Review Category : Brokers

Are Your Forex Brokers to Blame for the Losses?

Forex Brokers NASDAQ

When you trade on the forex market you should know that you are going to be suffering some losses.  There are a lot of traders who blame their forex brokers for the losses they make on the market.  When you trade on the forex market you should differentiate between times that your broker may be to blame and the ones that you caused.

Scams with Forex Brokers

Forex brokers platform scams are not as prominent now as they have been in the past.  Before the regulation of forex brokers in certain countries there were a lot more scam brokerage companies that lost people money.  Of course, this does not mean that there are no more scam brokerage companies.  There are still a large number of brokers looking to scam would be traders out of their money.

While you can blame the scam forex broker for your loss of money you should also take some of the blame.  It is important that you research the broker you are going to use and determine whether or not they are legitimate.  The first way to do this is to check where they are located. If they are located in a regulated country, then look at the regulatory board’s website to find information on the broker.  If they are not in a regulated country you will have to rely on what other trader have to say about the broker.

Having Bad Order Execution

When you trade on the live market you are not going to get instant order execution.  While this should be kept in mind there is a limit to how long the order should take to be executed.  If you forex broker has taken longer than this amount of time then you can possibly blame them for a loss of profit.  Of course, there is very little you can do because there is no trader recourse for this.

When you suffer from slow execution you have to consider a few points.  You need to think about any other times this has happened.  If this only happens once then it could have been single problem with the broker that will not be repeated often.  However, if you regularly have extremely slow execution then you may want to consider a different broker.

When The Market Unexpectedly Moves

One of the most common times when a trader loses money is when the market takes a sudden swing against their trade.  At these times some traders do look to blame their brokers.  This is an illogical thing to do as there is no way for a broker to regulate the market.  There are certain times when a trader will lose money and they just have to accept it.  This is one of those times because there is little anyone could have done.

Orders

A lot of new traders and emotional traders blame their broker when there is something wrong with their order.  If the trader loses money because they did not have a stop loss they often blame the broker.  This is something that only the trader can be blamed for.  The setting of a stop loss is the trader’s responsibility and if an order is opened without one then the trader is at fault.  Many brokers do have automatic stop loss orders that are placed with a trade, but where this level is set should be checked by the trader.

 

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Australian Forex Brokers Review: FXCM LLC

australian forex brokers FXCM

FXCM Holdings LLC is a company that has made it into the fastest growing company list for 3 years running in the United States. They have their headquarters in New York but they have offices in the UK, Japan, Hong Kong, Paris, Milan and of course Australia. To demonstrate their pedigree, the company is registered and regulated in all the countries where they are located. As at the 30th of June 2012, the company had 250,000 accounts being traded regularly. An average of $250 billion in notional volume is traded each month on the trading platforms offered by FXCM.

Trading accounts

FXCM offers different accounts. Some are meant to cater for individuals that are new to trading while others are meant to cater for the more experienced traders.  To open a standard account, the trader must come up with a $2,000 initial deposit. The mini account is for newbie traders and the amount required to open the account is $50. Traders can also choose leverage from 1:1 to 1:200 without any restrictions regardless of account type or size.

Traders are also given a $50,000 demo account and it is available for 30 days. There is no distinction between the conditions in the demo account and a live account.   However, the trader needs a separate username and password for each account type.

Spreads

The typical spreads available for FXCM traders is 2.6pips for EURUSD and 3.1 pips for GBPUSD. Other major currency pairs are also competitively priced and even the crosses and exotics are also competitively priced.

Registration process

The registration process for real money accounts may look long to newcomers to the trading world but it is basically the same as what is obtainable with other Australian forex brokers. The initial form you’ll be required to fill will ask for your personal information, financial details employment status etc. You will equally have to present a valid photo ID and a utility bill as proof of residency. After the account number is issued, you can easily fund your trading account through credit cards, bank wire paper checks and a few e-money methods.

Features of trading platforms

FXCM traders have to download the FXTS platform onto their desktops. The environment is one that is user friendly and unlike many other proprietary platforms, it is intuitive.  The platform can also be easily customised depending on what the user prefers. There is the stop loss and take profit feature, trailing stop and limit orders as well.

Charting tools however has to be gotten from another website. If the trader wants to include it on the platform, then a plug-in has to be downloaded.

