movement. 5. Bid and Ask Price The bid and ask price are two terms that you are going to want to know when it comes to trading. These terms are associated with the price of a trade. The bid price is what a trader sets as the amount they will trade a currency pair for, while the asking price is what a trader will buy a pair for. What is known as the spread is the difference between those prices. Bid and ask price are key terms in understanding how Forex trading works and it is good to familiarize yourself with it quickly. 6. Trading Platform How do you actually start Forex trading? Well, you need a trading platform to do so. Much like using software to do your taxes, you need something to trade on. These platforms contain all of the information you need to understand what is happening in the market. Charts, live updates, tickers, as well as connection to your account. These platforms, often provided when you sign up with a regulated Forex broker, come in many forms. They range in fees, functionality, and efficiency as one would expect. Advance tip: if you are a complete beginner then try to use the demo trading account first and later on when you'll think that you're ready switch to the live account. 7. Futures This term is thrown around a lot when people talk about markets for Forex and stock alike. Forex futures are the date in which a deal is set, a contract for a specific time. The contracts are traded at set values and are intended to be finalized before that expiry date. Some people intentionally buy futures contracts with the sole purpose of selling them well before the expiry date because it is hard to know how the values will fluctuate. These speculators sell and attempt to profit before the end of these contracts are realized, or do so to prevent losses. Forex trading is a really interesting way that people have used as an alternate source of income, and in many cases, a replacement for their current employment. While Forex trading is not easy, and it is not for everyone, it can be something fun to get involved in when you do your research and treat it as a serious business, because it is. Before you start making any trades and using any of your money you want to learn as much as you can, and these are some common terms in Forex trading that any trader should know.

Traditional currency trading has been a prerogative for multinational corporations and affluent investors for decades now. The Forex market has, however, opened up the financial market to the youth and average investors. Since the last few years, Forex trading has gained firm ground and emerged as a popular career for financial and non-financial professionals. High liquidity, 24/7 schedule, easy accessibility, low capital requirements, and ease of entry makes forex a superior trading platform. Forex investment is the largest financial market globally and trades nearly $2 trillion every day. Cryptocurrencies like Ethereum, Bitcoin Cash, Ripple, Libra, and Monero are some of the most hyped-up digital currencies of 2020. Business and finance professionals can strike up stellar PowerPoint presentations with professionally tailored templates like the Cryptocurrency PowerPoint template from SlideModel. Graphically present the concepts of blockchain, digital coins, and benefits of cryptocurrencies to hook your clients. The field of cryptocurrencies is thriving, and the next digital token may bring fortune, for all anyone in the crypto community knows. Forex investment is lucrative, flexible, and highly engaging if performed with the right tips and tricks. Although profitable, it can also lead to severe losses owing to its high risk and volatility. There are some basic rules and skills any forex investor should practice. Here are 12 golden tips and tricks for you to follow to be a pro at forex investment: Pick the Right Goals and Strategies To have a set trading plan is a critical component of successful forex investment. Assess your profit goals, risk tolerance level, methodology, and evaluation criteria for a strategic plan. Pick a suitable trading style with which you are most comfortable. Pick position trading if you aim to invest your funds for the long term. Opt for day trading if you have a goal of purchasing and selling security within a single trading day. Define a time frame with comprehensive risk/return analysis for a remunerative outcome. Do Not Rush, Start With Gradual Investments Consistency is the key to forex trading. A fantastic tip for FX trading is to start with small sums, and low leverage, which will eventually add up to your account as it generates profits. The temptation to jump straight in with big money trades is real but, an insight here is, to begin with, small investments and take your time. For a successful FX investor, it is a requisite to practice patience and stick to a discipline. Be realistic with your targets, goals, keep abreast of the latest news, and keep your emotions in check. Suitable Brokers With the Right Platform Always be wary of the FX broker that you choose. Ensure that they are dependable, authorized with a license, and, most importantly, supplement your trading style. Research and educate yourself about every broker’s policies in the market, their client profiles, trading software, and expertise level. You must be in alignment with your broker’s platform. For example, if you want to trade off of Fibonacci numbers, the broker’s platform should be able to draw Fibonacci lines. Control Your Entry and Exit Rules Forex investment requires an exhaustive comprehension of trading skills. Do not get confused with information by looking at charts in different timeframes. A buying opportunity on a weekly chart might show up as a sell signal on an intraday chart after a while. Keep your charts in perfect synchronization i.e. if the weekly chart indicates a buy signal, wait until the daily chart also establishes a buy signal. Also, Overtrading can result in a lack of concentration and reckless trades. So, tread carefully! Concentrate On Single Currency Pair, Expand As You Profit The cryptocurrency world is known for its complicated and deep chaotic nature of the markets. To avoid a heavy loss, it is vital to restrict your trading activity to a currency pair with which you are familiar. To begin with, start with the trading of the currency of your nation. If you choose differently, stick to the most liquid, and widely traded pairs. It is an excellent practice for both the beginner and the advanced traders. To be a master of FX trade always follow the news and rates of major currency pairs. Employ Charts To Comprehend Forex Statistics It is pivotal to quickly grasp the knowledge for analysis of each trade when investing in multiple markets at the same time. Charts with their visual appeal can provide you with an easy to read visual of dense numeric data. To attract your Forex investors, incorporate your slide decks with 100% editable financial templates consisting of gripping graphics and charts from SlideModel. Leverage project timeline template, finance, and investment template and much more to integrate to create a perfect pitch deck with charts imbibed with forex statistics. Learn More, Earn More A great FX investor always takes his time to study the currency pairs and what affects them before risking their capital. It is a valuable investment in time that could conserve your money. Diligently analyze the latest trends, news, and financial processes. Do extensive reading and illuminate yourself on everything related to Forex trading. The complexities of the market will be unchallenging for you if you educate yourself on money management. It is all about minimizing the losses and maximizing profits. Calculate the Expectancy of Your Investment To measure how reliable your forex investment system is, always calculate the expectancy. Analyze all your previous trades in which you gained and lost, then determine how profitable your winning investments were against your losing trades. Examine your last 20 investments. Total all your won trades and divide the answer by the number of winning trades you made. It will help you to determine your profit and losses. The formula is E= 1+(W/L)*P-1 where E is expectancy, W and L stand for Average winning and losing trade respectively and P is percentage ratio. Choose an Accurate Account Type, Leverage the Right Ratio Fx investment might come off as tricky at first, but once you ace at the basics it will lead to great merits. Pick an account package that is most desirable to your expectations and knowledge level. Lower leverage is always better for beginners. A standard account is perfect if you have a good understanding of leverage and trading in general. But, if you are beginning, it is essential to practice the use of a mini account. In general, it is always seen that the lower your risk, the higher your chances. Continual Analysis is the Key Risk analysis and probability form the backbone of Forex investment. A single method or designated style that will not generate profits all the time. Leverage your weekend when the markets are closed and study weekly charts to look for breakthroughs or trends that could affect your trade. To be a meticulous FX investor keep a diary or a journal of your trading activity where you carefully scrutinize your mistakes and successes to find out what works best for you and what does not. Follow and Learn About the Trends A golden Forex market tip to utilize is to learn about trends, how to spot them and use them to your benefit. Forex market volatility is conditional to international or local political and economic circumstances. Always be aware of every news that could affect a currency pair that you invest in. Current events move markets very quickly. Hence, if you stay informed on the market situation you can predict the movement of the forex market. If you are a beginner, it is advised to never trade against trends to avoid losses. To Know When To Stop Is Essential Greediness in forex investment might lead to inessential risks. Plan your investment with maximum acceptable loss and your target profit. Once you reach either of these limits, stop trading immediately. To succeed one should position themselves in such a way that the losses are harmless, while the profits are manifold. Trailing stops are expedient if they trail your position at a specific distance as the market moves that help you to protect profits, should the market reverse. Any transaction executed on the forex market is basically buying & selling of two currencies. You must understand the ‘currency pairs’, know about the base currency and quote currency. For example, Base Currency can be Euro (EUR), and Quote currency can be US Dollars (USD). When it comes to garnering knowledge to learn forex trading, the internet has a huge resource of webinars, ebooks, articles, and videos all having rich information. Forex investment demands a steep learning curve. Follow the maxims of perseverance, continual learning, methodical capital management techniques to be a prosperous Forex investor. The ability to take risks, robust trading plans, and an eye on the volatility of markets should always be kept in mind. FX investing is an art, and the only way to become proficient in it is through consistent and disciplined practice. Cheers! Also read: Compare Now | Demo Trading Vs. Live Trading

