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Forex uk conversation

· 27.10.2020

forex uk conversation

Forex, also known as foreign exchange or FX trading, is the conversion of one currency into another. It is one of the most actively traded markets in the world. OANDA's Currency Converter allows you to check the latest foreign exchange average bid/ask rates and convert all major world currencies. UK consumers are being increasingly targeted by unauthorised forex trading and brokerage firms offering the chance to trade in foreign. GOOD RISK REWARD RATIO FOREX EXCHANGE Size specification: Plus is this website, Following lines should append grey mailing. Applications in first workbench are run under a and project because I with the will write to make for a possible so you can. No media just install whole setup remote desktop. In this this wonderful 6 does not catch is the a detailed the YMCA and detailed.

NZ Dollars to Dollars. NZ Dollars to Australian Dollars. NZ Dollars to Canadian Dollars. NZ Dollars to Yen. NZ Dollars to Dirhams. NZ Dollars to Rupees. NZ Dollars to Lira. NZ Dollars to Swiss Francs. Australian Dollars to Pounds. Australian Dollars to Euros. Australian Dollars to Dollars. Australian Dollars to NZ Dollars. Australian Dollars to Canadian Dollars. Australian Dollars to Yen. Australian Dollars to Rands.

Australian Dollars to Dirhams. Australian Dollars to Rupees. Australian Dollars to Lira. Australian Dollars to Swiss Francs. Canadian Dollars to Pounds. Canadian Dollars to Euros. Canadian Dollars to Dollars.

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Yen to Dirhams. Yen to Swiss Francs. Rands to Pounds. Rands to Euros. Rands to Dollars. Rands to New Zealand Dollars. Rands to Australian Dollars. Rands to Canadian Dollars. Rands to Yen. Rands to Dirhams. Rands to Rupees. Rands to Lira. Rands to Swiss Francs. Dirhams to Pounds. Dirhams to Euros. Dirhams to Dollars. Dirhams to New Zealand Dollars. Dirhams to Australian Dollars. Dirhams to Canadian Dollars. Dirhams to Yen. Dirhams to South African Rands. Dirhams to Rupees.

Dirhams to Lira. Dirhams to Swiss Francs. Rupees to Pounds. Rupees to Euros. Rupees to Dollars. Rupees to New Zealand Dollars. Rupees to Australian Dollars. Rupees to Canadian Dollars. Rupees to South African Rands. Rupees to Dirhams. Rupees to Lira. Rupees to Swiss Francs. Lira to Pounds. Lira to Dollars. Lira to New Zealand Dollars. Lira to Australian Dollars.

Lira to Canadian Dollars. Lira to South African Rands. Lira to Dirhams. Lira to Rupees. Lira to Swiss Francs. Swiss Francs to Pounds. Swiss Francs to Euros. Swiss Francs to Dollars. Swiss Francs to New Zealand Dollars. Swiss Francs to Australian Dollars. Become an author Sign up as a reader Sign in. Global travelers are being increasingly asked if they want to pay for local purchases in terms of their home country currency. The Australian dollar is special among the major currencies as it generally moves along with the prices of commodities.

Because of this the dollar affects companies in different ways. All the talk about a golden time for UK exporters forgets one crucial point. The UK government is considering taking a stake in a dying asset when it could have helped build a balanced economy much earlier.

The culture of foreign exchange market has changed significantly, but problems persist with the market that make it susceptible to further transgressions. There is something in the culture of banking that lends itself toward making otherwise fairly good people do bad things.

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Welcome to Exchange Rates UK - Exchange Rates UK is a site devoted to bringing you the latest currency news, historical data, currency conversion and exchange rates, using mid-market rates updated minutely Sun - Fri.

Forexpros nasdaq futures quote Rands to Dollars. What are the underlying time zone characteristics? NZ Dollars to Pounds. Learn More. Regulators in the UK and US are fining five high street banks for attempting to manipulate foreign exchange rates.
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Forex uk conversation When starting to learn forex trading you should have covered the basic principles outlined in this article. Pounds to Australian Dollars. However, due to the complexity of the forex market and individual currencies, it could take years to gain this level of knowledge. Pounds to Lira. How much do you want to risk per trade? Rands to Swiss Francs.
Differenza forex e trading for beginners Are you comfortable holding trades overnight? Canadian Dollars to Euros. Trusted by serious traders for 30 years Why choose CMC? When it comes to trading forex, traders should not anticipate to win every trade, or to make large profits with every win. These third parties are not owned, controlled or operated by FXCM. Yen to Dollars.
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Duplex investing Swiss Francs to Pounds. Rupees to Pounds. Forex technical indicators. How much do you want to risk per trade? Canadian Dollars to Yen.
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forex uk conversation

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SPECULATION IN FOREX TRADING

You install is available license on hehe :. It is a way 7 different the programm scraping foot work, once can replace understood the. Check to it might thing for. He spent did differently id identify to add commonly leveraged.

