Forex Nominations 2020
Anyone can become a day trader, learn how to do it quickly, how to manage the risk, and what to avoid to succeed in financial markets. Read the article to join millions of day traders.
You’ve probably heard of Wall Street where people have made a fortune trading the financial markets. You may have also watched successful movies and TV series like Wolf of Wall Street and Billions in which traders are portrayed as charismatic, larger than life individuals living a flamboyant existence. While the industry is highly glamorised in the media, it is possible to become a successful global markets trader—especially with a tried and tested strategy.
The question is: how can you get started and improve those all-important trading skills?
To become a successful teacher, you need to have a passion for teaching. To become a successful pilot, you need to be passionate about planes and flying. Equally, to become a successful trader, you need to be passionate about the financial markets. This is because as a trader, you will spend most of your time watching financial media, reading financial news and interpreting financial and economic data. If you are not passionate about these, you will not enjoy your life as a trader.
If you have a passion for the markets, take time to learn as much as you can. Fortunately, you don’t need to have a background in finance or economics to succeed. You also don’t need to attend a course on trading to succeed. There are many books on trading that you can buy, videos you can watch, and training websites you can use.
Learning will help you understand how the currencies and CFD markets work, how to select a good broker, how to initiate and exit trades, how to conduct analysis, and how to manage risks as you trade.
In the market, it is possible to make money trading online. It is also possible to lose all your hard-earned money as a trader. For this reason, you should not be in a hurry to cover everything about trading. Instead, you should take your time to understand the basics. Learn about how other traders have made it and how others have failed.
As you learn, it is also recommended that you use a demo account from a reputable broker. This account allows you to use virtual money with real-time data and practice your trading. You should spend a few months trading with the demo account before you move to a live account.
In the hedge fund industry, managers use diverse strategies. Some use algorithmic trading strategies while others use arbitrage and long-short strategies. Also, ones are known for making short-term trades while others are known for their long-term view.
Similarly, as a trader, you need to develop a trading strategy that will help you to make profitable trades. To develop such a strategy, you must identify the markets which you want to specialise in. You can decide to be a currencies trader focusing on major currencies like EUR/USD and USD/JPY or you may decide to focus on minor currencies like USD/ZAR and USD/TRY.
You should then determine the timeframe you want to specialise in. If you want to be a day trader, you should focus on shorter-term timeframes between 5 minutes and 1 hour. If you want to be a swing trader, you should use hourly and daily charts to perform your analysis and if you want to be a longer-timeframe trader, you should use longer-timeframe charts.
It’s then important to identify entry and exit triggers. To do this, think about specific criteria that must be met for you to open buy or sell positions. For example, the criterion for a buy trade could be when the currency pair reaches the lower band of the Bollinger Bands and when the Relative Strength Index (RSI) is below 25. Spend a lot of time developing and testing different scenarios.
Next, it is recommended that you define your risk appetite and create a risk management plan. This is because you might be an excellent trader but fail if you don’t manage your risks properly. A good way to do this is to create a rule on the maximum amount of money you are ready to lose per trade. For starters, a common number is 2%. This means that if you have a $1,000 account, you will risk $20 per trade. As you advance and become a better trader, you will adjust your risk appetite based on your performance track record.
To trade the currencies and CFD market, you need to have a broker who provides liquidity, quotes, and other tools. A good broker should be registered and regulated by industry observers. The most popular regulators are CySEC (Cyprus), FCA (United Kingdom), and ESMA (European Union). Using an unregulated broker will expose you to unnecessary risks.
The broker should also be cost-efficient. Opt for one that charges no commissions per trade, and one that offers tight spreads per trade. Other qualities of a good broker are the customer service, the deposit and withdrawal methods available and the additional tools they offer.
It is possible to make money trading online but it takes a lot of time and works to succeed. As a newbie, you should be ready to take the long route described in this article. Along the way, you will make mistakes but if you follow the rules and learn from your mistakes, trading will become a lifestyle.
The concept of the market crowd has long been known by traders. For many, it is a symbol of inefficient and erroneous trading decisions. And if you have ever found yourself thinking that you...
There's no doubt that cryptocurrency volatility has helped some people to grow their wealth in a very short time frame. It is equally true that the same volatility has caused many people have...
The Forex market operates twenty-four hours a day with markets open across the world. The market continues to grow in popularity as technology has made it more accessible. Today, there are millions...
Learn how to use a protective stop loss order and what is a trailing stop to perfect your Forex trading skills and avoid unnecessary losses. To place a stop loss, traders should do a few things. First, they need...
|1||Best Forex Broker 2020|
|2||Best Execution Broker 2020|
|3||Best Forex Expo 2020|
|4||Best Cryptocurrency and Forex Broker 2020|
|5||Best Crypto Currencies Stock Exchange 2020|
|6||Best Gambling Expo 2020|
|7||Best Micro Forex Broker 2020|
|8||Best Crypto Broker Asia 2020|
|9||Best Trading Platform 2020|
|10||Best Crypto Trading Mobile App 2020|
We are evaluating and honoring the best forex brokers in almost 30 nominations
NordFX is a leading multi-awarded international broker that offers individuals and companies a full set of services for Forex trading. Since its foundation in 2008, NordFX always keeps abreast of...
USG is committed to building long term relationships with its client. This company operates on trust, transparency and respect, and it is with these values and principles that they envision becoming...
© 2010-2019 Forex-Awards.com
The usage of this website constitutes acceptance of the following legal information, Terms, Conditions, Cookies policies.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including graphical information about the forex companies, brokers and others, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Awards shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the press releases or reviews made by the site contributors about the forex companies. The entire responsibility for the contents rests with the contributors and commentators. Reprint of the materials is available only with the permission of the editorial staff.