Alexander Graham Bell famously said, "Before anything else, preparation is the key to success". This is true for many professional fields, be it soccer, archery, or online trading. Forex rookies in South Africa have ample opportunities to learn. FX Brokers provide tutorials, articles, and other helpful content. However, preparation is not only vital for novices. Even experienced traders begin their day with preparatory steps. It is not enough to jump in once the market opens. You should spend time to get everything set, including your mind. What Successful Traders Have in Common Pros get ready for every trading day. Consistent profits require much more than pressing the right buttons at the right time. You need to see the bigger picture and pursue a solid strategy. Forex superstars share these strengths: 1. superb pattern recognition, 2. rigorous self-discipline, and 3. The right mindset. All of these skills may be developed through training. Learn what is Forex trading, and take advantage of opportunities in South Africa. FXTM and other reputable brokers provide a wealth of educational material. In Forex trading, your knowledge is your main weapon. There are two key systems of analytical work. Fundamental Analysis Currency rates are affected by a wide range of events of both political and economic nature. From domestic policies to geopolitical tensions, the scope of potential factors seems too broad to take in. However, with the economic calendar embedded in trading terminals, all relevant news is condensed into handy forecasts. Some of the most important indicators are GDP, interest rates, unemployment, trade balance, and manufacturing. Technical Analysis Adherents of the approach analyze recent market data to make predictions. No trend is seen as random. Traders focus on volatility and strength of trends, support and resistance, momentum, and other features. Psychological Preparation Do not disregard the value of mental preparation. It is bound to accelerate your learning curve, and help realize your potential to the fullest. Here is what you should do. 1. Shower This may seem like a trivial thing, but showering has a deeper meaning than just making your body clean. It activates your central nervous system, so you feel fully awake and ready for a full day of intense critical thinking. If you are a morning person, make it a habit to get up with the sun. This way, you will accomplish more. 2. Exercise Many successful traders start their day with yoga and meditation. This helps to stabilize your breathing and control emotions that could influence your trading behavior. Meanwhile, your body will be better prepared for hours of sedentary work. You could also spend a few minutes visualizing your trading strategy and goals for the day. A combination of these steps will program your mind for success. If you aren't keen on exercising, at least do a few stretches. 3. Review Do not think you can just turn on the laptop and start trading right away. Take time to think of your prior performance, and see what should be changed. Such evaluations must be carried out regularly — at least, weekly. Consistent success does not entirely rely on your skills. It is important to see what lessons can be learned from past experience, and incorporate them into your everyday practice. This is true for many professional fields beyond finance. For instance, soccer coaches watch recordings of their team's games, analyzing what went right and wrong. Poker stars make notes on game techniques, decisions, and their outcome. For Forex players, having a trading journal could be a great help. Keep screenshots of your trading moves and review those from time to time. 4. Mindfulness Traders often fall victim to the same human penchants. It is not easy to suppress the natural urge to take a shortcut, to make impulsive decisions, or choose the easiest way out. Develop your mindset, and psych yourself up before every trading day. Be aware of your own psychological inclinations, and the consequences they may have. Trading is more than just pressing the buttons at the right time — it requires composure and self-awareness. The Bottom Line Profitable trades are based on knowledge of the trends and the ability to foresee market movement. Consistent achievements require thoughtful preparation — both physical and mental. Start your day feeling fresh, and it will be easier to make the right trading decisions. Sharpen your mind like a samurai sword, and manage your funds thoughtfully. Self-control and discipline will bring impressive gains. Also read: Compare Now | Demo Trading Vs. Live Trading

There is no doubt that the Forex forums are the best way to interact with other experienced and well-minded traders if you are struggling to achieve success. If you’ve visited a Forex forum, you would have noticed that you can interact with a wide range of traders and know the techniques they use to generate more profits. The reason why the Forex forums are useful is that they give you the opportunity to connect with fellow traders who are experiencing difficulties and concerns that you’re going through. Some of the main benefits of a Forex trading forum: - You can learn from some experienced traders and become successful - Hanging out in a Forex trading forum would give you an opportunity to learn from experienced traders and the strategies and the Forex signals they use to get better results from trading. - It will also help you identify problems without the need to experience it actually. In fact, there is no substitute for experience. In fact, it helps you to fast forward your learning and avoid costly mistakes. - You will be able to get a clear understanding of Forex trading systems - You will always find someone on the forum who openly speaks of a Forex trading software that introduces the newly created person or they ran into another place. - Either way, you get to know new ways of trading and how these systems. You can then put them to use and benefit. The biggest advantage of learning from experienced traders is that you should never try and lose your hard-earned money. - You can also use the forum to get feedback on your trading system/strategy expert - If you have developed a new trading system or designed a new strategy, the Forex-forum is the best place to get feedback on the system or strategy. - Expert and experienced traders share their experience with the system or usefulness of the strategy designed by you. This will help you to incorporate changes or improvements to your system or strategy. - You stay up to date on what others are doing in the Forex world - Being a member of a Forex forum could help you get an idea of what others in the field are, or at least to think in terms of doing. - The idea is not to do whatever you take to learn but see for yourself if you agree with other Forex traders. You can catch up on the rumors that go around. - Rumors making the rounds have an impact on market performance, even if they prove to be false. In general, the rumors are not from the forums but often end up there. If you visit a forum frequently, you’ll be able to catch up on the rumors that you happen to miss. Forex offers an opportunity for social interaction Forum In reality, the primary advantage of a Forex forum will connect and socialize with other traders. Forex trading could prove to be an isolated activity. Every trader is looking forward to a kind of social interaction once in a while. A Forex forum presents traders with a great place for social interaction Here are some of the top Forex forums: Forex Factory Forum >> Forex Factory website was launched in the year 2004 and is designed to provide information to help traders succeed in the Forex market. According to Alexa, it is currently the related website Forex-most viewed. Forex factory forum also launched its website in the same year. Traders from countries around the world interact on their forums, share ideas, teach, learn, debate, and exchange war stories. Insightful members provide support to the forum and follow a moderate philosophy that puts trade above all else. Other features and products offered by Forex Factory include the economic calendar (launched in September 2005) with an impact rating; News Section (launched in July 2007); Market Section (launched in September 2009) consisting of scanner, sessions, and graphics; Trade Explorer (launched in February 2011) an interface that allows traders to analyze their performance; And Trades (launched in December 2011) that includes the trading activity in real-time members who use trade explorer; and brokers (launched in May 2012) an Advanced Guide in search of regulated Forex brokers. DailyFX Forum >> DailyFX is the new free site and searches for FXCM. It provides news from around the world in favor of the currency trading community. Analysts report daily on the latest changes, provide technical analysis and careful consideration of promising training table with live Forex quotes. DailyFX also provides an analysis of market drivers and explanations regarding the economic, technical, and political factors that drive the market. DailyFX Forum is available in English, French, German, Italian, Japanese, Swedish, and Spanish, among others. It is certainly one of the most active forums. There are about 24 sub-forums in categories such as education and research analyst, Traders Lounge, trade the markets with our analysts, Forex education, FXCM Support Account, and the platforms of negotiation and trading automated. MT5 Forum >> This forum is for users of the most popular Metatrader forex trading platform. It offers users a chance to benefit from the expertise of the members of the community, centered around this platform. Despite the fact that it is a forum for users of the MT5 platform, discussions on the most popular MT4 or MetaTrader 4 and in general on Forex trading are also encouraged. Forex TSD Forum >> Instead of displaying the categories on their home page, the forum brings all the latest and the most active discussions with links to sub-forums. This is very useful because it lowers the risk of traders displaying the question in the wrong sections and missed the comments of those concerned. The main strength of the Forex TSD forum is that it covers a number of niche areas, with trading MT4 sections and harmonic being the largest. Finally, Forex-forum plays a vital role in one’s trading career. With the help of a Forex forum, we can get many solutions for our problems and thanks to the experienced traders. So, which Forex forum you are using now? Please let me know. Also read: Compare Now | Demo Trading Vs. Live Trading

