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Gee Dee
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Everything posted by Gee Dee
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Importance of Demo Account/virtual account in Forex
Gee Dee replied to abdulla1's topic in Forex Newbies
To eliminate continuous fear of losing money in this competitive market, a forex trader will require good trading knowledge and skills. And demo trading account can help a forex trader to ensure a more contented journey as he can practice with the artificial money as real accounts. For this reason, I have practiced with the demo accounts of my broker ForexChief for almost 9 months. During this period, I have enjoyed free training and expert support from this broker. -
Forex is the unique financial market where traders can earn money on a global network and it is providing a good amalgamation of trading and exchanging various currencies. And to earn good profit, investment in various currencies needs to be ensured according to the market situations. Haphazard trading decisions can’t help a forex trader. As forex is a highly competitive yet uncertain market place a trader needs to conduct proper analysis.
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A lack of proficiency and acquaintance about forex market can be harmful for the forex traders. a forex trader may not be able to complete all his trading activities in a well organized manner without sufficient trading knowledge and trading acquaintances. Even poor trading expertise may lead to wrong trading decisions which can force them withdraw their positions from the market. A trader thereby must give full concentration on proper knowledge gathering.
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Forex is an over the counter market where a foreign currency exchange trader can enjoy flexible schedule of trading as there are many market sessions as well as market centers. A forex trader can enjoy independence of trading in this decentralized market place. But traders are not comparable in this world market place; rather traders are trying to work with their suitable trading approaches at their right time for trading.
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There are various infrastructural benefits of forex market which are making forex as a reliable virtual trading platform. There is flexibility to trade at any time. And even, traders can even trade with smallest to standard amount as a trader can enjoy the capital flexibility as there is no fixed regulation like any centralized market. On the other hand, a forex market can be extremely competitive for the retail traders to survive.
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Do not ever take a big risk if we are not able to do so
Gee Dee replied to rizal83's topic in Forex Newbies
Forex being a risky market place can be highly competitive for the forex traders today. Thereby a trader should trade only as per his trading capacities to trade. A forex trader should also use proper risk management along with the best use of trading approach. For this reason, I have been using proper risk management as my broker ForexChief is always ensuring me reliable trading platform along with best trading tools and techniques. -
Random copying other traders’ trading strategies won’t help always since each trader is unique so as their trading requirements. No one can ensure the desired success in the forex market without understanding his trading needs first. A foreign currency exchange trader will require a good amount of trading expertise and knowledge so that he can understand what is going on in the market and how he will react to the market to take trading decisions wisely.
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A trader should try to acquire proper trading skills and knowledge before he can start trading with his hard earned money. The pocket of the beginner should be fully filled up with the necessary trading expertise and demo trading account can actually help in this regard. But sometimes, there is considerable difference between a real and demo trading. There can be some psychological pressure related to real trading which is missing in demo trading.
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Many people are joining in the forex market as they get the chances to trade with desired amount and in any flexible timing. But a forex trader needs to develop the require trading skills to monitor his trading: a trader won’t require trading for the whole day. Rater with the proper utilization of time, money and risk a trader will be able to earn good money. So a trader will require proper trading style to get a control over his trading.
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When we are talking about an over the counter market, many people get frightened by thinking that virtual earning sources can be resemble to gambling. But it is not the cases for forex trading. It is true that if as a trader in a world market place you are trying to earn money without any trading skill or knowledge then you will find difficulties and you may conclude with wrong decisions which in turn result into loss of account.
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A wide variety of crypto currencies, like Bit-coin, Etherum, Ripple, Lite-coin, Dash, Zcash, etc. have achieved the trust of forex traders. But still I favor forex trading over the crypto currency trading. The reason is: crypto market is more volatile and uncertain when compared to forex. In the forex market, I have been trading with a licensed broker ForexChief and this broker is ensuring me 24/5 trading facilities, easy transition facility, easy trading platform along with a complete safety of funds.
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Sometimes, we experience that foreign currency exchange traders want to trade after planning and setting trading attitude properly. But the results of few losing trades have forced them to change the mindset of a trader. When a trader faces losses recurrently he can be puzzle and can’t take actions properly. At this disturbing period a trader should try to take some break so that he can restore the required strength to carry out all trading activities properly further.
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It is not always required to complicate your trading process to ensure success. Rather it is necessary for you to match your time with the market. Timely, fastest and orderly trade executions can easily ensure good profit but yes, entry and exit times have to be right for your trading. As a result before start trading you can go for homework, you can think about plan and routine to trade.
