A lot of people are wondering about where the biggest forex trading centers in the world are located. It is not a secret anymore that forex market trading is a really great business where money seems easy to make. Here is the answer of that question about the trading centers of forex that you may need.
1. United Kingdom
It is quite obvious that the United Kingdom or the UK is the main forex trading center in the entire globe. Almost 37% of the daily global forex forum in the world happens in the UK. The UK becomes one of the main forex markets in the world because the pound sterling or the currency used in the UK is a main currency as well to be traded in the market. Besides of that, London is also the financial captial in the world. To this day, the London forex market has the highest volume of averafe daily trading, with $1,854 billion of money get traded every single day. Interesting Facts about Forex Industry Everyone Should Know
2. The United States of America
With the popularity of USD or US dollar, it is no secret that the USA is one of the biggest forex trading centers in the world. Today, the United States of America or the USA becomes the second biggest forex market and trading center in the world. The USD or the US dollar is absolutely a main currency to trade in the market and that is why USA becomes one of the biggest forex centers in the world, with New York City as its financial capital. To this day, apparently 18% of the daily global forex business happens in the USA market and the amount of money produced from the average daily trading volume in this market reaches $904 billion every day.
Besides the UK and the USA, Japan is also a big market of forex. Japan, with Tokyo as its financial capital, is now currently the third-largest forex trading center in the world. Japan’s forex market is the place where 6% of the global forex business happens every day. Besides of that, the Japan’s forex market produces $312 billion as its average daily trading volume.
In the forex business, more than $4 trillion worth of money are being distributed every single day. That is why people are wondering about the business and they obviously want to know where the biggest forex trading centers in the world are located, just in case they want to increase their profits from the industry.
The tips of forex trading for beginners are certainly needed. A lot of beginners join the forex industry every single day and obviously without the right guidance, they will get lost easily in the forex market. In order to stay focus and successful in the forex market, all beginners must follow these tips below.
1. Always Learn the Basic of the Business
It is probably a sin when a beginner is too ignorant and does not want to learn the basic of the business and just jump right to the market with nothing in mind. Yes, the very first thing that you need to do is learning everything about the forex business, forex market, and forex strategy. After you have solid understanding, you can jump to the market by using trial account (usually provided by the brokers) and try your luck in the business without risking any money. How to Behave Before Do Forex Business and Start Forex Trading
2. Never Dream Too Wild and Be Realistic
One of the most classic tips of forex trading for beginners that probably everyone has heard is this one: be realistic! A lot of people join the business of forex in the hope of getting easy money, quitting the regular job, and live happily ever after with tons of money in the end. Well, it is not going to happen easily, though. Successful people in forex market have done lots and lots of hard work every single day to achieve their fortune and they loss significant amount of money as well along the way. That is why if you want to join the forex trading industry, make sure that you know the “no pain no gain” wisdom because it is completely true.
3. Trade Carefully and Never Trade a Lot
The last tips that you can get here as a beginner is do not be clumsy, in other words, trade carefully and never trade a lot. If trading forex is something really new for you, make sure you do it carefully and in small amount because you can never tell or predict what is going to happen with the trading. Trading with high frequency and with lots amount of money will basically drain your self-esteem if you lose the trade.
Those are basically the suggestible moves to do when a beginner starts joining the forex market. When the manual they use as guidance is quite random, there is no way that they will be successful in the industry. Instead, they will get overwhelmed by all the random information. That is why stay close to all the tips of forex trading for beginners above and you will be fine in the forex market.
There are many reasons of trading forex. We all know that foreign exchange or forex trading is a great industry where people can make money quite easily. Below are 4 main reasons that you makes people want to try forex trading business.
1. Big Profits
Even though forex trading business is full of risk, especially for beginners, there will be big profits as well waiting for you in the end. With experience, people will acquire skills in the forex market and they will have the ability to avoid significant loss risk and produce a lot of money instead. A great deal of money is certainly possible to get in the forex business, for everyone who wants to learn.
2. Can Be Done Anytime and Anywhere
Forex business is a very flexible business that can be done anytime and anywhere. You do not have to neglect your main job in order to join the forex business, even when you have busy work schedule. The forex market opens for twenty-four hours per day and five days a week for sure. All you need to have is strong internet connections and a laptop.
