forex Archives - OpenBusinessCouncil Directory https://www.footballthink.com/tag/forex/ Openbusinesscouncil Thu, 12 Aug 2021 11:08:14 +0000 en-US hourly 1 https://wordpress.org/?v=6.1.6 https://www.footballthink.com/wp-content/uploads/2017/04/faviopen-63x63.png forex Archives - OpenBusinessCouncil Directory https://www.footballthink.com/tag/forex/ 32 32 5 Critical Reasons For Which Novice Traders Are Losing Money https://www.footballthink.com/5-critical-reasons-for-which-novice-traders-are-losing-money/ Mon, 14 Jun 2021 17:59:54 +0000 https://www.openbusinesscouncil.org/?p=15551 Newcomers are required to take the step consciously so that they can be able to avoid mistakes. If in the beginning level, people face big failure, it will be tough to regenerate the courage. Traders should try to develop some basic knowledge before arriving on the battlefield. When the investor will be able to do […]

The post 5 Critical Reasons For Which Novice Traders Are Losing Money appeared first on OpenBusinessCouncil Directory.

]]>
Newcomers are required to take the step consciously so that they can be able to avoid mistakes. If in the beginning level, people face big failure, it will be tough to regenerate the courage. Traders should try to develop some basic knowledge before arriving on the battlefield. When the investor will be able to do the activities properly, it will be possible to make fewer errors. But, it is necessary to know about the common flaws of fresher. Let’s know about these.

losing money

Not having a blue print

In the trading field, it is necessary to go on the right track. When the investor will be able to make a better plan, it will be possible to get a good result. But, if you do not use any strategy, you will not be able to execute the trade properly. People should try to develop a good strategy so that they can be able to get good outcomes. Newcomers should try to become used to the plan as it will help to implement the strategy properly. Sometimes, it is also necessary to change the strategy for the betterment. You should remember that one strategy is not appropriate for every situation.

Not Using the Demo Account

As a fresher, it will be tough to identify the situation quickly. The practical knowledge will help the investor to cope up with the situation. People should identify the situation before taking any measures. When the person will be able to build the confidence level, he will not face any difficulties. Traders should apply different types of techniques so that they can be able to understand which techniques will be appropriate for the specific situation. This is necessary to manage the risk properly. 

Proper practice will help the investors to do this. If you have the lack of practical knowledge, you will not be able to do well. Those who are successfully trading with Rakuten Australia always encourage the novice traders to develop their skills in demo environment. Follow their advice and you see a strong change in the performance.

Not keeping the Patience and Discipline

Beginners cannot be able to keep the patience and miss the right entry and exit signal. For this reason, they fail to get the expected result. Traders should wait for the right opportunity if they want to make money. When the investor will be able to keep the discipline, it will be possible to do the work timely. Investors should not think that without maintaining discipline, they will be able to achieve the main goal. Patience and discipline are interconnected with each other. When the investor will keep the discipline, the patience level will be increased.

Have no Trading Journal

People should keep the trading journal so that they can make fewer errors. When the person will be able to know that some specific actions are responsible for the failure, he will not try to repeat this. Traders should take the note properly so that they can be able to get the right view. But, many newcomers do not keep the trading journal and fail to take the right action. As a consequence, he will not do better. This is necessary to become aware of the previous activities.

Uncontrolled Emotions

When the person faces a difficult situation, several negative emotional components will emerge in the mind. For this reason, traders cannot be able to do well. To go in the long run, it is necessary to remove the greed and fear. People should refresh the mind which will help to take the right action. The emotional mind cannot be able to do better performance in the trading field.

Newbies should try to develop the traits of pro traders so that they can able to build a strong career. Here, the investors should not do the same error continuously as it can create huge problems for them. This is necessary to generate the physical and mental strength which will help to do better.

The post 5 Critical Reasons For Which Novice Traders Are Losing Money appeared first on OpenBusinessCouncil Directory.

]]>
How to Become a Successful Forex Trader: 7 Steps https://www.footballthink.com/how-to-become-a-successful-forex-trader-7-steps/ Thu, 08 Apr 2021 08:30:14 +0000 https://www.openbusinesscouncil.org/?p=15062 Now more than ever average everyday people have the potential to become Forex Traders. This is largely imparted to the advancements that have been made in trading platforms, computer systems, and educational resources. However, even with the advancements and availability, there is still a level of skill that must be learned to be successful at […]

The post How to Become a Successful Forex Trader: 7 Steps appeared first on OpenBusinessCouncil Directory.

