If after trying to solicit information and at the end of it all, you are still in doubt about the credentials of a particular company, my suggestion is to start looking elsewhere.
You may find further information by contacting government ‘watchdogs’ because they keep up to date with trends and reports regarding scams and other fraudulent activities. Please check the resource section of this site for the information of organizations that regulate the securities industry, sorted by country. There is also a list of brokers that you may want to look at.
This is an excerpt, modified from the book: The Part-Time Currency Trader.
Here are 7 more motivations to exchange: Access to foreign exchange (forex), the most extensive market on the planet, is generally through an intermediary known as a forex broker. Similar to a stock broker, these agents can also provide advice on forex trading strategies. This advice to clients often extends to technical analysis and research approaches designed to improve client forex trading performance.
Financial institutions are generally the most influential in the forex market through high-volume, large-value forex currency transactions. Historically, banks enjoyed monopolistic access to the forex markets, but through the Internet, any forex speculator can also enjoy 24-hour access to the market via a forex broker.
Secure web connections today allow many forex traders to work from home, where ready access to news and other technical advice informs decisions on what forex positions to take. Similar moves are being made by stock brokers, who are also moving out of banks and other traditional institutions.
Your needs in the market will influence your choice of forex broker. Online forex brokerage firms, known as houses, provide those new to the forex market with detailed research, advice and simulators to learn, how to use their forex trading tools. The experienced online forex trader is catered to by other broking houses, with in-depth advice, but less focus on forex trading instruction based on the assumption that you are familiar with the forex market. To make an informed choice, it is advisable to trial several differing online forex broking houses and their trading tools to find the best fit for your needs.
1. It never closes. It’s open all day and all night, around the world. Exchanging positions open at Monday 7am, New Zealand time and close 5pm New York time on Friday. Amid this time, you can enter or leave the business sector at whatever point you like. It’s a nonstop electronic coin trade. This is extraordinary in light of the fact that you can exchange at whatever point you have save time.
2. Influence. Standard $100 000 coin parcels can be exchanged with as meager as $1000. This is for the most part on account of the straightforwardness with which you can purchase and offer, a few merchants will influence up to 200 times, so with $100 you can control a 200 000 unit coin position. It’s the best utilization of exchanging capital around, even banks loaning on property ventures don’t approach.
3. Precisely anticipate the results. Money costs for the most part rehash themselves in unsurprising cycles so you can see what the patterns are. ‘Specialized Analysis’ sees these patterns and benefit from them.
4. Low Transaction Cost. At the end of the day, you botches won’t cost you a fortune. Great dealers won’ charge commissions to exchange or keep up a record regardless of the possibility that you have a smaller than normal record and exchange little volumes. by day exchanging volume of more than 1.5 trillion, the biggest money related business sector on the planet. It predominates the values market (50 billion every day) and the fates market (30 billion).
6. You can profit in any economic situations. Every business sector is one cash against another, so when you purchase in one, you’re offering in another so there’s no biase towards either coin climbing or down. This implies it’s dependent upon you to pick which cash to purchase or offer with. Yu can profit going up or down.
7. Market straightforwardness. This is leverage in any business or exchanging environment. It implies you can oversee chance and execute orders inside seconds. It’s profoundly productive and permits you to stay away from startling ‘amazements’.
I trust you’re presently persuaded that is the best venture and salary opportunity around.
My motivation for composing this article is to exhibit to you the benefits of exchanging on the Forex market. In any case, there is one myth that I need to scatter before I go further. The myth is that there is a contrast amongst exchanging and contributing. To scatter that myth I cite from Al Thomas, President of Williamsburg Investment Company, who composed “On the off chance that It Doesn’t Go Up, Don’t Buy It”. He said, “Everybody who contributes is a merchant, just the day and age is distinctive.” It is a lesson that I considered important in the wake of getting destroyed in the share trading system in 2000.
So now, we should contrast components of coin exchanging with those of stock and ware exchanging.
In this lesson, I am going to give you my insight into some of the key things that helped me start making money in the forex market. It may not be exactly what you want to hear, because it’s not necessarily going to be ‘fun’ or ‘entertaining’, but if you actually put in the effort and start implementing some of these ideas, I am certain you will notice major changes in both your trading mindset and your trading decisions. Sadly 80% of people who start reading an article never finish it, so for your own sake please make sure you’re one of the 20% who finishes articles they start reading, this one is important 🙂
You have to do what you need to do to make money trading, not what you want to do, and these are often two very different things. Keep your mind on the end-goal and make sure you continue seeing the ‘forest for the trees’ so that you don’t get off-track and fall back into the same trading traps that have caused you to lose money.
