The Forex market is an exciting, but challenging place. If you’re a new trader, it can be a bit hard to get to know all the ins and outs of the market and your broker at the same time. Dukascopy is a Swiss bank, founded in 2004 in Geneva, and they specialize in trading on the Forex market alongside several other markets. Well known and trusted among Forex traders, Dukascopy caters to newer users with its Dukascopy demo account option. This option will be the focus of this article, so read on to see how it can help you.
Dukascopy Demo Account | The basics
Demo accounts are virtual accounts which allow you to trade in previous versions of the Forex market without investing any real money. They’re fed data from the actual history of the real Forex market, ensuring that this virtual market is a living thing. It grows, it changes, trends shift, just like on the real market. Using Dukascopy demo account, you can try out various ideas and investments and gain valuable knowledge and insight into the Forex market without risking losing any of your actual money. Everything is virtual and perfectly safe!
Dukascopy Demo Account | Dukascopy itself
The Dukascopy demo account is Dukascopy’s edition of the various Forex demo accounts available. Dukascopy demo account bases their Forex market history on the Swiss Forex marketplace, known as the SWFX, and you can learn more about Dukascopy itself in our detailed Dukascopy Review 2016. For now, we will simply say that a demo account can be opened with Dukascopy without a fee, for a trial period of 14 days. Let us explain how.
Dukascopy Demo Account | Getting your own Dukascopy demo account
Opening your Dukascopy demo account is easy. All you need to do is complete the Dukascopy Login. You simply fill out a form, which is located on the official Dukascopy website, with your information and enter your e-mail. You’ll receive an e-mail with your account information and then all you have to do is enter your desired account balance and leverages and start trading. You’ll get to know the SWFX like the palm of your hand. The SWFX ensures that all traders have equal rights in liquidity and trade prices. The trades of your demo account will happen instantly, as this account type features instant execution, due to the already known SWFX information for that period. You can even chose how secure your funds will be and change the amount of your spreads, starting from 0.1!
Dukascopy Demo Account | Conclusion
Dukascopy demo account is great for newcomers to the Forex market. Testing your ideas in a safe, controlled environment is crucial if you want to get to know the market thoroughly. You’ll gain valuable experience which can be used for your real trades in the future. Logging into the actual market after you’re done with the demo account is done effortlessly, so you can easily switch between the two. Demo accounts will help maximize your profits and minimize the risks of trading. They’re also a great test opportunity for more experienced traders. So fill out the Dukascopy form and get a Dukascopy demo account for yourself now!
Dukascopy is one of the most recognized and valued names of the Forex market today. This Swiss marketplace and bank, founded in 2004 in Genova, remains one of the staple names of the Forex market. Currently there are over 200 people working for Dukascopy worldwide, with offices in cities such as Hong Kong, Kiev, Moscow and many more. Highly recommended by many brokers, we decided to see for ourselves if Dukascopy lives up to its reputation, so read ahead and check out our Dukascopy Review 2016.
Dukascopy Review 2016 | Broker Type
All Dukascopy clients fall under the Swiss Forex marketplace. All clients have equal trading rights, and equal access to market information, liquidity and feeds. This ensures that there is no discrimination between small and big traders, everyone is treated equally. Some of the liquidity providers include big names such as JP Morgan, the Deutsche Bank, Barclays and many more. All orders going through Dukascopy are processed by straight processing with no human involvement, ensuring that no human error can occur in transactions. All of Dukascopy’s clients have the same prices, thus preventing conflicts of interests. In our Dukascopy Review 2016, we proved that this is indeed true. The prices are published publicly so clients can review and verify them, ensuring that no one gets scammed. All of this, coupled with Swiss banking regulations, ensures that various Forex scam alerts have no issue with Dukascopy. You can read more about this at our Dukascopy Scam Test 2016.
