Which Broker and Trading Platform To Use ?

Broker is simply an individual or it can be a company that does all the buying and selling according to your request. You got set up a trading account with a Forex Broker before you can start trading online.
There are many brokers available but how do we know which is the right one for us

Choosing a broker requires a little bit of research but the time spend will give you the insight into the services that are available and the fees involved.All brokers in the United States should be registered as a Futures Commission Merchant(FCM) with the Commodity Futures Trading Commission(CFTC) and a NFA member. Therefore you may check the membership status of a broker  and also check their history from the CFTC and NFA. It is advisable to avoid those non-regulated brokers and look for those with clean regulatory and solid financial records.disciplinary. You may also like to take into consideration of service support as forex is a 24-hour market therefore a 24-hour support is a must. Service support may be through phone,email,live chat etc. You like to contact the help-desk to experience yourself teh type of service support of a broker.

The Online Trading Platform is another important factor to be considered. Most of the Forex broker allows you to trade over the Internet relatively easy but certain online platform may not be user friendly to you.
You may also like to get a feel for the features available by trying out the Virtual trading platform. Get a feel of it by using fake money before your involve the real money.
Take a look on the layout if it has the ability for real-time currency exchange rate quotes, summary of of your account, details on profit and loss, margin available and margin locked in open position.
There are the web-based and client-based trading platform where the web-based does not need any software installation and you may login by using any computer with Internet connection.Whereas the client-based which you will need to install the software into your computer to trade from that particular computer only but it runs faster than the web-based platform. Both platforms have their advantages depending on your needs.

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How to Trade Forex?

There are various order you can make to trade Forex, the basic order are Market Order,
Limit Order. The term order refers to how you want to enter or to exit a trade.

* Market Order
Market Order is the order to buy or sell at the current market price at the instants you click the buy or sell button of your trading platform.

*Limit Order
Limit Order is the Order place to buy or sell at a certain price.

*Stop Loss Order
Stop-Loss Order is an open trade order to be set at a limit order link if the market price goes against you. In other words it to set at a limit
of loss you wiling to take when the market price go against you.
It will remains effective until the limit price is reach or until you cancel the stop-loss order.

Other Order settings includes :

GTC(Good till Canceled)
GTC order remains active until you cancel it or your order condition being met.

GFD(Good for the day)
GFD order remains active until end of the trading day.

OCO(One Cancels other or Order Cancels Other)
is a mixture of 2 limit and or stop-loss order.Two orders which price and duration variables are placed above and below the current price. After one order condition is met the other will be canceled.

It is advisable for beginers to just stick to the 3 basic orders: Market Order,stop-Loss Order and Limit Order. For a start you may also like use the Virtual Trading rather than using real money. Familiarised with the platform until you have gain sufficient confident before you start the real Forex trade.

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How To Make Money Through Forex

The Advantages of Forex Trading

Forex market is just Mega Store where it operates 24-hours a day and 5 days a week. Forex Market Never sleeps. therefore there is no waiting for opening bell. it operates from Sunday evening to friday afternoon.Therefore you can trade at anytime as you wish.There is no Government tax,no clearing fees, no exchange fees and no brokerage fees. Spot currency trading eliminates the middlemen where you can trade directly with the market responsible for pricing on a particular currency pair. Forex Market is too huge for any individual,or a central to control the market price for an extended period of time.There is no fixed lot size, you may trade as low as USSD250 (but it is not advisable) to what ever amount you wish.The retail transaction cost under normal market condition is less than 0.1 percent. You may Leverage by using a small margin to control a larger total contract value.Leverage provides you the ability to make substantial profit  and at the same time put the risk at a minimun.Without proper risk management Leverage at time may be risky too.
All you ever needed is some basics knowledge on Forexand a high speed Internet connection to start trading forex.The purpose of Forex is to exchange one currency for another and hoping for the price to change so that the currency you have bought will increase higher then the currency that you have sold in order to make profit.
Forex quote are always in pairs because we are simultaneously buying one currency and selling the other.Examples or Forex quotes are : EUR/USD or USD/JPY.

If you think that the US economy will continue to weaken, which is bad for the US dollar, you would execute a BUY EUR/USD order. By doing so you have bought euro hoping that they will rise against the US dollar.
If you think that the US economy will continue to be strong and the Euro will  weaken against the US dollar, you would execute a SELL EUR/USD order.By doing so you have sold euro hoping that it will fall against the US dollar.

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Forex Basics

Forex comes from the word Foreign Exchange and is also referred to as Retail forex, FX or Spot FX. Forex is the largest financial market  with the volume of more than USD3.5 trillion a day trade. Forex is much bigger than New York StockExchange which is around  USD30 billion a day in volume. Forex is basically the buying of one currency and the selling of  another currency and they are traded in pairs. Currencies are traded through broker or dealer; such as Euro dollar and the US dollar(EUR/USD) or the British pound and the Japanese Yen(GBP/JPY). Sometimes this  kind of trading can be confusing because we are not buying any physical product. Therefore we may just think of buying of currency as buying of a share in the particular country.

The rate of exchange of one country versus the other reflects the actual condition of the country economy  comparing to the other country economy. Forex is different to other financial market because it is considered an Over-The-Counter(OTC) or Interbank Market due to the continuous 24 hours system and is fully automated electronically on Internet base. All you needed is a computer with internet connection to access to it.

What is a spot Market?

As Forex also referred to as Spot Market as it deals in the Current Price of a financial instrument.

Forex currency symbols are always 3 letters where the first two letters identify the name of the country and the third letter identifies the name of the country’s currency.

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