]]>
Now more than ever average everyday people have the potential to become Forex Traders. This is largely imparted to the advancements that have been made in trading platforms, computer systems, and educational resources. However, even with the advancements and availability, there is still a level of skill that must be learned to be successful at it.

If you want to go into Forex trading you have to increase your knowledge base to see consistent profits and gains from your trades. You must learn and develop good trading habits which include being disciplined and controlled. These will all contribute to you have successful trades time after time. If you don’t develop your skills you find yourself losing a lot of money and giving up before you can start to see positives returns. Forex trading is a marathon, not a sprint. 

Forex

Become a Successful Forex Trader: In 7 Steps

Forex trading is a good way to start increasing your portfolio and building wealth. This is one part of your savings and wealth-building strategy that you can take your time and begin. Trading doesn’t have to be difficult but it does take planning. Follow these steps to help you become a successful Forex Trader.

Step 1 – Use A Trustworthy Forex Broker

The first step you should take to become a forex trader is to find a reputable broker. Your broker should offer quality trading conditions, a user-friendly platform, plentiful resources, and customer support. Your broker should also provide things like account protection features and have a good simulation program to get you comfortable with the process. There should also be no hidden fees.

Step 2 – Understand trading capital

You don’t need a lot of capital to get started. This is because trading is done on margin. This relates to the amount of money you have in your trading account to open a position in the trade. You can start trading in some cases for as low as $50. One thing you should consider is that the greater your deposit the less of an impact it will have on your trading account in the event of losses. It is important to understand this point of trading. It can be a little confusing at first but take your take and understand it well.

Step 3 – Use A Demo Account First

If you want to see success from your trades early on you should demo trade first and as much as possible. Doing this first helps you to develop your trading strategy and help you build your confidence on the platform. It gives you an idea of what to do to win trades and gives you a realistic perspective of what happens when you lose them. This will also help you learn how to think clearly and react logically. This is a very important characteristic to develop when trading. Take your time with the demo account and avoid the temptation to start trading right away. See yourself gain steadily that way you are better prepared for the real thing.

Step 4 – Educate Yourself Constantly

Education is key when it comes to the forex market. Your trading education must be thorough. You should constantly be educating yourself even beyond the initial demo period. You should continue your education even when you’re making successful trades regularly. There is always something to be learned. You can gain this education through mentors or trainers and regular communication with other successful traders. If you’re looking for more information on the best educational resources on your broker’s website and other platforms. Take advantage of the resources offered by your broker. Watch videos, attend webinars, read books, and so forth. There are also articles and forums to help you stay up to date.

Step 5 – Start Small Then Grow

You want to start small. Once you’ve used a demo account for a while and feel confident in your ability to start trading you can open a micro account. With this micro account you’ll use an amount of money you feel comfortable with losing should your trades end in losses. Use the strategy during your demo period that you feel most comfortable with and start working your way up from there. As you gain more confidence you can increase your deposit and trade at higher margins.

Step 6 – Develop Your Trading Discipline

One of the key steps is to develop your level of discipline. Forex trading is not something that can be done on a whim or taken lightly. It requires you to constantly educate yourself, trade carefully, and take make logical decisions. You need to develop your stop strategy and other risk management habits to prevent you from trading recklessly.

Step 7 – Trade In Currency Pairs That Fit Your Style

There is a lot of fluidity in the Forex market and you must get to know and become comfortable with the trading pairs you want to be trading in. You need to know these pairs inside and out. When using your demo account trade different pairs to see which ones are most suited to you. Some people find one pair to be easy to trade and understand while another might be complicated for them. This is something that you want to use trial and error on in the demo platform before you start live trading.

After reading this guide if you think you’re ready to start Forex trading then use this to help you start your trading journey off right. You need to be sure of yourself and be able to navigate through the process easily and efficiently. You must educate yourself well. Use all of the available resources that you can get your hands on to build a solid foundation. You want to remember: NEVER trade based on emotion. Several quality brokers can help you get started to make sure that you do your research before you choose one. You don’t have to be a professional to start trading your just have to invest the time and energy into developing your knowledge and skills.

