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Do you know why expert traders always succeed? Because they know how to tackle risk under challenging situations, and beginners do lack in risk management. Forex is a highly liquid market that does not always go in your favor. Approximately 95% of traders lose their money because of poor risk management. As a beginner, it may be challenging to understand risk management in forex trading and how to reduce it. If that is the case for you, you are at the right place. What is Risk Management in Forex Trading? Risk Management in Forex trading is a kind of strategy and technique to minimize significant losses and helps the trader to make potential profits from their trades. It is one of the vital topics for you to understand as a forex beginner trader. Moreover, forex trading involves the buying and selling of currency pairs, and it can be highly volatile and speculative. Effective risk management is crucial for long-term success in this market. Let’s dive into the next section. Risk Management Tips and Strategies for Beginners 1.Learn About Risk Management As a beginner, you must learn risk management for forex trading. You can learn it from E-Books, blogs, YouTube tutorials, and webinars. There are a lot of new trends and updates in the Forex market. It doesn’t matter if you are an expert or a beginner; you should keep learning daily as a trader. 2.Stop Loss and Limit Orders Traders leverage stop loss to prevent significant losses while trading in their desired market. Traders place a stop loss to automatically close the trade when a specific price is reached. Suppose EUR/USD is trading at 1.809, and you can’t afford to lose if it goes 1.805. Therefore, you can put a stop loss limit of 1.806. If the price declines to 1.806, the trade will be automatically closed. Furthermore, if you are planning to hold positions for the long term, stop loss plays a vital role in this. It is also helpful for short-term trades. 3.Utilize Leverage in a Limited Way Leverage has advantages and disadvantages. It gives you exposure to open a considerable trade with a smaller amount. For example, if you have an account with a leverage of 1:50, you can open a trade worth $50,000 with only $1,000 in your account. Although, if the market doesn’t move in your favor, you may face a huge loss, too. The level of forex risk comes with high leverage. Therefore, more leverage is equal to more risk. 4.Don’t Step into High Risk There are risks such as liquidity, operational, leverage, and social. It is crucial for you to learn, practice, and have a deep understanding of risk management. Delving into high risk may cause your potential losses. Moreover, you should open a smaller lot size, for example, 0.01, while trading. If the market doesn’t go in your favor, there won’t be potential losses because of the smaller lot size. 5.Invest in Different Currencies Avoid putting all your capital into a single trade or currency pair. Diversifying your trades across different currency pairs or assets can help spread risk and reduce the impact of a single trade gone wrong. Benefits of Risk Management No Major Losses Proper risk management will help tailor your portfolio with no significant losses on the forex market. Furthermore, risk management in forex trading helps you navigate the market well without getting involved in any mishap. Adaption to Market Condition The Forex market is greatly affected by the market conditions. With risk management strategies, you can adjust trades according to the market condition, resulting in profits and fewer losses. Better Learning When you manage risk wisely, losing trades becomes valuable learning experiences rather than catastrophic setbacks. It will help you get familiar with the market volatility. Bottom Line Trading in the forex market is risky, and every trader needs to learn risk management techniques and strategies. In the above article, we have described the tips and benefits of risk management in forex trading.

If you are one of those traders, who have been trading for a while and don’t know the best forex indicators for successful trading, this article is for you. Forex (foreign exchange) is a trillion-dollar market, and to trade successfully, traders must be able to utilize indicators to make a good profit. According to this survey, the forex market has a daily trading volume of $5 trillion. The indicators help you make informed decisions when trading stocks, currencies, bonds, indices, and other assets. This article will give you a list of the best forex indicators, so you can leverage these and make great profits. By the end of this article, you will be acknowledged with some of the popular indicators such as RSI, MACD, and more. How do Forex Indicators work? Forex indicators are vital tools for traders to make a good amount of profit in any market they desire to trade. The results and mathematical calculations provided by these indicators are based on market fluctuations, performances, economic events, and historical price data. Additionally, indicators are not predictive of future price movements; they provide insights that traders can use to inform their strategies. Moreover, forex indicators can be grouped into different types of categories based on their analysis and the information they provide. Indicator categories such as Trend Following, Oscillators, Momentum, and Volume. Types of Forex Indicators RSI (Relative Strength Index) Relative Strength Index, or RSI, is a popular forex momentum indicator many professional traders use. It was developed by J. Welles Wilder in 1978 and has since become a fundamental tool in technical analysis. It is available for free of cost on MT4 and MT5 platforms. The indicator is used to analyze the market’s overbought or oversold conditions. Moreover, this indicator interprets in 0 to 100 values. These values are calculated in the 14-day time period by the traders. Here is the interpretation: If the RSI reading is below 30, it suggests that the market is in an oversold condition. If the RSI reading is above 70, it suggests that the market is in an overbought condition. The traders and investors calculate RSI by average gain and average loss with the following formula: RS = Average Gain/ Average Loss RSI = 100-100/1+RS Average Directional Index The average Directional Index is another useful forex trading indicator that traders leverage. This technical analysis indicator helps traders identify the strength of a trend of a currency pair or any other financial asset. ADX was also developed and designed by Welles Wilder. Furthermore, there are three separate lines in Average Directional Index, while there is only one line in RSI (Relative Strength Index). The first two lines are the positive directional index and negative directional index, respectively. If you are looking to start trading on stronger trends, then you must wait for ADX to provide you with a minimum value. Most of the traders prefer 30 to 50 values for a stronger trend. Stochastic Oscillator The Stochastic Oscillator is an indicator of momentum that displays where the close is about the high-low range over a predetermined number of periods. A 0 to 100 scale is available for the indicator. In an uptrend and a downtrend, the closing price often closes close to the high and low, respectively. Momentum is waning if a closing price later veers off the high or low. The best times to use stochastics are during wide trading ranges or slow-moving trends. The fast oscillating %K line and an increasing average of %K, often known as %D, are graphed. MACD and EMA EMA (Moving Average Exponential) and MACD (Moving Average Convergence Divergence) are two different forex indicators. They are both leverage-able in analyzing the forex market and helps in making an informed decision while trading in any of the market. EMA: It analyzes the recent price trends of a market for investments and identifies the direction of the market trend. MACD: As the name suggests, it is the momentum forex indicator and provides beneficial trading opportunities. It helps traders maximize their profits. It provides valuable insights into the relationship between short-term and long-term moving averages of an asset’s price. Williams %R A momentum indicator that measures overvalued and oversold levels that swings between 0 and -100 is the Williams%R, often known as the Williams Percentage Range. The Williams % R could be used to find the market’s entry and exit points. The stochastic oscillator and the indicator are both used in very similar ways. It was developed by Larry Williams and compared the closing cost of a stock with the high and low values range during a specified period, often 14 days or intervals. The indicator provides a trader with the location of the current price about the maximum high from the previous 14 periods (or the specified number of lookback periods). Traders might look for an indicator to move under -80 during an upswing. When the price begins to rise, and the indicator rises beyond -80, it can indicate that the price is about to resume its upward trend. A similar idea can be applied to identify short trades during a decline. Check for the price to decrease when the indicator rises above -20 and the Williams %R returns below -20 to indicate a likely continuance of the downtrend. Forex Gump Forex Gump EA is an extremely lucrative Forex Expert Advisor with a fashionable candle and News Filter (MT4/MT5). Every day, the Forex Trading Robot trades. Every order’s take profit is different, and the expert advisor modifies it to reflect the state of the FX market at the time. Four options are available: High, Middle, Low, and Conservative. Even if the system crashes, this technology will prevent you from losing more money than allowed in the EA settings. Support 9/25 currency pairs from the M1 to D1 timeframes for a special multi-currency approach. This Forex Trading System is unaffected by feelings, bad situations, or the necessity to fulfill daily bodily requirements. It keeps working with 100% market evaluation … Read more