3. Great for Beginners
One of the best reasons of trading forex is that the industry is quite friendly to beginners. As a beginners, of course it is daunting to enter a whole new world such as a the forex market. However, forex industry provides a lot of ways for beginners to learn everything they need to know, including by providing trial account that can be used for three months before the beginner actually tries to trade. Forex Trading Styles and Strategies Suit To You
4. Plenty Resources to Learn
Joining forex business and being successful in it are all about learning, and efforts of course. That is why people who want to be successful in forex business must learn continuously about new strategies. Thankfully, numerous education resources about forex are available, most of them are for free. Beginners and even advanced forex trader can take forex education courses that are available online to improve their skills and of course eventually help them to become successful.
To this day, forex exchange industry is keep expanding, especially because the growth of number of peoples trading forex and the growth of technology as well. Now that you also know the reasons that make people want to try the business of forex trading, make sure that you give the business a shot when an opportunity comes. Then, you can certainly understand why those reasons of trading forex completely make sense.
There are a lot of interesting facts about forex industry. Indeed, forex or foreign exchange industry is one of the most famous industries these days that can bring huge profit for everyone. Here are some of the interesting facts about the industry that you should know.
1. The “Ancient” Form of Forex
Even though foreign exchange or forex is considered as a new industry, actually, currency exchange or currency trading has been around for centuries, even way back to biblical times. Back then, money changers were a popular profession where people trade their goods for money or their money for goods. The money changers would then, of course, charge a commission.
2. The Beginning of Modern Forex Trading
The modern form of forex that we know today, with all the numerous currency from across the world, started in 1973. Why in the 70s? Well, it was the time when the agreement that controls exchange rate, called the Bretton Woods agreement, considered as obsolete and broke down soon after. It caused a new era of floating currencies and allowed foreign exchange business. That is when the modern forex trading begins and the popularity remains to this day. Best forex trading strategies that work revealed for beginner
3. The Domination of the UK Pound sterling
Today, the largest currency traded in the forex market is the US dollar. However, USD is not always the dominating currency in the industry. In fact, the popularity of USD emerges only in the recent years. Back then, from the 70s to the late 2000s, UK pound sterling was the dominating currency. Almost the entire global forex trading process involved the UK pound sterling.
4. Where is the Biggest Forex Market in the World?
Because today the largest currency or the most prominent one is the USD, a lot of people may think that the biggest forex market in the world is the USA. Well, it is not true at all. One of the most interesting facts about forex industry is that almost half of the forex transaction (more than 41% of it) happens in the UK and only about 19% of the forex transaction happens in the USA. It makes the United Kingdom as the biggest forex market in the world.
There is no doubt that forex is profitable. That is why many people across the world are now taking this industry seriously to make better living. Those interesting facts about forex industry above will surely deepen your knowledge and interests about the industry.
Price action trading in forex trading is method on analyze who control the price, bulls or bears or if they are able to stay in control. Here is how you can analyze who control the price with simple techniques below.
The techniques of price action trading in forex
- Support and Resistance areas
These two areas are selling and buy areas that you can find it easily and place in the chart. Once the price is hit on these two areas, then it is time that you know will stay or reverse act. This means that you are able to buy or sell in right moment.
- The advance analysis of candlestick
The advanced candlestick analysis is deeper from basic doji equal reversal tools that you have ever seen. Once you are able to understand this chart, then this chart will tell you on who control the price (bulls or bears) is and whether you are selling or buying act.
What are the secret of forex trading that most missed? When you commit to be successful forex trader, then you need to be skilled on these secret to earn big earnings in forex.
Benefit from the price action trading strategy
These two techniques are basic for price action strategy. The technique is work for all market conditions, earning consistent profits; it is ranging from low volatility into high volatility. What makes this strategy great?
- It is no indicator
- It is no stress result with complicated techniques and tools
- It is simple, no confusing techniques to run
Trader that uses this price action trading is used by speculation, retail trader, or trading firm that employs traders. The price action trading is the systematic trading action that helpful by recent historical price data and technical analysis tools.
