Who he isJim Cramer-full name James J. Cramer is an American born television household name, author and former hedge fund manager.
Early lifeThe famous personality was born in a little Pennsylvanian suburb known as wyndmoor in 1955 to Louise A. Cramer an artist, and N. Ken Cramer a Philadelphia business owner. Young Cramer took on the entrepreneurial spirit of his father and sold ice cream during Philadelphia Phillies games where he sharpened his entrepreneurial skills. He went to join Springfield Township high school in Montgomery before graduating from Harvard College, years later. College is where he discovered his love for journalism and went on to become the president and editor in chief of the “Harvard Crimson” at the time.
Net worthJim Cramer’s net worth as he claimed himself is about $100 million as of today which in itself is quite a remarkable story considering his early beginnings, and modest early jobs. He went on to occupy several entry-level jobs after college, before focusing solely on reporting back in 1978. He made a name for himself in the reporting scene after covering the controversial Ted Bundy murders. This caught the eye of the executive director of the Los Angeles Herald-examiner, who described him as a “driving ram” who knows to get the story. He was subsequently hired to write for the publication, before going on to work for the Governor of his state back then, Governor Jerry Brown. Jim Cramer’s net worth began to build steadily when he immersed himself in the investing space. His knowledge and interest in stocks grabbed the eye of new republic owner Martin Peretz. His enthusiasm earned him a spot as a stockbroker at Goldman Sachs ‘private wealth management’ division. He took on the role with a lot of vigor and enthusiasm and got so good at it, which led him to found his own hedge fund. The hedge fund was known as Cramer & Co before rebranding to Cramer, Berkowitz & Co in 1987. His time at the fund only saw him realize negative returns in 1998 before making a strong turn around in 1999 which saw the fund return by 47 percent and subsequently by 28% in the year 2000. This saw the fund beat the S&P 500 by 38 percentage points. Cramer is currently a market commentator and adviser at TheStreet.inc and also happens to be its largest shareholder, while also managing a charitable trust stock portfolio that is linked to TheStreet.inc.
Early lifeHer career was largely influenced by her father who was a DJ. He used to take Chanel to night clubs at a young age throughout the city which explains her present love for music and partying. She went on to fall in love with singing and rapping at a very early age, which shaped her career path from then on. Chanel gives credit to slain rapper Tupac Shakur’s “How do you want it” 90’s hit song as her motivation for getting into rap.
Net worthChanel west’s net worth of about $6 million was shaped by her move to TV, a move that is largely credited to TV personality Rob Dyrdek. She was offered a position as a receptionist by Rob while he was appearing on his MTV reality show series “Rob Dyrdek’s Fantasy Factory”. The fourth season of the show started airing back in 2011 and the same year saw Chanel make her debut on the MTV show “The hard times of RJ Berger”. She later became a main cast member on the popular series “Ridiculousness” and later went on an animated series project where she played the voice of the character “Flipz”. Chanel west’s net worth began looking up after she got noticed by legendary rapper/songwriter Lil Wayne who signed her up to his Young Money Entertainment label back in 2012. She went to release a successful mixtape titled “Now you know” alongside popular rap stars French Montana, legendary Snoop Dogg, Ty Dolla $ign, as well as Robin Thicke and Honey Cocaine. Her stock has been rising ever since after she was featured prominently on an issue of Maxim Magazine. She was also featured on a Young Money compilation album known as Rising of an Empire which was released back in 2014. She went on to drop her second mixtape titled “waves” back in 2015, which was received quite well by her fans all over the world. Her star shone even more after she made an appearance on reality TV show love and hip hop. Before releasing new singles “New feeling”, “Miles and Miles”, as well as “Blueberry chills”.
1. PepperstonePepperstone is one of the largest forex brokers in the world today. This is an Australian broker founded in 2010. It has reported an annual growth of 20% starting 2016. Their main control center is located in Melbourne. They also have headquarters in Shanghai and Dallas. The best feature of Pepperstone is its ECN Trading System. It offers different types of account traders can choose from. Each account can fit with different trader’s needs. It offers a Standard Account for normal traders, Swap Free, Razor, and Active Trader accounts. Pepperstone collaborates with Equinix. It has a financial network located near Wall Street where you can get the best prices. Pepperstone offers demo account for free. Its minimum deposit is $200.
