Forex Tips Online Every Novice and Advanced Trader Must Know

Taking your baby steps to your Forex trading journey is surely a laborious task – and no doubt a scary one too. But Forex tips online are a great way to equip yourself with proven tactics to avoid losses and carry yourself up to joining the successful traders.

Most novice traders tend to give up early on due to lack of guidance and self-help and so we want to level the playing field for you by providing you with the nitty gritty as you start off. Even if you have already been sitting long inside the Forex trading arena as an advanced trader, you still need these tips and tricks up your sleeve to help you press on the game and avoid facing the flat timber.

But before we jump on our tips, here are some of the best Forex brokers in the world today that you can surely rely on.

*Plus500 UK Ltd is authorised and regulated by the Financial Conduct Authority (FRN 509909). Plus500 CY LTD is authorised and regulated by the Cyprus Securities and Exchange Commission (License No. 250/14). Plus500AU Pty Ltd, AFSL #417727 issued by the Australian Securities and Investments Commission is authorized to issue these products to Australian residents. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Some Details about the Top Operators from the Table

The very first step to your Forex trading voyage is to find the right broker for you but it surely is grueling. The foreign exchange market has a skyrocketing trade value of 4 trillion dollars on a daily basis making it the world’s largest financial market which speaks of its highly competitive nature. That is the main reason why you also need to be BIG – in terms of pulling off well every trading consideration.

Markets.com is another excellent choice in the vast ocean of Forex brokers in the web for it has top notch official licenses and been approved under several first-class regulation programs. There are different account types you can open such as the standard account with minimum deposit of $100 and the premium account with a minimum deposit of $1,000.

Etoro is a social trading platform and that alone speaks of the firm’s uniqueness. Users love Etoro because it opens a portal for them to connect easily with other traders. It also has excellent commissions and spreads.

HYCM is one of the biggest Forex trade brokers of today. Being great at what they do, they no longer need to market their company at great lengths to put them under a good light. HYCM has every attribute in house that a trader would need.

XM is another CySEC regulated trading firm with headquarters in Australia, Cyprus, Greece, and Hungary. Most user comments and reviews state that XM has a great and active support team.

AVATrade is located in Dublin, Ireland which prides itself for its unique services. They have cleverly combined solid financial banking with a user-oriented platform.

13 Sure-Fire Tips to Keep You Afloat in the Forex Trading Seas

The complexity of Forex trading is like juggling expensive vases without any idea how to actually juggle. This is where forex tips online come in really handy. As a neophyte, you need to equip yourself with more than enough knowledge to run with the pack of successful traders.

Most people illuminate Forex as a gamble, but it is really not. There’s a thin line between the two. A casual gambler plays the odds and crosses fingers to double up his money via luck. A professional trader is prudent with his money, studies his systematic approach well before putting it in, and doesn’t rely on luck but on skill. This is where most traders fail. They see Forex as a gamble and not as an intellectual investment activity.

It won’t hurt you if you spend a reasonable amount of time reading and researching Forex tips online and the top traders in their lists. Doing so will give you a positive result. There’s a pool of great brokers out there, but keep in mind that Forex is also a double-edged sword market, which means that fraud brokers do exist too. So always beware.

Things to Consider When Finding the Right Broker

a. Regulatory Compliance. Check the certifications, licenses, and the regulators of the broker you are eyeing to choose. Reputable Forex brokers are members of the National Futures Association or NFA. There are also different regulatory programs that would depend where the broker is situated. These programs and certifications will be the basis of integrity and best practices of a particular trading firm.

b. Details of Account Offers. First, check the broker’s profit from commissions and spreads. Some brokers will not mention about it in their marketing pitches, but usually make money from wider spreads. Second, check the leverage and margin – which should be considered well with caution. Going for a higher leverage offer can be a favor if the trade is in the winning position, but can also be a liability if the trade is on the losing end because it will magnify the loss too.

c. Deposit and Withdrawal Ease. Each broker has distinct funding and withdrawal policies. It can be thru wire transfer, PayPal, personal or bank check. Don’t forget to check the fees too.

d. Initial Deposit. After considering the leverage offer of the broker, consider next the initial deposit. Most have a minimum of $50 or $100 which is a really great start, but for leverage reasons, bigger is greater.

e. Customer Service. Of course, who would forget about that? Consider the availability of the broker. Is it a 24-hour service? Forex functions 24 hours a day, seven days a week so you need to know if the broker’s website is up all the time too. Spend time reading reviews too on their performance with regards to dealing and servicing their customers.

f. Trading Platform. This one is another significant consideration. Is their platform easy to use and navigate? Is it visually pleasing and organized? Does it have a variety of fundamental and technical analysis tools? Does it have a clear BUY and SELL buttons? Don’t go after a broker with a poorly designed website.