What follows are the key things that I did or changed which allowed me to move from losing to winning in the market…
Use wider stop losses
You might be ‘choking’ your trades to death by using a stop loss that is too tight and sits inside the daily range of the market. You have to give your trades room to breathe; don’t suffocate them. Most novice traders place stops inside the markets daily range and that is the equivalent of giving your money away. Check out my article on how to use the average true range as well as this article on how to place stop losses; they will give you some ideas on how to place your stop losses strategically whilst still giving your trades room to breathe.
Of course, there is a ‘catch’ here, if you want to call it that. It’s that with wider stop losses, comes the fact that you need to reduce your position sizes. But, this shouldn’t be thought of as a ‘bad’ thing. On the contrary, placing your stop loss properly means that you are trading properly and respecting the market; it means you are behaving logically, not emotionally. If you trade this way for long enough, you will make money and you will build a track record that reflects that. Traders with respectable live account track records over a one-year period, don’t have trouble finding funding or getting more funds to trade.
Don’t fall into the trap of thinking that you can trade lower time frames and get a tighter stop. Sure, as you get better you can catch trades on the 4 hour or 1 hour charts that don’t require as wide of a stop, but you won’t be able to do this successfully over a long period of time if you don’t already know how to trade the daily chart profitably and understand proper stop loss placement on that time frame.
Don’t view wider stops as a handicap, instead, view a properly placed (probably wider than what you might like) stop loss as part of proper trading and proper trading habits that will ultimately lead to you becoming a consistently profitable trader much faster than if you place your stops emotionally, based on greed.
Take fewer trades and hold them longer
Holding fewer trades for longer can result in much more profit, much faster than ducking in out of the market all the time and entering many trades. Big money is made in the market by catching big moves and holding them, trading this way is also a lot easier than high-frequency trading and it also means you don’t need a high winning percentage to be profitable because one big winner can pay for many losers.
The more often you trade, the more spreads or commissions you pay to your broker. Over the course of a year, these fees add up, eating into any profit you may have had. When you take fewer trades but hold them longer; you are not paying nearly as many of these broker fees and you’re still giving yourself the chance to take advantage of strong market moves.
Trading less means less emotional trading mistakes like over-trading / over-leveraging your account. One big reason why so many traders end the year unprofitable is because they gave back all their profits after a nice winning streak. You have to protect your trading capital and be very picky about which trades you take if you want to make big money; thus take fewer trades and hold them longer.
Holding trades longer gives you the opportunity to catch big moves in the market and that means you’re riding the market and taking advantage of its power. Granted, big directional moves and strong trends don’t happen all the time, but they happen enough and if you know how to trade them they can make you a lot of money with very little involvement on your part.
One way to take advantage of these big moves and to really pull a lot of money out of them is by pyramiding your positions. This is essentially where you scale into a trend as it moves in your favor, building a bigger position size whilst trailing your stop loss as the trade becomes more and more profitable. To learn more, check out my article on pyramiding for profits here.
At the end of the day, just remember that one good trade per month or even every two months, that you hold for weeks or months, can make you more money and result in a much higher % return, with far less work and stress than ducking in and out of the market all month.
People seem to think they need to be involved with the market a lot to make money. But they do this because it’s ‘fun’ for them and gives them a thrill (or they’re addicted to it), not because it’s profitable.
If you want to make money trading, you should basically be ‘bored’ with your trades, because you shouldn’t be trading in such a manner that you’re experiencing a lot of huge ups followed by huge downs in your account value. Don’t confuse me saying ‘be bored with your trades’ to mean that you should think trading is ‘boring’. I am simply saying that your ‘thrill’ or excitement from trading should not be from doing it wrong, it should be from doing it right. Meaning, you should be excited about the longer-term payoff of trading properly, which means using proper stop losses (wider if necessary), being more selective in your trades (trading like a sniper) and holding them for longer.
To get started learning how to trade properly with my simple yet highly effective price action strategies, check out my forex trading course for more information.