Any individual becomes a forex trader and wants to be a success in terms of making a large amount of money from the endeavour. We have tried to pack as much relevant information into each of our top 10 Binary Options and Forex trading site listings as is possible, as we know and fully understand that you want access to a range of different services, trade types as well as sites that will cater for your trades, irrespective of whether you are making high or low valued trades.
If you are a newbie to Forex trading, or interested in trading in Forex Market, you need to know what your comfortable way of trading is. Be it the traditional way through a money broker with just over the counter by a simple phone call away or you can do on your own research to get the best Forex Scanner to trade online by the software robot.
Please be aware that no matter which one of our Top 10 Forex Trading Sites you choose to sign up to you are going to be able to open up a demo trading account, and in fact we would suggest you do just that for by opening up such an account you are going to be able to put one or more of the many different trading platforms on offer at each Brokers to the test.
Practicing is another important factor to get the hang of things quickly, but you’d be surprised to find out how often fellow traders can give you valuable feedback about your trading strategy, or about alternative ways for putting on a particular trade.
For me, there are aspects of trading which are mechanical and others where discretion/emotions are involved so I don’t suggest that ’emotions’ can truly be removed or indeed you would ever want to. That would be a travesty as this is where part of the trader’s edge lies.
Lets say he buys GBP/USD and he trades 0.1 lot, he stop his losses at 30pips($30) and he takes his profit at 80pips($80) and at the end of the day lets say he was able to make just 7 trades and he lost 3 and won 4, this means a loss of $90 an a win of $320 making $230 PROFIT for that day.
In this example, if a trader buys 5 standard lots (i.e. 5 × 100,000 = 500,000) of EUR/USD, paying USD 650,000 and closes the position after the 10 pips’ appreciation, the trader will receive USD 650,500 with a profit of USD 500 (i.e. 500,000 (5 standard lots) × 0.0010 = USD 500).
AnyOption – One online binary Options trading site that has been receiving rave reviews from many of our website visitors is the AnyOption site, they have left no stone unturned to ensure that all of their customers get everything they could every need from a trading site, plus a whole lot of little extras you may not have even thought of!
We understand that there’s plenty of Forex and Option Trading Scams out there, that’s the reason this page and research is setup, All the above signal are tested and proven with editor’s own money to ensure any one who purchase any of the above products won’t buy any products that disappoint them.
And after reading a lot of blog posts etc… I came to the conclusion: We are living in a world where everyone can write his own trading robot and big trading corporations, banks etc… they are constantly analyzing all the markets by using not just strategies developed by some trading gurus but also machine learning algorithms deployed on super computers, who tries to find at least some patterns on every market.
Which means if its going to be a nice trending market, you stand to make a lot of profitable pips and the fact that you are only supposed to close the trade when 4ema crosses the 14 and if that’s in a nice trending market on a 4hr chart, that could mean hundreds of pips of profit you can make.
Having a solid forex trade plan can help you quickly take advantage of trading opportunities that arise, instead of missing potentially profitable trades while you are figuring out what to do. Being prepared also helps to reduce trader paralysis that can come from engaging in excessive analysis.
I also use a 30-period SMA as a sort of second confirmation, as this gives me the average price over the previous week of trading (4 30 / 24 = 5). When the price is above both the 120-SMA and the 30-SMA, it tells me the currency pair is in a very strong uptrend and that going long has very good odds of success.
Before you even start thinking about trading and risking your hard earned money, before we even start discussing strategy, if you feel you want to explore trading as a means of growing your income and wealth portfolio, you need to enter the market with the right mindset.
You don’t even observe the night market, which is buzzing with activity, and wait for some trading opportunity to pass by. Once you make three fundamental decisions on the basis of your personal likes, the Forex trading program estimates the number of lots to purchase, accompanied with the subsequent buy and sell points for every currency pair you select for trading.