2. Markets.comMarkets.com is a forex broker being operated by a subsidiary of Playtech PLC called Safecap. According to reports, Markets.com is considered as one of the fastest growing trading brokers in the past years. There has been a significant investment made with this broker. They have received several awards which prove their excellent and quality services. The goal of Markets.com is to give coverage as possible to markets. They wanted to become a reference to online trading. The minimum deposit requires d to open an account in Markets. Com is $100 only.
3. FxProAs what their tagline suggests, “trade like a pro”, Fxpro offers services that can make you a pro in forex trading. It is one of the oldest brokers in the field of forex trading. It was founded way back in 2006 and is one of the best key brokers in the NDD category, where traders are most interested in. FxPro also gained several awards for their excellent trading platform. This particular broker offers innovative technologies that make them a modern broker which provides a more automated system in trading. If you want an automated type of trading strategy, then you must try its FxPro Library, cAlgo Algorithmic Trading and Squant Strategy Builder. Its minimum deposit is $100 only.
4. OandaFounded in 1995, Oanda is one of the first and oldest brokers in trading. It is also the biggest trading player in the Forex market. With its daily operation, it reported 20% of forex throughout its servers. Further, Oanda has its own WebTrader. In Web Trader, you can operate a Cent Account that allows you to trade a minimal amount of money. This unique feature of Oanda lets traders manage their money efficiently even with just a few dollars on the account. This broker does not require a minimum deposit.
5. IG MarketsIG Markets was founded in 1974, declaring them as one of the “old English brokers” in the market. IG markets are known for their quality of service and reliability. It is among the list of brokers that has the highest number of CFDs. Minimum deposits to start an account with IG Markets is $200.
6. Saxo BankSaxo Bank is not just a forex broker, but a bank as well. It is based in Denmark which was founded in 1992. Saxo Bank is an expensive broker because its minimum deposit is $10,000 and that is a huge amount of money to invest! If you want to join Saxo Bank, you will need a lot of money to go inside. But once you are in, you can expect very excellent professionalism and competence when it comes to forex trading. It has real mechanisms in trading such as bonds, futures, and options.
7. XM.comXm.com is one of the largest forex brokers in Cyprus. It was found in 2009. It is the 3rd largest forex broker around the world. Xm.com has provided huge growth over the years. This broker is very popular with active day traders. Minimum deposit in XM.com is only $5.
8. HotForexHotForex is a young broker but with promising results. Founded In 2010, this broker has become one of the biggest in terms of volume. It is based in Europe. The nice thing about HotForex is that it has several platforms on both mobile, desktop, and web. HotForex has good security systems operation which is the reason that they had gained some awards too. Minimum deposit in HotForex is $5.
9. Forex.comForex.com is a best seller for US Customers. Like Oanda, it was founded in New Jersey in 1999. Because of the high competition, Forex.com has become the largest broker in terms of daily volume trading. Forex.com complies with many forex trading regulations. It has excellent safety features and competent trading style. The minimum deposit in Forex.com is $250.
ConclusionWhen you enter the trading world, it is important to understand not only the nature and ways of forex trading but as well as the instruments that will guide you to success and one of these is a trusted forex broker. You must always check the reputation of each broker in order to know which one is the best for you.
11 Important Things to Consider when Choosing the Best Forex Brokers
1. Fees and SpreadsMost forex trading brokers charge only two main fees. One of which is Spread. It is the difference between the buy and sells. On the other hand, commissions are volumes of funds being traded. Some trading accounts have both of these, some only charge for spreads. The rate is increased when there is currently trading. So it is important to check on these costs and compare them to other forex brokers before selecting which one to invest with.
2. Platform for TradingWhen choosing the best forex broker, it is essential to consider which broker can provide excellent and comprehensive analysis and information on their platform. A friendly interface can provide more detailed information on trading which can help you analyze easily Common trading platforms that trader use are cTrader and MetaTrader. These are operated by plenty of forex brokers. These trading platforms enable the trader to easily change their setting without maximum disruption. It also lets you access insights from other brokers on the latest currency trades. These two platforms are some of the popular when it comes to fx trading. OPther brokers have their own unique and specific platform that can provide better service for online trading
3. SpeedSpeed is very curial in every forex broker and forex platforms. The best trading platforms that perform well have the one-click trading option. It is important that a trading platform must be able to provide fast speed when executing such commands and clicks. Delays in trading can create a big impact in the market. This delay can make the price be different from other quoted price. You must ensure that your chosen broker can have the option to maximize speed when executing the platform to avoid delay which can be very critical in the current market.
