Review Category : Trading Platforms

Still Struggling With Your Foreign Exchange Trading?

foreign exchange trading choices

No matter your experience or financial capabilities, you can succeed in foreign exchange trading. The reason why many people fail is that they are not able to make the necessary adjustments. Some keep on repeating the same mistakes they’ve been making in the past and expecting to have different results. It doesn’t work out that way. What steps should you take to turn your trading results around?

Consider moving to a new foreign exchange trading platform

There are many kinds of trading platforms available. Some of them look very good on the surface but in reality, they make trading very difficult. For example, there are trading platforms where it is not possible to close out half of a position without exiting the trade entirely. There are also platforms where you cannot exit a trade until you have closed positions you opened before it. Some traders have to go through the hassle of switching around two platforms because the platform with their account does not support certain indicators. If you feel your trading platform is holding you back, move to a new one!

Stop leaving your trading to luck

Many traders often take positions in a “trade and hope” manner.  Instead of practicing good management techniques, they enter trades placing all of their trading capital on the line while hoping and praying it goes their way. Such trades work out but only 1 out of 10 cases. Most of the time the trader will close the trade before it goes in their favour. This is because they can’t stand the thoughts of losing their account and so they close the trade as soon as they see a drawdown of 15-20pips. If the trader used a reasonable trade size, he could have afforded to hold the trade for longer.

Stop looking for validations

No matter the kind of system you give to certain traders, they will never trust it or take positions when they are supposed to.  They will still go on forums seeking validation from other traders around  in bid to see if anyone is taking the position with them or not. This lack of self-confidence has destroyed the trading account of many traders.

Leverage is a killer

No matter how this point is emphasised, many traders still keep making the same mistake over and over.  If a broker allows you to take 1:1000 leverage, you are not under compulsion to use it. Nothing stops you from using a 1:200 or 1:500 at most.  When you select very high leverage, you will be tempted to use high lot sizes and enter too many positions

Consider changing your broker

If you have noticed any shady dealings in your trading, don’t hesitate to take your money elsewhere.  The most common way brokers cheat traders is by triggering their stop loss even when the market is still 2 or 3 pips away from it.  Anytime your stop loss gets triggered check what the price says with other brokers.

 

 

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Foreign Exchange Melbourne Broker: Etoro

foreign exchange Melbourne etoro

When it comes to social trading; only a few brokers come close to eToro.  It is not an overstatement if you refer to them as the biggest social investment network around today.  They have provided the tools that will help individuals to tap into the knowledge of expert traders in order to make better investment decisions.

Social networking is no longer what it used to be as it has grown exponentially in the area of investment. EToro made this happen when they launched the OpenBook social trading platform. With this platform, people can easily follow trades taken by other traders and also share trading experiences.  With the platform, traders are encouraged to discuss with one another, share knowledge and make money together.  Of course no-one is under obligation to trade in this manner as eToro still offers the typical forex trading platform.

General forex broker information

The broker came into business in 2007 and their headquarters are in the British Virgin Islands. They allow traders to choose up to 1:400 in leverage.   Their minimum deposit is $50, making it a good option for traders that have low trading capital but still want to enjoy top quality broker services. Languages available on their platforms include Japanese, Italian, French, Spanish, Chinese, Russian, Arabic, German and English.  They are regulated by the ASIC in Australia and they are also regulated in all the countries where they are located. Foreign exchange Melbourne traders can therefore trade with confidence.

eToro trading platforms

eToro offers 3 trading platforms. This includes the now very popular eToro OpenBook, their mobile trading platform and the WebTrader. With the Webtrader, you can place trades anywhere without installing any software. The platform offers a very beautiful and excellent user interface that is loved by both old and new traders.

The OpenBook platform is the bedrock of their new social guru trading program. As a social guru, it is easy for expert traders to assume mentor status and lead as many traders as possible to successful trading. You will be able to guide your copiers with your own perspective of market conditions through the eToro OpenBook discussion portal and blogs.  This way you answer questions from your followers and support them while building friendships.

Some traders have successfully become “social gurus” by copying other Social Gurus in combination with their own strategies. Anyone that qualifies as a social Guru receives pay-outs at the end of each trading month.