Customer Service

FXCM provides 24/7 customer support. This means they are on hand to answer any questions during weekends even when the market is closed.  The customer service personnel are multilingual and they speak over 20 different languages. All calls are toll free, a nice addition for traders who wouldn’t want to use the chat or email options.  If your account is over $25,000 you will be offered VIP support.

Why they are one of the best Australian forex brokers

FXCM is a strong company with a wide coverage around the world. They offer high liquidity and their financial assets is matched by only a few brokers. With their innovative tools and features, there is no doubt that they will be an excellent choice for any trader.

 

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Traders and Investors in Foreign Exchange Sydney

Foreign Exchange Sydney Reports

There are two main players on the foreign exchange Sydney and they are traders and investors.  It is important that you understand what these players use the market for and where you fit in.  There are certain major investors that can cause issues for the traders and you should know what this is.

The Major Investors of the Foreign Exchange Sydney

There are certain major investors that use the foreign exchange Sydney and you need to know about them.  There are four major investors that you should pay attention to:

  • The investment banks – investment banks help business start up and they will buy and hold positions on the forex market.
  • The mutual fund – there are a lot of people who look at mutual funds as a means of making money.  These funds make their money through other means such as investing on the market.  They cannot act as traders by law.
  • The institutional investor – these investors are large companies that hold large amounts of currency to make a profit from this.
  • The retail investor – the retail investor does not have a very big impact on the forex market because they generally do not hold the same volume as other investors.

The Difference Between Traders and Investors

There are a lot of people who feel that investors on the forex market are actually traders.  The truth is that this line can very easily be blurred because of the way investors work on the market.  When the investor opens a position they are essentially trading.  However, certain investors like mutual funds are not allow to actively trade by law.

Where You Fit?

As a retail trader you might wonder where you fit into the world of forex trading.  The retail trader is actually the lowest rung on the forex market ladder.  Investors and major traders are able to cause movements in the market if there is limited liquidity or their trade is large enough.  This is something that very few retail traders will ever be able to do.

As a normal retail trader you will simply make a profit from the market movements.  This means that you wait for the market to move and profit from these clear movements.  There are some cases where retail traders have been able to move the market, but these cases are rare and often done by professionals.

The Relationship between Trader and Investor

The fact that certain investors can move the market is a problem for many retail traders.  Most market drivers have some form of warning that you can use to determine the price movement.  However, investors will not publicise what they are going to do.  This means that any market movement they create can be unexpected and move the market in the opposite direction you are trading in.

This is one of the reasons why you should look at liquid currency pairs.  The more liquid the currency pair is the lower the impact of these high volume trades.  When you trade with a low liquidity currency pair you are going to see volatility caused by investors.

 

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Does Personality Harm Currency Trading Success

Currency Trading emotions

There are a number of losses that you will suffer when currency trading that you have to accept.  However, you should not accept all of your currency trading losses.  There are some losses that can be prevented.  You have to consider whether or not your personality is going what is causing your losses.  To do this you have to consider how your personality can affect your currency trading and what you can do to get around this.

Human Variation with Currency Trading

Human variation is the movement of people into professions and activities that appeal to them.  Most people will gravitate toward things that they will enjoy or suit their personality.  When this is done people are generally happy and more successful in their career.  However, people who are forced or drift into a position may not be as successful.  These unsuccessful drifters generally land in roles that conflict with their personality or views on life.

How Your Personality Affects Trading

When you are trading you have to complete certain tasks even if your personality is unsuited to these tasks.  This can lead to a pattern being established that allows you to still do well at these tasks or to completely fail at them.  There are two types of personality traits that should be considered when determining if trading is right for you.

  • The doers – doers are people that are generally at peace with themselves and able to act quickly.  The quality of this reaction is usually secondary to the actual reaction.  These people are also more restless and impatient than others.  Many of these traders can be considered workaholics and extremely driven.  This kind of behaviour actually leads to mistakes when trading and later emotional trades to make up for the original mistakes.
  • The thinkers – thinkers are more likely to take their time and doing things carefully.  These traders look more at quality than speeds which means they often make fewer mistakes than the doers.  However, these traders also do less overall which leads to less profits made in the long run.

You Personality

If you are a pure thinker or doer, and very few people are, then you are likely to fail quite badly at trading.  Pure doers will overtrade and be too ready to take unnecessary risks resulting in losses.  However, the pure thinker is likely to freeze for a while and do nothing.