5. LeverageThe trading market and CFDs usually move small amounts every day. In order to have a create a trading experiment, the currency leverage option is being offered by forex brokers to strengthen trading movements. High leverage may be critical when you use advance strategies if forex trading. It should be remembered that most forex traders request lower average than others.
6. Risk ManagementAs explained earlier, leverage can increase the risk you can encounter in the market. Some traders with lower risk tolerance are most new traders or beginners. So it is highly recommended to select a fore broker that can provide risk management tool options and services. There must be “guaranteed stop” option associated with their risk management tool so that a trader with a maximum loss can be stopped or locked. There must be also minimum protection for balance which can guarantee a trader that his losses cannot surplus his deposit balance or amount.
7. Traded ProductsMost forex brokers can trade with major currencies. There are also online brokers that can trade with CFDs, commodities, indices, or even Bitcoin cryptocurrency. It is also ideal to select a broker that can have all around or all in one trading solution to several platforms and brokers.
8. Deposit RequiredAnother important thing to consider when choosing a forex broker is the minimum amount to be deposited. It is important to check how much you will be needing to join them and avail their service. Most traders offer a minimum amount from $10 up to $15,000. Most traders especially online traders less likely to deposit large amounts so it is important to check the best and trusted broker you want to invest your valuable money with. Funding and payment options can also be a factor. There are brokers who accept payment or deposit directly from banks, credit cards, or even PayPal. Some services have deposit charges and withdrawal fees who should be aware of.
9. Demo AccountTrying a demo account with several brokers can help you realize the actual trading experience when it is time you select them. All forex brokers offer demo accounts for their traders. You should avail one to better help you decide which forex broker and platform you can be most comfortable with.
10. ReputationAs forex trading become a popular industry, there are so many brokers competing and the market, Because of a large number of competitors, it is somehow difficult to determine which ones are legit and are a scam. It is important to check the reliability of the broker you will be selecting and make sure that they are under the regulation of ASIC.
11. Customer ServiceCustomer satisfaction is very important in every company or industry, and that does not exclude the forex trading industry. Some forex brokers offer 24-hour service for their customers, and some brokers offer live chat support, which is good customer management since you can actually directly talk about your problem out live. There are also brokers in limited number that provide an account manager which is very useful especially for new traders and beginners. These account managers guide them and support hem with advanced trading techniques and systems.
Last ThoughtThere is no perfect forex broker. Each of them will always have pros and cons. Before jumping into trading, it is very crucial to assess first all the good and bad of each broker. Find out its unique features that can perfectly suit your trading preference to help you become a successful trader.
Here are our top 5 best brokers for beginner traders:
1. eToroWith an excellent platform, eToro is a recommended broker for those who are just about to enter the flow of Forex Market. This broker offers a “no-frill” idea that basically attracts some traders regardless of their skills and their trading system being used. The best feature of eToro is their “open book system”. It operates as a social media site. Beginner traders can follow the expert traders on their daily activities and feedback. Second-hand knowledge is ideal for beginners and the best place to get them is through those who already have experience in trading. Another great feature of this forex broker is their excellent customer service including live chat support, phone numbers, and emails. It also supports more than 19 languages around the world.
2. Markets.comMarkets.com is an excellent trading platform that can help you learn the complexities of the forex trading market. When you use this broker, you can access stocks, commodities, and indices with a remarkable count of currency pairs that are available in the market today. One of the best things about Markets.com is that they always have updated information about current news, market analysis, and guide videos from professional traders. This is very beneficial for beginners who want to follow the success of previous traders. The customer support in markets.com is also excellent. It supports 15 languages. Their offices are around the world.