Dukascopy Review 2016 | Regulation
Dukascopy is regulated a bit differently than most other Forex platforms and brokers. The Swiss authority, the FINMA, treats Dukascopy as a bank, and as such, Dukascopy is subjected to a bit stricter regulations than most Forex traders. While this may seem like a downside at first, during our Dukascopy Review 2016, we found that Dukascopy has never violated its regulations with the FINMA. A testament to the trustworthiness of Dukascopy.
Dukascopy Review 2016 | Software
Dukascopy offers some unique software, but the thing that stood out the most was its Java based trader. Using the Java based web trader, you can trade using Dukascopy on any PC in the world if you have an internet connection, no download required. Dukascopy also have their own platform for trading called JForex which is targeted at people who already have experience in the Forex market, but is simple enough for newcomers to quickly grasp as well. With over 180 tools at your disposal for market analysis, trading and prediction, the JForex platform is a remarkable act of programming. There’s also an app for mobile trading, which is very useful if you haven’t got access to a computer at all times. Logging into Dukascopy is very simple using the Dukascopy Login tools.
Dukascopy Review 2016 | Online options
Online trading is a must in today’s busy world, so in our Dukascopy Review 2016, we decided to check out and familiarize ourselves with some of the online options that Dukascopy has to offer. Dukascopy currently offers online trade in precious metals, Forex and CFD trading. We had no problems in accessing the numerous banks associated with this broker, as well as the Forex market. The software proved easy to use and accessible, with equal opportunities for every trader.
Dukascopy offers some highly competitive spreads, unlike many others in the Forex market. Dukascopy publishes all of the previous spread history for free, so you can see the variations for yourself. The Dukascopy commissions are also reasonable – up to a maximum of 3.50$ per lot in forex and 5.25$ with precious metals. All rates are expressed in USD per 1 million USD traded.
Dukascopy Review 2016 | Deposit and Withdrawal
If you’re just starting with Dukascopy, a deposit of 50 000$ is often recommended, but you can go as low as 5000$. Depositing is possible through a bank wire, and in seven different currencies. The Dukascopy Withdrawal Procedure is very elegant and simple, so we are happy to say that we encountered no problems in trading with Dukascopy during our Dukascopy Review 2016. The withdrawal form is available on their website for everyone to see.
Dukascopy Review 2016 | Demo Account
Clients who are interested in Dukascopy can register freely and use the Dukascopy Demo Account for a period of two weeks without a fee. After entering your desired account balance and leverage, as well as your information and e-mail using a simple interface at the Dukascopy website, your demo account is active and ready to go. The demo account simulates the Swiss Forex marketplace in real time. It uses real information from the history of the market to give you accurate results. This is a great way to test out Dukascopy itself, as well as your personal ideas. During our Dukascopy Review 2016, we tested out the demo account, and found it to be a great tool for less experienced traders.
Dukascopy Review 2016 | Information and tutorials
Dukascopy’s website is teeming with valuable information. With over 100 000 users, all from various backgrounds and countries, sharing information on forums and apps, you’ll find some great, useful advice. The site also hosts numerous training videos and guides for successful trading on the Forex market. The Dukascopy customer support team is highly skilled and available 24 hours a day, 6 days a week for all your questions and inquiries. Part of our Dukascopy Review 2016 involved testing out the customer support thoroughly, and we found that they were indeed highly skilled, as well as fluent in several languages.
Dukascopy Review 2016 | Conclusion
In conclusion, we can say without any doubt that Dukascopy is a broker worthy of your time. Dukascopy Review 2016 has clearly shown that. Great service and high standards across the board allow you to fully enjoy your trading experience with them. There are numerous advantages to trading with this broker, so it’s really no big surprise that this company is among the most revered ones in this industry. Open an account with them and see for yourself.
NSFX is a forex broker based in Malta which has been present on the market since 2012. They are characterized by a wide variety of very interesting features, such as immediate executions, interbank liquidity and the fact that they have five different licenses confirming their reliability and professionalism. However, there is one more thing worth discussing here and that is the issue of NSFX trading platforms. Yes platforms, because this broker offers multiple ways of approaching the market. Our financial experts have closely examined each of them, and we are happy to provide you with all the necessary information about their most important features. Read on to find out everything.