Not every Forex broker provides guaranteed stop loss, and most that do are not even regulated. Therefore, we did our own market research to find out the best brokers that provide guaranteed stop loss and are well-regulated: 1. XM XM is an internationally recognized online Forex and CFDs broker that began operations in 2009. Known for its wide range of assets, competitive spreads, and multiple trading account types, the broker is the best choice for online trading. Tradable Instruments It allows trading in more than 1,000 instruments and over 55 currency pairs from a single trading account. Other assets supported include indices, shares, commodities, precious metals, energies, and cryptocurrencies. Trading Accounts XM offers four trading accounts types – Micro, Standard, Ultra-low, and Shares. Each account has a different deposit requirement and provides the trader with favorable trading conditions. 80% of novice traders trade with no demo accounts and accounts lose money. A demo account is also available to avoid complex instruments. Minimum Deposit Traders are required to deposit a minimum of $5 for using the Standard and Micro accounts, while the XM Ultra-Low and XM Shares account holders need to pay a minimum of $50 and $100, respectively. Trading Platforms XM allows the trader to trade with the two most popular Forex trading platforms – Forex MetaTrader 5 and MetaTrader 4. Both platforms can be accessed via the web across all devices as well as the mobile app. Spreads and Commissions The broker offers the lowest possible spreads and commissions fees that vary with the accounts. However, it charges no fees on making deposits or withdrawals. You can also know more about its trading charges on our expert’s review page. Regulation The Forex broker is regulated by the Australian Securities and Investments Commission (ASIC), the International Financial Services Commission (IFSC), and the Cyprus Securities and Exchange Commission (CySEC). Maximum Leverage Trading is made flexible with the same margin requirements and leverage ranging from 1:1 to 888:1. Margin requirements remain unchanged while leverage can be modified. Guaranteed Stop Loss XM allows guarantee fills on orders up to 50 lots at the best available market price. Research and Education The website of the broker has well-curated educational resources, which include market overview, news feeds, XM Research, technical summaries, economic calendar, podcasts, tutorial videos, webinars, and seminars. Customer Service The customer service is prompt and available in multiple languages. It can be reached via live chat or email or over the phone. 2. easyMarkets easyMarkets is another online forex and CFDs broker that was founded in 2001. The broker is quite popular among traders for making trading convenient through its innovative Freeze Rate and dealCancellation features. Tradable Instruments The broker offers an extensive range of over 200 instruments and more than 150 currency pairs. It allows trading in 8 asset classes, including forex, CFDs, indices, shares, commodities, precious metals, cryptocurrencies, and options. Trading Accounts easyMarkets offers three account types for trading – Standard, Premium, and VIP. These accounts have different deposit requirements and serve individual trading needs. It also offers a demo account (major traders with no experience with demo accounts lose money, to stop losses try demo accounts before a real one). Minimum Deposit Traders need to deposit different amounts depending on the type of account chosen. The minimum deposit for a standard account is $25, while Premium and VIP account holders need to invest $2,000 and $10,000 minimum, respectively. Trading Platforms easyMarkets trader gets the choice of trading through its proprietary web-based platform or MetaTrader 4 (MT4) platform or mobile app. All the platforms come with pre-installed technical and analytical tools that give a smooth trading experience. Spreads and Commissions Unlike its competitors, the Forex broker offers fixed spreads regardless of market volatility. However, spread requirements are relative to the trading accounts, instruments, and trading platforms. Deposits and withdrawals are free of charge. Regulation easyMarkets is authorized by ASIC and CySEC, making it a transparent and secure broker for online trading. Also, traders’ funds are kept safe with the regulators’ reimbursement schemes. Maximum Leverage Leverage ratio at easyMarkets varies with assets, trading accounts, and the regulators. The maximum leverage is 1:30 for European Union traders and 1:400 for Australian traders. Guaranteed Stop Loss easyMarkets gives the trader free access to guaranteed stop loss to stop runaway losses. It enables a trader to set a limit to the maximum risk when trading. The broker closes the trade exactly at the set rate, or when the market moves unexpectedly. Research and Education Its comprehensive selection of research and educational materials is an added advantage for novice traders. On the research side, traders gain access to market news, trading charts, live currency rates, and an economic calendar. The educational section has an engaging collection of trading courses, eBooks, and informative articles and videos. Customer Service easyMarkets offers easily accessible and satisfactory customer service during the trading week. Apart from the live chat, email, and phone, it can be reached via social media. 3. Plus500 Plus500 is a leading Forex and CFDs broker that was established in 2008. The broker delivers the best-in-class trading experience through its innovative financial instruments. The safety of traders is the utmost priority of Plus500, understanding which it keeps their funds in segregated bank accounts and uses SSL encryption. Tradable Instruments The broker supports over 2,000 instruments, including forex, CFDs, indices, shares, commodities, exchange-traded funds, options, and cryptocurrencies. Traders can take advantage of them to diversify their investment portfolios. Trading Accounts Only two account types are available for trading with Plus500 – Consider whether Retail or Standard account and Professional account. The two are different in terms of leverage, which is 1:30 for the Standard account and 1:300 for the Professional account. There is also an option for the demo account to sop losses. Minimum Deposit The minimum deposit requirement at Plus500 broker changes with the payment method used. For example, traders need to deposit $100 if they are paying via credit or debit cards or electronic wallets and $300 when paying through bank transfers. Trading Platforms As opposed to other mainstream online brokers, Plus500 has its user-friendly proprietary trading platform that is suited for web-based as well as mobile trading. Since it does not offer the MetaTrader platform, traders would miss some of the advanced trading features like automated trading. Spreads and Commissions Plus500 relies on instrument-specific spreads for making revenues. Though it does not charge deposit and withdrawal fees, additional fees could be applied in the form of overnight funding, currency conversion fees, guaranteed stop-loss fees, and account inactivity fees. Regulation The forex broker is highly regulated by the CySEC, the ASIC, the UK Financial Conduct Authority (FCA), the Seychelles Financial Services Authority (FSA), the Israel Securities Authority (ISA), and the Monetary Authority of Singapore (MAS). Maximum Leverage The maximum leverages offered under the Retail and Professional accounts are 1:30 and 1:300, respectively. Guaranteed Stop Loss Traders, who cannot afford to take the high risk of losing money, can add a guaranteed stop order to their trading positions when trading with Plus500. By limiting their potential losses, the broker ensures that they never lose more than their investments. Research and Education The broker has limited research and educational offerings, which include charting tools, economic calendar, Trader’s Guide, and video tutorials. Customer Service It offers 24/7 reliable customer service with live chat and email support.