When use price action trading, it requires multiple options to recognize the trading patterns, the exit and entrance levels, the stop loss orders and other that related with the trading. Have only one strategy may not give sufficient opportunities in trading.
What tools requires in price action trading?
Since the price action trading are related with recent historical data and the movement price in past, then there are entire technical analysis tools such as price bands, trends lines, technical level (of supports, consolidation and level), is include in the trader strategy option.
The tools are observed by trader itself and able to show such as simple price bars, trend lines, or the complex combination such as candlestick, channel, volatility and many more.
The other things that also affect the price action trading are psychological and behavioral interpretation and the subsequent actions.
What are the secret of forex trading that most missed? When you commit to be successful forex trader, then you need to be skilled on these secret to earn big earnings in forex.
Secret#1. Creating Trading Journal
Recently, there are many traders that leave this trading journal strategy. Most of recent brokers provide real-time trade records for their clients. The problem that appears with this is when the records do not catch anything, something that becomes issues that successful traders need to understand.
When trader start manual trading journal, they can record the down core from forex trading efforts, and from independent tracking, trader is able to monitor the margin usage, the profits and losses that happen in trade, the buying power and many more that important for next trading strategy.
Secret#2. Stress test to your Trading Strategy
Take it as simply as you can. The trading plan is your game plan for success. This is the guide you have for what you can get or unable to achieve when trading forex. Put your trading strategy to show the effectiveness. Every strategy you commit to do, you need to stress it before use. Best forex trading strategies that work revealed for beginner
Secret#3. Understand the difference between trends and fad
Every trader need to be always connected with daily financial news. The smart trader will knows that it is important for determine the trends and fads difference. So far, it means trader needs to have grasp on the macroeconomics and the significance from their market.
Secret#4. Remains for always connected with newswires
The newswires from around the world will deliver useful and great information that every trader need to make their trading decisions base. The problem in this case is when the trader is not paying enough attention to news that truly affect to market. Every trader should not ignore to the financial key and the economic newswires in the world.
Secret #5. Commitment
If you really want to become an expert/skilled forex trader, then it is important for you to have commitment. The worst thing that anyone can do is simple “dabble” thing when trade in forex market is when they are putting their capital in risking trade.
The successful trader in forex market and for those who understand secret from forex trading, will be commitment to have regular trading in over long term trading and most of it trade in daily basis. It is importance for creating trading schedule and stand by it in apparently.
#forex #forextrader #forexbeginner #forex2018
There are many people that talk about forex trading strategies. However how do you know that they are the best strategies that perfect for you when you are still beginner?
Timeframe the trading style
There are several trading styles that can be used and can be a good option to choose as the best strategies for forex trading in 2018.
- Scalping. This is very short lived trades and possible just held fro few minutes. The scalper are seeks for beat the bid/offer in quick and skim few points from profits before closing trade.
- Positional trading. This is the long term trend following trading style. This trade seeks for maximum profit from major shifts prices. The long term trader typically will look at the end of day’s charts to begin.
- Swing trading. The positional trading is held for several days and look profit from the short term price patterns. The swing trader might typically is search for the bars that show every half hour or an hour.
- Day trading. These are trades that exit before end of days. This trading removes the opportunity from being adversely affected from large moves in overnight. The trades may only last for few hours and the charts of price bars might be typically set for one or two minutes. Find Best Day Trading for Profitable Forex Trading
What are best forex strategies that work for you?
The answer from the question above is difference from one trader to other trader. The best strategies of forex trading is personalized to individual considers to the personality and the best strategies that suit best to them.
A strategy can result best for other trader can give worst or even disaster to you. Therefore, it is important to have experimentation to the forex trading strategies that work best for you. By consider your timeframe trading style, you can choose the best one.
How to build your forex trading strategy
You need to build your own forex trading system, rather than just plucking from internet. It is very common for beginner to copy successful trader and it can be a profitable strategy. But in the fact, it does not mean also work best to you.
The best thing to build your own forex strategy is by take note from the strategies and let other traders tell you on what strategies that works for you. Borrow a little bit of strategies from others and then customized it into your trading personality, the financial circumstance and with your time schedule.