Are you tired of making peanuts with tiresome forex trading strategies? Do you want to take your trading game to the next level? Then, this article is for you. Every successful forex trader in the market utilizes specific trading strategies to make their portfolio better. These strategies help you face market challenges and make more profits. As we all are acquainted, the forex market is risky; that’s why you must learn and adopt trading strategies to cope with potential losses. In this article, we’ll get you through the ten best forex trading strategies to maximize your profits. Without further ado, let’s get started. Popular Types of Forex Trading Strategies Scalping Trading Strategies Scalping trading is some of the popular and advanced forex strategies. Traders who want to skim a profit of just a few pips utilize these strategies. The entry and exit point in scalping is pretty fast compared to other strategies. Traders execute multiple trades with the scalping trading strategy to make more profit in the market. Most of the time, scalping trading strategies are used when the currency market volatility is high. In addition, short time frames chart are used in this strategy, such as 1-minute, 5-minute, and 15-minute charts. So, if you are a quick decision-maker, this strategy is for you. Trend Following Strategies Trend-following strategies are considered to be one of the favorite strategies for professional traders. You can understand it with a simple line “riding the trend.” It means if the market is going in a specific direction, such as bearish or bully, you go with it. Furthermore, the traders aim to make a profit from the market trend. The basic principle of trend following is to buy when the market is in an uptrend (rising prices) and sell (or go short) when the market is in a downtrend (falling prices). The traders also leverage different technical indicators and strategies to identify trends in the forex market. This strategy involves a trailing stop loss limit, which helps protect trader profits. Position Trading Strategies If you are looking to make profits in the long run, then this strategy is vital for you. In this strategy, the traders identify long-term trends and aim to hold positions for weeks, months, or even a year, unlike scalping or day trading. Moreover, the traders set wide stop losses and take-profits during position trading. It helps their trade get more breathing room and capture substantial price movements over time. You can utilize moving averages and relative indexes to identify long-term trends. As this is long-term trading, it is important for you to focus on one currency pair to avoid major losses. Swing Trading Strategies Swing Trading is an old-school strategy that is utilized by the traders of every market, such as forex or stocks. In this strategy, the traders aim to capture the price movements of a stock or currency pair while holding a position for days or weeks. It is pretty different from position trading. Furthermore, swing traders perform different types of technical analysis to identify short to medium gains in the market. These traders don’t have any concerns with the long-term price movement of the assets. They are only concerned with the profit from the market movement. As with any trading approach, swing trading in forex involves both potential rewards and risks, so it’s essential for traders to have a well-thought-out trading plan and to stay disciplined in their execution. Day Trading Strategy Day trading is a popular and common strategy all professional and beginner traders utilize. This trading refers to the purchasing and selling of the forex currencies on the same trading day. The traders aim to make profits through small market movements. It is not like position or swing trading, in which traders hold their trades for weeks or months. Moreover, the trades in the day trading strategy may only last a few hours or minutes. Range Trading Strategies A range develops when a currency pair or asset costs between a high and lower extreme in the given period. In range trading, the primary goal of a trader is to buy the currency pair at the bottom of the range (support level) and sell it top of the range (resistance level). It is important for traders to identify the market conditions and volatility before utilizing range trading strategies. As we all are acquainted, the forex market is highly volatile and can be uncertain at any moment, so range trading strategies may not work out at that time. Best 6 Forex Trading Strategies 50-Pips a Day Strategy 50-pips a day is a simple and easy strategy to learn for beginners and make profits in the forex market. In this strategy, the traders set a profit target of 50 pips a day, and once the trade reaches this point, the trader closes the trade to secure the profit. We advise you to stick with a 15-minute timeframe after identifying the highs and lows of the market in which you want to trade or just stick with a one-time frame in this strategy. Traders also use volume indicators if the market is having impulsive movements (higher highs or lower lows). You can use other technical indicators in this strategy to maximize profits. Resistance and Support Strategy Resistance and support levels are the wheels of a trading strategy where you can easily assess the levels in price charts. How? Let me explain: Resistance levels are where price levels stay stagnant and don’t rise. On the flip side, Support levels are measures of the inability of the price to slope down. This strategy assists traders in making decisions revolving around these levels, selling near resistance levels and buying in otherwise. Additionally, these levels indicate the likelihood of price reversing or bouncing at crucial price areas. Carry Trade Strategy If you’re an experienced trader, you must be familiar with the huge difference in interest rates between two currencies at most times. But what if you can use it as a means of … Read more

When you are about to jump into the forex trading world, the primary step is to consult a reliable and trustworthy brokerage company. Hundreds of forex trading companies exist, but choosing the right one is tricky. If that’s the case, this article is for you. Trading in the financial market is a risky game. That’s why you must study some broker companies before consulting them. In this article, we will discuss some critical factors of a forex trading platform and how Shining Star Group Limited is the right choice for your trading. Essential Factors to Consider for the Forex Trading Platform Regulated with Financial Authorities Forex trading platforms must be regulated by financial authorities. Every country has different regulatory bodies for these forex brokers. Here is the list of popular regulatory bodies for forex brokers: For the United States: Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA). For the United Kingdom: Financial Conduct Authority (FCA). For Australia: Australian Securities and Investment Commission (ASIC). For Japan: Financial Services Agency of Japan (FSA Japan). For India: Securities and Exchange Board of India (SEBI). Account Types Forex brokers offer different types of accounts for their traders, such as standard, mini, and macro. These accounts also have different leverage and units. Most retail traders reckon the standard account option as it is the most common one. The lot size of this account is 1000,000 units. In contrast, micro and mini accounts have the lot size of 10,000 and 1,000 units, respectively. These accounts are opened by traders who want to start trading with small investments. Therefore, check what type of accounts are offered by the broker. Consider Friendly Customer Service You won’t be able to get your queries answered if the broker company does not have great customer service available for its traders. So, it’s better to consult a trader with excellent customer service available. In addition, customer service plays a crucial in addressing traders’ problems and issues. Consider Demo Account Availability A demo account helps you to investigate the trading platform properly. The demo account allows Traders to test different trading strategies, features, and technical tools. So, it is vital for you to check whether the broker company is offering a demo account or not. Spread and Commission It is vital to check the commission and spread of a forex broker company. Every brokerage company has different types of policies for spread and commission. Some of the brokers do not charge a commission but cover up their expenses with widespread. Deposits and Withdrawal Every broker around the globe has different deposit and withdrawal methods for their traders. However, some of the common methods are PayPal, Bank Wire Transfer, Skrill, Credit/Debit cards, and E-Wallets. Availability of Educational Content Education contents such as tutorials, webinars, e-books, blogs, and videos help traders understand trading, technical analysis, and various trading strategies. So, broker companies need to provide valuable educational content to their customers. How Shining Stars Group Limited Play the Right Role in Forex Trading? Shining Stars Group Limited is a pioneer forex brokerage company based in the UK. The primary of our company is to provide a accessible and enhanced trading experience to our customers. We are a regulated broker company with the availability of demo accounts, educational content, excellent customer base service, and suitable withdrawal & funding methods. Our team consists of hand-vetting and reliable people who are dedicated to helping clients from all around the globe. There are over 11,000+ registered users, 823 partners, and $5.5 million monthly revenue. Furthermore, the company has advanced trading facilities and tools to help its clients for successful trading experience. Features of Shining Star Markets Let’s see what remarkable features we have for our clients in this section. A)Fixed Spread Shining Star Group has a fixed spread for its trader, so they can be aware of the exact cost when taking action in the market. A fixed spread is predetermined and unchangeable regardless of market fluctuations and conditions. B)Zero Commission We do not charge any commission on traders’ trades, which makes our service quite affordable for future investors and traders. As there are no separate commission fees, our clients have greater transparency and a great understanding of the total cost of their trades on our platform. C)Android and IOS Application Shining Star Group Android and IOS applications will help you trade from any corner of the world. You can easily download it from Google Play Store for Android and Apple Store for IOS users. D)24/5 Chat Support Our excellent 24/5 chat support system is there to answer all your queries. If you are stuck anywhere on the platform or confused about trading, our expert support is always there. E)Swap Free Trading If you adhere to Islamic principles, don’t worry, we have swap-free trading for our traders from Muslim nations. With this feature, you can hold positions overnight without having to get perplexed about incurring any interest. F)Attractive IB Commission You can also earn a commission through our IB (Introducing Broker) commission policy for our traders. The IB commission allows traders to earn a commission by referring the company to different clients and companies. You can earn up to $14 per lot with this policy. Conclusion In the end, when diving into the world of forex trading, it is indispensable for you to consult a reliable and trustworthy brokerage company. Consider the above factors, which we have mentioned above when selecting a forex broker company. Shining Star Group Limited is a user-friendly broker company that ticks all the boxes mentioned above.