NSFX Trading Platforms | MetaTrader 4
If you’re at all familiar with forex trading, you will know that MetaTrader 4 is by far the most popular platform out there. As such, it is the most important one of all NSFX trading platforms because it offers a huge number of possibilities to all traders. With its great charting tools, numerous indicators and integrated economic calendar and analysis, you should have no troubles making profitable trades. All your orders will be executed instantly, and with multiple languages available, you will be able to make the most out of this platform no matter where you come from. If you are a complete beginner and know nothing about MetaTrader 4, don’t panic. NSFX has made sure you have at your disposal plenty of educational videos explaining every detail of this great platform. And don’t worry, everything is perfectly safe – our NSFX Scam Inspection has confirmed that.
NSFX Trading Platforms | NSFX Pro and NSTrader
Other NSFX trading platforms include NSFX Pro and NSTrader. NSFX Pro uses the latest ECN and STP technology to provide traders with the best possible trading experience. Deep interbank liquidity makes sure the tightest possible spreads are offered, and with 180 different technical indicators you should be able to easily keep everything under control. An API is also built into this platform, so you will be able to fully customize your strategies and change code programming as you see fit. Keep in mind that Java version 1.7 or newer is required for this platform.
NSTrader, on the other hand, is a Single Point Dashboard, completely developed by the broker. It allows traders to have full access to all relevant trading data without needing any access to multiple systems. Everything you need is in one place to make sure you can trade as efficiently as possible. Because of that, execution is extremely fast and you can trade whenever and wherever you want.
But there are other features worth mentioning about this broker, so if you want to know more, you might want to read our NSFX Review.
NSFX Trading Platforms | Conclusion
So there you have it – NSFX trading platforms in a nutshell. There is no doubt that you will get products of the very highest quality here, as this broker uses only the best and the latest technology. NSFX trading platforms are sure to make your life a lot easier because they offer a huge number of tools and possibilities, so this is the place to be to analyze the market thoroughly. Open an account with NSFX now!
Based in Malta and operating since 2012, NSFX has become a well-respected forex broker in the trading community. The security they provide is probably the most important reason for that because this broker is regulated by five different regulatory bodies. However, there are many other features worth mentioning here, such as multiple trading platforms, immediate executions, interbank liquidity and so on. In order to use all these interesting things, one must first open an account with the broker and this is where we come in. We will tell you everything you need to know about NSFX account types, so that you can make the best possible decision. Read on and learn exactly what these accounts have to offer.
NSFX Account Types | Standard
Standard is the most basic one of the three available NSFX account types. Available only on MetaTrader 4, one of NSFX Trading Platforms, you can open one of these with a minimum deposit of only $300. Minimum trade is 0.01 Lot, with the highest leverage available standing at 1:200. Execution is instant, while the spreads are fixed and there are no commissions on trades. Just as with all other accounts, USD, EUR and GBP are your currency options, so choose carefully. In any case, if you’re still a beginner, this is the account for you.
NSFX Account Types | Professional
Professional accounts take things up a notch in comparison with their Standard counterparts. Your initial deposit here has to be at least $3000, while the minimum trade is set to 0.1 Lot. Maximum leverage goes up to 1:100, and the spreads are variable in this case. You can also count on some commissions here, $40 per million per side, to be exact. When it comes to execution, no dealing desk is involved, as this is an ECN account. If you’re a bit more experienced trader, this might be the right account for you.
NSFX Account Types | VIP
Finally, there is the VIP Account, the most prestigious of all NSFX account types. Minimum deposit is set to $50,000 and you get a dedicated personal account manager, but everything else is very flexible. That’s the biggest advantage of these elite accounts – you can request just about anything from your broker. From your minimum trade to your maximum leverage, from your margins call to trading commissions, everything can be negotiated. If you’re a professional, you’ll know to appreciate this fact, but if you want more information before you make your choice, go read our NSFX Review.