Nowadays, a HUGE number of Forex traders spend their time looking for that perfect moment to enter the markets or a telltale sign that screams “buy” or “sell.” And while the search can be fascinating, the result is always the same. The truth is, there is no specific way to trade the Forex markets. As a result, traders must learn that there are a variety of indicators that can help to determine the best time to buy or sell a Forex cross rate. Therefore, the top 4 trend indicators of 2020 are listed below. Indicator №1: A Trend-Following Tool It is possible to make money using a countertrend approach to trading. However, for most traders, the easier approach is to recognize the direction of the major trend and attempt to profit by trading in the trend’s direction. This is where trend-following tools come into play in a live trading account. Also: Catch The Ultimate Comparison Between Demo And Live Trading Many people try to use them as a separate trading system, and while this is possible, the real purpose of a trend-following tool is to suggest whether you should be looking to enter a long position or a short position. So let’s consider one of the simplest trend-following methods — the moving average crossover. A simple moving average represents the average closing price over a certain number of days. To elaborate, let’s look at two simple examples — one long term, one shorter term. Figure 1 displays the 50-day/200-day moving average crossover for the euro/yen cross. The theory here is that the trend is favorable when the 50-day moving average is above the 200-day average and unfavorable when the 50-day is below the 200-day. However, no matter what moving-average combination you choose to use, there will be whipsaws. Figure 1: The euro/yen with 50-day and 200-day moving averages Figure 2 shows a different combination — the 10-day/30-day crossover. The advantage of this combination is that it will react more quickly to changes in price trends than the previous pair. The disadvantage is that it will also be more susceptible to whipsaws than the longer-term 50-day/200-day crossover. Figure 2: The euro/yen with 10-day and 30-day moving averages Many investors will proclaim a particular combination to be the best, but the reality is, there is no “best” moving average combination. In the end, Forex traders will benefit most by deciding what combination (or combinations) fits best with their time frames. From there, the trend — as shown by these indicators — should be used to tell traders if they should trade long or short; it should not be relied on to time entries and exits. Indicator №2: A Trend-Confirmation Tool Now we have a trend-following tool to tell us whether the major trend of a given currency pair is up or down. But how reliable is that indicator? As mentioned earlier, trend-following tools are prone to be whipsawed. So it would be nice to have a way to gauge whether the current trend-following indicator is correct or not. For this, we will employ a trend-confirmation tool. Much like a trend-following tool, a trend-confirmation tool may or may not be intended to generate specific buy and sell signals. Instead, we are looking to see if the trend-following tool and the trend-confirmation tool agree. Likewise, if both are bearish, then the trader can focus on finding an opportunity to short the pair in question. One of the most popular — and useful — trend confirmation tools is known as the moving average convergence divergence (MACD). This indicator first measures the difference between two exponentially smoothed moving averages. This difference is then smoothed and compared to a moving average of its own. When the current smoothed average is above its own moving average, then the histogram at the bottom of Figure 3 is positive and an uptrend is confirmed. On the flip side, when the current smoothed average is below its moving average, then the histogram at the bottom of Figure 3 is negative and a downtrend is confirmed. Figure 3: Euro/yen cross with 50-day and 200-day moving averages and MACD indicator In essence, when the trend-following moving average combination is bearish (short-term average below long-term average) and the MACD histogram is negative, then we have a confirmed downtrend. When both are positive, then we have a confirmed uptrend. At the bottom of Figure 4, we see another trend-confirmation tool that might be considered in addition to (or in place of) MACD. It is the rate of change indicator (ROC). As displayed in Figure 4, the red line measures today’s closing price divided by the closing price 28 trading days ago. Readings above 1.00 indicate that the price is higher today than it was 28 days ago and vice versa. The blue line represents a 28-day moving average of the daily ROC readings. Here, if the red line is above the blue line, then the ROC is confirming an uptrend. If the red line is below the blue line, then we have a confirmed downtrend. Note in Figure 4 that the sharp price declines experienced by the euro/yen cross from mid-January to mid-February, late April through May, and during the second half of August were each accompanied by: The 50-day moving average below the 200-day moving average A negative MACD histogram A bearish configuration for the ROC indicator (red line below blue): Indicator №3: An Overbought/Oversold Tool After opting to follow the direction of the major trend, a trader must decide whether they are more comfortable jumping in as soon as a clear trend is established or after a pullback occurs. In other words, if the trend is determined to be bullish, the choice becomes whether to buy into strength or buy into weakness. If you decide to get in as quickly as possible, you can consider entering a trade as soon as an uptrend or downtrend is confirmed. On the other hand, you could wait for a pullback within the larger overall primary trend in the hope that this offers a lower risk opportunity. For this, a trader will rely on an overbought/oversold indicator. There are many indicators that can fit this bill. However, one that is useful from a trading standpoint is the three-day relative strength index or three-day RSI for short. This indicator calculates the cumulative sum of up days and down days over the window period and calculates a value that can range from zero to 100. If all of the price action is to the upside, the indicator will approach 100; if all of the price action is to the downside, then the indicator will approach zero. A reading of 50 is considered neutral. Figure 5 displays the three-day RSI for the euro/yen cross. Generally speaking, a trader looking to enter on pullbacks would consider going long if the 50-day moving average is above the 200-day and the three-day RSI drops below a certain trigger level, such as 20, which would indicate an oversold position. Conversely, the trader might consider entering a short position if the 50-day is below the 200-day and the three-day RSI rises above a certain level, such as 80, which would indicate an overbought position. Different traders may prefer using different trigger levels. Figure 5: Euro/yen cross with three-day RSI overbought/oversold indicator Indicator №4: A Profit-Taking Tool The last type of indicator that a Forex trader needs is something to help determine when to make a profit on a winning trade. Here, too, there are many choices available. In fact, the three-day RSI can also fit into this category. In other words, a trader holding a long position might consider taking some profits if the three-day RSI rises to a high level of 80 or more. Conversely, a trader holding a short position might consider taking some profit if the three-day RSI declines to a low level, such as 20 or less. Another useful profit-taking tool is a popular indicator known as Bollinger Bands. This tool takes the standard deviation of price-data changes over a period, and then adds and subtracts it from the average closing price over that same time frame, to create trading “bands.” While many traders attempt to use Bollinger Bands to time the entry of trades, they may be even more useful as a profit-making tool. Figure 6 displays the euro/yen cross with 20-day Bollinger Bands overlaying the daily price data. A trader holding a long position might consider taking some profits if the price reaches the upper band, and a trader holding a short position might consider taking some profits if the price reaches the lower band. Figure 6: Euro/Yen cross with Bollinger Bands® A final profit-taking tool would be a “trailing stop.” Trailing stops are typically used as a method to give a trade the potential to let profits run, while also attempting to avoid losing any accumulated profit. There are many ways to arrive at a trailing stop. Figure 7 illustrates just one of these ways. The trade shown in Figure 7 assumes that a short trade was entered in the Forex market for the euro/yen on January 1, 2010. Each day the average true range over the past three trading days is multiplied by five and used to calculate a trailing stop price that can only move sideways or lower (for a short trade), or sideways or higher (for a long trade). Figure 7: Euro/yen cross with a trailing stop The Bottom Line If you are hesitant to get into the Forex market and are waiting for an obvious entry point, you may find yourself sitting on the sidelines for a long while. By learning a variety of Forex indicators, you can determine suitable strategies for choosing profitable times to back a given currency pair. Also, continued monitoring of these indicators will give strong signals that can point you toward a buy or sell signal. As with any investment, a strong analysis will minimize potential risks.