The post How to Become a Successful Forex Trader: 7 Steps appeared first on OpenBusinessCouncil Directory.

]]>
MT4 Platform Manual: What Is It and How to Use It https://www.footballthink.com/mt4-platform-manual-what-is-it-and-how-to-use-it/ Wed, 24 Mar 2021 09:20:52 +0000 https://www.openbusinesscouncil.org/?p=14779 Traders can open and close deals through trusted brokers, but many prefer to work independently. For it, they tend to use the MT4 trading platform. It’s a simple tool for managing investments. Let’s dive a little into the basics of working with this terminal. How MT4 Works This program’s main purpose is to provide an […]

The post MT4 Platform Manual: What Is It and How to Use It appeared first on OpenBusinessCouncil Directory.

]]>

Traders can open and close deals through trusted brokers, but many prefer to work independently. For it, they tend to use the MT4 trading platform. It’s a simple tool for managing investments. Let’s dive a little into the basics of working with this terminal.

How MT4 Works

This program’s main purpose is to provide an investor with the opportunity to trade a specific instrument (-s) in real-time using a single window. There are control buttons here to purchase a particular asset and charts of picked tools. A trader should simply indicate the basic parameters, such as the underlying asset, the trade direction, and the investment amount.

MT4 Pros and Cons

MetaTrader 4 was released back in 2005. After that, developers launched an updated fifth version, but many traders continue to use the fourth edition, and here’s why:

  • MT4 is easy to use;
  • There are tools to help novice traders in their work;
  • It works without glitches and bugs;
  • You can create your own currency indicators.

Perhaps the only drawback is the lack of comprehensive historical data for analyzing the strategy based on previous years.

How to Use It

The MT4 platform has intuitive design, so you don’t have to figure out what’s what for long.

Step 1: Create a new account

Open your broker’s website and create a new account. Enter your personal data in the registration window and confirm it with a verification code.

Step 2: Make a deposit

After registration, go to the Finance tab and choose the most suitable deposit method. How long it takes to accrue a deposit depends on the payment system.

Step 3: Download MT4

Download MetaTrader on the device you need. It is available for platforms such as Mac, Windows, iOS, and Android. It’s convenient to have an app on multiple devices to track positions anywhere you go. After installation, sign in to the account you created.

Step 4: Pick an asset

Open Market Watch from the menu, and you will see a list of symbols. If you want to add a limited number of financial instruments to Market Watch, do it through the Symbols menu. To upload a specific asset on a price chart, pick it with the left mouse button and drag it onto the chart.

Step 5: Open a deal

Select New Order from the main menu to open a window with your orders. Here you can close and change your positions. Fill in the Take Profit and Stop Loss fields.

Step 6: Close a deal

There are two options for closing a trade: automatic and manual. It can happen without your participation when a position reaches your Take Profit level. You can also complete the trade manually by exiting it.

Customize MT4 Platform to Your Needs

You can customize not only the app interface but also set the indicators and price alerts you need. If you regularly close the same deals, you will find it handy to use the templates feature to speed up work. Use advisors to shift some of the tasks onto them as an additional tool.

The post MT4 Platform Manual: What Is It and How to Use It appeared first on OpenBusinessCouncil Directory.

]]>
Is There Any Relationship Between Crypto and Forex Trading? https://www.footballthink.com/is-there-any-relationship-between-crypto-and-forex-trading/ Fri, 12 Mar 2021 12:32:47 +0000 https://www.openbusinesscouncil.org/?p=14654 The hype surrounding cryptocurrency is undeniable. It is understandable considering that bitcoin’s price has grown from $1,124 in 2013 to $46,624 by the end of February 2021. On the other hand, the forex market has a daily turnover of 6.6 trillion as per 2019 data. Cryptocurrency has no direct effect on fiat currency and the […]

The post Is There Any Relationship Between Crypto and Forex Trading? appeared first on OpenBusinessCouncil Directory.

]]>

The hype surrounding cryptocurrency is undeniable. It is understandable considering that bitcoin’s price has grown from $1,124 in 2013 to $46,624 by the end of February 2021. On the other hand, the forex market has a daily turnover of 6.6 trillion as per 2019 data. Cryptocurrency has no direct effect on fiat currency and the other way around. The only relationship is that the USD is the main quote currency for cryptocurrency. 