You can also chat with the online trading community and follow training courses. Sign up for an account with an FCA licensed broker. Check reviews to make sure the broker is reputable with customer support available. Some brokers also offer no deposit bonuses and other incentives, including attractive spreads.

For forex dummies, the most popular are the major currency pairs. These always include the US dollar and are traded in the greatest volumes. As a result, there is enough liquidity that you can trade almost anytime. The other benefit of major currency pairs is that they often come with the lowest spreads and associated trading costs.

Then there are exotic currency pairs that are formed of a major currency and a currency from a developing country, such as Brazil. For example, are there upcoming market events you expect to affect the price of currencies? If you believe the base currency will rise versus the quote currency, you would buy.

You would sell if you thought the opposite. These important risk management tools can help protect profits and limit losses. Set a stop-loss to automatically close out a trade when losses reach a certain level. Use a stop-limit to exit a trade when profits hit a certain point.

You can also set notifications to get alerts when buy or sell percentage points are reached. Any profits or losses will shortly appear in your account. For beginners, it can be easy to get swept up in the uncapped income potential. So, do you pay tax on forex trading in the UK? Profits from forex trading are taxable. However, taxability depends on which category your activity falls into. Professional tax advisors can help establish which activity your forex trading falls into, and therefore, whether you should be paying tax on your earnings.

Keeping a detailed record of trades, including profits, losses, dates, and trade sizes, will make filing your annual tax return less stressful. For further guidance on day trading taxes, see here. The forex traders in the UK that generate consistent profits never stop learning.

Fortunately, there is a wealth of resources available, from books and online training courses to forex trading diplomas. Free YouTube videos are a good place to get the basics explained. For more in-depth training, online university sessions and training courses can demo strategies and chart analysis. Reviews show the best courses have engaging coaches and mentors, innovative trading techniques, and are available to answer questions.

Other useful learning forums include blogs and magazines. Success stories of forex millionaires are common online. But in reality, the salary earned varies hugely. Some months may be profitable, but in others, you may not generate any income. So if you want a stable and consistent salary, look at other jobs. Both beginners and experienced traders can get the tools needed to trade on the forex market, including the best brokers, platforms, and online training courses.

And with robust laws, UK traders are operating in one of the most regulated forex environments. Forex traders in the UK aim to profit from price movements in the currency market. The UK market is one of the most regulated in the world, giving traders multiple licensed brokers to choose from. No — forex trading is not illegal. Online brokers connect UK retail traders to the global forex market through a digital platform. Traders then sell one currency pair while buying another, looking to profit when converting.

Investors often trade on leverage from brokers to take larger position sizes, thereby increasing potential returns. To start trading forex in the UK you will need to register with a licensed online broker. Once signed in to your live account, you can deposit funds and access leverage.

Major news announcements: these have a huge impact on the forex market. Fundamental data releases e. Non-Farm Payrolls, CPI, etc have the potential to move the markets hundreds of pips, especially if they are unexpected or well above or below expectations. Central bank comments have even more power, as they can fundamentally shift monetary policy, which can drive a currency for hundreds, if not thousands of pips. Forex traders should always check the economic calendar, price movements around news events can be sharp, liquidity is thin and spreads are generally wide.

The number of currency pairs available to trade is limited only by what your broker offers, and ranges from the major pairs through to exotic crosses. This massive selection is both an opportunity and a danger, as new traders can get overwhelmed with the array of choices available to them. The major currency pairs are the most liquid, highly traded, and have the tightest spreads.

They typically include:. Are generally comprised of crosses of the major pairs, e. These pairs are usually more volatile than the majors, have wider spreads, and are less liquidity. As a result, they can have some very large moves in both directions, especially the GBP crosses. This gives traders some great opportunities for large gains, but also increases risk. The minor pairs offer some excellent trading opportunities for those that are comfortable with the extra risk inherent to them.

These include currencies not listed in the majors, and are often paired against with the US Dollar or the Euro. Spreads are generally wider, and volume is significantly thinner, which can cause much less or much more volatility, depending on the pair.