Forex trading simulator is software that allow their user to create simulations from live forex trading market.
The key features that forex trading simulator need to consider
As this software will stimulate the real market for trading forex, then there are several aspects that need to be present in the simulator software.
- It has live simulation and market updates
- It should risk free from demo account trading
- It should have ability for test the forex trading strategies
- It should include all trading features and the functions need for trading.
- Forex Trading Styles and Strategies Suit To You
These key aspects can give you best description to real market before you make real trade.
How to consider that the simulator is best software?
This guide can help you to choose best software for forex trading simulator.
- Ensure it provide real market environment. Have live pricing feed is important for forex trading simulator software. The feature will provide real time price data. Without this feature, you are unable to get accurate evaluation for your trades.
- Flexible amount deposit. It is important for use paper amount that close to sum that you expect use for real trading. When you practice with demo account you are able to grant opportunity to learn the platform from software and offer you to develop strategies and test it.
There are two types of forex trading simulator software.
- First is the simulator software that corporate simple algorithm to mimic the broader market.
- The second is the simulator software that sophisticated platform that offers more realistic market.
Both of these two types of trading simulation is best and useful but the second one is offer greater value.
What are the best forex trading simulators?
Here are several forex trading simulator that you can choose if you want to train your skill to trade forex. It is crucial for trade to choose only advanced software simulator. The user friendly simulator platform might require upgrade due to the missing features.
No matter what, when you choose the simulator, whether it is powerful or minimalist software, the forex trading simulator give you manual tool for test the trading strategies from the historical data served and analyses the result data.
At the last, the whole purpose from having trading simulator software is to make you understand and get the most closest experience that similar with the real market to practice. All platforms that offered is as real as you use in real but not use real money as you trade in real market.
There only few people that become full trader in forex trading. Often, traders make their trading activity in their night, lunch or when get breakfast.
Know your market
Assuming that you work at nine to five every day, then you can trade in after or before you work. The best strategy to trade is either block of time that pick from the most active of currency pairs in time that you are trading. Know what time of major currencies market open will help in choose the major pairs. Classic Technical Analysis Tool Flaw for Today’s Forex Trading
For example, during time of 12.00-2.00 am, market in Japan and Europe is available in full swing and this will be great opportunity for part time forex trader to choose major currencies pairs such as JPY/EUR, EUR/CHF, or other pairs such as HKD/SGD.
During time frame of midnight then trader can choose AUD/JPY currency pairs as this is available for the major pairs. Remember, before place the bets, trader need to know and understand the market by learn the technical pairs as fundamental from the currencies.
Stop the loss order
Assume that you only able to trade with minimal amount in a day, for example, 2 hours. With this condition, the best strategy that you can do is let your computer as your trading partner. As the forex trading is so fluid, then when you do not have flexibility to watching market can leave you with missed too many opportunities.
Employ trading program can give you best strategy with giving you the updated information. The action of stop loss order means that the trading order is placed with the broker to sell the security when the item reaches the certain price.
Assume that you are go out for a while, then best strategies that work for part time trader can be price action trading. The price action trading is analyzing technical or currency pair’s charts and trading that based on the charts show you.
With this strategy, trader is able to analyze the bars, which is the current bar is higher high or higher low from the previous. The trader also can look up from the other indicator come from outside and inside bars.
Other strategies that can work
You can still trade in forex although you are unable to make trading for entire hour or at regular time every day.
- Search for long term trends
- Set up the trading orders
- Use the advanced technology
If you are still hesitates on green invests in forex trading. Then this explanation below might be able to make you rethinking again to start your forex trading.
Trading in all the time
One unique thing about trading forex is the transaction of trading that able to do on all times, except on weekend. You can trade 24 hours per day as you wish. You will have more opportunities for trade and also earn money. This also means that it is easier for those who started for investing although they have already full time jobs.
Trade with leverage
One other benefit from this trading type is you are trading with leverage. The type of leverage in Forex market is greater than you can find in other markets. In stock market, you might meet with comparison of 2:1 leverage. But in Forex, you are able to get potential leverage of 500:1. This means you are able to control large money with small amount from your capital.