To understand how the two relate, let us look at their similarities and differences.

The Similarities and Differences Between Crypto and Forex Trading.

The Similarities 

  1. Both markets require knowledge of trading.
  2. The determining factor of the prices of forex and crypto is the market demand and supply.
  3. They have accessible markets, and trading time depends on an individual trader.
  4. The markets are highly volatile.
  5. A trader can trade multiple currencies.
  6. Both trades are risky.

Differences: Crypto Trading Versus Forex Trading  

There are two main differences between crypto and forex trading. Forex is a centralised exchange, while crypto is decentralised. While forex trading can involve many brokers and middlemen, crypto trading has no middlemen and a trader trades directly on the available platforms.

The second main difference is that the forex market is highly liquid while there is little or no liquidity within the crypto market. 

Trading Cryptocurrency

Cryptocurrencies have only been in the market for a relatively short time compared to forex trading with a long history. The first crypto was created in 2009 and has seen tremendous growth since.

Cryptocurrency has become an alternative investment for many traders who do not want to trade within centralised institutions’ confines. The popularity of crypto trading has attracted many traders, with an average of 68 million crypto wallets opened and over 4000 crypto coins.

Investing in cryptocurrency is mostly done in the long term. Most traders buy crypto and hold it speculatively, anticipating prices to go up over time and make a profit. Crypto traders are not under regulations that govern fiat currency. The crypto market is open 24/7 throughout the year. You can find true ecn brokers by checking out this website.

Trading Forex

The Forex market is the largest financial market globally, involving the buying and selling of fiat currency. Trading in the forex market is beneficial in many ways. There is a huge variety of currency pair to trade, in addition to the fact that the market is open 24 hours a day, all weekdays except for Christmas and New Year’s Day. The transaction fees are relatively low, and the market is exceptionally liquid.

 The movements in the forex market are due to many factors involving major economies. Traders always keep up to date with world news are trade to their advantage when the market is most active and volatile. Forex trading requires adequate knowledge and understanding of trading sessions and hours and their effect on the money market. Choose the best forex trading platform to make profits.

Conclusion

Even though the price of crypto is primarily based on the US Dollar, there is no correlation with forex since they are different on many fronts. In case of distress selling of cryptocurrency by investors, the crypto price in USD will surge. It can result in many investors losing investment. You can even lose more if you don’t find the proper tools to work with. Shrimpy has some mixed reviews you can check out when getting the trading bot.

Both forex and crypto markets are volatile, but the forex market is well regulated and more liquid.

The post Is There Any Relationship Between Crypto and Forex Trading? appeared first on OpenBusinessCouncil Directory.

]]>
The Forex Market Outlook 2021 – What Can We Expect? https://www.footballthink.com/the-forex-market-outlook-2021-what-can-we-expect/ Fri, 12 Mar 2021 11:14:39 +0000 https://www.openbusinesscouncil.org/?p=14648 The 24-hour forex market is one of the largest entities of its type anywhere in the world, and one that’s home to a staggering 170 different currencies. As you can imagine, the forex market is also inherently volatile, with this trend particularly pronounced during 2020 as a result of the coronavirus pandemic. More specifically, currency […]

The post The Forex Market Outlook 2021 – What Can We Expect? appeared first on OpenBusinessCouncil Directory.

]]>

The 24-hour forex market is one of the largest entities of its type anywhere in the world, and one that’s home to a staggering 170 different currencies.

As you can imagine, the forex market is also inherently volatile, with this trend particularly pronounced during 2020 as a result of the coronavirus pandemic. More specifically, currency values declined as base interest rates were capped as part of wider quantitative easing measures, but this isn’t expected to continue through 2021.

In this post, we’ll preview the forex market for the year ahead, by focusing on some of the entity’s most important assets.

  • The US Dollar

The greenback remains the single most popular currency in the world, with the USD established as the globe’s principal reserve currency since the end of World War II.

However, this currency also came under pressure in 2020, thanks to the rampant spread of Covid-19 and the introduction of two stimulus measures to help drive sustained economic recovery.