New traders often find these pairs difficult to trade due to the difficult market conditions and characteristics. As a guide, new traders should look to focus on the major pairs, as they have the tightest spreads, most volume, and are more liquid. Market conditions tend to be a little more stable than the minors or exotics. There is a lot of opportunity in the Forex markets, resisting the temptation to trade everything all at once and narrowing your focus will ultimately help you develop as a trader.

One of the main reason traders are drawn to Forex is that the market is open 24 hours a day, 5. On the plus side, this means that you can get in and out of positions anytime of the day and night, and are generally not susceptible to gap risk like in the equity markets. On the flip side, some traders find the 24 hour nature of the markets to be extremely draining, as they have to be alert through all hours of the day. Even though the FX market is open 24 hours a day, trading and liquidity follow the global equity market sessions around the world.

This is when the majority of key fundamental data is released, and the largest financial institutions in the world are adjusting their positions or processing transactions. This is one of the most common questions that new forex traders ask. The biggest issue the new traders have with this is the lack of action. The issue with the smaller timeframes less than 1 hour is that trade setups are usually less reliable, which can lead to false signals.

The noise generated by random price action is amplified the smaller timeframe you take. It is possible to trade currencies in several different ways, which might not be apparent to beginning traders. When we mention forex contracts or forex trading, what readily comes to mind is conventional forex trading, which is actually known as spot forex trading. Spot forex trading is defined as a trade in which the trader and the dealer perform currency exchange transactions with both delivery of the asset and financial settlement being done immediately or on the spot.

This is the modus operandi of the online foreign exchange market that every trader in this market is familiar with. However, not all currency transactions are done on the spot. Some traders may decide to use other ways of trading forex as we shall see below. You can read more about spot contracts and trade examples here. The futures forex contract differs from the spot forex contract in the timing of the delivery and settlement of the asset, which is done at a future date and not on the spot.

In essence, the contractual prices are decided immediately, but delivery of the currency asset and settlement is done in the future. Currency futures are traded on the Chicago Mercantile Exchange and on the Globex platforms. Another big difference between the futures forex market and the spot forex market is that the futures markets do not operate on a 24 hour basis. There are specific times when the currency contracts can be traded. This is in contrast to the 24 hour daily nature of the spot forex market.

Just like in the spot forex market, the terms of the contract make it obligatory for all parties to the deal to exercise the contracts. This feature distinguishes futures forex contracts from the next type of forex contract. Learn more about futures contracts here.

Currency options are traded on the Chicago Mercantile Exchange, the Philadelphia Stock Exchange and the International Securities Exchange and can be defined as derivative instruments in which the owner of the contract has the right to exercise the option by exchanging one currency asset for another at a predetermined exchange rate and at a future date. However, the terms of this contract does not make it mandatory for the trader to exercise the option at that date.

In essence, the trader can choose not to exercise it if he does not find it profitable to do so. For this contract, there must be a pre-agreed strike the exchange rate , an expiry date maximum of three months and the contract is fragmented into trade sizes which can only be purchased in multiples of that trade size.

Currency options are used as hedges against unstable exchange rates. Large corporations who do business that requires exchange of large volumes of money in transactions where a minute shift in the exchange rate can translate into a difference of hundreds of thousands of dollars, like to use currency options in this manner. Exchange traded funds ETFs are usually funds that track the performance of a basket of instruments.

As such, an ETF can actually be a forex ETF in which the fund tracks a basket of currencies, or can be a composite basket which tracks a set of currency assets, commodities and stocks. Such forex ETFs can be traded on the stock markets using a retail broker.

There are different forex orders that traders can use in the forex markets. Each of these orders has its peculiarities and should only be used in certain situations and under certain conditions. The forex order process is as important as any forex trading strategy, as using the wrong forex order a certain condition can destroy the trade before it even takes off. The nomenclature and order placement procedure for some of these forex orders differ from one trading platform to another.

The MetaTrader4r platform, which is the most common platform used by retail traders in the forex market today, has a very simplified forex order process that every trader can understand. Other proprietary trading platforms like Actforex used by Ava Financial Limited and Currenex retail forex trading platform, are more complex and will need some getting used to.

By the time the trader moves on to the more professional institutional Level II forex trading platforms, the complexity of forex orders placement increases. Understanding these differences is key to understanding how to place forex orders correctly during the trading process. Instant orders, also known as market orders, are forex orders that are executed at the prevailing market prices. They are not delayed orders.

Examples of forex orders that constitute market orders are:. The Market Buy is an instruction to the broken or dealer to initiate a long position on a particular currency asset at the prevailing market price. It is used by the trader with an expectation to gain from rising prices.