The essential problem with these personality traits is that the doer does too much while the thinker does not do enough.  If you fall into either of these extremes you should not look at trading as a viable option.

Having Your Comfort Zone

Everyone has a comfort zone that they are happy in and generally do not want to leave.  However, if you never leave your comfort zone then you are never going to be able to learn.  If you are a doer then you comfort zone is acting and thinking later.  To move out of this trading trap you have to take the time to think things through.  The same can be said for the thinker, the need to simply act instead of thinking everything through first.

 

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5 Ways To Get Forex Training From Home

forex training experts

Forex training is a business you can do right from the confines of your living room.  Unlike some home based businesses, you can complete your forex training without leaving your home if you wish. We are going to see how you can achieve this easily but before that, it is important for you to understand the need to ensure you are grounded in the business properly before  going on to invest live funds into it.

How you can complete your forex training at home

Start by reading extensively
Thanks to Google, it is now relatively easy to understand how the market works by spending time on certain webpages.  There are many websites that offer a one-stop shop for your forex training. They teach the basics of trading, trading strategies etc.  You can get detailed PDFs and Videos on most of the topics. You will run into webpages that will ask you to pay fees before you can access some training information. If you are low on capital, you can ignore such webpages and look elsewhere. Every information you need to succeed in this market can be gotten online free of charge.

Try out what you’ve learnt on a demo account
The only way to know if you have made progress after all the training is to open a demo trading account. This will help you practice everything you have learnt and also try out different trading strategies.  You will also be able to learn how to find your way around the trading platform that you will be using. The demo accounts will help you get a feel of what the trading environment is like before you go on to invest live funds.

Register on various forex forums
Some forex forums are very good places to go to for people looking to learn how to trade.  They are like virtual communities where individuals from all around the world come together to share trading ideas.  You will get to meet different kinds of individuals in these forums.  There are newbies like you, intermediate level traders and the old heads.  There are also individuals who are just there as resident trolls!

Focus on finding individuals who are there and ready to share information with other traders.  You can get lots of valuable advice free of charge here as some people would be willing to lead you by the hand and teach you other areas of trading that you may not know.

Look for a local trading group
There are many local offline trading groups you can join but you must be careful to avoid members of such groups who would rather trade for you than teach you how to trade.  If you are able to find a good trading group it will be easy for you to learn face-to-face from highly experienced traders.

If you are committed to the forex training process you will be ready to start live trading after 3 months.

 

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Tips Related To Your Forex Brokers

Forex Brokers

There are many traders in the forex market that flood review websites and forex forums complaining about their forex brokers. The usual complaints are either related to slippage or the broker choosing to ban the particular trader because of various reasons.

This happens because the trader chose the wrong broker while considering various brokers available in the market. This is particularly common with new forex traders because they do not know the right things to consider while evaluating potential fx brokers and are especially unaware of how to use these brokers.

You will be relying on your forex broker for a lot of things in your trading career. Therefore, you should not only know how to choose them but also how to maintain a working relationship with them. Here are some tips pertaining to forex brokers that should help you.

Understand Their Operations

Before you even start looking for fx brokers, you should first understand the two working models that they are based on. The most basic FX brokers are those that take forex rates from banks and then stream them to you through the trading platform.

The more advanced FX brokers are also known as market makers because they create a market for forex traders as opposed to giving them access to a third party’s market.

Be Careful of Who You Choose

Forex brokers are not changed on a whim. Most traders only experience the services of two to three brokers throughout their career. However, these brokers are still very important.

This is why you have to make sure that you choose your forex brokers carefully because it is not easy to switch from one to another. You can guarantee the quality of your chosen FX brokers by researching extensively.

Match Policies with Your Trading Process

You need to look for those forex brokers who do not place any restrictions on your natural forex trading process. This means that you need to go through their policies and see what kind of rules and regulations they have for traders. One example of how this is relevant is that some FX brokers do not allow scalping in their systems.

Maintain Proper Etiquette

After you have researched multiple forex brokers and opened an account with one, there will come a time when you may need to approach their customer support department for some kind of help or complaint.

At this point, you must remember to maintain proper etiquette and be professional with them. There are many forex traders who have misbehaved with their forex brokers only to suffer because of it later.

Know Whom to Complain To

Finally, you have to know the base of your forex broker because this would allow you to be aware of their regulating authorities. Forex brokers can be based anywhere in the world and do not just have to be based in Australia.