It may be easier to copy other successful trader’s technique and strategic approaches, but trading is never formulaic. You can’t simply expect that what works for others will definitely and surely work for you too. No. This is why you need to study well this craft which will be YOUR craft meaning you have to have your OWN strategy to stay afloat.

In connection to our previous tip, you need to experiment even at the cost of small losses so you could find a better approach to your trading strategies. By recording your performance after each experiment or even after every trade, create a data and keep track of your records in the most systematic way.

You need it or you’ll stop altogether. This is one of the most important things to keep in mind – trading is not an immediate solution to double your money like gambling where you are not in control. Strengthen your strategies and be patient as you wait for the result and surely you will reap your well-thought-out efforts.

Like there are no unicorns and pixie dust, expect that there are risks too despite the seas of available tips and tricks in the web. They are not an assurance for you to succeed. Help can be found, but the biggest help is within you. Are you willing to study the market religiously? Are you really into Forex trading? Is it just a hobby or a serious craft for you? The risks can be lessened if you are alert and persistent enough to know the roundabouts.

Emotionally weak traders tend to lose the game early on because it clouds their focus. Make sure you don’t let your emotions control your decisions. Again, Forex trading is more of an intellectual activity rather than just pure pulse.

Following the trend is following a very simple math. If the trend is up, don’t sell. If the trend is down, then don’t buy.

Everything in excess is bad. Overtrading is that same thing. Careless trades never reap nice results so always be prudent enough with your put-ins. If you overtrade, you are nothing less than the gamblers who think they can balloon up their money in one blow and that’s really a bad thing to do in this investment field. Don’t be greedy even if it is somehow difficult to cut from the equation – but it is highly feasible only if you have a better money management plan.

It is easy to get caught up by excitement, but never in trading. The number on rule here is to plan ahead for everything before you press the GO button.

Laziness is out of discussion when you want to climb the Forex hill for a great vista. Perseverance is the key to stabilize your upward motion in this highly competitive financial market. Look at new foreign markets, rates, and even the latest trends. Analyze and study every bit of information you will get. Just like every market, it is not rigid. By the moment you feel you already know all the corners of trading, the market changes – which means you need to reconsider again. Never set aside its value or you’ll get left behind.

The market is crazy and it is huge and it is all over the place and it is grueling! Calm down. Every trader, novice or advanced, is having the same bombarding feeling like their brains are about to explode any minute (or the pockets if loss occurs). The best thing to get through it is to have fun in trading. Simple as that. You can’t succeed at something through a shutdown serious approach. It is essential to enjoy the trade itself and not take the tricks of the trade seriously. I know you get the point.

• .
• Company: The Henyep Group
• Address: 3rd Floor 28 Throgmorton Street, London EC2N 2AN, United Kingdom
• Licensed & Regulated by: MiFid, FCA, ASiC, NFA
• License Number: FCA 186171
• Telephone: + 44 208 816 7812
• Fax: + 44 207 990 9499
• Email: info@hycm.com
• www.hycm.com

Self-mastery is another key to succeed in Forex trading along with devoting yourself to proven tips. Conduct a self assessment. What type of trader are you? Perhaps, at this point in time, you still have zero idea about that. Yet, there are several ways to know if you are not a square peg in the round hole of the Forex trading arena.

Here are some desirable characteristics of traders who are more likely to succeed.

1. They understand the trade itself and not the shortcuts.
2. They use logic and analysis as their decision base.
3. They are organized, critical, and systematic.

The above list looks simple, but it requires a LOT of work.

Why Most Traders Fail?

Traders hate the word “loss” and any word synonymous to that – like we all do. Hearing them is like hearing a boisterous fire alarm. But, what really is the science behind the common failure of most traders? Here are some of the fatal errors that traders commit knowingly and unknowingly.

• They don’t have a trading edge.
• They trade too big.
• They don’t follow any system.
• They rely solely in intuition and not through analytics.
• They let their emotions decide over the trade.

To succeed in Forex trading, you don’t merely need money and tactics. You need the overalls – your visions, your unbreakable spirit, your convictions based on a thorough analytical approach, your understanding on the entirety of trading, and your perseverance to get going. If you start looking at Forex trading as an art rather than a mere profit-gaining scheme, you’ll get ahead really far.