NSFX Account Types | Conclusion
So there you have it, these are your available NSFX account types. Keep in mind that there are many more features they have to offer, as we have only mentioned their differences here. And if you feel you won’t be able to handle all these features right away, don’t worry – just open a Practice Account and test everything out before you start trading for real. As you can see, NSFX account types have something for everyone, so sign up with this broker, open one of them and start enjoying your trades right away.
Interested in making some money on the forex market? Indicators are one of the most important aspects of today’s trading, so it is very important to know as much as possible about them. In this article you will learn what MetaTrader 4 indicators are and how to use them, but first allow us to tell you a few basic things about MetaTrader 4 forex platform. You see, MetaTrader 4 is the most used platform on the market today, liked equally by brokers and traders because of its user-friendly interface and simplicity of use. Not only is it available for both Mac and Windows, but you can download it on all mobile operating systems. Although the developer released MetaTrader 5 almost 6 years ago, MetaTrader 4 is still the most popular platform with traders.
MetaTrader 4 Indicators | What are they?
Indicators are used on the foreign exchange market to predict future prices based on the analysis of past and current prices. For example, you can have indicators that follow a currency’s flow, various interest rates and basic information about economic changes by using different algorithms. With an indicator that follows the strength of a currency you can determine which currency is weak and which is strong and choose the most valuable one. MetaTrader 4 indicators option is for those who are into deep analysis of the market and want to develop their own market strategies for trading. If you don’t have the time to create your own market strategy, our deep and honest analysis of MetaTrader 4 Signals may have what you need to become a successful trader.
MetaTrader 4 Indicators | The most important ones
There are four main types of indicators. Trend-following and trend-confirmation tools should be used together to spot and confirm various trends, helping traders determine the best time for investment (MACD is one of the most popular trend-confirmation tools). Obviously, these trends can’t go on forever and once they reach a certain level they will experience changes. Overbought/oversold tools such as the three-day RSI can help you anticipate these changes. Finally, you will want to collect your profit when it’s at its highest. Profit-taking tools will help you with that. While the three-day RSI can also be used in this category, Bollinger Bands seem to be more popular among traders. And remember, just as you can try various strategies for free with MetaTrader 4 Demo Account, there are also numerous indicators available that you can download for free.
MetaTrader 4 Indicators | Conclusion
MetaTrader 4 indicators are the best way to analyze the market, see the trends and follow the changes of forex. MetaTrader 4 is currently one of the most used platforms on the market and it has many options to offer in this area. With this platform, it is very easy to use technical indicators that predict future prices based on the analysis of the market. If you want to create your own custom indicators based on your specific needs, it takes no time to do so and we did not encounter any problems creating it. MetaTrader 4 indicators are an essential part of forex trading, so download yours now and start analyzing your business opportunities!
NSFX broker is currently one of the most interesting companies on the forex market. Founded in 2012 in Malta, it soon became very popular among traders worldwide. Today it is very common for brokers to have their headquarters in Malta, since it is one of the most stable countries when it comes to both political climate and economic conditions. NSFX was founded by a group of professionals with a vision to provide their customers the best forex experience possible, so the company adheres to the highest standards in the industry, which means it is totally safe for trading. NSFX provides great support in English, German, Italian, Turkish and Arabic, so if you have any questions do not hesitate to contact them. In this NSFX review we will analyze the most important features of this broker, so if you want to find out if they are safe, reliable and legit, stay with us.
NSFX Review | Trading platforms
For many traders one of the most important things about the broker is the trading platform and this is where we will start our NSFX review. The trading platform is you best friend when it comes to forex: it has to be accessible all the time and it has to be fast, reliable and, most importantly, user-friendly. If you don’t have a good platform that is easy to use, you will get lost in all the features and commands it offers, and it will take you a lot of time to get used to it. Luckily, this broker trades through some of the best and most reliable NSFX Trading Platforms today which are MetaTrader 4 and Java, but they also offer ECN and STP trading. All of these are very well designed, so you should have no troubles finding your way through all their helpful tools, and with the maximum trade size amounting to 8 lots, you can be quite flexible while investing. Both mobile and tablet trading are also available, so no matter where you are, you will be able to manage your trades. But let’s now move on to the second part of this NSFX review, as we have much more to cover.