Most countries have some kind of a regulating body for overseeing their forex brokers. You should be aware of them as you may need to file a complaint or even just mention them in a conversation with your broker.

 

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Tips for a Good Foreign Exchange Melbourne Trader

Foreign Exchange Melbourne

Becoming a good foreign exchange Melbourne trader is not easy, as there are so many things that you need to learn and do to become successful. You need to understand that trading forex is not as simple as it seems and if you are not careful, there is a big possibility that you may lose big money on your trade. The percentage of traders who fail to succeed and survive in this market is as high as 95%.

You need to keep in mind that the forex market is risky and volatile and you should not place a trade unless you gain adequate knowledge and experience. Most traders start trading without a plan and rely on luck to help them succeed in this trade.

Top tips to become a good foreign exchange Melbourne trader

The first thing that you need to know to become a good foreign exchange Melbourne trader is to understand that although the forex market is full of profit making opportunities, it also has its inherent risks. If the trader is not careful then the trading account can be wiped out with a few losing trades.

If you want to profit in trading you first have to recognise the market and define your risk tolerance in a clear manner. Before you engage in forex trade, it is important that you analyse your financial goals so that you understand your specific needs and requirements.

Choose the Australian forex brokers carefully so that you are able to get a good trading platform. It is best to choose a regulated broker so that you are assured of their reputation and reliability. This can also ensure that you get good customer service from the broker of your choice.

Irrespective of whether you are a beginner or experienced foreign exchange Melbourne trader it is best to place small trades so that you are able to minimise the risks of trading. When you place small trades, you may be able to safeguard your investments even if the market moves in the opposite direction of your trade.

It is best to focus on a single pair of currency so that you do not get confused understanding the complexities of different types of currency pairs. Although there are hundreds of currencies that you can trade, it is best to stick with those that are popular and actively traded.

Discipline is important for success as a foreign exchange Melbourne trader

If you want to be a successful foreign exchange Melbourne trader, it is important that you trade with discipline. When you trade in a disciplined manner, you may be able to avoid emotional and impulsive trading. It is best to trade when you are calm and composed so that you are able to take important investment decisions in a planned manner.

It is best to keep a record of all your trades so that you are able to analyse and learn from your mistakes. When you keep a journal, you may be able to decide on the currency pairs and strategies to be used easily.

 

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Tips to Improve Performance in FX Trade

FX

If you want to succeed in the fx market you need to improve your trading performance so that you are able to get regular returns on your investments. You need to know that nearly 95% of new traders fail to succeed in this volatile market. If you want to survive and succeed in this market it is important that you are clear about your financial goals and gain in-depth insight about the fundamentals of this trade.

You may be surprised to know that most traders fail to make money in the forex market and may lose all their investments within a few trades. Although the popularity of this market helps attract many new traders in Australia most of them leave the market disillusioned, as they are unable to make consistent profits.

Top tips to improve performance in fx trade

You should treat investments in the fx market as a business and not as a hobby. You should know what you want from your trading so that you are able to have a good plan. When you have a clear plan of what you want to achieve you may be able to improve your success.

Leverage is an exciting tool to use to enhance the profits that you make from this trade. However, if you want to improve your performance it is best to use low leverage so that you are able to safeguard your investments even if the market moves in the opposite direction of your trade.

If you want to manage the risks that are inherent to the fx market you can choose to trade one percent of your account for each trade that you place. You can also make use of stop loss orders as a trading strategy. This ensures that the open position of a trade closes automatically when the price of the currency pairs you are trading reaches a certain level.

It is advisable to use a multi timeframe when you are placing a trade. You may be able to understand the markets better when you use a longer timeframe. You can make trend your friend so that you are able to place a trade easily based on this information.

Focus on a single pair of currency. You need to understand that each pair of currencies has their own unique characteristics and you need to be aware of it when you make the choice. The strategies you choose should also suit the currency pairs you wish to trade. This can help improve your success ratio.

Knowledge is important for success in fx trade

You should learn as much as possible about the forex market so that you are able to trade confidently in this market irrespective of the favourable or unfavourable conditions. Remember that the fx market is constantly changing and unless you keep yourself updated about the latest news and events you may not be able to time your trade in an effective manner.

You may be able to see long-term improvement in your trading only when you acquire knowledge and experience. This can also help you make consistent profits.