The cost of transaction
Another thing that trader also get from forex trading benefit is cost from your transaction. In stock market, there are many traders that need to pay commission to their broker when they have trade. If you trade often, it can cost increasingly and take most of your trading profits. In forex trading, you can earn profit without worrying big commission to pay to your broker. Tricks to Find Best Online Forex Trading Broker for Better Forex Profit
Size and liquidity
There is sheer size in forex trading that also becomes advantage from the trading itself. The currencies exchange market becomes the largest financial market as far as in the world with more than $4 trillion in per day volume. This largest volume means that there are no single entities that can cornering it and make extended period.
One other thing, there are so many traders that involved in this market and this also means that the liquidity will easier to come. When you trade, this usually will be filled instantly.
It has less investment option
Compare when you trade in stock market, when you invest in currencies then you just need to choose at only 20 currencies to trade in forex. For compare, to invest in stock market, you have hundreds of options to consider as investments.
The other benefit from forex trading that make you need to consider as reason to invest in forex trading is the simplicity. When invest in stock and bond markets, you will need to learn about company financial statement and other things. In forex trading, you just need to be an expert from several different currency pairings.
Most of forex traders are trying to find the best strategy that gives them profit. You must know the strategy before choosing the most suitable one for trading.
The Blade Runner Trading
Forex traders tend to take the Blade Runner as their suitable strategy because it offers flexibility. You can use this trading for all currency pairs and timeframes. You can also pick the suitable breakouts only from trial trades.
Daily Fibonacci Pivot Trading
Just like the name of the forex trading strategy, you can mix Fibonacci and pivots whether in a day, week, month, and even in a year. You might try to combine Fibonacci with daily pivot because you have longer timeframes than any of pivot period of time.
Bolly Band Bounce Trading
Do you love to try any kind of market condition? If it is so you can try to apply Bolly Band Bounce trading. The best way to apply this forex trading strategy is by waiting for the right signals. The purpose of waiting for the right signals is to give great forex trading effects. As the result, you have bigger chance to earn profit.
Forex Dual Stochastic Trading
In this strategy, you can choose whether you want to use the fast or slow or even combine both of them. Just use this trading strategy to choose the best trading areas in which you get the trending price in short period of time. How to Get Profit from Forex Trading
Forex Overlapping Fibonacci Trading
This forex trading strategy is also a popular strategy for most traders. They tend to choose this strategy because it offers reliable and slower than the strategies listed above. The best one is on the great accuracy if you can combine it with the best signals.
London Hammer Trading
You may use this trading strategy during London session. Try to apply London Hammer trading when the price seems to be strong enough. You also need to check the condition of he support or the resistance and make sure that both of elements are also strong enough. By using the combination, you can get profit from the trading.
The Blade Runner Reversal Trading
If the Blade Runner trading focused on the trend before making a decision, you can do the opposite if you take the blade runner reversal trading. You just need to check the best condition and price reverse from the trend. Then, you can start to make a decision to gain more profits from the forex trading.
There is no best trading strategy. All of the strategies above can lead you to profit as long as you know how to make a decision. The best way to do is trying all of the forex trading strategy and find out the most suitable and profitable for you.
What is the best forex strategy that works? Actually, there is no exact strategy. All forex strategy can be worked for you. The best way to do is choosing a strategy that suit to you so you can use it to get maximal result. Instead of it, you may consider about your trading style.
Scalping Trading Style
There is a case that you have to take fast or short trades and scalping is the best trading style you can try. The idea of scalping is to beat the bid before you close the trades. Scalping is considered as a short or fast trading style because you can do it for a few minutes before closing the trade.
Day Trading Style
Just like the name, you can do daily forex trading and it is done before the end of the day. Day trading style is also a recommended style due to several benefits. For example, you can limit trades to prevent too many trades overnight. You just need to trade a few hours whereas you can set the bars and charts for a few minutes only.
Swing Trading Style
Do you need to do longer forex trading? Swing trading style can be a good option. By taking this trading style, you can see the position in a few days. As the result, you can find more profits in short price period of time. The best trick to get profit from swing trading style is by seeing the bars which appear hourly.
