Modern Advancements in Forex Trading

The world of forex is ever-changing. The markets move at lightning speed, and trends emerge in an instant. Fast-paced, volatile, and tempestuous, trading is a game that will always keep you on your toes.

 Like the markets it represents, forex-based technology also continually evolves. The past decades have seen the rapid emergence of wave after wave of new developments, each of them improving the way that we trade, and making everything better, faster, and more competitive.

Here, we look at just three of the ways that technology has transformed the markets….

#1: Speed

In times gone by, currency trading was a different game entirely. Without the computers and smartphones that so easily enable us to trade, every move had to be made in person through a broker, and it was a laborious process. Today, this has changed completely. Where once information was outmoded, the data on display a snapshot into a past that had already altered, trades can now be conducted in the blink of an eye, and the figures that we see are entirely contemporaneous. Take a glance at your screen and you’ll have a perfect picture of the markets. Press a button and your dreams will be made material. Everything happens in an instant.

#2: Software

Even in the last couple of years, technology has progressed at a remarkable speed. In the days of old, trading was limited to sitting in front of a specially set-up computer, and when you weren’t beside it, you couldn’t make a move. Luckily, this is no longer the case. Now, you can trade from almost any device that you desire, whether it’s your MacBook or your smartphone. Brokers like OANDA make sure that every software option you could dream of is available to you, so that you can trade whenever and wherever you wish to.

#3: Flexibility

As we briefly touched on above, this ever increasing array of software trading options has made one very dramatic difference to a lot of people: it has improved the flexibility of investing. Where once this would have been almost impossible for those who had to leave their house to work each day, now, people can fit it in whenever they have a spare moment, whether this is on the train during their morning commute, or in their office during their lunch hour. Trading can be worked around your timetable, because when you can trade anywhere and at any time, it’s entirely up to you.

With so many exciting developments already revolutionising the world of the foreign exchange, just imagine what tomorrow might bring.

source: 20smoney.com

The Best Publications for Aspiring Forex Traders

Trading currencies is undeniably complex. The financial markets are some of the fastest moving in the world, and with a thousand different drivers to influence new trends and patterns, it can be incredibly hard for aspiring traders to wrap their heads around the intricacies of the foreign exchange.

Like any art, however, forex can be mastered by most. It’s not always an easy education, but provided that you have the time, grit, and desire to learn about the currency markets, most people can pick up enough information to trade successfully.

A lot of would-be investors struggle to know where to start their search for knowledge, but fortunately there are plenty of places to acquire an education. Here are a few to get you started…

#1: Books

There are few resources that can rival a good book when it comes to acquiring new information, and this is as true for forex as it is for any other area of academic interest. A quick Amazon search should soon reveal a myriad of useful titles to choose from, each of them boasting handy reviews to help you find the perfect purchase. With both new and second-hand books available, you should also be able to find some great bargains even if you’re trying to stick to a budget. Your local library will also be worth checking out, as there could well be some handy tomes gathering dust on its shelves.

#2: Online Journals and News Sites

Books are a fantastic way to learn about tactics and strategies, but they’re unlikely to offer a contemporary insight into current market trends. Online journals, on the other hand, will do just that. News site are often an incredibly useful source of information, and can provide a handy heads up with regards to emergent trends. What’s more, many will contain commentaries to help you understand not only what’s happening on the markets, but also why it’s happening. Archived content can even provide examples of how the market has reacted to certain stimuli in the past, which can be a useful tool for deducing how a similar contemporary event will impact your currency pairings.

#3: Blogs

Thirdly and finally, be sure to take full advantage of any beneficial blogs that you stumble across. Lots of professionals and expert investors will share their insights on the currency markets and current events, and these can prove invaluable in lending a sense of direction to your trading. The right advice really can make all the difference if you feel like you’re floundering, and many bloggers will provide insights into their own strategy and tactics, as well as their commentary on current events, which you can adapt to suit your own needs. Brokers’ blogs, like this one from FxPro, are often particularly useful and well informed, and can be a fantastic resource for the inexperienced investor.

Transform your trading today with these three essential resources.

source:  20smoney.com

A Guide to Forex Platforms in 2016

The Forex markets have already enjoyed headlines during this January, so many traders expect that 2016 will prove to be a fruitful year. As the majority of recent news has focused upon the state of the currency markets, it is a good idea to highlight some of the features which are set to define the most efficient electronic platforms. Appreciating these metrics will enable investors to make the most informed decisions possible.