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As crypto currencies are now becoming well accepted by many traders, if you want to trade crypto then you should choose and work with a well established broker. There are many regulated trading platforms that are offering good opportunities to trade crypto currencies by applying diverse trading policies. Again, you can try diverse coin trading to keep your trading risks lower by creating investment portfolios of various trusted and well-established crypto currencies.
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Broker can be your definitive companion since in this decentralized market place only a reliable, regulated and credible broker can ensure a complete protection of funds by ensuring regulations and customized trading package. If you are a scalper, then your choice should be a broker that can ensure lower transaction costs along with timely trade executions. Again, if you are interested in long term trading, then your choice should be greater security of funds with reliable trading platforms.
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Yes, it is true that in the present time, forex is ensuring good earning opportunities for the people around the world. But a forex trader can’t think of easy and trouble free journey without appropriate trading knowledge and expertise. Again, for you right choice of broker is also essential. However, I have been trading with a licensed broker ForexChief and it is ensuring me free training, 24 hours customer care support, expert supervision and free economic analysis so that as a beginner I can ensure right trade selection always.
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Though the pervasiveness of the crypto currency market is very limited compared to the forex market, there are many people who are taking interest in crypto currency exchanges. But if we are trying to compare with the number of crypto traders with the forex traders obviously fewer investors involved in this new field of trading. Its popularity has increased within last few years after the establishment of many virtual currencies like Bit-coin Etherum, Ripple, etc.
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There is no basic reason to compare between the MT4 and MT5. Though a trader from centralized market can also use MT4, MT4 is the trading platform that is especially appropriate for those traders who want to trade in any decentralized market place. I personally think that MT5 is well organized and well suitable for the traders who are willing to trade in centralized market. But which trading platform a trader will use dependent on his trading requirements of course.
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Forex trading platform decision is always an important decision for a foreign currency exchange trader. Trading platform is nothing but software coded program by which traders and investors can see the world's monetary marketplace price, trade, administer and secure that trade. Through this a trader can clearly see all his financial transactions. Various online trading platforms, like MT4, MT5, are now being offered by the forex brokers so that customers can use platforms as per their trading needs.
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Forex is a highly competitive market place where a foreign currency exchange trade can face serious issues. A trader should develop the right trading attitude to deal with the uncertain situations as well as with the upcoming hard situations. It is not an easy matter of course. A forex trader will need to adopt a proper trading method along with proper money management process so that he can at least ensure the achievement of trading goals.
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Bluepips – The proven and verified way of Forex trading!
Gee Dee replied to Alick Bannerman's topic in Forex Newbies
A forex trader needs to work with proven and experienced trading platform if he wants to free from all the obstacles of trading or to overcome the collapses. We know that a reliable broker can be a great for ensuring comfortable trading journey and for this reason I have chosen an experienced broker ForexChief. It is a licensed broker which is providing me fastest and orderly trade executions through its reliable platform without any problem of security issues. -
When we are thinking about flexible trading platform, we are expecting that our brokers will allow us trading from different devices like mobile phone or laptop or from iPhone or iPad. And as a forex trader I am happy that my broker is allowing me good mobile application where I am able to carry out trade executions when I am not available to my trading platform. But it is the case of emergency only; I favor my laptop to execute orders.
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Forex is an uncertain market place. It is true that when a trader has access to many trading tools he can get a greater overview but we can’t deny the fact that more indicators can confuse a forex trader with contradictory decisions easily. Keeping this in mind, we should try to make our trading decision making process as easy as possible by using only those indicators which are appropriate for our trading methods.
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To ensure success foreign currency exchange trader will require a systematic trading method so that he can trade as per his trading capacities. But without adequate trading knowledge it can be difficult for a trader to know what his trading capacities are. For this reason, a forex trader should try to practice with the demo trading accounts so that he can develop adequate trading skills. An adequate trading knowledge can actually help to carry out activities to accomplish goals.
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Both the fundamental and technical analysis can help a forex trader to understand the compliance of forex trading to ensure a comfortable trading journey in this world market place. But the unfortunate fact is in most cases when inexperienced traders gain a few trades together, then there comes a very super-confident attitude, they try to neglect the importance of analysis. We can’t deny the fact that decisions should be made after analyzing all essential aspects of a trade.