Positional Trading Style
Positional trading style is also a good option for you who want to take long trading forex. This style involves long term trend in order to get maximal profit. Position trading style is simpler than swing trading style because you just need to check the charts at the end of the trading day. Find Best Day Trading for Profitable Forex Trading
While choosing the best forex trading style, you still have to consider two different forex strategies which are following trend and not following it. Don’t forget to notice the price pattern to get maximal profit from the trades. If you want to follow the trend, you have to buy forex by the time the resistance breakdown and sell forex when the support level is fallen down. If you don’t want to follow the trend, you have to see the support and resistance level. You also have to check the market constantly for more stable and volatile forex trading. Try to use the styles and strategies so you can get suit to you and finally you get profit.
Forex trading is a business activity by selling and buying foreign currency in order to get some profits. The profits are gotten from the difference of the buying price with the selling price of the foreign currency. If you want to try this kind of trading, here are some strategies which may help you.
Sideways is the situation where the price is moving stable and tend to flat. This kind of movement is often happened, but not many traders take a chance of it because it is considered less potential. In fact, if the traders know the strategy of forex trading in sideways market, profits will be easily gotten. This kind of strategy uses resistance and support levels which is the upper and lower limit of the price within the range.
The resistance supports can be determined from many things, from manual way such as using Pivot Point method or Fibonacci tool. The basic principle is, when the price strikes a tested support, it will bounce up. As the price approaches the tested resistance, the first anticipated possibility of such a move is the price bouncing down after failing to break the resistance line.
Vice versa with sideways trading, this kind of forex trading strategy is effective when the market is trending. Trendline is basically a vertical line which acts as support when the price is up and resistance when the trend price is decreasing. Breakout happens when the price suddenly penetrates the trendline and changes direction. If the trendline line is strongly tested, then this breakout signal can be the beginning of a reversal or price reversal.
Categorized as the long term strategy which aims to get some profits from positive swaps, Carry Trade is a favorite strategy of big player in forex market. The key of success of this strategy is mostly located in the choosing of pair trading. That thing happens because the pair with 2 currencies which interest rates differ considerably will provide more profits. Besides, the fundamental analysis is also the the success foundation of Carry Trade. It is because it is important for the traders to understand and follow the update of central bank interest policy. Tricks to Find Best Online Forex Trading Broker for Better Forex Profit
Carry trade strategy is really vulnerable to the changes in central bank decisions, especially if the government likes to do intervention. So that make sure you are careful if you want to use this strategy of trading forex.
Forex trading is a trade of foreign currency. It is different from the activity of buying and selling foreign currency in Money Changer, because of the purpose. While buying and selling foreign currency is done so that the person is able to do some transactions overseas, forex trading is done in order to get some profits. Since this kind of trading is a business activity. Here are some informations you may want to know about trading forex.
The Functions of Trading Forex
In the process, trading forex has some main functions that gives effects to the actors. The functions of trading forex are divided into 3:
1. To Make the Currency Exchange Process Easier
In daily economic activity, people sometime need foreign currency. Whether it is used as business activity, shopping, trip, investment, and etc. The currency exchange is able to be done with a system that called Kliring. And one of the functions of forex trading is providing that service. Forex trading is able to be done online, so that you do not have to go to Money Changer. How to Behave Before Do Forex Business and Start Forex Trading
The second function of trading forex is hedging. Hedging means protecting the value. It is an act which is usually done by forex trader as a guarantee, so that the value of the investment funds is not decreased or loss when the trader sells foreign currency in 2 different markets. In this case, some banks are also taking roles, both bank inside the country and also foreign bank in the United States of America as the guarantor of the funds.
The third function of trading forex is to do arbitration. Arbitration is basically the difference of interest rate from 2 different currencies. And arbitration is an act which is done in order to get some profits from the difference of the currencies itself. Simply, this act is done by buying a low value currency in a country, and selling that currency in a country where the value of that currency is high.