If you are one of those traders who have difficulty fathom forex trading, this article is for you. Forex trading comes with both risks and profits, which is why it is essential for beginners to learn the nuances of this market. In this article, we will get you through a detailed guide about Forex Trading for beginners, tips, and basic principles. By reading till the end, you will learn everything to get started in forex trading. Without further ado, let’s get started. What is Forex Trading? Forex (foreign exchange market) is where different currencies such as EUR, USD, AUD, and more are traded. The market does not have any central marketplace, but trading is conducted electronically through OTC (over the counter). The foreign exchange market operates 24 hours a day and five days a week (Saturday and Sunday closed) in different financial centers in different cities such as New York, London, Paris, Hong Kong, Sydney, and Tokyo. Moreover, forex trading is a huge market to dive in. According to IMARCE Group, the forex market grew by $753.2 billion in 2022 and is expected to reach $1,143.2 billion by 2028. It has become the most liquid market globally. The traders aim to make profits by buying or selling the currency pair to make a profit by speculating the market. Step-by-Step Guide for Forex Trading 1)Find a Reliable Broker One of the primary steps as a trader is to find a trustworthy broker for your forex trading. It is an essential part of your journey. So, look for a broker that is regulated by different financial authorities, such as: NFA (National Futures Association). FCA (Financial Conduct Authority). CFTC (Commodity Futures Trading Commission) MAS (Monetary Authority of Singapore) ASIC (Australian Securities and Investments Commissions) Furthermore, take a look at the commission, spreads, and fees of the forex broker before choosing it. Most of the brokerage companies do not charge fees. Instead, they cover it with large spreads. In addition, learn the different types of accounts offered by the traders and the features such as leverage and margin. 2)Open an Account (Demo) For beginners, it is indispensable to learn about the platform and test its features. After selecting the right broker company, open a demo account on the platform. It will give you the privilege to test all the features of the broker company. With the demo account, you can also learn and execute the different strategies. It also allows you to get a good grip on the forex market and learn about different currency pairs, such as EUR/USD, AUD/USD, and more. Practicing on a demo account will also help you with technical analysis and helps to reduce errors during live trading. You can learn about your weakness and fix them before you start trading on a live account. 3)Start with Small Investments It is advisable to start your first trade with a small investment. As mentioned, forex trading comes with a lot of risks. So, it is important for beginners traders to start with a small deposit. While you are still learning, this will assist you in gaining experience and reducing prospective losses. You can momentarily increase your investment as you gain self-assurance and accomplishment. In addition, you can check out the minimum deposit required by the broker company, such as $5 or $10, and continue with that for weeks or months. 4)    Educate about Forex Market The forex is a huge market, and there are many things to learn about, such as spread, commission, pips, and more, which we will also discuss later in this article. Moreover, most broker companies have tutorials and guides on their website. Knowledge is essential for all traders, as it helps them deal with and overcome trading difficulties. You can also reckon to read books and watch YouTube videos to learn about risk management, different trading strategies, and the basics of currency pairs. 5)Learn Different Strategies & Practice Learning and practicing different trading strategies is important to gain more profit in forex trading. There are different types of strategies to learn such as: Range Trading Strategy In the Range trading strategy, the trader identifies the support and resistance level to place their traders. The traders buy near the support level and sell near the resistance level, getting profits from price movements.   Day Trading Strategy In the day trading strategy, the traders open and close the traders on the same trading day. Furthermore, day traders aim to make profits from short-term price movements, typically within hours or a single session. Trend Trading Strategy It is one of the easiest and simple to learn strategies on the forex market. When the price of the currency pairs increases, it is called an upward trend, and the traders would enter in buy position. When the currency pair’s price decreases, it is called a downward trend, and the traders would enter into a sell position. Position trading Strategy Position trading strategy requires patience and long-term planning. In this strategy, the traders hold their trades for long periods of time, such as weeks, months, or even a year. The traders often ignore short-term price movement. The forex market is quite dynamic, so it is important for beginner traders to adapt and learn these strategies. Keep an open mind, experiment with various trading strategies, and review your trades for patterns to help you become a better trader. Basic Terminologies for Forex Trading Let’s explore some of the crucial terminologies in forex trading which every trader must know: Spread In simple words, the spread refers to the difference between the bid and ask price. Suppose in EUR/USD, the USD is trading at an asking price of 130.40 and bid price of 130.44; the spread is 0.04, which equals four pips. PIP PIP (Percentage in Point) refers to the 4th decimal unit of a currency pair. For example, if the AUD/USD price moves from 1.205 to 1.206, it has moved one pip. It depends on the position and lot size of the trade. Margin … Read more

Gold has maintained its own legacy in trading because of its popularity and uniqueness. Gold was used to trade physically, but trading it now has become more secure and fast on Forex. Forex is the world’s largest and most liquid financial market, where participants trade currencies and various other financial instruments, including commodities like gold. It is vital for you to know the right gold trading hours, strategies, and tips before making any decision. This article will cover tips, gold trading hours, and the pros and cons of trading gold. Let’s dive into it. Top Tips for Gold Trading For Beginners Learn and Educate It is indispensable for every trader to educate themselves about gold trading and learn every nitty-gritty fundamental aspect of it. You can learn it through blogs, webinars, YouTube videos, and e-books about gold trading. Additionally, you can also consult expert gold traders for tips and strategies. Understand What Moves Gold Prices Three factors drive the price of gold: the price of the US dollar, the supply and demand of gold, and the amount of gold in the central reserve bank. It is crucial for you to understand these terms before you dive into real gold trading. Find a Reliable Broker As a beginner, it is important for you to consult a trustworthy trader to be on the safer side and protect your assets. Here are some factors before choosing a forex broker online: Security Type of accounts Customer service Customer reviews Tools and features Regulatory bodies. Practice With Demo Account Once you find a reliable broker, you shouldn’t directly jump into live trading, or else you will risk your assets. Therefore, practice your trades with a demo account and learn different strategies for gold trading. You can also explore different technical analysis tools provided by the broker in your demo account. Employ Technical Analysis It is vital for every trader to leverage technical analysis in forex trading. With technical analysis, you can make informed gold trading decisions and make a good amount of profit on Forex. Does gold have Trading hours? Yes, it does. Gold is actively traded in various global markets, and its trading hours can vary depending on the exchange or market you are trading on. Here is the list of some of the demanding gold markets: London Bullion Market Association It is one of the most popular and largest markets for trading physical gold. It operates in London and sets the global benchmark for gold prices. The trading hours of this market are typically 10:30 AM to 3:00 PM (London Time). Commodity Exchanges: TOCOM and COMEX Gold futures contracts are traded on commodity exchanges such as the COMEX (Commodity Exchange, a division of CME Group) in the United States and the Tokyo Commodity Exchange (TOCOM) in Japan. These exchanges have specific trading hours that can vary but generally include regular trading hours and after-hours electronic trading. According to Investopedia, TOCOM is Japan’s biggest marketplace for raw materials and commodities such as gold, silver, and rubber. Forex Market You can start trading XAU/USD (XAU refers to gold) on Forex five days a week, Monday to Friday, with weekends off. It’s important to note that gold trading in the forex market is not tied to the physical market’s hours. Instead, it can be traded whenever the forex market is open, which includes overlapping sessions of major financial centers such as London, New York, Tokyo, and Sydney. OTC Markets In OTC markets, the trades are processed in a decentralized way, making it more secure for the traders. These markets can have varying trading hours depending on the broker or financial institution offering the products. Final Verdict Gold trading isn’t every one game. There are many aspects to look out for. We have described the top tips for gold trading and gold trading market hours. Make sure to learn, practice, and learn different strategies for gold trading to make the right trading decisions.  