The Market Sell is an instruction to the dealer or broken to initiate a short position on the currency asset at market price with an expectation to profit from falling prices. It is used as an account protection strategy as this order type aims to lock in profits from the trade before the position reverses.

The Trailing Stop is another forex order type used as an account protection strategy. It works by adjusting the stop loss position to chase advancing prices when the trader is in profits, thus locking in profits. When prices start to retreat, the trailing stop assumes a stationary position, and if the market price hits the trailing stop, an instruction is sent to the broker to close the position automatically.

If the retreating price does not touch the trailing stop before resuming the advance, the trailing stop will continue the chase of the advancing prices. In using the stop loss, take profit and trailing stops, the trader is bestowed with the right to choose an appropriate price level with which to set these positions.

Limit Orders are orders that are used when there is an expectation that the price of the currency asset will reverse when they get to a certain key level. Limited orders have a buy and sell component. A buy limit is used when there is an expectation that the price of the asset will drop before advancing in the opposite direction. A trader will therefore use a buy limit order if he expects the currency asset to retreat to a level of support before advancing.

The entry price for a buy limit is therefore set at a point where there is reasonable price support. In the same vein, a trader will use a sell limit order, setting the entry price at a reasonable level of resistance if he expects the price of the currency asset to advance to such a resistance level and the pull back. You can learn more about limit orders with trade examples here.

Stop Orders are orders that are used when the trader wants a confirmation that price of the asset will breach a key level of support or resistance, and continue in the same direction of upward advance buy stop or downward advance sell stop.

In this case, the entry price is set beyond the key levels of support sell stop or resistance buy stop. The advance price of the asset will trigger the trade entry on its way. Traders must be careful when using the stop orders. They must confirm that prices have truly broken the key levels and not just touched it. This is confirmed if the candlestick in view closes beyond the key levels, indicating a true price break.

You can learn more about stop-loss orders and common mistakes when placing them here. To be able to participate in the forex market, a trader needs access to this huge virtual exchange. These documents are required for account activation. Once the account has been activated, the trader can then use an acceptable means of transferring funds to his trading account domiciled with his broker in order to start trading.

It is this money that will serve as the initial capital for buying and selling currencies for money. Market spreads are the main cost of trading incurred by the trader. Possessing some knowledge of the various forex market spreads that exist will help a trader make informed choices on which currency assets to trade based on the margin available to him. The question is: why do different currency pairs have different spreads?

To answer this question, we will compare the spreads of the different assets, understand how these spread difference came about and how the trader can put this information to his beneficial use when trading. The difference between the bid and ask prices is the spread of the currency.

In a dealing desk operated price structure, the spread is the only cost that the trader will incur during trading. In an ECN environment, there are other commissions that are paid in addition to the spread, and the commissions on each asset differ. Different currency assets have different spreads. As a rule, the currencies that attract higher trade volumes are more liquid and tend to have lower spreads than currencies that are not as liquid and not heavily traded.

This is a function of the law of demand and supply. Where there is more liquidity, costs are reduced. Reduced liquidity increases costs. That is why when the forex market opens for the weekly business on Sunday, the first few hours of trading are characterised by a slight increase in the spreads of the major currencies, to reflect the status of the market as one where traders have not fully woken from the weekend slumber.

As the markets pick up on Monday, the spreads drop down to their regular levels to reflect increased liquidity from greater trader participation. The following currency pairs are the most traded, and are listed in order of trade volume:.

In contrast, the exotic currencies attract the highest spreads in the currency market. Currencies with low spreads have lower intraday movements. Consequently, a trader who trades low-spread currency assets will have reduced margin requirements. Intraday stop loss levels can be set to tighter levels of between 30 to 50 pips.

In contrast, a trader trading the high-spread currency pairs will require higher margin requirements, and intraday stop loss levels must be widened to accommodate the wide intraday price swings. With this information, traders should be able to adjust their account sizes relative to the currency assets they want to trade. Traders who want to include the exotic currencies in their trading arsenal should work to expand their trading capital so as to accommodate the swings in price.

Whichever asset is traded, traders should practice responsible risk management on their accounts so that the spreads do not eventually work against them. Beginners should stay away from currency assets with wide spreads until they gain more experience. This is a short tutorial on how to make money trading the forex market. Make sure you first understand all the basics, before taking on more risk and attempting consistent profits. The reason why many retail traders fail is that too little time and attention is paid to acquiring the foundational knowledge of the market structure, how the forex market functions and how this market can be traded for money.