NSFX Review | Accounts
We continue our NSFX review with a look at the available NSFX Account Types. When you decide to make money in foreign exchange trading it is very important to choose the type of account that suits you best. NSFX has in store three types of accounts for their traders – Standard, Professional and VIP. With all three accounts you get 100 000 units lot size, free 24/7 live support and free daily analysis. Let’s begin with the standard account. The standard account is used on Metatrader 4 platform and minimum trade is 0.01 lot while maximum leverage is 1:200. Spreads are fixed and execution is instant, which is very common with this type of account. Professional account can be used only on ECN platform and you get $40 per million per side commissions on trades. VIP account has features for very serious traders: you get a dedicated personal account manager, commissions on trades upon request and a monthly report of account performance analysis.
NSFX Review | Financial requirements
Financial requirements are always an important issue in the trading business, so they are certainly going to be mentioned in our NSFX review. They are one of the best aspects of this trader because it offers a lot of options and the trader chooses what suits him best. To start with, one of NSFX’s benefits is interbank liquidity plus there is no dealing desk, which means all executions are immediate. Account and trading currencies are GBP, USD and EUR, with the minimum deposit for standard account being set to only 300 USD, which is excellent for those who are about to start trading. Another great option is professional account with only 3000 USD minimum deposit. For those who want the ultimate experience, NSFX offers VIP accounts with 50 000 USD initial minimum deposit. Whichever option you choose; you may be wondering if trading with NSFX is actually safe. Well, read the next part of this NSFX review and all your questions will be answered.
This is one of the most important aspects of any broker, so naturally we need to cover it in this NSFX review. Every serious trader will keep security and protection of its clients at the highest levels. Well, we are happy to say that NSFX is at the top of the class when it comes to security. NSFX uses SSL as their security protocol, which is very safe and impenetrable. They are a broker regulated by several governing bodies, which is an extra layer of security for traders. When it comes to transfer methods, there are several options to choose from and they are all safe and easy. You can use wire transfer or Visa, American Express, Maestro credit cards and Skrill to both deposit and withdraw money. There are no commissions or fees charged for the withdrawal of funds, which is excellent since you don’t have to worry about extra charges. If you want to read more about the topic of security, read our detailed NSFX Scam Inspection.
NSFX Review | Conclusion
In this NSFX review we have shown why this broker is among the top brokers on the market. They have a very smart business policy and they are fast and reliable, which is a winning combination. The trading platforms should not be a problem for you since they use very user-friendly trading platforms such as MetaTrader 4 and Java, some of the most widely used platforms on the market. They offer great options when it comes to account types and transfer of funds and you don’t pay any commission or fees for the withdrawal of funds. NSFX review shows this broker is very safe and regulated, so you never have to worry about your money. If you want, you can even try out their free practice account before you start trading for real, just so you get an idea of how everything works. After that simply open a real account with NSFX and start earning money immediately!
As is the case with all other types of trading, risk is present when you trade forex, as well. No trader can be 100% certain about the outcome of his/her trade due to countless factors which affect prices on the market. Transaction speed also plays a role in this because, thanks to the internet, traders can now buy or sell currencies instantly, which also affects the market. However, there are forex risk management tools you can deploy to help you increase your chances for profit. This is where our financial experts come in: in this article they will show you which tools you have at your disposal and how to use them. Keep reading and you’ll find everything out.