Are you having difficulties in trading gold as a beginner? Then this detailed guide is an good opportunity to learn gold trading. As we all are acquainted that gold is a precious metal and it has high demand in current market. Gold has been trading since centuries and it is a safe haven for the economy of a country. Gold trading is now more digitalized and complex as well, especially for beginners. Don’t worry, we got your back. In this article, we will delve into gold trading tips, types of investment, strategies, and how to start. Without further ado, let’s get into it. Tips Before Starting Gold Trading Here are some of the basic tips before you step into gold trading. Get Knowledge About the Fundamentals The gold market is quite liquid, the prices can move quickly without a notice. Therefore, as a beginner, it’s important to learn the basics fundamentals of gold trading and gain knowledge before diving into this market. Moreover, you can learn and grab the nitty-gritty crucial points by consulting with gold traders online and practice their strategies. There are many free E-books and webinars available, where you can learn the gold trading fundamentals. Learn Risk Management Risk management is key to learn in gold trading. It’s crucial to implement proper risk management strategies in gold trading. Traders often leverage stop loss and take profit to minimize potential losses and manage their trades in a flexible way. Learn What Moves Gold Prices The price of gold has significantly increased from the last 10 years, rising from 1,298 per ounce in 2014 to 1,946 per ounce in 2023.  There are several factors, which influence the price of gold. Here are some of the following factors: Geopolitical Events Geopolitical events such as war, conflicts between nations, and other tensions. Gold prices are often fluctuated in geopolitical tensions. US Dollar Price As we all know, gold depends on the price of US dollar. Gold is inversely proportional to the price of USD. So, when the USD gain strength, the price of gold tend to decrease and vice versa. Supply and Demand of Gold Supply and Demand is one of the main factor gold price movement. Jewelries and other traditional items are made up for gold. As mentioned, gold is considered as a safe-haven assets in the time of inflation and currency devaluation. Inflation and Deflation Inflation and deflation do also play a role in moving the gold prices. When there is inflation, the price of gold rises and vice versa. Do Technical Analysis of the Market Technical analysis in forex trading involves analyzing historical price data, chart patterns, and various technical indicators to make predictions about future price movements of currency pairs. It is a method used by traders to study market behavior and make informed trading decisions based on the premise that historical price patterns tend to repeat themselves. It will also help you analysis the resistance and support level of the market. There are technical analysis tools available such as Moving Averages, Fibonacci levels, Bollinger Bands, and more, which you can use in gold trading. Analyze Gold Charts Gold is a highly liquid metal and the prices move quickly, so it’s important to analyze the market charts and determine what’s the trend of the market. Types of Gold Investment Here is the list of some common type of gold investments: Physical Gold Investors and other individuals purchase gold in the form of gold coins, bars, and jewelry, and trade them when the value goes high. Gold ETFs (Exchange-Traded Funds) Gold ETFs is a secure and reliable way to invest in gold asset. Gold ETFs gives privilege to investors to gain higher exposure of gold without even owning it, they are traded like stocks. It is a popular form of investment among investors. Gold Mining Stocks Investing in gold mining stocks is also a great way to gain exposure to the gold market profits and risks. Moreover, some of the companies also pay dividends to the stock holders, which is more advantageous compared to the direct investment in gold. However, it’s important to keep in mind that mining companies are also associated with potential risks. Gold Futures and Options Gold futures and options may sounds similar, but there are minor differences between these twos. They drive the value of an underlying asset, in this case, it is gold. In Future contracts, the purchaser has the accountability to buy or sell the underlying asset. However, there is no obligation given to buyer for buy/sell in options contract. Options Contract is a good choice as they are used for leverage and hedging in gold trading, which gives upper hand to the trader. How to Start Trading Gold Online? 1)Find a Reliable Broker It’s crucial for beginners to find a convenient and trustworthy broker, from where you can start trading gold. Textrades has all the trading tools available with excellent customer care service and 200+ instruments, where you can trade every kind of asset including gold. We also have a discord channel, where you can interact with other professional traders and learn different strategies. 2)Practice on DEMO Account Textrades also have demo account, where you can practice different strategies, tools, and instrument and get a good grip on gold market. It will also help you learn how gold market works. Practicing on our demo account will make you familiar with the tools, features, and other enticing indicators on our platform. 3)Start with Low Investment As we have mentioned, gold is a highly liquid asset and the prices of this metal can move rapidly without any notice. So, it’s better to start trading gold with small investment. It will save you from major losses. In addition, Textrades is one of the cheapest market firms available, we does not charge much as compared to other traders. 4)Learn Everyday As a trader, it’s important to keep yourself updated with the gold prices and market each day. You can read news, blogs, and watch … Read more

Forex and Crypto trading are a lucrative way to make money online just by investing money. However, both are risky in some ways, as forex and crypto markets may not always go in your favor. Moreover, the value of the whole forex market is approximately $2.4 quadrillion or $2409 trillion. As for cryptocurrency, the global cryptocurrency market is currently at $1.07 trillion. These numbers show how gigantic these two markets are. However, both markets do have differences and different policies. In this article, we will get you through the differences between both markets so you can make informed decisions before delving into it. Without further ado, let’s dive into it. What is Forex Trading? In a nutshell, forex trading is also referred to as foreign exchange trading, where an individual buys and sells foreign currencies with the aim of making profits. However, if you don’t know how to get started in Forex trading, it is indispensable for you to follow the right trading strategies and tricks, and learn about the nitty-gritty details of trading. Moreover, the currencies that are quoted with each other are called cross or currency pairs. If any currency is paired with the US dollar, it is called a currency pair. However, pairs not having US dollars are called cross pairs. Pros and Cons of Forex Trading Pros: Offers flexibility to traders to trade from anywhere around the world. Lucrative way to make money online. Do not require any kind of qualification to start trading. Forex has many currency pairs, which offers traders diversity. Cons: The forex market does not guarantee, it comes with lot of risks to lose your funds. Geopolitical events can greatly influence the forex market. What is Crypto Trading? You might replicate crypto trading with forex, although it has a different mechanism. Crypto trading involves buying and selling virtual or digital assets in a decentralized way. They are traded by individuals, banks, and even large groups of traders. Furthermore, cryptocurrencies are not controlled by any government, unlike fiat currencies. These currencies are based on certain blockchains, from where all the transactions are recorded and proceeded in a secure, transparent, and decentralized way. Albeit, the cryptocurrencies only exist in a virtual way and are also exchangeable for goods and services. However, according to Statista.com, the survey from 2019-2023, 56 countries have already adopted cryptocurrencies and Nigeria is on top of the list. Some of the popular cryptocurrencies are Bitcoin, Ethereum, BNB (Binance Coin), Dogecoin, XRP, and USDC. Pros and Cons of Crypto Trading Pros: Highly profitable for investors. Crypto trading is highly decentralized, a secured to do transactions. It has low-transaction fees. It takes only seconds to transact cryptocurrencies around the globe. Cons: Crypto trading is highly volatile and risky. Popularity, integrity, and adoption of cryptocurrencies fluctuates their own market, which might always go in your favor. Difference Between Forex Trading And Crypto Trading Forex and crypto are both profitable, but there are differences which are important to highlight. Let’s dive into it. Market Hours Market or operational hours means when the market opens or closes for traders and it is quite different for both crypto and forex. The forex market opens five days a week, from Sunday 5 PM and closes on the same time on Friday according to local time in New York. It typically opens after 48 hours. In contrast, crypto market do not have these set operational rules. The crypto market is open for 24 hours and seven days a week with no break. Forex markets have different trading sessions, depending open the city and country. Although, crypto traders do not have to wait for the markets to open to start trading. Liquidity Liquidity is a crucial concept in financial markets because it directly impacts the efficiency and cost of executing trades. Liquidity is another factor which differentiates the forex and crypto market. Forex is currently the most active market nowadays and it also have higher liquidity than the crypto market. The forex market daily trading volume has skyrocketed from 2019 to 2023, growing from $6.6 trillion to $7.6 trillion. However, the crypto total market volume only settles at $21.99 billion, according to CoinMarketCap and daily trading volume falls between $100 to $200 billion, it depends on the purchase and sale of each coin. EUR/USD pair is the highest liquid pair in forex market, while in cryptocurrency, BTC-USD has the highest liquidity with a market cap of 517.2B. Number of Assets There are 128 currency pairs on Forex market, divided into categories such as major, minor, and exotic currency pairs. The traders mainly target major currency pairs because of the liquidity  such as: EUR/USD, USD/JPY, GBP/USD, USD/CHF, NZD/USD, EUR/AUD, EUR/NZD, and EUR/GBP.  