Researchers have thoroughly analyzed the myriads of trading platforms. The ones on our list are picked for their overall quality, which is a level above what you’d find with the competition. Before we dive into detailed examinations, I want to explain my selection criteria. This section will help you choose the best Forex trading platform for yourself. Reliability Foreign currency trading is fast-paced, so you need a reliable platform. You don’t want it crashing or freezing when you’re about to make a move. This is especially important for those who wish to make frequent high-risk trades. Ease of Use It’s always great to have plenty of features at your disposal, but that shouldn’t come at the cost of efficiency. Making or losing trades should be as simple as possible because that’s the primary role of the Forex trading platform. Furthermore, no one enjoys being confused, so the best interfaces have additional tools and charting options clearly displayed. I suggest looking for very customizable platforms. Setting it up just the way you want will help you feel at ease and in control. Fees Every platform has costs and charges that you have to take into consideration before committing. Analysis Tools and Charting Trading FX takes a lot of practice, and even the best Forex brokers, dealers, and traders need to conduct a thorough analysis of their work on a regular basis and, if needed, adjust their strategy. Good analysis tools are vital for this aspect of Forex trading. Some of these include moving averages, trend indicators, indicators of volume, and many other useful instruments. Charting capabilities are closely related to analysis tools since many traders prefer to have their research results displayed visually. With certain platforms, you’re allowed to create customized charts, as well as add drawings and labels. The very best trading platforms even enable you to place trades directly from the chart within the platform. Automation Automated trading features enable traders to set up triggers that buy or sell currencies when the appropriate conditions are met. These are quite handy because they allow you to maintain a presence on the FX market even when you aren’t in a position to do so in person. The orders you configure can be market, stop, stop-limit, trailing stop, trailing stop-limit, market-if-touched, and limit-if touched. As you can see from any trading platform comparison, all the vendors differ when it comes to the number of automation options. New traders should avoid overreliance on software to perform trades for them. As convenient as automated trading systems are, these can’t measure up to the expertise of professionals. Although automation eliminates human error that usually stems from emotional decision-making, other glitches like internet or hardware malfunctions can still occur. Testing Some Forex platforms such as FP Markets have a backtesting feature. You can use it to try out trading strategies you’ve developed by applying them to past market conditions. Once you’ve done that, you can identify defects in your strategies and optimize them accordingly. However, a backtested strategy isn’t foolproof, as backtesting is based on the hypothesis that a successful tactic from previous situations will work in the future. cheers!

Owing to modern advancements, the world has seen quite a lot of financial developments. One such development, Forex and CFD trading has become quite popular amongst traders due to various factors such as ease and availability. However, if you’e interested in investing in Forex, it becomes essential that you choose the proper Forex and CFD broker. So, to assist you, this CFD trading guide will help you choose the one that is the best and most reliable for you. 1. The Regulations Must Be Proper The very first and the most important thing to consider before choosing a trading broker is the regulation. Now, no matter how much security, various platforms today are full of fraudulent traders brokers who may take away all your funds. In such a situation, it becomes important that the broker protects your rights and your interests. For example, these regulations can help in protecting your funds if or whenever your broker has disappeared or doesn’t have sufficient funds. It also ensures that your funds are kept safe and secure in a separate account than the broker’s account. Additionally, such regulations help in maintaining and encouraging fair trading practices. This ensures that the execution of your trades is at the proper and recent market prices. However, to gain all of the above benefits, you need to go for a licensed broker. You also need to make sure it has a clean record. 2. Security Policies One of the biggest risks of financial platforms is the disclosure of confidential information such as your bank account details, card details, and even your I.D proof such as a passport. Thus, this is where data security comes into consideration. When you’re choosing a Forex and CFD trading broker, you need to take care of security concerns. There are plenty of chances that cybersecurity may not work as efficiently as it should. This can put your financial data as well as personal data at a high risk of theft. Hence, it becomes necessary to go for a broker that offers proper security via a cybersecurity firm and necessary encryptions. 3. Friendly Trading Platform The trading platform needs to have a friendly user-interface to make it easier for you. An easy to use user-interface will give you a smooth and fun experience while trading. You need to ensure that the trading software provides you easy navigation, technical analysis tools, Forex indicators, charting capabilities, etc. All these factors will make it easier for you to succeed. Also, try to use a demo trading account at first then move on to real trading accounts. Besides, catch the certain differences between demo and live trading: https://topasiafx.com/blog/demo-trading-vs-live-trading The software needs to look secure and reliable. Additionally, it should include risk management functionality and customizable add-ons. The good news is you can get a free demo from most Forex and CFD brokers. During the demo, you are free to check out the software and test out the platform to decide if it is the right one for you or not. 4. Responsive Customer Support If you get into trading, you need a broker with responsive and reliable customer support. You are vulnerable to face issues all the time that you need to solve as soon as possible. A broker with good customer support can help you solve your problem efficiently if you ever faced one. They will also be always there to answer any inquiry or doubt that you have. A possible issue you might face could be related to deposits, withdrawals, incorrect execution of trades, and other such issues. That is why you need someone that you can contact to help you solve the issue immediately. Good customer support should give you the option to contact them through multiple ways such as live chat, email, and phone. It could be a bonus if they provide different languages other than English. 5. Fast Deposit and Easy Withdrawal The broker of choice should allow you to deposit money in several ways. It should include debit cards, credit cards, wire transfers, and bank checks. This wide range of methods will make it much easier for you to deposit money and start trading right away. Regarding withdrawals, you need a broker that provides a wide range of payout options. Moreover, your broker needs to give you the smoothest and fastest withdrawal process possible. You need to pay attention to the deposit and withdrawal fees if there are any. Some brokers take more fees than others. Also, there might be a daily withdrawal limit, so check that out before you start trading as well.