3. AvaTradeEstablished in 2006, AvaTrade is considered as one of the largest Forex brokers who operate online. This broker can trade stocks, forex, and CFDs. They are regulated by the Central Bank of Ireland and other government bodies. One unique feature of AvaTrade is a choice of trading platforms provided such as MetaTrader 4. Beginners using this broker can identify which one is suited to their trading needs. There is also an educational center within their system that helps users access meaningful information related to trading such as trading webinars, tutorials, trading guides, economic calendars, and trade market updates. AvaTrade is commendable for its customer service management. It caters to all traders around the world with 20 languages being supported. It also has 24-hour support management for queries and problems encountered.
4. ETX CapitalETX is a trade broker that is a bit professional among others. It is very reputable and is regulated under the supervision of the Financial Conduct Authority in the United Kingdom, which makes them one of the most trusted service providers. ETX’s platform is not much of modern like eToro but it assures very simple interface. ETX is a good option because it offers a free demo account which traders can use for practice trading.
5. XM.comXM.com is also one of the commendable forex brokers up to date. It offers excellent service both for beginners and professionals. Its best feature is its “micro trading”. The minimum deposit for XM.com is only $5. A very minimal amount which traders can take a risk for. It has software package used called MetaTrader4, a user-friendly system which is very accruable and available to all types of assets such as commodities, stocks, and forex. A demo account with XM.com can be used by anyone who wants to try their system. When you are trying a demo account, a trader is given $100,000 virtual money which he or she can use to practice trade it with actual trading trends. XM.com abides by the regulation of BaFIN, which is the Financial Conduct Authority in Cyprus, as well as CySEC. This assures the user that XM.com is a legit and transparent broker for forex trading.
Conclusion:These are just some of the forex brokers available but these are one of the bests. Each broker provides different services and trading systems what can fit every unique trader. The most important thing to remember is that the best broker will always depend on one’s preference. In addition, there are many available educational materials on the internet to date that can be availed by beginner traders. For those who are just about to enter this kind of venture, it is recommended to check both all the positive and negative reviews of each forex broker. There are things to be considered first in very broker in order to select the best one.
Among these factors are:• a well-established broker • regulated by authorized financial bodies • free demo account for practice trading • minimum deposit required • Excellent customer service to cater to all questions and problems • Minimal charges and fees Always remember, a good trader is always guided by a good broker and a good platform.
Getting to have a firm grasp of the basics of Forex Trading is the best way to start for a successful finish always. Do you know that about $6 trillion is traded on this platform every single day? This means that the just mentioned amount changes hands daily while trading goes on. That is huge; you can have a part in this too.
Do you know that some traders end up with as much as $1million each day? This is what hitting it big is all about, and you can get there too. All it takes is a firm grasp of the basics that will be exposed here.
Then you are good to go grab as much profit from the big chunk of $6 billion that will be traded the following day.
3 Basics of Forex Trading
1. Getting to Know the Basic Terms
The best place to start your trading hobby or career is with the knowledge of the basic terms. This will help you understand how to read forex quotes and understand the charts as well. Here are the basics you should know about the trading terms:
1.1 Base Currency
this is your spending currency in the market. This is the one you use to buy another currency you desire. In other words, this is the currency you are disposing of, that is going out. For the purpose of this explanation, your base currency is Euro.
1.2 Quote Currency
this is the currency you are acquiring in the market. It is the one that is coming to you, the one you are buying. The quote currency is the one that is coming in. For the purpose of this explanation, your quote currency is US dollars.
1.3 Exchange rate
this is the amount of the quote currency you will give out to get the base currency.
1.4 Long Position
this is the case where you spend the quote currency to get the base currency. In simple words, you are giving out the quote currency by selling it to get the base currency which you are buying.
If your base currency is Euro, and the quote currency if US dollars, then a long position will mean you are spending/giving out/selling US dollars to get/buy/acquire Euros.
1.5 Short Position
in a short position, it is the opposite of a long position that occurs. In this sense, you are acquiring the quote currency by giving out the base currency. This is the case of selling Euros to buy US dollars as per the example previously given.
1. 6 Bid Price
this is the greatest price at which you are set to give out your quote currency during trading. It is the highest amount you feel it is good for you to sell your quote currency.
1.7 Ask Price
this is the best price for your base currency. In other words, this is the lowest/best price your base currency will be bought, in other for you to acquire/purchase the quote currency in the market.
this is the marginal gap that exists between the bid price and the asking price after they have been subtracted. For example, you spent the ‘ask price’ of 2 Euros to buy 4 US dollars, then after a while, you spend the ‘bid price’ of 5 US dollar to buy 2 Euros. So the spread is the difference between 5 US dollars and 4 US dollars which is 1 US dollar.