Although, you can also open trades for exotic pairs, which involve one major currency and one currency from a developing or smaller economy. According to Forbes, there are more than 22,900 cryptocurrencies that are traded on different platforms, which offer traders more diversity than Forex. We have already mentioned the popular cryptocurrencies above. Additionally, forex currency pairs are considered to be more stable because of less volatility and regulation. Volatility of the Markets One of the main reasons why forex market is different from crypto is the volatility of the markets. Forex exotic and minor pairs have high volatility, but major currency pairs generally have less volatility. Cryptocurrencies are considered to be extremely volatile and prices of the coins and token fluctuates rapidly. According to the graph of CoinMarketCap, the price of BITCOIN was $30,471, and it went to down to 25K in the mid of September. In contrast, Forex In contrast, Forex market pairs do not have these high fluctuations, making it more safer for market pairs do not have these high fluctuations, making it more safer for investing and trading. In crypto trading, the traders usually wait for the market to get in a bearish position, so they can make high profits when the bull season comes. Additionally, Forex and crypto both do not guarantee … Read more

Are you an experienced trader looking to make a living by connecting yourself with the best prop firms around the globe? Then, this article is for you. By joining these firms, you can develop your trading strategies, get high-profit returns, and leverage advanced trading tools. However, you must be skillful and experienced in analyzing the market conditions of different commodities, currencies, and stocks. It is vital to highlight that trading with a prop firm entails risks, as traders may incur losses that affect both their personal income and the capital of the firm. In this article, we will be delving into the list of forex prop firms. Without further ado, let’s dive into it. What is Forex Propriety Trading? In a nutshell, propriety trading in forex refers to trading different assets with the capital provided by the prop firm. Most prop trading firms have programs that test the trader’s skills and experience before hiring them. Moreover, the traders use their experience, skills, and strategies to identify different trading opportunities and execute traders with the aim of generating profit for the prop firm. The firm provides the funds, which lets the traders open large positions in the market, which often leads to more profit. Although, it involves a lot of risks, as well. Therefore, it is indispensable for traders to navigate these risks for a profitable trading journey. List of Prop Trading Firms ·       SurgeTrader SurgeTrader is one of the pioneer propriety trading firms in 2023. The company has the simplest process for its upcoming traders. Furthermore, SurgeTrader has a single-stage audition for traders and offers live trading account , making it a unique prop trading firm. The trader could receive up to 90% profit with an add-on purchase. The company offers up to six exclusive packages, which are: Starter: $25,000, and the audition fee is $250. Intermediate: $50,000, and the audition fee is $400. Seasoned: $100,000, and the audition fee is $700. Advanced: $250,000, and the audition fee is $1,800. Expert: $500,000, and the audition fee is $3,500. Master: $1,000,000, and the audition fee is $6,500. All the packages contain a 5% daily limit, leverage up to 20:1, profit target of 10%, and max trailing drawdown of up to 8%. This prop firm has a user-friendly portal for its trader and other users, which makes it flexible for people to trade. With excellent customer service, you can get your queries and doubts answered. The platform has also received rewards and good positive ratings from traders all around the world. · e8 Funding E8 Funding is weaving tales by providing advanced tools and features to the traders and offering suitable packages. Moreover, the company provides substantial capital and software solutions such as MT4 and MT4 for traders to trade on different markets and generate profit, making it a sophisticated platform for all kinds of traders worldwide. E8 Funding offers up to three accounts: E8 Account Get up to a $3000,000 funded trading account. Profit target 8%, daily withdrawn 5%, initial deposit drawdown 10%. The trader must pass phase one and phase two for a funded account. Each phase has different objectives. E8 Track Get up to a $250,000 funded trading account. The trader must phase three phases with different objectives to start trading with a live funded account Traders can get the same rewards at a lower cost. ELEV8 Account The trader must pass phase one and phase two for a funded account. Each phase has different objectives. Get up to a $1M funded trading account. Get up to 90% profit. · FTMO FTMO is a popular trading platform where millions of traders trade from over 180+ countries. Furthermore, the company strives to provide traders with the latest and advanced trading tools to make it easier for traders to analyze the market conditions and make more profits. The platform offers a great opportunity for traders to access up to a $400,000 funded trading account after they successfully complete their evaluation. Once you become part of this intriguing company, the profit is split up to 80%, although with the scaling plan, it can reach up to 90%. It will be only possible if you manage to generate a 10% net profit over a period of time. Nevertheless, the company also offers educational content for its traders and customers. It helps them learn about new forex trading strategies, market conditions, and more. At last, FTMO is one of the most effective prop trading firms on our list. The traders can buy $10,000 trading for just €89. ·The 5%ers The 5%ers is a well-drive prop firm which was established in 2016. The company is quite affordable for traders around the globe. The best thing about this company policy is that the profit keeps on increasing whenever traders reach the profit target with a growth up to 4 million USD. Furthermore, the 5%ers offer up to three funding programs for its traders: Bootcamp Program The entry cost of this program is only $95 and $225 for $100k and $250 funded accounts. The trader must complete up to three challenges in a demo account and follow the objectives. Unlimited time for completing the challenges. The leverage is 1:10. High Stake Challenge MT5 platform availability. Leverage is 1:1000 The profit split is 80% to 100% with a monthly salary. The account will be expired if the company does not notice any trading activity for up to 14 days. Hyper Growth Program Leverage is 1:30. Availability of MT5 platform. The account sizes are 10k, 20k, and 40k. ·My Forex Funds My Forex Funds was launched in 2020 and is currently one of the leading prop firms in the world. Although the company may seem new to you, it is expanded with 300+ staff members and 2000 customers on a daily basis. Moreover, the company also offers MetaTrader 4 and 5 for its trader for effective trading. The customer care service is available 24 hours and seven days a week, which solves any confusion about your funded account. … Read more