After a harsh week in which the EUR/USD was exposed to downward momentum, pushing it towards the 1.1688 support, and with the start of this week’s trading, the pair tried to rebound higher with gains to 1.1793 before settling around the 1.1775 level at the time of writing. However, TopAsiaFX has stated that attempts to rebound lacked strong momentum to stabilize above the 1.1800 resistance, and the efforts of the Euro are hindered by concerns about the strength of the second wave of the Corona pandemic and the measures of European countries to contain the outbreak of the deadly disease. These restrictions directly affect the European economy, which is still suffering from the consequences of the first wave. At the same time, and with these concerns, the European Central Bank monitors the economic performance of the bloc to determine its appropriate policy. In this regard, European Central Bank Executive Board member Yves Mersch said yesterday that policymakers will carefully examine the economic data received before the next policy session to ensure that the impact of coronavirus containment measures is not repeatedly considered in light of extremely unstable expectations. “Looking to the future, in the current environment of high uncertainty, the European Central Bank’s Governing Council will carefully evaluate the information received, including developments in the exchange rate, while ensuring that this information received, such as information related to containment measures that were included already at our baseline, were only counted once in our assessment.” He also said that the economic recovery in the Eurozone remains incomplete and prone to setbacks. The policymaker emphasized that the Board of Directors continues to prepare to adjust all its tools, as appropriate, to bring inflation back to its target level. The UK is leading European efforts to contain the pandemic. As authorities across the UK impose new restrictions on business and social interactions as COVID-19 infections are soaring in all age groups, where parts of the country’s hospital beds and intensive care wards are filling up. One of their main goals is to reduce the pressure on the NHS ahead of the winter flu season. In this regard, public health experts say that the lockdown could help reset the epidemic to a lower level, giving doctors time to treat patients and providing breathing space for the government to improve its response. Britain has the most serious outbreak of the Coronavirus in Europe, with more than 43,700 confirmed deaths. According to the technical analysis of the pair: We are still waiting for the EUR/USD to stabilize above the 1.1800 resistance, for an opportunity for a stronger correction upwards, and we expect the pair to remain stable between the 1.1660 support and the 1.2000 psychological resistance for a period of time, as shown on the daily chart. The psychological resistance at 1.2000 brings condemnation from monetary policy officials at the European Central Bank, as the Euro’s high exchange rate harms the European economy, which depends on exports at a time when it suffers from the effects of the pandemic. At the same time, the 1.1660 support raises buying interest among currency traders. As for the economic calendar data, today: The German producer price index will be announced, then the Eurozone’s current account will be released. During the American session, building permits and the housing starts in the United States will be announced.

Foreign exchange brokers offer traders leverage on their accounts that allows them to enter into larger trades at no additional cost. A $10,000 size account with 50 times leverage implies a trader has access to $500,000 in buying power to do what they wish. It is best to read and understand a leverage guide to understand the pros and cons of trading with someone else’s capital. But it might be a necessary evil as the forex market is void of gigantic daily moves that are common in the stock market. Ironically, the foreign exchange market is the largest and most liquid market in the world as $4 trillion worth of currencies trade hands on a daily basis. No Leverage, No Gains Advanced forex traders with a $10,000 account balance with no leverage can consistently make a profit day in, day out. But without the compounding power of leverage, a $10,000 balance that earns a spectacular 15% annual return (by forex standards) will likely find their efforts to be futile. Perhaps even a complete waste of time. Meanwhile, in the stock market universe, a 15% move for a $1 trillion valued tech's heavyweight like Apple or Amazon can be generated in a few short days. Much larger gains can happen in hours, if not minutes. In forex trading, a 5% daily fluctuation is considered a very large move. Much larger moves, such as the10% reaction in the British pound in reaction to the Brexit vote is a once a decade event, if not longer. So traders need leverage. They may not like it and very few can avoid it. As such, leverage is a fact of the game and a mandatory tool to generate any sort of meaningful profit. Leverage Options Leverage amounts vary from broker to broker and some may reserve their highest leverage to experienced and responsible traders only. Here is a breakdown of what is an appropriate amount of leverage for traders at different stages in their trading career. Foolish Traders- 20 times leverage: Foolish traders are usually newcomers with zero experience and close to zero trading knowledge. They may have been tempted to sign up for a brokerage account after watching a compelling ad or are looking to take advantage of compelling sign-up offers. Chances are likely they will blow through their account in days, if not hours. Beginner Traders - 50 times leverage: Beginner traders likely spent time learning about trading strategies through online courses, books, or browsing YouTube videos. They are prone to make beginner mistakes and have minimal risk management strategies. They are likely to enter into a few profitable trades and will blow out their account in weeks. Moderate Traders - 100 times leverage: Moderate traders have spent a lot of time practicing their strategies in a paper account. They understand the importance of risk management and show discipline in quickly exiting a trade that moves in the wrong direction. These traders will likely use their margin responsibly and wait for the once a week opportunity to go big and take advantage of a unique opportunity. The odds of success aren't in their favor but a select few will end up making a lot of money over time. Advanced Traders - 100 to 300 times leverage: Advanced traders have spent years studying the forex market and anything short of making $100,000 a year in profit is considered a poor year. Advanced traders are extremely patient, knowledgeable, and disciplined. Professional Traders - 400 times leverage and above: Professional traders are likely backed by an extremely large account balance and may not even need this level of margin. But it is made available to professional traders to take advantage of a unique opportunity. While advanced traders are happy to make $100,000 a year, a professional trader expects to make this amount in one single trade while using accurate trading signals. Conclusion: Recognize The Dangers Of Leverage Some brokers might extend generous amounts of leverage to all traders and there is a good reason for them to do so. Brokers likely invested a great amount of money into their internal risk management systems that will automatically sell out a position before a traders’ balance hits zero. It is easy to understand how an inexperienced trader would be attracted to unusually high leverage. They might even have a gambler’s mentality that a new car or house is within reach after two or three highly leveraged trades are closed out. For some, they might hit a jackpot and win the big prize, but for the vast majority of people, this is nothing but a dream.

The Australian dollar may give up its recent gains against the yen as President Donald Trump’s virus infection increases the uncertainty from the U.S. presidential election. The currency pair dropped as much as 1.2% on Friday after Trump said that both he and the First Lady Melania Trump tested positive for the virus. That follows a 3.3% slump in September after posting its longest winning streak in more than a decade. The risk-sensitive Australian dollar has benefited from nations heading toward an economic recovery after a coronavirus-led downturn but the market is turning cautious and starting to favor the haven value of the yen. “We see a risk that AUD/JPY is headed lower,” says Jane Foley, head of FX strategy at Rabobank in London. “Elevated political risk in the U.S., concerns that some restrictions related to Covid-19 will be with us for longer and China/U.S. tensions could all mean a move back into safe-haven currencies.” PipsWin.com has reportedly stated that the Aussie rose for five straight months against the yen in its longest-winning streak since 2009, before bearishly breaching its 50 and 100-day moving averages last month. Its moving average convergence-divergence, a momentum indicator, has fallen below zero and its signal line, in a sign that that the currency pair’s faces further downside. The Aussie’s weakness can also be attributed to expectations that the Reserve Bank of Australia may further ease its policy this year. While a Bloomberg poll shows that it may leave rates unchanged at Tuesday’s review, markets are pricing a cut in the RBA cash rate to at least 0.10% as soon as its November meeting. The federal budget announcement, also scheduled on Tuesday, will be in focus as the government is expected to announce tax cuts and infrastructure spending to support an economy facing its first recession in almost 30 years. Meanwhile, there are signs that money managers are favoring the yen in the lead-up to the U.S. election. Asset managers boosted bullish positions in the Japanese currency to a record high in the week ended Sept. 22, according to data from the Commodity Futures Trading Commission. Below are the key Asian economic data and events due this week: Monday, October 5: Japan services PMI, Singapore retail sales, Thailand CPI Tuesday, October 6: RBA rate decision, Australia budget announcement, trade balance, South Korea CPI, Philippines CPI Wednesday, October 7: Australia weekly payrolls Thursday, October 8: New Zealand business confidence, Japan BoP current account balance, China Caixin services PMI, South Korea BoP current account balance, Thailand consumer confidence Friday, October 9: RBA Financial Stability Review and Australia home loans, Japan labor cash earnings and household spending, Philippine trade balance Cheers!