Another unique feature of this broker is their eToro chat feature which allows traders to chat with other eToro traders live.  The chat feature comes with all the standard whistles and bells like the ability to appear offline voluntarily, create private rooms etc. A foreign exchange Melbourne trader can therefore swap ideas with traders in London, Israel and Paris.

The eToro social forex trading platform may not be suitable for all kinds of traders but it is definitely worth considering if you are a new trader still looking for guidance in the market. If you also find forex trading to be a very lonely road to travel on, this is the best broker for you!

 

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Positive And Negatives Of The Foreign Exchange Market

foreign exchange market positives and negatives

Online foreign exchange market  trading has continually grown in popularity all around the world. With the internet, it is now very easy for people to find resources that help them become traders, and this has increased the number of people angling to take the leap into online foreign exchange market trading.  Here are some positives and negatives to consider if you are still pondering taking the leap into trading.

The positives of the foreign exchange market

Ease of the process:  Becoming a professional forex trader takes quite some time but the basic trading principles and concept is fairly easy to learn. Accessing the market and starting trading is also a fairly quick and easy process with very minimal documentation unlike other forms of trading.

Accessibility: Anyone that is able to get connected to the web can begin online forex trading.  With an internet connection, you can sign-up under a broker and begin taking trades.

High leverage:  With the ability to trade on margin, traders can trade amounts much higher than his initial investment. This means that even the smallest movement could result to significant profits or losses as the case may be

Liquidity:  The forex market delivers turnover of 4 trillion dollars on a daily basis so there is no other market that provides the same type of liquidity.

Transparency:  Unlike other forms of trading, it is very easy to see what is happening with all the tradable instruments at once. The information can be accessed for use in analysis by anyone.

Transaction costs: Unlike other markets, the cost of opening positions is very low, especially when compared with the profit potential. No other market comes close in this regard.

Ability to make money from falling markets:  It is only in the forex market that trader makes money regardless of the direction of the underlying market.

Availability of learning resources: All over the internet, there are so many free resources to aid in the learning process.  This encourages people to take up online forex trading.

The negatives of online forex trading

Leverage: This is touted as one of the advantages of forex trading but it can also be detrimental to the trader if it is not properly managed.  This is why the trade must keep an eye on the used and free margin at all times to avoid overcommitting too much funds into one particular trade.

Addictive:  This is one huge negative about forex trading. Most of the time, losing traders finds it hard to stay off the markets even though they are obviously not making any headway in their trading. This leads them into depositing more money into their account until they are down to the bare bones.

Anti-Social: Most first time traders end up anti-social because they are obsessed with calculations and postulations of how much they stand to gain if they win a trade. Other traders can also be engrossed in finding a strategy that works. This time spent alone could end up turning the traders account history for the better but relationship and family life could take a hit.

In general forex trading is a good way to delve into the financial markets but the trader has to make sure he is aware of the negatives so as to be ready to combat it.

 

Self-Education-Fortune


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  • 14 Video Lessons
  • Free One-on-One Training
  • A 5000$ Training Account
  • In-House Daily Analysis
  • Get FULL ACCESS
Become a forex trader!
Read More →

Positive And Negatives Of The Foreign Exchange Market

foreign exchange market positives and negatives

Online foreign exchange market  trading has continually grown in popularity all around the world. With the internet, it is now very easy for people to find resources that help them become traders, and this has increased the number of people angling to take the leap into online foreign exchange market trading.  Here are some positives and negatives to consider if you are still pondering taking the leap into trading.

The positives of the foreign exchange market

Ease of the process:  Becoming a professional forex trader takes quite some time but the basic trading principles and concept is fairly easy to learn. Accessing the market and starting trading is also a fairly quick and easy process with very minimal documentation unlike other forms of trading.

Accessibility: Anyone that is able to get connected to the web can begin online forex trading.  With an internet connection, you can sign-up under a broker and begin taking trades.

High leverage:  With the ability to trade on margin, traders can trade amounts much higher than his initial investment. This means that even the smallest movement could result to significant profits or losses as the case may be

Liquidity:  The forex market delivers turnover of 4 trillion dollars on a daily basis so there is no other market that provides the same type of liquidity.