Did you know more than 70% of forex traders lose their capital within every quarter? It’s because of the lack of knowledge about forex trading terms. So, it is indispensable for every trader out there to focus on every forex term before getting crumpled during their trading journey. Moreover, trading on Forex isn’t a piece of cake; it comes with many risks. Newbie traders are vulnerable to these risks and, thus, find themselves losing extra bucks. In this article, we will highlight some vital top terms of Forex. So, read till the end to be acknowledged of all the terms. 1)Currency Pair There is no rule on Forex to buy a single currency. There are currency pairs such as EUR/USD, AUD/USD, JPY/EUR, etc. According to Tradingview.com, there are over 2,300 forex currency pairs, but they are all illiquid, and only 115 pairs of data are provided to the traders by brokers. In EUR/USD, EUR is the base currency, and USD is known as the counter or quote currency. There are major, cross, and exotic currency pairs on Forex. The major currency pairs are EUR/USD, USD/JPY, GBP, and AUD/USD, as they are the most traded ones. The cross-currency pairs are EUR/GBP, NZD/JPY, and CHF/JPY. USD is not included as the base or quote currency in these currency pairs. The exotic currency pairs are EUR/RON, USD/HUF, and USD/ZAR. These currency pairs are less traded. 2)Margin Margin is the amount of capital a trader must have in their account to be able to open a trade. The money act as security funds for the brokerage if the trade doesn’t go in favor of the trader. With margin, traders are eligible to open larger positions in the market. There are other key terms about the margin that you must know about: ·Used Margin Used margin, also known as “used margin requirement,” refers to the portion of your account balance that is currently being utilized as collateral to maintain open positions in the market. This margin amount can not be used until the open positions are closed or the margin is released. ·Free Margin In contrast, free margin is the amount that is available for new trades. ·Margin Call A margin call is critical in forex trading when your account’s equity (the current value of your account, including open positions) falls below a certain percentage of the used margin. When this case happens, the broker will either notify you or place a margin call on your account, in which you must deposit more funds in your trading account or close some of the opened positions. 3)Leverage Leverage is the amount of money which the trader borrows from the broker to open larger positions in the market. It allows traders to expand their buying power when trading assets on Forex. Suppose the broker is offering 100:10 leverage. It means you will have the ability to open a trade value of $100 with $10 in your trading account with the help of leverage. 4)Bid and Ask Price It is vital for every trade to know about these terms. When a trader wills to buy a currency pair, it is known as the bid price. In contrast, when a trader wants to sell a currency pair, it is an asking price. 5)Spread Spread is the difference between the asking price and the bid price. Most of the brokers online do not charge fees. Instead, they cover up their charges with wider spreads on currency pairs. So, it is essential for you to know about spread, as it can affect your profits at the end of the day. There are two types of main spreads such as fix and variable. Fixed Spreads The fixed spreads do not get affected by market fluctuations and hold the same number of pips between the bid and ask price. Variable Spreads In contrast, variable spreads flow according to market fluctuations. It can also be called a floating spread, which constantly changes the bid/ask price. 6)Lot Size The lot size is the unit of measurement when you trade a currency. You can trade the standardized quantity of a financial instrument on the forex market. It is generally demonstrated in the standard lot, mini lot, and micro lot. There are 1000,000 units in one standard lot size of the base currency. A mini and micro lot has 10,000 and 1,000 units, respectively. Furthermore, some online brokers also offer fractional lot sizes for their traders in case they have a smaller trading account or wish to trade small. 7)Bear and Bull Market Bear and Bull market are two rudimentary terms in Forex, which describes the market sentiment. When the currency prices are constantly declining, it is regarded as a Bear market. In this market, the investors are looking to sell currency pairs, anticipating further price downfall. In contrast, when the currency prices are constantly moving upward, it is known as the Bull market. The traders or investors in this market are willing to buy currency pairs, expecting further prices increase. It is important for every investor to acknowledge that the market can frequently shift between a bearish and bull market with no notice at all. 8)Interest Rates It is critical for every trader to know about interest rates and why it is essential in forex trading. These rates determine the cost of borrowing money and play a crucial role in influencing the foreign exchange market. These are determined by the central banks of the world. So, it is essential for you to keep an eye on interest rates before making any trading decisions. It can result in both losses and profits. 9)Technical Analysis In forex trading, technical analysis is a technique used to assess and forecast future price movements of currency pairs based on past price data and market data. Traders who employ technical analysis, sometimes known as “technical analysts,” think that past price patterns and movements might offer important clues about the market’s future course. The technical analysis primarily focuses on chart patterns, trends, … Read more

In this online trading world, it is essential for traders to consult the right forex broker for their successful trading. Choosing a reliable broker is foremost the most important step for every trader. According to this study, victims of fraudsters lost over £27 million in 2018/19, which is a huge number. That is why studying your broker before investing any capital is important. Selecting the right broker might be difficult and confusing for you. In this article, we have collected the most important factors for traders before they find the right forex broker. So you can make informed decisions for the trading journey. Without further ado, let’s dive into it. What is a Forex Broker? A forex broker provides traders access to buy and sell foreign currencies. These broker companies also provide different platforms to the traders where they can execute their trades. Furthermore, these brokers also offer its traders educational content such as tutorials, books, PDFs, and more. These are the currencies most traded on foreign exchange markets such as the US dollar, (US) Euro (EUR), Pound Sterling (GBP), New Zealand dollar (NZD), Australian dollar (AUD), Canadian Dollar (CAD), Japanese YEN (JPY), and Swiss Franc (CHF). Keep in mind that most of the forex brokerage companies charge particular fees for their provided software for trading. Top 11 Factors to Consider For Forex Brokers   Check the Type of Broker It is one of the vital factors to consider before choosing a forex broker. You should know how these brokers operate in the forex market. Here are the types of brokers: Market Makers These are the ones who take responsibility for the risks. They make the market viable by providing liquidity. These brokers provide buy and sell quotes to the clients for currency pairs. These brokers earn profit from the spread. For example, if the bid price is $800 and the asking price is $802, the $2 is the spread. That is how Market Makers are awarded. Straight Through Processing (STP) Brokers STP brokers are the ones who provide liquidity to clients without any intervention or market activities. As there are no inferences, the trades are executed at a much faster rate. These brokers earn through spreads and commissions. Electronic Communication Network (ECN) Brokers ECN brokers leverage electronic communication networks to give access to their clients about other investors in currency markets and equity. This network matches the buy and sell order when the traders come to execute their trades. For example, if the spread of the EUR/USD is one for 13000/13001 for all the brokers. The ECN broker will take this one spread and add a couple of more spreads for its traders; they’ll quote the price 12999/13002, which is three spreads. Type of Accounts There are different types of accounts available such as standard, micro, mini, and VIP. These accounts are based on the deposited capital. Forex broker companies provide these accounts for the trader’s preferences and needs. Micro and Mini’s accounts are traded in 10,000 or 1000 units lots, while the standard account has a minimum of 100,000 units. Mini and Micro accounts are for those who are looking to start trading with small investments. So, make sure to check broker accounts matches your needs. Authorized by Financial Regulations It is mandatory for a brokerage company to be regulated by financial authorities. The broker companies of each country have their own regulatory bodies. Some of the regulatory bodies are the Financial Conduct Authority (FCA) in the United Kingdom, the Australian Securities and Investments Commission (ASIC) in Australia, the Commodity Futures Trading Commission (CFTC) in the United States, and the Cyprus Securities and Exchange Commission (CySEC) in Cyprus. Regulated brokers ensure and safeguard traders’ capital, provide fair and transparent trading practices, and maintain integrity. So, it is important for you to open your trading accounts with regulated brokers only. Customer Service Customer service is also a main factor before you consult any forex broker company. It is indispensable for brokers to have excellent customer service for traders. Great customer service will help you get answers to your queries about the trading platform and how things work. In addition, you can read the customer reviews on the company website about customer service and get an idea about their service. Commission, Spreads, and Fee You must check the commission, spreads, and trading costs of a brokerage company. Most of the companies do not charge a commission. Instead, they cover their expenses with a wider spread on the currency, such as EUR/USD. Furthermore, the spread and commission may also vary on the account types offered by the broker. Some accounts have low spread, but a commission is also charged separately. There is another term called Swaps, which is also important for you to understand. It’s for those traders who hold positions overnight. It can be either positive or negative based on the currency pair. Margin and Leverage Margin and Leverage are two vital concepts in forex trading, which traders leverage to increase their trading power. As a trader, it is indispensable for you to be aware of the margin requirements and Leverage offered by the brokerage company, as these can impact the potential risk exposure and the amount of capital. When trading with Leverage, you can utilize risk management practices, such as setting stop-loss orders and using appropriate positions. Please note that where there is high Leverage, there are more chances of risks. Availability of Demo Account It is essential for every broker company to have a demo account for its traders. A demo account helps the trader understand the platform, practice different trading strategies, and trade without risks. Furthermore, beginner traders can also explore various functions and features of the trading platform offered by the broker. Traders can also stimulate market conditions with the demo account, allowing them to understand how the prices of currency pairs behave and move. So, consult those broker companies with demo accounts available for the traders. Withdrawal And Deposit Methods Every forex broker company … Read more