Forex Risk Management Tools | General tools
Forex risk management tools allow you to address risk by prioritizing and developing appropriate steps for each possible outcome. You need parameters and numbers to extract information from the market and you can only do so with appropriate tools. But no matter how big the risk may be, preparation will always reduce it when you’re about to trade. To prepare yourself, you need to conduct a thorough analysis of the market and of the asset (currency) which is you investment target. There are two major types of analysis – fundamental and technical, dealing mostly with long-term trading and short-term trading, respectively. Three main investing approaches can also be very useful forex risk management tools because they help you determine how much to invest in your next trade. These are Martingale, anti-Martingale and speculative approaches, each with a unique philosophy guiding them.
Forex Risk Management Tools | More specific tools
Apart from these more general forex risk management tools, there are other more specific things that can help you make the right call. Various calculators (e.g. profit calculator, Currency Carry Trade calculator) can instantly provide you with the number you need to determine is it worth it to invest in a particular currency. Charts are absolutely essential if you want to monitor the market consistently to extract vital information from its behavior. You will also want to determine the acceptable risk per trade, i.e. the amount you can afford to lose in a single trade without severe consequences for your account. Many different Forex Trading Strategies can also be deployed to diminish your risk, but whichever approach you decide to take, remember – it is impossible to be right 100% of the time. It’s about being profitable at the end of the day.
Forex Risk Management Tools | Conclusion
So there you have it, a short guide to some of the most popular forex risk management tools. If we were to boil it down to a single sentence, we would say: It all comes down to analysis and planning. Obviously, there are countless nuances to trading something as complex as forex, but thorough preparation can never hurt you. Set your goals and then choose your forex risk management tools accordingly. Be patient and the rewards will surely come.
Determining currency prices is a very complex procedure because of many different factors which affect the value. Some of these factors may even be specific to particular countries, which makes determining the price of its currency even more demanding. However, some general rules do exist and we will go over them in this article. To put it in very simple terms, currency prices depend on supply and demand, two market forces which are heavily influenced by economic policies of a country. Some of the most important aspects of these policies will be explained by our experts in the rest of this article. Keep reading to learn more.
How are currency prices determined? | Market influences
If the market is not stable, investors will try to find a currency that allows them to preserve the value of their funds. These currencies are usually USD, gold or something along those lines, i.e. a currency which is not prone to changes. At the same time, speculators’ Forex Trading Strategy is to profit from this instability by buying or selling specific currencies, which further affects their supply or demand. Apart from these two factors, currency prices are also affected by a country’s export and import results. As a matter of fact, economy and inflation are inversely correlated – when one rises, the other is sure to fall. If a country has to import goods, it has to pay for them is some foreign currency, meaning that the demand for their own currency is dropping. That’s why production of goods in a country is so important – it keeps currencies strong.
How are currency prices determined? | Government influences
Governments can also influence currency prices with their decisions or their inability to cover their expenses. When the latter scenario happens, public debt rises and the government has to borrow money, thus weakening their own currency. Another example of government influencing currency prices are the interest rates on the government bonds, something you want to look out for if you’re into Currency Carry Trades. Depending on how high they are, they might attract more or less foreign investors to a country and help its currency gain strength. However, should a currency ever become too volatile, a country’s central bank can intervene in order to quell the situation. This institution can buy or sell large amounts of currencies and by doing so stabilize the currency prices.
How are currency prices determined? | Conclusion
In conclusion, it is safe to say that currency prices mainly depend on a country’s political stability and consistent economic policies. If these two conditions exist, you have a stable currency upon which you can always rely in your trades. However, don’t take it for granted. As we have already said, the formation of currency prices is a very complex issue, with a whole lot of different factors which have a role to play in the process. What we went through here are just the basics and there is still a lot more to learn if you want to become a financial expert. But even with these simple advices, one can make a very decent profit on the market.
Forex market indicators are some of the most useful tools a forex trader can use in his/her quest for profit. Given the complexity of this market and numerous factors which influence a currency’s value, it is quite impossible to be correct 100% of the time in guessing when is the right time to buy or sell. This is where these indicators come in – they provide you with vital data about a currency or a pair, their values and trends, so that you can make the best possible decision and make a substantial profit. In this article our experts will explain some of the basics you need to know in order to use forex market indicators in an efficient manner. This is one of the most important things a trader should know, so keep on reading.