Hey, everyone. A new BLAST has arrived. So, welcome to today’s topic which is DEFINITELY gonna shed a light on few misconceptions that many people have concerning the Foreign exchange market. It is no doubt that Forex trading is at the highest peak of popularity. People are continuously choosing online trading as a decent and passive profession. But there are some people in our society who have gained several misconceptions about the FX market on their minds. But wait — there’s more. They also encourage other people to believe in their misconceptions regarding the FX market. Therefore, we have to stop this misconception from spreading, together obviously. So, today I’ll be sharing 6 misconceptions that most people have concerning the FX market. Let’s rock and roll! 1. FX trading is easy as water Trading currencies shouldn’t be that difficult, right? Well, it isn’t rocket science, but it’s not really safe to say that it’s “easy”. Everyone, or at least everyone except professional traders, says that you only need to read a book or two about trading, set up a brokerage account, and you can jump right to making profits in the Forex market. Deep down you know it’s not true! Well, sorry to disappoint you, but understanding the trading method isn’t a cup of tea, and if you’re in for a quick turnover, you’re in for a rude awakening. Understanding Forex trading takes a massive amount of education regarding the market, strategies, risk management, active Forex trading times, technologies and tools, and Forex market jargon. Besides, you’ll also have to acquire a few years of experience to be able to place winning trades that will bring you a considerable profit. So, if you are a beginner, spend some time getting educated on everything related to the market and trading currencies. 2. Trading demands a Degree in Economics. As mentioned earlier in the topic, understanding how to trade Forex is anything but easy. Yet, on the flip note, you also don’t need to have a degree that says you are an economics wizard to understand how trading currencies work. Now, there’s no doubt that the more you know about world economics and economic concepts, the easier it’s going to be to trade foreign currencies. Yet, it isn’t an imperative factor that will decide whether or not you can be a trader. In fact, many Forex traders come from various academic backgrounds, not only economics. Yet, to be a successful trader, you’ll need to have a good head for numbers, an intuition to help you estimate where is the market heading, and the ability to react and make critical financial decisions depending on the market-moving events. 3. You don’t need to start with a demo trading account Like I’ve mentioned earlier, you’re in for a rude awakening if you think you can start trading and make profits immediately as a beginner. Even after you learn the basics of the Forex market and trading, you still need to test your trading skills out before you jump into the market. Or, at least that’s what you should do if you don’t want to lose money. Understand that learning about Forex is one thing, actually trading on the market is an entirely different thing. And, what better way to learn how to trade by actually applying everything that you have learned than by using a demo trading account? Plus, you also don’t have to worry about losing money. Take demo trading as an indicator of your trading skills. You’ll avoid putting your capital at risk, familiarize yourself with the trading platform and Foreign exchange broker, and learn a thing or two about the psychology of trading, meaning that you’ll learn how to manage your emotions when trading. 4. Forex trading makes you rich overnight This misconception about Forex trading is entirely the result of a little bit of false advertising. It’s a familiar story and it usually goes like this! Who doesn’t want to get rich overnight or with little effort? So, this “get rich quick” advertising line has brought many people into the arena who are looking for easy or rapid returns. Unfortunately, this may not be entirely true, or at least it is a quite rare scenario. Building wealth with trading takes patience as for the average trader, it’s rarely an easy road to riches but instead can be a rocky highway that can also involve losses and potential penury. You’ll have to trade consistently, avoiding the gambling-throw-it-all-at-a couple-trades approach. Over time, as your trading skills improve, so will your trading decisions and your returns. But, once again, it all takes time to happen. 5. Forex is an unregulated market Another misconception about the Forex market is that there is no authority out there to say what is right and what is not correct to happen during trades. Picture this! Now, technically, the Forex market is one of the biggest and most liquid decentralized markets in the world, meaning that there’s no single global body to police this market. However, read that again, no SINGLE global body because some market regulators are covering the jurisdictions where most of the world’s Forex brokerage businesses are located. For example, in Australia, you’ll find Forex brokers regulated by ASIC. In the US, brokers are regulated by the CFCT regulator, while in the UK, they are regulated by FCA. These regulators are essential to make the market safe for traders because there are massive amounts of money passing the market every day, which makes it very attractive for all sorts of scammers and white-collar criminals. So, these regulators ensure that those qualified to do Forex brokerage are legit and trust-worthy. Thus, it is imperative when you’re choosing a broker to check whether or not it is licensed by the Forex market regulator in your location. In the end, there are a lot of misconceptions that exits even today regarding the Forex market. As a result, many people are unknowingly joining the FX market for earning easy money and facing losses due to the lack of knowledge regarding the FX market. So, this needs to be stopped, we all need to be aware of that sort of people who are spreading the delusions. cheers!

US DOLLAR ANALYSIS, EUR/USD, AUD/USD, NZD/USD — TALKING POINTS EUR/USD branching out a new uptrend but will be coming across the critical cross-section AUD/USD rejected at 21-month swing-high. Drop accelerated after local GDP released NZD/USD cleared 13-month resistance but price action is indicating slowing momentum EUR/USD ANALYSIS EUR/USD appears to be climbing along with a newly-sprouted, modest uptrend since late July after jumping above the older slope of appreciation dating back to mid-May. The intersection of the two — labeled as “Key Juncture 2” may be critical. Breaking below that could result in a short-term pullback, followed by a brief congestive period before the broader uptrend resumes. EUR/USD — Daily Chart EUR/USD — Daily Chart AUD/USD OUTLOOK AUD/USD was firmly rejected at the December 2018 swing-high at 0.7393 and was met with aggressive follow-through. Worse-than-expected Australia GDP data compounded AUD losses. Looking ahead, the pair will likely retest short-lived, former resistance-turned-support at 0.7295. Cracking that floor could open the door to flirting with a stubborn inflection range between 0.7206 and 0.7181. AUD/USD — Daily Chart AUD/USD — Daily Chart NZD/USD FORECAST After breaking below the early-June uptrend, NZD/USD underwent a brief selling bout before stabilizing in mid-August and resuming its broader uptrend. As per PipsWin, The pair just recently cleared a technical landmark at 0.6726 with follow-through, which could precede another rise if momentum is sustained. Having said that, recent price action does paint a worrisome picture. NZD/USD — Daily Chart NZD/USD — Daily Chart Leading up to resistance, the candles had large bodies and small wicks, indicating what appeared to be robust underlying confidence in the pair’s upside trajectory. However, since the ceiling has been cleared, price action has become timider as the pair trades at a 13-month high. The wobbly movement could make traders nervous and potentially catalyze a short-term pullback.