Did you know 95% of forex traders lose their money while trading? It’s because of their poor risk management skills. That is why it is important to adopt and learn risk management strategies for Forex. Entering into the forex market and starting a trade is pretty easy. However, managing risks and potential losses is a hard nut to crack. Forex is often risky, especially for beginners. Therefore, it is essential for all types of traders to learn risk management. Risk management in forex trading might be complex to understand, although this article solves all the doubts. This article will discuss nitty-gritty details about risk management, benefits, and vital strategies. Without further ado, let’s dive into it. What is Risk Management in Forex Trading? Risk Management refers to the set of strategies and tactics that traders employ to minimize the potential losses during their trades. Forex is one of the most volatile markets because of currency fluctuations on a daily basis, which makes it risky for beginners to start trading. Moreover, taking risks is good as it can result in more profit; however, if the market doesn’t go in your favor, it may result in significant losses. Risk management means following a set of rules, applying different techniques and strategies, and learning about market conditions for minimum losses. What are the Common Risks in Forex Trading? Here is the list of common Risks in Forex Trading: Market Volatility Market volatility is the rudimentary risk in Forex trading. The prices of the foreign currency pairs are affected by political instability or economic issues, which may results in potential losses. You can mitigate these risks by learning proper risk management strategies. Liquidity Risk These are some of the fundamental risks in forex trading, which refers to not being able to buy a certain currency pair at a desired price due to low trading volume. It can be solved with proper risk management skills. Counterparty Risk Counterparty risks refer to the broker you’ve chosen to open trades. It is better to find a reputable broker for trading foreign currencies.  Forex Market Volatility Forex volatility risk, often simply referred to as “volatility risk” in the context of forex trading, is the risk associated with the potential for significant and rapid price fluctuations in the foreign exchange (forex) market. Volatility risk arises due to the inherent uncertainty and dynamic nature of currency exchange rates. Strategies to Manage Risk in Forex Trading Learn about Risk Management As we all know, Forex is a huge market, with daily updates about currencies, trends, and more. Therefore, as a beginner, it is indispensable for you to learn risk management. You can learn different technical analysis tools, strategies, and indicators for forex trading to better manage your trades. You can also read our guide about Forex trading to learn different strategies and tips. Employ Stop Loss And Take Profit Stop loss and Take profit are two more essential ways to handle risks in forex trading. Most professional traders implement these to avoid potential losses and generate more profit while trading in their desired markets. Stop loss serves as an order, where you pre-determined a certain value to your broker to automatically close your trade (buy or sell) when the market goes against it. While writing this, the current price of EUR/USD is 1.069. Suppose you have entered a buy position and can’t afford to lose if the price goes below 1.065. Therefore, you can set the stop loss at 1.065, and the trade will be automatically closed if the market reaches this value, preventing further losses. As the name suggests, Take Profits is an order you place with your broker to automatically close a position (buy or sell) when the market reaches a specific price level that you’ve pre-determined and bank the profit. It is similar to stop loss but has a different concept. Don’t Take High Leverage Taking leverage gives you exposure to open high trades in forex trading. It is a basic concept in forex trading, and it gives traders the power to open large positions with small investments. It is generally represented in ratios such as 2:1, 3:1, or any. If your account has the leverage of 2:20, it means you can open a trade worth $20,000 with only $2,000 in your account. Moreover, it is a great way to make profits on Forex. Leverage magnifies both profits and losses. Therefore it is better for beginner traders to limit leverage. Once you have a clear concept of trading, you can take advantage of higher leverage and make profits. It’s important to prioritize risk management to sustain a trading career over the long term. High leverage can hinder long-term sustainability because it increases the chances of significant capital drawdowns that are difficult to recover from. Suitable Position Size of the Trades Position size in forex trading refers to the number of lots or units a trader invests in a currency pair. It is a crucial aspect of risk management and determines the amount of risk and potential profit associated with a trade. As a beginner trader, we advise you to reckon small lots when trading forex currency pairs, as this market is quite volatile. It is a vital component in risk management, and traders can minimize their potential losses by adjusting the right position size of the trade. It also helps you to diversify your trades. You can easily calculate your position size on MyFXbook.com! Learn and Take Advantage of Technical Indicators Technical indicators such as moving averages, pivot lines, and Bollinger bands are popular technical analysis tools for forex trading. Technical indicators help traders understand the trading charts and make informed trading decisions. Moreover, technical analysis also allows traders to identify market trends such as downtrend, uptrend, and sideways. Following the right trend can avoid potential losses and enhance your risk management skills. Technical analysis tools can assist in determining favorable risk-reward ratios for trades. By identifying potential support and resistance levels, traders can calculate how much … Read more

MetaTrader 4 and MetaTrader 5 are both popular forex trading platforms; however, if you are confused about which is better, MT4 or MT5, this article is for you. Well, if you are thinking that MT5 is just a modified version of MT4, you are getting it wrong. Both of these platforms offer different functionalities and features for trading purposes. The use of these platforms depends on your trading goals and other factors. These platforms offer various tools for trading currencies and other financial instruments. This article will compare the functionalities and features of MT4 and MT5. Read until the end to choose the right platform for successful trading. What is MetaTrader 4? MetaTrader 4, or MT4, is one of the popular forex trading platforms which professional and beginner traders leverage. Moreover, the platform was developed and released in 2005 by MetaQuotes Software. The platform offers excellent trading opportunities to all traders, such as advanced technical analysis, Expert advisors, flexible trading systems, and mobile applications. MT4 has quite a friendly user interface, which is customizable by traders. It comes with all the required tools and features which a trader needs for their trading strategies. You can also trade a variety of other markets except Forex, such as indices, commodities, stocks, and metals. What is MetaTrader 5? MetaTrader 5 was also developed by MetaQuotes Software and released in 2010 with more advanced trading features than MetaTrader 4. It is available for Windows, Linux, and Mac and also offers mobile applications for its traders. An individual can open two trades simultaneously, allowing traders to trade multiple assets at once. Furthermore, the platform is much faster and more flexible than MT4. However, MT5 is much less popular than MT4 because of its user-friendly interface and easy-to-use features. Although, if you are experienced enough with charting tools and others, MT5 is the right choice for you. MT5 comes with advanced trading and technical analysis tools for professional traders. Differences of MT4 vs MT5 In this section, we will highlight the main difference between these platforms. Let’s check it out! Technical Indicators Technical indicators are vital tools used by traders in forex trading. It helps them identify price movements and make profitable decisions. As for MetaTrader 4, it comes with 30 technical indicators for its traders. In contrast, MetaTrader 5 has 38 technical indicators, beating MT4 in this. DeMakers, Stochastic Oscillator, and Ichimoku Kinko Hyo are popular MetaTrader 5 indicators used by traders. Bollinger Bands, Moving Average, and Relative Strength Index are also various famous technical indicators on both platforms, which traders leverage. Traders can choose from a wide variety of indicators based on their trading strategies and preferences. Timeframes Timeframes are specific duration or time intervals in Forex, which traders analyze and use. There are long, short, and medium time frames in MT4 and MT5. MT4 can only display nine timeframes M5 (5 minutes), M15 (15 minutes), M30 (30 minutes), H1 (1 hour), H4 (4 hours), D1 (Daily), W1 (Weekly), and MN (Monthly). In contrast, MT5 has 21 times frames for its traders for different minutes and hours. For minutes time frames, it has M1, M2, M3, M4, M5, M6, M10, M12, M15, M20, and M30. And for hours time frames, it has H1, H2, H3, H4, and H6, daily, weekly, and monthly. Pending Orders In Forex, the term pending orders refers to the order placed by the trader whether to buy or sell a currency pair in the future. In MetaTrader 4, four types of pending orders are available for the traders: Buy Limit, Sell Limit, Buy Stop, and Sell Stop. While MetaTrader 5 comes with two extra pending orders, such as Buy Stop Limit and Sell Stop Limit.   