Forex trading is just like double edged sword. You are able to get rich by trading forex and vice versa. Forex trading has a high risk so that you need to completely know how to do this kind of trading, and look for what kinds of risks which can happen. Make sure you are careful if you want to try this kind of trading called forex trading.
Forex is the abbreviation of Foreign Exchange, which means currency exchange. Here are all about forex or forex trading.
What is Forex Trading?
Forex trading or trading forex is a trading of currency from different countries. For instance, buying Euro (European currency) and selling USD (American currency) at the same time. In the perspective of common people, forex trading is an activity of changing money in Money Changer, or buying and selling foreign currency manually which is done in Money Changer. In fact, it is different. Usually, the purpose of people selling or buying foreign currency in Money Changer because they want to change their currency in order to do some transactions overseas. Learning The Basic Terms in Forex Trading
On the other hand, forex trading is done in order to get some profits. This kind of trading is a business activity, investigation, and it can even be a profession. The profits are gotten from the difference of buying price and selling price. Forex trading is not only able to be done physically, it is also able to be done on the internet. It is done in a platform called platform trading.
The actors in forex market are various, from multinational banks, big companies, countries, institution, and many more. Because the scope and the actors are global, forex market is really interesting and profitable. The market opens 24 hours because of the time difference all over the world. So that we are able to do forex trading anytime. Moreover, forex market does not have any specific physical locations. And here is the function of platform trading.
The Purpose of Forex Trading
Simply, the purpose of forex trading is to get profits from the ups and downs of the rates of currency exchange. The condition of the market and the price in forex market move very dynamically. They are able to change anytime quickly in response to economic events, politic events, disasters, wars, and many more. Specifically for countries which strong economy such as Unites States of America and Japan, if there is a sensitive information even though just a little bit, the rates of the currency will quickly move ups and downs. The traders see this event as a chance to forex trade.
The Opportunity of Forex Trading
Forex trading can only be done by big players such as big companies and institutions back then. But nowadays, all people can forex trade. With only $10, now you are also able to trade forex.
Since doing forex business is not an easy task, most people try to find guide or help to improve their profit. You are lucky because today there are some brokers that ready to help you. You need to choose right stock broker that can be found via online. In order to know best online broker that fits with your need, you better read some tips below.
Make Your Goal and Need Clearly
First thing that you must do when you are looking for online forex trading broker that fits with your need is knowing all things that you need first. You can check by click on the brokerage ads and you need to answer some questions. The questions will be related with what you really need to use, what your investment goal, what the platform that you want to use and some other things.
If you think that you don’t need broker help, you need to be independent. You need to learn about basic educational, you must know about terms and glossaries related with this business, and some other things. Online broker actually really helps you because you can get supportive staff, and you will know when the best time to start and then exit from your market.
Please Make The Field Narrow
Second way to find forex trading online broker is by narrowing the field. When you have already found your idea and your goal you need to decide basic service that you need. There are some broker features that offered to you and not all features are needed. It means you must choose features that you need by narrowing your field or chosen that suitable with your goal only.
Reputation is Important Thing
The other thing to consider when you are looking for best online broker is by checking the reputation of the online broker. Reputation will show how the online brokers help trader in doing their business. Reputation is also showing how the treat people who use their services. You can compare some options offered to you by online brokers such as methodology of this forex business. How to Behave Before Do Forex Business and Start Forex Trading
The next thing that you must consider is choosing trusted stock broker. You can read regulation of stock broker and finding the reliable one as your partner. There are some protection types that you can find too from some broker. There are some brokers offer you guarantee so you can use their help without feel so stress. You need to remember that you play with your money and you like to get more profit from this forex business.
Forex is like a gold that makes people like to have and earn. There are some people start to play as trader of this business although is not an easy task to do. Most people get profit but most other people get loses too. Some people try to continue their business and the other one chooses to stop and choose other business. Most of them who get some loses don’t know how to play and earn big profit with this business.
Actually when you do forex trading business, it is not always about knowledge that you must have. It is important to know about term, chart. Stocks market, broker and some other things related with this business but it is also important to know how to behave when you do this business. When you don’t know how to behave in this business, it will lead you to stress and get more loses too. So, what you must do then? You can get answers here.