2. Getting to Know the Right Currency to Buy or Sell
It can be quite challenging at the beginning to know the right currency to purchase or dispose at any point in time. Follow this guide to help you out:
Through the economic performance of a nation, you should be able to know what will happen to their currency. If you smell bad news for that currency, like a prediction of further depreciation then dispose of it for another one that has more capacity to appreciate in the future.
The foreign trades’ power of a nation has a lot to play here when the international trading power of a nation is high, then within that period, its currency will excel in the market. This is another criterion to determine what to buy and what to sell.
When the person just elected into office to rule a nation is someone with a trusted economic agenda by all, it is good time to buy as the currency of that nation will experience levels of rising within that period. You should do otherwise if the reverse is the case.
Make it a habit to always update yourself about the economic progress of nations. This can be done by going through different economic reports. Become an addict to financial news of nations. This will help you know and predict the future about currencies to know the right time to buy or sell.
3. Get to Know How to Calculate Your Profits
Profit level is calculated by the product of the changes gained in pips by the exchange rate of that particular account. A pip is the numeric change that exists between two currency pair, which is the base and quotes currency, e.g. EUR/USD pair.
One change is 0.0001 and if the pair just mentioned increases from 1.445 to 1.446, then there is a ten pips increase. So to get the profit will be to multiply 10 by the exchange rate for that pair.
If the exchange rate was $2 then the calculation will be 10 multiplied by 2 which will give a profit of $20 USD.
Starting Forex Trading is as easy as starting any other business. You don’t have to be a know-it-all financial and capital investment expert to get into this trade.
There are so many novices on board doing the thing, and getting to learn more every passing day. So, just hop in and get into the trading deal as well, for there is enough room for all.
Here are very easy ways to start:
1. Get a Broker
The first easy thing you will do as you have desired to start is to look for the right broker to represent you. This is not as tricky as you think, with all the side talks about getting a trusted broker that will not mess up your investment.
You must have heard that before, and that is very true. But if you still continue to read, you will discover the easy signs to look out for when picking a broker – this eliminates the stress out of the process. So, follow this guide:
1.1 Get a regulated broker
a regulated broker is such that has been licensed by one of the big financial regulatory bodies within their sphere of operation. So, be sure to ask if the brokerage firm is licensed and regulated.
The essence of this regulation is to ascertain that your investments will be handled by professionals and not quacks. Plus the fact that there is an intermediary institution you can report the firm to if something goes wrong.
1.2 Check The Type of Execution Used
there are two types of brokers that are classed based on the format they use to execute deals – we have the dealing desk brokers and the non-dealing desk brokers. Dealing desk brokers handles the deals for you and are in control, they can also be called market markers.
Non-dealing desk brokers give you the freedom to operate the market, giving you access to longer trading timeframes. Majority of traders would rather go for a non-dealing desk broker because of the freedom involved, but one can still choose the dealing desk brokers especially if you know completely nothing about the business. These dealing brokers do the job for you.
2. Open a Trading Account
After picking the best broker available based on your preferences, to will have to open a trading account with them. A trading account is like any other account that can be operated.
The funds you deposit with the broker is in your trading account, and this will be used to invest per time as you desire. It is not compulsory to use all the funds in your account at once. Be sure to choose and operate an account type with your preferred minimum deposit level that has a variety of trading facilitates offered.
3. Start Trading With a Demo Account
Many brokerage firms offer a free demo account once you get registered. So, be sure to ask for one if you don’t have. It does not matter if you’ve got your real account set up with all the funds deposited in it for trading. Don’t make the mistake of trading live without trying out the market with a demo account.
The essence of the demo account is to give you the opportunity to practice the art and science of Forex trading before going live.
Through this means you are able to learn about the short term and long term signals and charts. You will get accustomed to all the techniques of trading as it is obtainable in real life.
All terms, signs, and skills will be learned and practiced within this period, plus the confidence derived from having to make more wins while trading the demo. When all things are learned and practiced, and when you feel your hands are strong enough, and then you can now go live with your real account.