It is important for traders to carefully monitor the market vitality before placing pending orders on any currency pair. It is not always guaranteed that the price will move up or down. Economic Calendar An economic calendar is a vital tool traders use to monitor upcoming economic events. It helps them in making informed trading decisions. The MetaTrader 4 does not come up with an economic calendar, which is a lack part. But, you can use another alternative for getting info about macroeconomic and financial events. In contrast, MetaTrader 5 comes with an integrated economic calendar for its traders. This tool helps the trader to stay informed about economic indicators, central bank announcements, and important economic news. It is a must-have tool for all types of traders on Forex or any other financial market. Depth of Market The depth of the market is another crucial tool that forex traders leverage for successful trading. The DOM helps traders to understand if the market is liquid or not. It displays the current buy and sell orders and volume for a given currency pair or asset. It also shows the number of market, limit, and stop loss orders. Unfortunately, MetaTrader 4 does not have this feature for its traders. Nevertheless, some brokers might provide their own versions of the DOM or other tools that can display comparable market-depth data on the MT4 platform. In comparison to Metatrader 5, it gives access to Depth of Market for the traders. Hedging It is called hedging when a trader opens a buy and sell order or has multiple positions in the same currency pair. And netting is the opposite of hedging. MetaTrader 4 and MetaTrader 5 both come with hedging features for their traders. On MT4, you can enable hedging and simultaneously open multiple positions in the same currency pair. Also, the profits and losses from each open position are calculated separately. There are two accounting modes on Metatrader 5, netting mode and hedging for trading. The hedging system is the same on MT5, just like MT4. However, if the netting system is enabled, traders can open only one position (long or short). It means opening a new position in the same currency will close the current position. Programming Language MT4 and MT5 utilize their own custom programming language. … Read more

Are you one of those mediocre forex traders who want to become an expert in it? Then, this article is for you. As we all are acquainted, forex trading isn’t every game. If you have heard about the successful forex trader stories, it will be easy for you to figure out its challenges. Moreover, becoming an expert in forex trading does require several practices. In this article, we will delve into how to become a successful forex trader in 10 steps. Without further ado, let’s dive into it. 9 Steps to Become an Expert in Forex Trading 1)Keep Yourself Updated with the Latest Trends Every trader must keep themselves updated with the latest trends, news, and tools for forex. As we all are acquainted, the Forex market is quite volatile and does not always go in your favour. Therefore, it is vital for you to keep your eye on the news and the latest updates in the market. One thing that differentiates a professional and a beginner trader is the research. It plays an essential role if you want to succeed as a trader in forex. You can also subscribe to different newsletters for news websites to keep yourself updated with the latest economic events and crises. 2)Practice Your New Strategies One of the vital steps to becoming an expert in forex trading is to practice new strategies in a demo account. As traders gain experience and learn from their mistakes in a demo account, they can refine their trading strategies and approaches to better adapt to the ever-changing forex market. Moreover, you can set a goal of 30 days when trading, note every trade you do in a demo account and analyze your trades. It will help you understand the Forex market and make the right trading decisions. Review your journal after 30 days, and if you are not making a profit, set a 30-day goal again. 3)Master the Basics of Forex Trading Profitable forex trading is all about the knowledge and correct use of tools. Therefore, it is vital for you to learn every nitty-gritty detail about it. Getting started on forex is easy, but making a profit isn’t everyone’s game. Some of the basics include leverage, take profit & stop loss, economic calendar, PIPS, margin, lots, volatility, liquidity, and risk/reward ratio. These are some of the fundamental terms in forex trading. Familiarizing yourself with these terms is essential for understanding the forex market and making informed trading decisions. Furthermore, these basic terminologies allow you to communicate well with other trades and make a good network. Additionally, terms like volatility and liquidity help you in assessing the market well. 4)Do Proper Risk Management Risk management is the key if you want to become an expert in forex trading, but only a few know how to do proper risk management. There are many factors and learning practices to become good in risk management in forex. Risk management is essential in forex trading to protect capital, reduce emotional decision-making, and improve the odds of long-term profitability. Traders who prioritize risk management are more likely to survive and thrive in the dynamic and challenging world of forex trading. Forex trading risks include high leverage, risk/reward ratio, geopolitical events, volatility, and market fluctuations. 5)Be Discipline & Patience Discipline and patience are the fundamental skills to succeed in any field or business. To become a successful forex trader, it is essential for you to adopt discipline and patience to make a good amount of profit. Forex trading comes with both gains and losses; it depends on how well you mitigate it. “The key to trading success is emotional discipline” – Paul Tudor Jones. Paul Tudor Jones is a famous trader who defines trading success in the above quote. Discipline ensures that traders follow a well-defined trading plan consistently. This consistency in decision-making helps traders avoid making impulsive or erratic choices, ultimately leading to more predictable outcomes. Additionally, impatience in trading may result in more significant losses; therefore, it is strongly advised to maintain it. 6)Don’t Over Push Yourself It is crucial for you not to take significant risks in forex trading, such as taking high leveraging or trading without a proper technical analysis. It is essential to take every step with a proper plan. Successful traders have an appropriate strategy before starting any Forex market trade. 90% of the traders lose them because of a lack of risk management and good trading plan. Excessive risk can quickly shake your trading capital if you take on too much trouble in a single trade or overleverage your account, which can result in a series of losing trades, leaving you with nothing to continue trading. Capital preservation is crucial for maintaining the ability to trade and recover from losses. 7)Find a Forex Trading Mentor It is also important you find a mentor and follow its strategies. You can even copy their trades and make a profit. So, how do you find an expert trader? Just follow any master forex trader on YouTube and learn what they teach. Moreover, you can also connect with different traders online through social media platforms such as Instagram and Facebook. Forex trading can be emotionally challenging. A mentor can provide guidance on managing stress, controlling emotions, and maintaining discipline, which are crucial for success in the market. 8)Take a Forex Trading Course By enrolling yourself in a proper Forex trading course, you can learn a lot of trading strategies, technical analysis, and proper use of indicators. Furthermore, trading courses are prepared by professional forex experts, and they can help you understand the market and overcome trading challenges. Forex trading courses provide a structured and organized way to learn about the forex market. They cover essential topics such as market fundamentals, technical analysis, and trading strategies in a systematic manner. YouTube is one of the best ways to learn it for free, although if you want to learn in a more diversified way, then Udemy is a great option. 9)Use Proper … Read more