Transparency:  Unlike other forms of trading, it is very easy to see what is happening with all the tradable instruments at once. The information can be accessed for use in analysis by anyone.

Transaction costs: Unlike other markets, the cost of opening positions is very low, especially when compared with the profit potential. No other market comes close in this regard.

Ability to make money from falling markets:  It is only in the forex market that trader makes money regardless of the direction of the underlying market.

Availability of learning resources: All over the internet, there are so many free resources to aid in the learning process.  This encourages people to take up online forex trading.

The negatives of online forex trading

Leverage: This is touted as one of the advantages of forex trading but it can also be detrimental to the trader if it is not properly managed.  This is why the trade must keep an eye on the used and free margin at all times to avoid overcommitting too much funds into one particular trade.

Addictive:  This is one huge negative about forex trading. Most of the time, losing traders finds it hard to stay off the markets even though they are obviously not making any headway in their trading. This leads them into depositing more money into their account until they are down to the bare bones.

Anti-Social: Most first time traders end up anti-social because they are obsessed with calculations and postulations of how much they stand to gain if they win a trade. Other traders can also be engrossed in finding a strategy that works. This time spent alone could end up turning the traders account history for the better but relationship and family life could take a hit.

In general forex trading is a good way to delve into the financial markets but the trader has to make sure he is aware of the negatives so as to be ready to combat it.

 

Self-Education-Fortune


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  • 14 Video Lessons
  • Free One-on-One Training
  • A 5000$ Training Account
  • In-House Daily Analysis
  • Get FULL ACCESS
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FXTG: One Of The Foreign Exchange Sydney Brokers

foreign exchange Sydney FXTG

FXTG has been in Australia since 2005. They are fully regulated by the ASIC. According to them, their major target is to ensure that every foreign exchange Sydney trader has all the necessary tools required for success.

Basically, their focus is on ensuring that forex trading is demystified and that traders are always satisfied by their professional method of handling trader problems. The company’s employees are working round the clock to ensure that clients are kept happy. All of this, coupled with their low 1 pip spread, make FXTG a rather obvious choice for many foreign exchange Sydney traders.

Basic Information

They allow traders to choose leverage from 1:1 to 1:500. At $500, the minimum deposit can be said to be on the high side. They allow trading of micro lots and their website and platforms can be viewed in English, Arabic, Hindi, Spanish, Japanese, Italian, German, Dutch, French and Chinese.

A look at the trading platforms

They offer the popular metatrader 4. This comes with boundless opportunities and takes care of traders at all levels.   The MT4 still remains the platform of choice for many traders as it offers them the option of being able to configure the charts according to their personal preference.  Apart from the MT4 platform, there is a web trading platform aimed at allowing traders to trade from a second computer.  One login and password can be used to access both platforms.  The web trader is very user friendly and trades are executed in an instant.

In line with global technological advancements, FXTG has a mobile trading platform.  Almost all traders would want to have the option of monitoring their trades on the go and so, the company has made the apps available for iOS, Android and BBOS devices.  With the very intuitive user interface, you won’t require help to use the application.

Unique features of this foreign exchange broker in Sydney

FXTG has several unique features that make it stand out amongst other foreign exchange brokers in Sydney. Firstly, they have a retention department that is virtually second to none.  They hold weekly webinars and offer on-on-one training to individuals. This encourages traders to ask any questions or seek clarifications regarding any area of market speculation or the company’s operations. They have even helped many individuals develop good forex trading strategies!

This broker also offers ECN accounts for individuals who prefer low variable spreads. With over 180 symbols available to trade, you won’t have problems spotting opportunities in the market. The instruments include CFDs, Forex, Indices and commodities.

With their auto trading facility, the traders can choose from over 200 expert traders and allow the experts to execute trades on their behalf.  Interestingly, they offer protected accounts.  With this, all losses incurred within the first 30 days of trading are refunded to the trader while the trader gets to keep all profits made! This is quite astonishing and almost unheard of amongst brokers.

Their dealing room is accessible 24 hours of the day and they always respond to questions pretty quickly. They deal with any technical issues witnessed by their traders very efficiently. This is why you will never experience any form of requote while trading with them.