Just Be Realistic with Business
First thing that you must do when you start with forex business is be realistic. You should think that you always want to be a winner but when you have already winning all the time or get 50% profit it times to stop first. It helps you to avoid bigger loses in the future time. You also need to know that all things have risks. When you know the risks then you will play with realistic way too. The most important thing that you must know is when the time you must enter and when you need to exit this business. What You Should Know about Forex Trading and Bitcoin
Please Stay Cool
Next tip that you must do when you start this forex trading business is staying cool. Some people feel so stress with all pressures in trading market. It will make you difficult to focus on your goal and what to achieve. It is good to take a breath when you think that you get a problem. You need to stay cool so you will not make your decision based on your heart but based on your analysis.
All traders need to learn how to keep greed too and then hope all things are good. All traders need to learn about fear so they know strategy to avoid their problems in the future time. Overall, all traders need to take decision not only because emotion but by logic.
Before you start your trading, it is good to make a plan. This plan is good to do evaluation after you do trading for a week or more. Now, it is time to try forex business.
Forex is kind of business that can be done by all people from all background. This business can be done by all people who want to learn strategy, method and focus on system of business. There are some benefits that you can get when you do this kind of business. You need to know some terms of this business too so you can run this business in smooth way.
Knowing about strategy, method, broker and also terms of this business is not enough. You need to know about day of forex trading too. What is day of trading? It is time to act selling or buying your financial instrument in the same day or more than one day. It will influence your position and lead you to get profit or loses in this business.
Use Your Knowledge as Power
How to know best time to trade? You need to have knowledge. Knowledge is your power that leads you to know and analysis all things. You should not only know about basic procedures in trading but what you need to know is stocks market, events in the world that influence your movement and some other things. You should find news and see the economic situation in some countries too.
Reading newspaper or finding information in some websites will really help you to always update your knowledge about news and economic situation in the world. Forex business will always relate with all things in the world and in market.
Accurate Calculation Before Day of Trading
How to know the best time to do forex trading? You need to calculate all things and set amount side too. It is good to know more about the risk of your trade. For all successful traders, they will get loses 1%-2% every trading activity. You also need to set surplus of the fund that you use for this business. The important thing is preparing yourself from loses that you will get. 4 Important Tools for Success Forex Trading
Day of Trading with Small Start
You can start your trade by using start small first. You can start a small and lose small too. It is good to start and focus on one of two stocks per trading sessions. When you start will few stocks you can track and also find your opportunities in easy way. You can increase your chance to get bigger profit too. You can use broker that help you based on your trading platform too. When you think that you are ready to start your trade then you can start your forex now.
Forex business is chosen by so many people in the world because it can be done from all places and anytime people want. Most people try to do this business because they know that they can get profit. Unfortunately they play this business without enough knowledge about trading. There are two common mistakes that usually done by people who do this business.
First they don’t know more about this forex trading and how to play with this business. It means they just play this business because of their friend’s iinvitation or they follow other people who have already played with this business and get more money. How to Get Profit from Forex Trading
Second, most traders can’t be consistent in this business. They are not patient and they don’t have strategy to play this business. Because it is big mistake that usually done by most traders, you need to know how to solve this problem if you want to success in this business. here, you can get some information about how to be focus in this business.
Accept Small Loses
When you do this forex business, please make sure that you consider your money as vacation money. When your vacation is over then you must earn money again. You need to prepare your heart too for small loses because small loses is common in this business. If you feel stress because of your small loses, it leads you to play this business in high risk tone. You will get more loses in the future time.
Count All Things First
The next tip to focus on your business is by calculating all things before you take action. You need to prepare 2% of your total money and you should not count it as your profit. It means you are ready to lose your 2% of total funds. If you have already played and lost more than 2% of your total fund, it times for you to stop first and prepare for new strategy of forex business.
Perform Your Analysis in a Week
Starting business needs a plan and you must do analysis too every week. On the weekend you need to do study chart to analysis your movement in a week. You can count again all things and you can check pattern and news of your trade. You can continue your trading when you have positive feedback and good analysis too.
After you know some ways to focus on your trading, you can choose to start this business and start be focus on your forex trading market.