The reason for all these practice and learning period is to curb the level of losses as much as possible. With this, you are also sure that your initial deposit made to your real trading account is safeguarded and not prone to risk.
4. Get Trading Software
You will also need to have trading software which is the trading system where all the activities will occur. It is the responsibility of your broker to offer you with trading software.
Most times you are required to download it online an install on your computer. This is the platform you will use to connect to the market for all Forex trading activities. It will be wise to get acquainted with this software by practicing with it and learning how to trade with it perfectly.
Your broker can provide training to help you get familiar with the software and platform and provide some basics of trading currencies with the newly installed software.
5. Know the Right Capital to Invest
As a beginner, it is very wise to invest minimally so as to curb your loss rates. You might have $1000 deposited in your trading account that does not mean that this entire fund should be invested at once.
Choose the right capital to invest by calculating the risk involved, if according to your financial status there is no high risk involved in investing $200 at a go, then go ahead with it.
Do otherwise if your financial status is not capable of bearing such loss at the moment. Some brokers allow you to invest as little as $5 for a start – this is a well-managed capital to invest for any beginner.
The forex trading market is the financial market that doesn’t end with the end of the day. There is no night or day in this market, traders from all time zones around the globe all access the different currencies at all times. In other markets in the world commodities traded get out of stock, and as such traders need to wait for a refill.
But the case is different for the currency market, as the different currencies of nations traded are not out of stock at any given time.
The goods on the market are always available, traders are always set at any given time to buy and sell. If someone in London has traded enough for the day and decides to rest for the day. At that very moment, another trader from Russia has just begun his trading activities for the day – the market accommodates them all.
The Meaning of Currency Pairs
When dealing with forex trading you transact currencies in pairs. Each currency pair comprises of the base currency and the quote currency, the base currency is what you are spending to get the quote currency.
The two currencies are usually written one after another with a slash in between and the value of the base currency is placed after the pair. For example, you can have the Euro and US Dollars pair written as EUR/USD 1.24 – this will mean that 1.24 US dollars are equivalent to 1 Euro in the trading this currency pair. In simple words, the currency pairs are the currency that is being sold and bought within a particular trade in the market.
Should One Only Trade Major Currency Pairs?
Even though the currency market known as Forex deals with the trading of whatever type of currency from all nations, all currencies are not the same.
There are major currencies and the others are minor. The question above is often asked by many traders that are starting out in the market. Is it a good idea to just focus on only the major currencies in forex trading?
Or, should one look towards trading with the other currencies too? Before tackling that question let’s take a look the major currency pairs.
The US dollar is the number one currency of the world, due to the dominance of the US economy and trade internationally. This particular currency is used as the determinant in the market, every other currency trades against the US dollar. The major pairs include:
Euro versus US dollar – EUR/USD
British pound versus US dollar – GBP/USD
US dollar versus Japanese yen – USD/JPY
Australian dollar versus US dollar – AUD/USD
US dollar versus Canadian dollar – USD/CAD
US dollar versus Swiss franc – USD/CHF
The countries with these currencies are the major players in the world economy and these pairs are highly traded in the market. There a lot of activities going on with these pairs within a day, so it is a good idea to deal with the majors.
However, the frequency of changes occurring might cause uncertainties that might lead own to incur the loss. So, to answer the question, it is good to trade the major pairs, but one cannot say they are the best.
The best pair to trade is that which will guarantee you more profit after your analysis.
Best Currencies :
There are more than 190 countries existing in the world with more than 190 currencies to trade on. However, only a couple of these currencies are the best trending in the forex market.
The knowledge of the most trending money in the market will be very useful in trading activities. Out of all world currencies presently, the US dollar (USD) stands out as the most trending as it always has been.
The Euro (EUR) comes next to this, followed by the Australian dollar (AUD) and then the Swiss franc (CHF) comes next. The Canadian dollar (CAD) follows others behind, with the Japanese yen (JPY) closely after it, and then comes the Great British pound (GBP).
All these are the best currencies of this year that traders are looking to. With these, the currency trading pairs are derived for all major trading pairs.