 

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  • 14 Video Lessons
  • Free One-on-One Training
  • A 5000$ Training Account
  • In-House Daily Analysis
  • Get FULL ACCESS
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FXTG: One Of The Foreign Exchange Sydney Brokers

foreign exchange Sydney FXTG

FXTG has been in Australia since 2005. They are fully regulated by the ASIC. According to them, their major target is to ensure that every foreign exchange Sydney trader has all the necessary tools required for success.

Basically, their focus is on ensuring that forex trading is demystified and that traders are always satisfied by their professional method of handling trader problems. The company’s employees are working round the clock to ensure that clients are kept happy. All of this, coupled with their low 1 pip spread, make FXTG a rather obvious choice for many foreign exchange Sydney traders.

Basic Information

They allow traders to choose leverage from 1:1 to 1:500. At $500, the minimum deposit can be said to be on the high side. They allow trading of micro lots and their website and platforms can be viewed in English, Arabic, Hindi, Spanish, Japanese, Italian, German, Dutch, French and Chinese.

A look at the trading platforms

They offer the popular metatrader 4. This comes with boundless opportunities and takes care of traders at all levels.   The MT4 still remains the platform of choice for many traders as it offers them the option of being able to configure the charts according to their personal preference.  Apart from the MT4 platform, there is a web trading platform aimed at allowing traders to trade from a second computer.  One login and password can be used to access both platforms.  The web trader is very user friendly and trades are executed in an instant.

In line with global technological advancements, FXTG has a mobile trading platform.  Almost all traders would want to have the option of monitoring their trades on the go and so, the company has made the apps available for iOS, Android and BBOS devices.  With the very intuitive user interface, you won’t require help to use the application.

Unique features of this foreign exchange broker in Sydney

FXTG has several unique features that make it stand out amongst other foreign exchange brokers in Sydney. Firstly, they have a retention department that is virtually second to none.  They hold weekly webinars and offer on-on-one training to individuals. This encourages traders to ask any questions or seek clarifications regarding any area of market speculation or the company’s operations. They have even helped many individuals develop good forex trading strategies!

This broker also offers ECN accounts for individuals who prefer low variable spreads. With over 180 symbols available to trade, you won’t have problems spotting opportunities in the market. The instruments include CFDs, Forex, Indices and commodities.

With their auto trading facility, the traders can choose from over 200 expert traders and allow the experts to execute trades on their behalf.  Interestingly, they offer protected accounts.  With this, all losses incurred within the first 30 days of trading are refunded to the trader while the trader gets to keep all profits made! This is quite astonishing and almost unheard of amongst brokers.

Their dealing room is accessible 24 hours of the day and they always respond to questions pretty quickly. They deal with any technical issues witnessed by their traders very efficiently. This is why you will never experience any form of requote while trading with them.

 

Self-Education-Fortune


Get a free Forex PDF PLUS:

  • 14 Video Lessons
  • Free One-on-One Training
  • A 5000$ Training Account
  • In-House Daily Analysis
  • Get FULL ACCESS
Become a forex trader!
Read More →

Foreign Exchange Melbourne Broker: Etoro

foreign exchange Melbourne etoro

When it comes to social trading; only a few brokers come close to eToro.  It is not an overstatement if you refer to them as the biggest social investment network around today.  They have provided the tools that will help individuals to tap into the knowledge of expert traders in order to make better investment decisions.

Social networking is no longer what it used to be as it has grown exponentially in the area of investment. EToro made this happen when they launched the OpenBook social trading platform. With this platform, people can easily follow trades taken by other traders and also share trading experiences.  With the platform, traders are encouraged to discuss with one another, share knowledge and make money together.  Of course no-one is under obligation to trade in this manner as eToro still offers the typical forex trading platform.

General forex broker information

The broker came into business in 2007 and their headquarters are in the British Virgin Islands. They allow traders to choose up to 1:400 in leverage.   Their minimum deposit is $50, making it a good option for traders that have low trading capital but still want to enjoy top quality broker services. Languages available on their platforms include Japanese, Italian, French, Spanish, Chinese, Russian, Arabic, German and English.  They are regulated by the ASIC in Australia and they are also regulated in all the countries where they are located. Foreign exchange Melbourne traders can therefore trade with confidence.

eToro trading platforms

eToro offers 3 trading platforms. This includes the now very popular eToro OpenBook, their mobile trading platform and the WebTrader. With the Webtrader, you can place trades anywhere without installing any software. The platform offers a very beautiful and excellent user interface that is loved by both old and new traders.