The U.S. Dollar Index (which measures the value of the greenback against a broad basket of currencies) has plotted this course, while losing significant ground as the Fed slashed rates and emerging currencies soared.

While the pressure remains strong and the U.S. Dollar Index slumped from 103 in March to 90 by the end of the year, however, the market consensus is that the greenback will rebound in the second half of 2021 after a further slump in Q1 and Q2. This growth will be driven by a global economic recovery and gradual hikes in base interest rates.

  • The British Pound

While the USD may be the single most dominant forex market player, the British pound (GBP) is also established as one of the world’s most traded currencies.

This also endured a turbulent 2020, having continued to trade in a depreciating range against the backdrop of Brexit and the coronavirus. While a no-deal scenario was averted in the case of the former, the UK has yet to strike an agreement on services, and this could cause further devaluation of the GBP through the next 11 months.

With this in mind, the recent rise of the GBP/USD pairing may provide little more than temporary relief for investors, with the bullish trend that followed the initial Brexit trade agreement now starting to dissipate.

So, the fundamental outlook for the pound and the UK economy remains relatively bleak for the first half of 2021, while the GBP/USD may only become bullish if the greenback is further weakened in the near-term.

  • The Australian Dollar

Unlike some of its contemporaries, the Australian Dollar (AUD) finished 2020 on a strong note, as the commodity segment (particularly iron ore) boomed and China continued its better-than-expected economic recovery in Q4.

Remember, Australia’s commodity-driven economy is heavily reliant on the sale of iron ore to China, while the wider trading relationship between these two countries is continuing to gain significant momentum across the board.

On another note, the AUD also escaped the worst excesses of the Reserve Banks of Australia’s dovish policy, primarily because other central banks across the globe adopted a similar approach.

The outlook for the AUD ultimately remains positive, although this could be undermined by deteriorations in trading arrangements with China and further disruptions to the sale and supply of iron ore.

 

The post The Forex Market Outlook 2021 – What Can We Expect? appeared first on OpenBusinessCouncil Directory.

]]>
Tips on becoming an Expert CFD Trader https://www.footballthink.com/tips-on-becoming-an-expert-cfd-trader/ Mon, 14 Dec 2020 06:37:13 +0000 https://www.openbusinesscouncil.org/?p=13594 Profitable or professional, in the context of CFD trading, both words convey the same idea. Because when someone becomes profitable, he can be called a professional. From the starting point of someone’s journey as a trader, he has to undergo a continuous learning process. Becoming a professional is all about just piling up new information […]

The post Tips on becoming an Expert CFD Trader appeared first on OpenBusinessCouncil Directory.

]]>
CFD Trader

Profitable or professional, in the context of CFD trading, both words convey the same idea. Because when someone becomes profitable, he can be called a professional. From the starting point of someone’s journey as a trader, he has to undergo a continuous learning process. Becoming a professional is all about just piling up new information with the old ones.

How to Become a Pro Forex Trader

To get proficiency, one has to just follow some definite demonstrated rules. These rules are unearthed by the professionals on the progress of their journey.

Let’s know some cardinal ones.

  • Unconscious Incompetence

This is one of the very first concepts one has to deal with after signing up for trading. People typically come to trade because they think that it is a viable way to make some money. They kind of outgrow the idea that trading will not be so tough, and they will be able to easily handle it.

After joining the trading market, they come to realize their misconceptions about the Forex market. They find loads of new information and tasks to tackle. They discover a whole new world full of risk and obstacles.

But still, some people ignore the overall point of learning and becoming skilled in trading and continue to trade with their minimum competency level. It just evokes nothing but greater destruction. To avoid unconscious incompetence, you can also learn from free education resources at Saxo. So, never lose hope at trading.

  • Conscious Incompetence

Just like unconscious incompetence, conscious incompetence can be equally destructive to a trader’s career. It makes him realize that he hasn’t know anything about the market and needs to know a whole lot.

This realization sets him on a journey to acquire knowledge on basically a limitless amount of information. They dig into all the available technologies and try all the strategies to test their efficacy.

Different fundamental and technical market stimulators attract their concentration. Hence, they start to follow different professionals’ advice on how to tackle all these catalysts and extract relatable and suitable signals.