Competitive Minimum Entry Levels

It only makes sense that entry levels are predicted to be even more competitive when compared to 2015. This primarily arises from the fact that an increasing number of online brokers are entering into the electronic world. In order to entice new investors, we should fully expect to witness some amazing minimums during the months ahead. Still, there is much more to consider than entry levels alone. What other trends have already taken shape?

A Multitude of Currency Pairs

A sizeable portion of investment analysts seem to point to an increased amount of volatility throughout the Forex markets in 2016. It still remains to be seen whether or not this observation will come to fruition. However, many astute traders will embrace a more risk-averse stance this year. One of the most effective ways to embrace such a strategy is to diversify into different currency pairs while maintaining holdings in the major players such as the dollar, the pound and the euro. More exotic positions could prove to help supersede much of this volatility. This is also an effective approach for those who are hoping to embrace both short- and long-term options.

Mobile-Friendly Service

Mobile-responsive trading platforms should become the norm during 2016 and beyond. It has been shown that no less than 63 per cent are expected to access the Internet on a daily basis through the use of their smartphone. This will obviously translate to the individual traders themselves. Such mobile capabilities can enable one to open and close positions even while away from home or the office. The majority of astute portals have implemented mobile-friendly software within their trading platforms. Some even predict that mobile access will supersede traditional computer transactions within a few years.

Substantial Customer Service Resources

The Internet has become a very interactive environment. Thus, any website needs to display excellent levels of customer service. Not only will this tend to include access to standard telephone numbers and email accounts, but other features are likely to come into play. Thankfully training software and community features are quite commonplace on platforms like CMC Markets. Quality customer service has always been seen as a hallmark of a reputable broker. This principle is predicted to become even more entrenched during 2016.

These are some very general observations which are expected to have a great deal of relevance during the upcoming year. It is always pivotal to appreciate which platforms offer these amenities. Selecting the best trading system is just as important as choosing the correct investment strategy.

source: 20smoney.com

2016: Make This Your Year To Become A Forex Pro

With increased globalisation, economies and currencies are more interdependent on each other than ever –– presenting an opportunity for investors to become savvy forex professionals. Becoming a pro forex trader will probably take some time and needs a great deal of effort, but you should not be discouraged because ups and downs are normal. The best part is that you can sit in the comfort of your home with your laptop to trade in forex and still make a ton of money. Once you get the basics right, you’ll soon realise that forex can make you a lot of money, so give it a shot in 2016 and become a forex pro with these simple steps:

Learn The Basics

If you’re new at forex trading, then learn the market before undertaking any trading. Understand the concepts of currency trading and how existing traders sell and buy currencies. You need to learn about currency trading and the currency market. Watch online videos, read articles, talk to existing forex traders to dig deeper into the forex trading industry.

Understand Trading Systems And Platforms

You must understand trading systems and platforms used to analyse currency markets for locating trade setups. As a beginner, you’ll ideally want platforms with user-friendly information and depths of information for analyzing price charts and trade setups, backed by strong support and competitive pricing. Learning and understanding these trading systems and platforms will help tune your mind to your goal of ultimately becoming a forex pro.

Start Demo Trading

You will need to practice trading with a demo account. Demo trade for at least a few months before you are ready to undertake live trading. You must build your forex confidence with demo trading before opening a live trading account with your broker or trading platform.

Begin Live Trading

If you’re confident with your demo trading, then it’s time for you to enter the real world and start live trading. It’s important to choose a good platform and broker because you’ll want access to large numbers of currency pairs and emerging market currencies. Keep in mind that you should trade with your live account in the same way as you would trade with your demo account. If you start making real money, stick to what you’ve been doing and don’t deviate because you could end up losing money eventually.

Enjoy What You Do

While the thought of handling money can be stressful to some people, it’s important that you enjoy what you do. Remember to keep your calm and treat this as impartially as you can, so that you end up making sound decisions based on facts and not emotions.

If you’re looking for a reliable online trading platform to begin your forex trading career, then check out CMC Markets to meet your every forex need. They have over 330 currency pairs that are also available for trading as CFDs.

source: 20smoney.com

Learning To Make Money With Forex Trading

Becoming a professional Forex trader is a popular business path for many interested in making a considerable amount of money with a minimum amount of physical labor. According to a recently conducted BIS survey, the value of all trades on the global currency market is worth a staggering $5.3 trillion a day. Experts estimate that roughly 95 per cent of currency trades made on the Forex market are pure speculation in an effort to make a profit.