The OpenBook platform is the bedrock of their new social guru trading program. As a social guru, it is easy for expert traders to assume mentor status and lead as many traders as possible to successful trading. You will be able to guide your copiers with your own perspective of market conditions through the eToro OpenBook discussion portal and blogs.  This way you answer questions from your followers and support them while building friendships.

Some traders have successfully become “social gurus” by copying other Social Gurus in combination with their own strategies. Anyone that qualifies as a social Guru receives pay-outs at the end of each trading month.

Another unique feature of this broker is their eToro chat feature which allows traders to chat with other eToro traders live.  The chat feature comes with all the standard whistles and bells like the ability to appear offline voluntarily, create private rooms etc. A foreign exchange Melbourne trader can therefore swap ideas with traders in London, Israel and Paris.

The eToro social forex trading platform may not be suitable for all kinds of traders but it is definitely worth considering if you are a new trader still looking for guidance in the market. If you also find forex trading to be a very lonely road to travel on, this is the best broker for you!

 

Self-Education-Fortune


Get a free Forex PDF PLUS:

  • 14 Video Lessons
  • Free One-on-One Training
  • A 5000$ Training Account
  • In-House Daily Analysis
  • Get FULL ACCESS
Become a forex trader!
Read More →

Forex Signals and Other Trading Software

Forex Signals Software

There is a lot of trading software that you can use on the forex market from trading platforms to forex signals.  It is important that you know about the different types of software and how they can help you.  You should also consider what the risks of using the software is and any negative impact that the software could have on your trading.

The Use of Automated Trading Software

Automated software is often looked at by part-time traders and traders who are new to the forex market.  These systems can work for some people and are considered to be suitable for certain trading types.  When you look at this software you have to verify that it works and what sort of strategy you can use with it.  The problem with automated systems is that they cannot tell when the market shifts from trending to ranging so you do have to keep an eye on them.

The Use of Broker Trading Platforms

The piece of software that traders generally get from their broker is their forex trading platforms.  The suitability of the system depends on what you are looking for.  If you want a platform that allows you to do everything from one place then you have to get an integrated platform.  However, if you are going to get information from other software then you need a basic platform.

The amount of integration will vary depending on the broker you are using.  Some brokers view integrated platforms as ones that allow you to view charts and place basic charting tools on them.  However, other brokers view integrated platforms as software items that have charting tools and news feeds.  You will have to sign up to a broker to see what platform they are offer.

The Use of Charting Software

It is possible to get separate charting software that is not linked to your trading platform.  Many professional traders like to use this kind of charting system.  These pieces of software usually offer more charting tools and customisable tools which help identify different aspects of the market.  The problem with a lot of these charting software packages is that they cost you a monthly fee or a large upfront payment.

When you look at charting software you have to consider if you are getting what you are paying for.  The best charting software for your trading could be the charts you get with your trading platform.  Of course, you should consider some other free charting options.  However, these other free options generally do not have the same good reputation and reliability as paid charting software.

The Use of Forex Signals

A type of software that has become popular in recent years is the signalling service.  This software will analyse the market for you and then inform you about what to trade and when to trade.  The problem is that forex signals have become a favourite for scammers who look to cheat people out of their money.  These scam services work in two ways with the one being a more long-term scam.  The long-term scam will have the software provide a small number of signals while charging high prices.  The other scam is that you purchase the software and never get any signals.

 

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Six Factors That Can Influence Forex Rates

Forex Rates Inflation

The forex rates are potentially one of the most significant players in determining a country’s trade levels and consequentially economic health. It is due to this fact that these foreign exchange rates must be analysed and examined at all times. In many instances they are governmentally manipulated to affect the presenting economic representations. This article will look at some of the major influences that can affect foreign exchange rates.

1. Variations in interest rates

Interest rates, inflation and forex rates are all inter-linked and affect each other greatly. By altering the country’s interest rates a central bank can exert influence over the inflation and forex rates. This behaviour will then create an alteration in the interest rates and foreign currency values.