In search of a perfect way to trade, they get themselves lost in the searching process. Eventually, they know there is not any such method. Proficiency only comes from doing and observing.

  • Moment of Innovation or Discovery

Such moments will come to every trader’s life when he will be able to sort things out all by himself. It is the third stage of becoming a pro CFD trader. In this stage, one can understand the vagueness and the invalidity of all the established strategies and methods.

He will know that none on this planet can predict a move with complete accuracy. So, he will start to believe his own guts instead of some others’. He will discover new concepts and ways to interpret a signal and form his own way of implementing different instruments. With time and patience, he will come up with different ideas that work in different situations.

Once a person reaches that level, learning to improvise and to implement what is necessary according to the current situation will become easier for him.

  • Conscious Competence

This is the fourth level of achieving competency. At this level, a person gets control over the whole trading process from his part. He has already learned how not to engage emotions in trading. He knows the importance of implementing rational money and risk managing system.

He accepts losses the same way he accepts wins. He knows success happens when someone makes more money by winning than that he loses by losing. Losing is inevitable, and none can avert it. But one can still make a profit by learning to manage losses.

  • Unconscious competence

When someone reaches this level, he becomes worthy of being called a pro-trader. His level of mastery can now handle the whole trading procedure just from an unconscious level. It’s like he is on an autopilot move.

At this level, everything seems quite obvious to you. You achieve a profound and intense intuition that tells you about every right move, and you make money even unconsciously.

The post Tips on becoming an Expert CFD Trader appeared first on OpenBusinessCouncil Directory.

]]>
Forex: What Are The Perks? https://www.footballthink.com/forex-what-are-the-perks/ https://www.footballthink.com/forex-what-are-the-perks/#respond Thu, 04 Oct 2018 14:08:04 +0000 https://www.openbusinesscouncil.org/?p=5357 If you have ever wondered about how you can make a little bit of passive income for you and your family, you have likely had a think about trading and investment on the stock market or in something like property. Investing is a wonderful way to make some extra money and if you are smart […]

The post Forex: What Are The Perks? appeared first on OpenBusinessCouncil Directory.

]]>
Forex: What Are The Perks?

If you have ever wondered about how you can make a little bit of passive income for you and your family, you have likely had a think about trading and investment on the stock market or in something like property. Investing is a wonderful way to make some extra money and if you are smart about it it can become a pretty lucrative business for you.

Fried in particular is a way of trading which is accessible for most people and you will find plenty of Forex brokers accepting US clients and beyond when you need one. If you are thinking of getting into trade, here are some reasons to choose forex.

No commission

One of the biggest bonus points of choosing forex trading over other forms is the fact that you won’t be charged by the host for clearing fees, exchange fees or government fees. Most of the traders on the platform will compensate their prices another way and this saves you from having to pay out the extra cash for it yourself.

It’s direct

A lot of the time when it comes to investment there is a way of service which includes going through a series of middlemen before you can strike a deal and make something happen. However with forex trading you will be speaking and dealing directly with the other party and this can cut down a lot on the time and effort it takes to successfully trade.

No minimum

When it comes to many forms of trading there will be a minimum lot size you are able to put on and this is largely due to the company wanting to make as much money as they can from the people on the platform. The good job for you is that forex accepts lots as small as $25 so this makes the trading much more accessible to a lot of people.

It’s always open

You might notice with some trading platforms that they open up at a certain hour of the day to allow trading and then shut down at the end of the day when it is over. However because this deals with foreign exchange it accounts for every country in the world and is therefore open 24/7 to make sure that every single time zone can access the system when they need it. It means that you can fit trading around your schedule and you can even do it when you are travelling.

No controller

When you have a big trading market like this you can sometimes end up with a big corporation or a single entity who completely dominates the market and controls a huge chunk of trade. The good job is that when you work on the foreign exchange, because it is so vast there is no single dominator and this frees up deals for the rest of us.

Forex is definitely something which is worth looking into at the end of the year and it can go a long way to paying for your Christmas presents and even your holiday next year!

This is an article provided by our partners network. It might not necessarily reflect the views or opinions of our editorial team and management.
Contributed content

The post Forex: What Are The Perks? appeared first on OpenBusinessCouncil Directory.

]]>
https://www.footballthink.com/forex-what-are-the-perks/feed/ 0