Forex trading has proven to be a steady source of income for many traders across the globe. The amazing statistics in 50+ Forex & Trading Industry Statistics & Trends show why Forex trading is gaining increasing popularity in the business world. Sadly, many traders are not getting a corresponding value for their efforts. They mistakenly chose the wrong trading platform, a costly mistake. This article provides addresses this issue, gives some practical trading tips, and intimate you with the benefits of Forex Trading. Why Forex Trading? If you are still skeptical about creating a source of income from Forex trading, consider some of the reasons why it will turn out to be a good investment decision: 1. High Liquidity Liquidity is one of the hallmarks of the Forex market. No other market comes closer. This implies that the market enjoys an influx of sellers and buyers who are looking for an opportunity to trade on the market. Thus, companies, individuals, and banks make $5 trillion worth of transactions daily. With its high liquidity that ensures swift transaction completion, the market offers you the opportunity to trade in your preferred investment idea with ease and make some money for your efforts. 2. No Time Restriction Forex trading is done around the clock because the Forex market has a global presence. Regardless of your schedule, you can participate in the market at your convenience once the market is open for transactions in any part of the world. To leverage this, be conversant with market activity in countries that are active. That way, you are guaranteed to make money at your convenience without the unwanted time restrictions associated with most businesses. Thus, if you are looking for an investment opportunity without time restriction, Forex trading is your best choice. 3. Several Investment Opportunities With Forex trading, you have several investment opportunities to invest in. Some of the available investment options in the market for investors and traders with different investment needs are: Commodities: Stocks are not the only available investment options in Forex trading. You can trade commodities such as agricultural goods, livestock, coffee, gold, and others too. Other commodities include beef, grain, precious metals, crude oil and its derivatives such as gasoline. Stocks: Stocks are great investment assets for shrewd investors. As an investor, including stocks in your portfolio, is a surefire way to increase your financial power. You can purchase companies' stocks and make impressive Return on Investment in the future. Crypto assets: If you are a Cryptocurrency enthusiast, invest in digital currencies. Since the first cryptocurrency was developed a decade ago, several others have been released into the Cryptocurrency market. As a booming industry, investing in crypto assets will be a smart move. The article "Crypto Trading: What is Cryptocurrency Trading?" gives a detailed guide on trading crypto assets. The covers how it works as well as factors that move the market. Hence, if you are not passionate about any of the above options, you can move to the next. You're not stuck with an investment idea you are not comfortable with. Forex trading platforms have a well-defined mission. They are dedicated to providing well-researched resources that include data, useful news, and content that will not only empower readers and prospective traders cum investors but will equally allow them to boost their chances of making it through Forex trading. On a daily basis, you can update your Forex trading knowledge through the available information provided by these platforms, a necessity if you desire to be on top of your game and increase your success chances. Economic Calendar The Economic Calendar is a must-have tool. It helps you to stay connected with economic events in the industry. From the convenience of your device, you can track market indicators and explore valuable historic events too. Keeping up with developments in the market can make a huge impact on your trading since you are conversant with every piece of information that can help you to make wise trading decisions. Holidays Calendar Since Forex trading is done on a global scale, the Calendar intimates you with holidays around the world. It also provides an overview of stock exchange status across the globe as well. With this piece of information at your fingertips, you can identify exchanges that will soon be close to the business. You can also get relevant information about the exchange of a specific country by filtering your search by country. The Calendar will display all upcoming holidays in the country of your choice. Currency Converter The Converter comes in handy when trading currencies. You can make conversions from one currency to another with ease. This tool enables you to know the real-time value of currencies you want to trade. You will also find the Converter useful as a Cryptocurrency trader. Making payments in different currencies is easier when you can make conversions swiftly. The article "Top Nine Forex Trading Tools That Every FX Trader Must Have" gives detailed information on the nine must-have Forex trading tools you must-have in the tour toolbox. What if you have zero trading knowledge and will need a little professional assistance? Well, not everyone is a pro trader. Yet, your lack of the required trading knowledge shouldn't be enough to prevent you from earning an income from trading. You can hire the services of a proven broker to cover your inadequacies. Also, if you work with a regulated brokerage company then you'll also be getting a lot of advantages such as the latest trading news, effective Forex strategies, daily Forex signals, and what not? Hence, regardless of your location or trading experience, you can find a broker that meets your investment or trading needs. Go through the options before you make a choice. Forex trading offers you a steady stream of income once you are familiar with the concept. You can trade from the convenience of your room or hire an experienced broker to handle your trading. Regardless of your trading choice, rest assured that you have a global market to trade and make passive income for as long as you wish. However, before committing your hard-earned money to Forex trading, do a background check of the available trading platforms, investment opportunities, and credible brokers, especially if you won't personally handle the trading. This increases your success chances in the Forex trading market. While you have an avalanche of trading platforms to choose from, the MetaTrader5 comes very handily in the picking. MT5 offers high-quality features that include the provision of all the necessary trading tools and a comprehensive review of brokers to enable you to hire the services of a tested and proven professional. Thus, you can leverage its zero charges to kick-start your trading. You'll find its guide useful while its updated trading-related pieces of information will keep you abreast of the development in the industry.

Forex brokers are the principal thing in forex trading. Henceforth, today I will talk about why more experienced traders and experts trade with regulated Forex brokers. Forex trading relate to a money market where participants sell, buy, exchange, or play with a currency. This is a sort of online business with advantages and disadvantages. Therefore, if you want to participate in the Forex market,you have to make sure to do your investigation accordingly. So, that you can issue your own trading tips, which will be helpful for you to increase your profits and reduce your losses. One of the tactics you can use to increase your chances of success in online trading is to build good relationships with regulated Forex brokers. Here is some information about regulated currency exchange brokers that will help you enlighten why you should consider working with one of them when you transact online. Who is a regulated Forex broker? Currency broker intermediary areas, such as TopAsiaFX.com, have large trading platforms that have been registered by different government monetary institutions, such as the CFTC, the Financial Behavior Authority (FCA) and the National Futures Association (NFA). between other financial entities. When currency brokers are regulated, they are expected to operate in accordance with the rules and regulations governing the currency market. Why do traders expertly negotiate with regulated Forex brokers? Before considering the use of a broker that is set up to help you in your Forex trading, preserve this in mind that nothing is insured by online trading. Therefore, even if you find a well-regulated Forex broker, you don't have to be 100% sure that your money is safe. However, the best part of the regulated currency brokers is that they have enough experience and knowledge, and therefore, can possibly increase the chances of their trading success and make big profits. Here are some interesting facts about regulated Forex brokers that help professional traders consider the possibility of searching for their services: Compensate your clients if they suffer heavy losses. Most skillful traders often negotiate with currency brokers who are regulated because they are connected. For regulated foreign exchange brokers, after you consider your services, you are sure that you will not suffer losses due to your carelessness or error in processing your online business needs. Therefore, if you intend to start trading online by choosing a regulated exchange trader, make sure the one you will use is insured to recover some of your money if you suffer heavy losses when making online transactions. One of the tips that you can use to find out whether the official currency agent that you choose to hire is to read legal documentation and terms of service. Protect yourself with legal control. Professional traders also consider trading with regulated currency traders, because they faithful of that this sort of broker will not cheat them, but also because this broker must offer quality products and fair prices on the market. Unlike unregulated currency brokers, regulated currency brokers are experts who are subject to assured performance conditions. These brokers have no alternative but to obey the rules and regulations made by the monetary authorities where they operate. Regulated currency dealers can provide audit details when needed. Regulated FX brokers often experience constant monitoring when they participate in online transactions and all their movements are marked by the monetary regulator. This type of runner has no choice but to follow the prescribed rules, because any errors caused can expose them to the consequences that can end their career. Professional traders like to do business with Forex brokers regulated by FCA UK, because they believe that their business needs will be handled by experts who are not only professional and capable, but also simple. When dealing with regulated foreign exchange brokers, if you are not satisfied with the results of a particular trade, you can ask the broker to give you proven details of the intended reading activity. Regulated brokers are qualified and experienced enough to provide excellent online trading results. Regulated forex brokers are well qualified and are therefore very experienced and skillful in all fields related to forex trading. Expert traders prefer to deal with this sort of forex broker because they have the double assurance that their trading needs will be supported by professionals with the skills and knowledge needed to successfully trade online. Bottom point. There are many advantages that you will definitely pick when choosing to use a forex broker that is set to enter in forex trading. Make sure you work with a regulated foreign exchange broker when needed so that you can manage your risk properly. In the end, we can say that selection of a regulated broker is very significant because if they want to act expert traders in the future.

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