 

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Tips to Make Money in Foreign Exchange

foreign exchange

If you want to make money in the foreign exchange, you need to understand the forex market, learn the use of trading platforms and strategies and acquire knowledge and experience in placing a successful trade. Most beginners may find this overwhelming and get confused. This prevents them from making use of the many profit-making opportunities available in the market.

Top tips to make money in foreign exchange

If you are keen to succeed and make money in foreign exchange, it is important that you acquire knowledge that is relevant to this trade. Before you start trading in the forex market, it is important that you are trained so that you are able to learn more and trade successfully.

You can opt for a reputed online forex training programme and learn the different aspects of this trade as per your convenience. When you gain knowledge, you may be able to understand the market better and this can enable you to make more money on your trades.

You need to find a reliable broker if you want to achieve success in this volatile market. It is best to choose brokers who are licensed and regulated by the Australian Securities and Investments Commission (ASIC) so that you can be assured of their reputation and customer service.

It is best to learn money and risk management skills. Without proper money and risk management, you may never be able to succeed in this market. You may be able to minimise the risks and maximise the profits when you learn these skills.

You should learn to trade without emotions as negative emotions can only increase your losses. It is best to avoid impulsive trading as it can increase the risk of trading. If you want to be a successful trader and make money in foreign exchange, it is important that you trade with discipline. You may be able to avoid emotional trading easily when you trade in a disciplined manner with a good plan.

It is important to keep yourself updated about the latest economic and political news and events so that you are able to seize any opportunity available in the market. Most of the favourable trading opportunities last only for a few minutes and when you place a trade during this period, you may be able to make more money from your trades.

Practise on a demo account for success in the foreign exchange

It is advisable to practise on a demo account provided by reputed brokers so that you are able to learn the skills and gain requisite experience to place a trade in the forex market. You may also be able to test the strategies you plan to use when trading different pairs of currencies. It is best to choose a practise account that suits your specific needs and requirements.

You need to remember that you may not be able to achieve overnight success in the foreign exchange market. Brokers and other service providers who make claims of making you an overnight millionaire are best avoided.

 

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Prepare Thoroughly Before You Trade Any Forex Position

Forex

Trading the forex markets is often regarded as an easy process, and one that will make traders millions overnight. In reality, it is much harder than that to become successful in the forex markets, and only those that train themselves to be more effective traders can hope to generate profits that are stable, consistent and reliable. One of the key components to successfully trading in any forex market is preparation, and traders should aim to prepare as thoroughly as they possibly can before entering any individual trade. In some cases, this is easier than others, particularly where traders need to find options for a quick decision. In those circumstances, it is helpful if traders already know how they intend to trade, in order to make the best decisions when the circumstance demands.

Forex trading without preparation is like walking into battle blindfolded – you need the full picture before you can comfortably trade. That means doing the fullest extent of your analysis, research and study work before you hit the markets initially, in order to give yourself a fighting chance of performing successfully in the financial markets.

Why Forex Trading Requires Solid Preparation

The forex markets are constantly moving, changing and evolving, and this can make it difficult to find regular trading opportunities that are feasible. In these instances, the preparation you have put in beforehand will determine how successful you can be when it comes to trading for real. It is often the case that traders need to know and understand positions before they can hope to trade them successfully and profitably. Without this preparation and understanding, the chances of finding positions that will turn a profit on a consistent basis seriously diminishes, leaving traders interacting with complicated, difficult markets in order to get the results they need.

How To Prepare For The Forex Trade

Before you get into a particular forex trade, you need to lay the ground work for your results. That means preparing, through thorough research and analysis, for the markets and positions you intend to trade. Some positions will require more work than others, but so long as your focus remains on analysing and interpreting data in these markets, you should be able to find out enough to trade in either direction with confidence. Do as much reading as you can, and make that the focus of your day – you can never be too prepared, and the more knowledge you can gather, the more effective you will be when it comes to trading for real.

Fail To Prepare For Forex? Prepare To Fail

Preparation is the majority of the labour in forex trading, and it is this preparation that will separate those that make a success of their trading from those that find it particularly difficult to break through. By failing to prepare, you are preparing to fail – it sounds like a cliché, but it is true. Before you can trade forex competently, you need to make sure you understand the markets, the factors influencing them, and the different elements of the trading puzzle in order to give yourself the best chance of a successful trade.

 

 

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