Before becoming a Forex trader, it is important to learn about the Forex market. Failure to do your research ahead of time can result in the loss of a lot of your capital very quickly. Spread betting is a term that every Forex trader should understand. Spread betting is making money from the difference between a start value of a currency and its finish value. If the start value is smaller than the finish value, the trader profits from the rise in a price.

The fees that the trader will pay on spread betting will depend on how long the bet is kept open. If the transaction is open for a day or two, the financing charge will likely be small. For bets ranging up to three months, the fee could be considerably more for many of the major currency pairs.

When spread betting, currency traders will often use leverage, which involves borrowing more than their initial deposit amount to trade in the market, typically in an effort to maximize profits. However, if the market swings in an unexpected direction, traders can lose their initial deposit and face a ‘margin call’ for the additional losses sustained in the trades.

Some people think that using leverage will earn them substantial gains, but forget that it could cause substantial losses as well. Excessive leverage can destroy an otherwise winning strategy, producing excessive losses if the trader has a streak of bad luck. Some experts recommend by using no more than 10x effective leverage.

It is important to remember that Forex trading will not be a shortcut to instant wealth. The amount earned in the Forex market is determined mostly by the amount of capital you are willing to risk in the market. Forex trading is a volatile asset class, sometimes recording triple digits swings in a day. Many people like to get started with Forex trading by opening a demo Forex account where they can explore Forex trading without risking their funds. Free guides and online tutorials are also available to help beginners learn about trading in the Forex market.

source: everybodylovesyourmoney.com

Why College Dropouts Make Great Forex Traders

You have to have a college degree to make it in the rocket-fueled, action-oriented worlds of forex, business and finance, right? Well, to answer that question let’s first take a look at some of the most financially successful people in the world who dropped out of, or never attended, college:

Paul Allen. Co-founder of Microsoft, he is currently worth $15.7 billion.

Michael Dell. Founder and Chief Executive Officer of Dell Computer. He dropped out of higher education at 19-years-old and is now worth more than $12 billion.

Bill Gates. Took leave of absence from Harvard to start Microsoft. His estimated net worth is more than $40 billion.

Rachel Ray. No college or culinary training. Has a successful TV show, cookbook series and magazine. Her estimated earnings per year is approximately $18 million.

Steven Spielberg. Dropped out of college at CSU, Long Beach. Founded Dreamworks. His net worth is around $3 billion.

Skills and Character Traits

These are just a few of the people who became wildly successful without getting a college degree. Now, what about forex and Primetrade? Can you succeed in forex trading without higher education.
The overwhelming answer is yes. Why? Because the same skills and character traits that make the above celebrities successful are the same qualities you need to be a successful trader. These traits include:
Self-directed. Self-directed people don’t follow the crowd like blind sheep. This is not easy to do because we are taught from a young age to go along to get along, to not make waves, to “be nice” and “be a good girl.” Our system rewards conformity.

Self-directed people are driven by their own motivations. If you study Bill Gates, for example, he is as motivated by learning and growing as much as making money and eliminating diseases. He has a structured, goal-oriented system to reading, studying and learning new things.

Massively-motivated. Again, our system rewards just doing enough to get by. Massively-motivated people want to do much more than survive — they want to thrive on a big scale. They are not afraid to put in hard work in order to experience big leaps in activity, production, profit and accomplishment.

Passionate. Have you ever seen Quentin Tarantino talk about his movies. Or listened to a kid talk about his favorite sport or team. They can barely sit still. They are so excited and enthusiastic, their words come out in a torrent.

Passionate people don’t all have this breathless quality, but they share the same energy. Have you ever worked on a project or goal for a long time, but it didn’t seem like work? You were so focused on the goal, so “wrapped up” in the process, time flew by. That’s a good sign you are in the sweet-spot of a personal interest and passion.

The Cost of College

The cost of college is skyrocketing, and many graduates are still unable to find jobs. People are questioning the value of spending tens of thousands of dollars with debatable results.
Still, college is a the right pursuit for many people. It fits their goals and temperament.
But there are many paths to success. For many self-directed, massively-motivated and passionate people, dropping out or skipping college altogether is a choice that has led to towering success and monster accomplishment. Perhaps more important, they achieved self-satisfaction by finding their passion.

source: 20smoney.com