1. What is the best Forex platform?
There is no single way to answer this question. Of course, this will depend on the trader, according to his preferences, knowledge and experience, as well as what he intends to trade (which financial instrument). Many intermediate experienced traders, especially when trading Forex, prefer to use platforms such as MT4 or C-Trader, which are designed primarily for Forex trading as well as CFD trading, and for someone with some knowledge of the trading. commercial market.
Others, more novice traders would prefer to use platforms such as those found at Easy-Forex, iForex or eToro, where limited mathematical / computational knowledge is required to use and they are much easier to use.
More advanced / experienced traders, who may also prefer access to multiple markets, would prefer to use brokers such as Interactive Brokers or SAXO Trader from SAXO Bank. Such platforms generally contain much more advanced charting / analysis tools (although to be fair, most analytical tools can also be sourced from MT4 / C-Trader) and also provide access to thousands of instruments including stocks, ETFs, trading. swaps, etc. and they are designed with the ability to effectively allow merchants to participate in such markets.
2. Forex Trader: What is the best way to trade Forex?
If you have researched currency trading, chances are you have been exposed to all the various opportunities to make money and are wondering what is the best way to learn how to trade the currency market. First of all, the most important thing I would recommend is getting a Forex education. There is a myriad of Forex material on the Internet for both beginners and experienced traders; all you need to do is search. Spend some time reading about how currency trading works, the concepts behind the trading, and how prices are affected by economic and political conditions.
Second, you need to get some experience, if you want to learn forex trading, it is the only way. For starters, it is wise for you to be on a demo account. This will give you a good technical background on the mechanics of forex trading and you will get used to using a trading platform.
After you have been trading on a demo account for some time, it is very important to also use a live account, albeit with a small investment amount – look for a broker that accepts smaller trades (0.01 lots for FX) so that you can have a real idea. for the live market. It is a completely different game from trading on a demo and real platform, due to the psychological effect of trading with real money. Trading with little money will allow you to risk your money, but with little risk if you make mistakes or lose money.
From there, as long as you are earning more than you are losing, you should gradually increase the size of your trades and the capital invested, always keeping in mind that it should be an amount that you can afford to lose and that you are comfortable with.
3. What is the best forex trading software?
There are several Forex Trading programs available, all with their specific advantages and disadvantages. Many commercial companies have built their own platforms, while others prefer to use, and indeed White Label, existing solutions that are commonly known within the industry.
To say which one is the best would be invalid as this depends on the opinion of the individual user, however, there has been a clear trend in terms of popular platforms, which have proven to be a favorite among novice and veteran traders. These platforms are Metatrader 4 and C-Trader. The former has been created primarily for Forex products, while the latter has been designed to accompany other instruments such as stocks and ETFs. Both platforms are easy to use and master and come complete with full charting and technical analysis capabilities.
4. Forex Trader: How can you be a good Forex trader?
If it were to be summed up in one word, the key to a good forex trader is discipline. Yes, there are many things to learn and know before engaging in any trade or getting involved in the financial industry, but one thing that must be kept consistent at all times is discipline. Discipline in learning, in doing your first operations and in following your plan.
The basic concepts that all new operators must follow are:
– Find out more about Forex: there is a lot of material on the net. Have a good month learning. Study Technical and fundamental analysis. Your learning should continue well in your trade and be continuous.
– Develop a strategy – Establish rules that will determine your trading pattern and how you will enter and exit the market.
– Practice on a demo: open a demo account and trade like the real thing. Of course, this will not be ‘exactly’ as if you were trading a real, due to the fact that fear of losing would not influence your decisions. Do not proceed to the next step unless you can make a profit from the demo first.
– Practice on a real account with a small amount – Do this to understand the difference between real money trading and demo trading. Do this with a substantially small amount, but enough to worry you about losing it.
– Trade on a real account with a substantial amount: do this with an amount that you feel “comfortable” losing completely. Even if your strategy worked on the demo and in a real amount with a small amount, it may not continue to do so in the future. Stick to your strategy (have complete discipline). If you see that the strategy is failing, adjust your strategy accordingly, but stick with it (the pip) at all times once you have made up your mind.
5. Currency Market: Is It Possible For An Amateur Forex Trader To Make Sustainable Profits By Trading Forex?
Many traders have made a living from Forex trading and some have had very rich returns that have allowed them to become self-employed and leave the 9 to 5 job behind. All of these traders have one thing in common – they all started out as traders! of forex amateurs! Nobody is born with the commercial know-how; it is achieved with dedication and discipline.
Then yes! a hobbyist forex trader can, in fact, make sustainable profits from currency trading. As long as he’s willing to put in the effort and has the discipline to meet that commitment, there’s no reason why he can’t do what others have done before him in the same place.
6. Forex Trader: Who is the best Forex trader?
There is no better Forex Trader, or at least there is no clear way to measure this (it is the amount that one has earned or the% earned for it). Furthermore, since many of the world’s leading currency traders do not trade with their own money, but rather with Company funds and capital, it means that there are different risk appetite and psychological conditions for different traders and as such does that it is biased to compare the success of such traders with those who trade with their own capital.
All you need to know is that what many Forex traders have in common is their appetite for success, their diversified portfolio, and their willingness to take measured risks.
7. Has anyone ever done currency exchange operations?
Yes! Not only have people made money trading Forex, but many have made a living!
Although most retailers would not be as successful as professionals, this is largely attributed to poor money management strategies and a lack of discipline to stick with their strategy.
With 100% discipline and a good money management strategy, there is no reason why someone should not have a good chance of making money from Forex trading.
8. Is FOREX the best way to invest money?
It is difficult to say if it would be the best, since there are numerous ways to invest money and they would depend largely on what the individual knows; However, it is one of the best, largely due to the fact that, unlike the equity / housing market, an investor can make money regardless of how the instrument fares by selling / buying that instrument (or doing both, what is known as coverage).
In the stock market it is only possible to invest in the success of a share; However, in Forex you can buy / sell a certain currency against another and therefore there is always the possibility of making a profit.
Also, the fact that Forex is commonly traded with leverage, allows Forex trading to become one of the most volatile, and thus allows for higher profits (as well as losses), if traded correctly.
9. Forex Market: What Are The Best Forex Blogs?
There are several locations on the web to find a great forex related blog; in fact, many brokers also have their own blogs; but to maintain fairness, I will recommend a non-broker blog. One of the most useful blogs for both novice and veteran traders is babypips.com – there is a regular update on the current market movement, as well as a wealth of information and ideas being expressed.
10. Why do individual investors often lose money on Forex?
Most retail investors end up losing money on Forex. Despite the fact that they can receive the proper training and educational material (or at least the same that other successful traders can receive), they often fail due to poor money management rules and / or lack of discipline. The latter is the most frequent.
The hardest thing in Forex is not doing the math or predicting where to enter, how much to trade and / or what your limits should be; is sticking to your strategy and following through with 100% discipline.