It has been noted that high interest rates attract foreign investors and cause the currency values to rise. However, if the interest rates of a country decrease the interest in the currency decreases. This decline in interest thus leads to a decrease in currency value and forex rates.

2. Variations in inflation

Generally a country exhibiting a decrease inflation rate will show an increased currency value. This is due to the purchasing power increasing when compared with alternate countries. Conversely, when a country presents with a raised inflation rate it will experience a lowering in their currency value when compared with the currency of their trading partners.

3. The different terms of trade

The terms of trade refers to the ratio comparing a country’s export prices to their import prices. If the price of the specific country’s exports rise by a larger rate than the imports then the terms of trade have improved. This favourable turn shows an increase in demand for the exports and thus rising revenues. These rising revenues will in turn increase the demand for the country’s currency and currency value. However, if the price of exports is slightly higher or on par with the import price the currency value will decline.

4. The current account deficits

A current account acts as a balance of trade between different trading countries and reflects all transactions made. If the current account is in deficit it indicates that the country is spending more on foreign trade than it is actually earning. This has been the reason behind countries borrowing money from foreign sources. The increased demand for foreign currency leads to a decline in the specific country’s forex rates until the local goods and services are at an affordable rate for outside investors.

5. Public debt

While certain public sector projects can be beneficial to a country, it can also cause devastating affects to the country’s financial situation. The domestic economy may be stimulated but a country may find themselves in large-scale deficit requiring some form of ‘bail out’. Some instances have seen governments print more money to pay off the debt, but this only increases inflation rates. Countries with large debts are less attractive to investors and experience declined currency values.

6. Political stability and forex rates

Countries presenting with strong political and economic stability are always more attractive to foreign investors as there is a perceived decreased risk when trading with these currencies. Should the political situation turn the currency value will decrease dramatically.

 

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The Benefits of Forex Rates Trading

Forex Rates Diagram

There are a lot of people who look at forex rates trading as a means of making money.  When you look at this type of trading you should consider what the benefits are.  There are a number of benefits that you need to know about which could cause you to decide to trade forex rates.  The benefits that you should know about include how the market differs to other markets and the ways that you can make money from the forex rates.

The Benefits of Forex Rates Trading

This financial market differs greatly from stocks and other trading as it is based on speculating trends of foreign currencies.  It does not involve a central marketplace as most of the trading is done through an interbank system.

To commence trading, you require a computer and a fast, stable internet connection.  This is all you need to access this 24 hour, 5 day per week trading market.  However, you must ensure that you obtain at least basic knowledge of the market before you begin trading.  It is possible to make use of trading software, but you still need to undertake some form of training prior to trading.  There are several websites that offer online training, along with tips and techniques to trade online.

The benefits you will gain by trading forex online include:

  • Having access to demo accounts.  There are several websites and forex brokers who offer you access to a demo account.  These demo accounts have all the functionalities you get with a live trading account.  It allows you to test drive the software on offer and determine the best ones for your method of trading and strategies.  It also gives you the opportunity to improve your skills.  You can do all this without losing your real money.
  • Being able to trade at any time of the day or night regardless of where you are in the world.  You do not need to be in front of your computer all the time.  Several systems and tools to ease your trading are readily available online.  The systems make it easier for you to profit without having to constantly watch the market movements.
  • Having access to quality training and regular updates not only for the training programmes, but for your trading software as well.
  • Having access to forex robot software which aids you in your trading decisions.  This software is used by many traders as it signals you to the best time to place your trades.  You could use it to trade automatically on your behalf.
  • Being able to participate in trading forums which is an ideal opportunity to gain tips and discuss strategies with others who trade in this financial market.  Forums can also be used as a help line when you require assistance in trading.
  • Having the ability to trade quickly in times of volatility.  The forex market can shift in minutes and being online gives you the opportunity to quickly decide your next move.

Trading forex online offers many opportunities, even to the new trader.  It is vital that you gain experience before you commence trading with real funds.  Open several demo accounts as this will give you the opportunity to test various strategies and find the system that suits your methods and style.

 

Self-Education-Fortune


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