Best Currency Pair to trade this Year:
Below are the most trending currency pairs for trading in this year:
this is a non-volatile currency pair that should be traded by those that are not set to incur any loss at all. The relationship between the currencies in this trading pair is more stable than others with the smallest spread possible. Since it is very popular, it can be easily analyzed because of the wealth of analysis data available for it.
this trading pair has a larger spread due to more number of pips that can exceed 6 pips. You should carefully analyze data when going with this; because, where there are great profits, there can also be great losses too, if miscalculated. It is always risky to go for deals involving pips that are as high as 6 pips, even though it gives a lot of benefits.
this is another trending currency pair for this year as it has a more predictable pattern that is not volatile. The spreads are lower and are not usually above 3 pips, with smooth reliable signals.
Traders go for this because with the careful analysis you can be able to acquire great profit margins.
Have you been incurring losses while trading Forex? That has to really change very fast. It is better not to win at all and beat a neutral point than to lose. Actually, you are not the only one experiencing this as there are so many more than you can imagine in this same situation.
If you have been struggling to stay afloat without any hope of winning in view, then continue to read on. You will discover in this piece the definite ways to turn your losses to Wins. Here are the guaranteed ways to win more while trading Forex:
5 Ways to Win More in Forex Trading
1. Use Only One Trading Technique
The first thing you need to change so that more wins will be in view is the number of techniques you use and how long you are to use them. You are just breeding disaster to explode in the future when you jump from one trading method to another. This attitude is common for many that enter into this trade as a get rich quick scheme. But, Forex trading is far from that, this is about investing, patiently waiting and monitoring your investment until maturity.
There is no quick turnaround trading technique that you can use to grab an instant huge profit. If that was true then all traders will become multi-millionaires. So, what is the way out here? The way out is to choose a technique for trading that will gradually cause you to win more and work with it. The more you trade with this particular method, the more your consistency produces perfection.
When you are perfect with a trading method, this is when you are guaranteed of making more wins with it. So, quit wasting your time searching for new trading tactics that will give you all the profits you desire at once, it ends up causing more losses.
2. Use Longer Time Periods for Trading
There are daily signals charts and hourly signals charts available to trade with. With the hourly charts, there is always more opportunity to trade and this confuses some traders to follow these multiple hourly signals to trade, hoping to make more profit. This style of trading that is short termed is elusive as it makes one prone to more dangers.
The main reason for this is the fact that hourly signals are not critically certain signals since it was produced in haste. More wins will not be obtained if you have the trading habit of short timeframe trading, using sporadically produced signals that are not certain.
Turn your losses to more wins by using longer time frame trading habits, do more trade with your daily charts than with hourly charts. Because the signals produced on longer time charts are more certain and less prone to failure.
3. Don’t Remain Focused on Charts
There is another bad habit that makes one incur losses that are not obvious to many traders. This bad habit is that of concentrating all the time on the charts, this habit should be stopped if you are involved. You might ask, what is wrong about focusing on the charts at all times? The problem is that the act of always keeping your eyes on the charts will make you to also make new moves that you are not expected to make.
This does not give your current investment enough time to mature before making the next move. When your eyes are always on the charts you will be tempted to follow signals and get out at the wrong time. Actions like these increase the rate of failures. When there are fewer mistakes, then winning is increased. Here are some mistakes you can make when you keep watching the charts always:
You are prone to the mistake of quickly get into wrong deals.
You are prone to the mistake of quickly getting out of the right deals.
You are prone to the mistake of a premature collection of profits.
So, don’t watch the charts all day, to avoid these drastic errors that can occur. By doing this you will win more because your deals would be left to mature properly before getting out. And you will also get in at the right time also.
4. Take Only Calculated Risks
Before trading, be sure to put in the right amount of money that you have calculated the risk involved. What this means, is that you should not pour in large sums of money that you will become so afraid to lose. Because the tension attached to this act can even cause you to make mistakes that can cause loss.
Plan and calculate the risk involved, be sure that you will be able to manage the loss if it happens. This will make you certain and filled with confidence that will promote your winning chances. It is not good to pour in all your life’s investment that will cause you to crash if something goes wrong. Invest little at a time, until you rise high.
5. Be Positive
No one can win in trading with a negative mindset. It takes only positivity to get the desired success in the trading business. When you are tensed and unsure of yourself, it is very easy to follow the wrong signals that will cause lots of mistakes.
When your mind is not certain and positive, you will not be calmed and calculated to make the right moves. Believe in your skills, believe you will win always, and then winning is sure.