Forex Market Indicators | About
Forex market indicators are used in technical analysis of the market, meaning they are predominantly used for short-term trading and you cannot imagine Forex Trading Strategies without them. However, you should never completely ignore the bigger picture because it gives you an idea whether the trend you’re riding is opposite or in tune with the general trend. Combining all of these data together will help you figure out how sustainable and strong your trend actually is. All of this is applicable to all kinds of trading, but it is particularly important to mention it in forex trading because currencies often form trends completely naturally. If you can recognize one with the help of your forex market indicators, the chances are you will make some profit.
Forex Market Indicators | Most important types
Among all forex market indicators, probably the most widely used one is the moving average (MA). Although it has several subtypes, it generally helps you ignore random price movements (you can read more about How are currency prices determined? in another article) and helps you view a currency’s value much more clearly. MA belongs to the group of trend following tools which work even better when combined with the so called trend confirmation tools. If these two agree, you’re most likely on the right track. Other important forex market indicators include profit-taking tools which help you determine when to cash in on a winning trade and overbought/oversold tools which provide you with information on when a trend has reached these two levels, enabling you to predict a reversal from bullish to bearish trends and vice versa. If you want something simple to help you get off to a good start, these indicators are an absolute must.
Forex Market Indicators | Conclusion
Forex market indicators are a very helpful trading tool whose correct use can increase your profits significantly. They are essential for all traders, from beginners to seasoned veterans and can make your life a lot easier. With their help, you can correctly predict how a trend will behave and pick the right moment to make your investment (or withdraw your profit), so they essentially protect you from unnecessary losses. Make sure you have them with you when you start trading and you’ll see why every serious trader regards them as indispensable.
The forex market is the largest financial market in the world and as such offers numerous opportunities to people who decide to enter it. However, if you want to become profitable, proper forex trading strategies have to be used because the market is influenced by so many factors that it’s impossible to be successful without a well fleshed out plan. In this article, our trading experts will provide you with some of the most important tips for this type of trading, as well as with some advice about starting a career in this business. Keep reading to find out more.
Forex Trading Strategies | Useful tips
All forex trading strategies rely on proper preparation before you start – define your goals as realistically as possible and then act in accordance with them. Also, be careful when choosing your broker because it has to fit your trading style and offer you ways to improve yourself at the same time. Once you’re done with all that, you should pick a methodology, or rather a philosophy, which will guide your decisions. There are traders, for example, who use fundamentals and charts to make their choices, while others prefer technical analysis. Whichever you choose in the end, remember to stick to it constantly – shifting from one approach to the other will get you nowhere. Patience and discipline are your best friends here. That and Forex Risk Management Tools.
Forex Trading Strategies | Approaches
Forex trading strategies are usually implemented when you notice a pattern on the market. Whether it’s a Sanku, Wedge-shaped, Spinning Top or some other kind of pattern, you need to be able to react when you see it. Forex trading strategies can sometimes be applied to the same pattern (e.g. Sanku) in a multitude of ways, so you always have to be well prepared to make the best possible choice. If you’re a beginner, sticking to the “Herd Instinct” principle may also be a good idea. Adhering to the previously established trends and patters pays off much more in forex than in any other type of trading. Obviously, here too you must be aware of the long-lasting trends and have an exit strategy plotted out in advance (keep an eye on your Forex Market Indicators), but generally speaking forex trading strategies based on herd instinct yield more. For example, expecting the AUD or the CAD to do well when the global economy is prospering is one such strategy, as is going long on these currencies against the USD when the Chinese economy is expanding.
Forex Trading Strategies | Conclusion
The forex market is an absolutely huge industry with daily turnovers amounting to trillions of dollars. Forex trading strategies allow you to find your way to some decent (and consistent) profit in such a place. Obviously, there is much more to learn about them, but we believe this article gives you a very solid basis for quickly upgrading your knowledge, so that you can become an expert trader in no time at all.