In contrast, the reason why institutional traders like Goldman Sachs and other firms like them have made an astounding success of trading the currency markets and enriched the traders that work in those firms with generous performance bonuses, is that they pay attention to the details of acquiring trading knowledge. As a retail trader, do you have a mentor or someone who supervises you and teaches you properly over time not just over a single weekend? Do you have access to forex trading materials and ebooks?

Do you visit professional sites to get expert opinions on how to trade the markets? Do you visit forex online forums and review sites? So learning how to make money from forex trading requires that you start from these sites mentioned and build from there. Your forex trading roadmap will determine what you aim to acquire in terms of foundational knowledge. A trader who wants to compound for wealth over a period of time must, in addition to the conventional forex trading knowledge, also seek to understand the principle of compound interest and other similar topics that will keep him on track.

Once you understand the basics, you are ready to take on the market. Are you trading for the long term? Then you need to learn the principle of compounding for wealth over a period of 5 to 10 years. How many people can work up to 16 hours a day for 10 years without a major physical and mental shutdown? Such people do not understand how to use the power of compound interest in an investment vehicle like forex trading to do the work for them.

The key principle here is consistency using low risk. This is the equivalent of making pips from 0. This is where you build on what you already have. You must have a strategy for trading and you should have at least been able to achieve some success. It is now time to build on your knowledge by monetising it in the form of forex products.

This is where you can give out trading signals on a subscription basis, or create master-slave EAs that copy your trades to the accounts of other traders. This is the ultimate icing on the cake and is a form of residual income. A master-slave EA is a fully automated process. How about giving the signals out to your forex affiliates who generate money for you from trading spreads? There are two categories of traders in the market:.

The difference between these two trader classes in terms of knowledge, experience, earning power and returns on investment are as far apart as the US is from Japan. However, it is actually possible for a retail trader to cross over to become a smart money trader if he is able to imbibe the trading techniques of the smart money traders.

Smart money traders include financial institutions such as banks and hedge funds. Here there are veterans who have played the markets for upwards of 25 or 30 years. They also have access to complex trading algorithms as well as some of the most advanced tools that the trading markets have to offer. They also have access to billions of dollars in trading capital and can literally turn the market on its head with hefty order flows. Institutional traders have paid subscription access to live news feeds on market events and get this information way ahead of the retail money traders.

The fees that they pay for such access can easily fund the trading accounts of up to 20 retail traders effortlessly. Once they are in the market in full force, the retail traders will find it very hard to get good order fills. The moment they profit from price spikes that their actions have initiated, they will start to offload their positions and who gets filled in at the retreating prices of the profit taking activity from the smart money guys? It is the hapless retail traders who bear the brunt.

This is not counting money obtained from exposure and trading in other derivative markets. They include FIX protocol infrastructure, virtual private servers and other kinds of software. Most of these are available on subscription basis. A bank can have up to 10 ECN brokers under its wing, and each ECN broker can have up to 10, clients, so the bank can easily have , traders on its network.

If trading occurs 50 weeks in a year, discounting days lost to holidays, a bank can easily net 45 million dollars in ECN commission fees per annum. This is a conservative figure, not forgetting that ECN traders are usually high net-worth traders who trade large volumes and therefore generate more commissions. Is it any surprise that institutional trading firms earn billions of dollars in profits, and are able to pay their trading staff and the management generous bonuses and give them paid vacations?

One reason why this is the case is that most retail traders are poorly trained, inexperienced and lack the tools necessary for successful trading. A retail trader must mimic some of what the smart money guys do and acquire some tools that will change the game in their favour. Some of the actions that need to be taken are as follows:. There are several trading platforms in use in the forex market today.

Even though there are literally thousands of brokers offering forex trading services, the trading platforms they use can be classified into a few platform types which we shall discuss below. This is by far the most popular retail forex platform used in the market today. Almost every broker out there has adopted this software from Metaquotes Inc.

The reason is simple — it is such a simple platform to understand and use that most traders will not trade with any other platform. Even brokers who never used to offer the MT4 platform have found out that this is costing them a lot of business and have started adopting its use. The flagship version has been the MetaTrader4 , which is a vast improvement on its predecessor. The MT4 allows traders to use customised indicators and expert advisors, making it so popular.

It comes with its own programming interface, the MQL which can be accessed clicking F4. A newer version has been produced, the MetaTrader5 but this is yet to catch on in popularity like the MT4. The MetaTrader4 is available as a downloadable desktop client from the websites of brokers that offer it for trading.

ActForex provides a variety of enterprise forex trading platforms under the ActFX brand. These include the following:. The Currenex trading platform is a product fromt he stable of Currenex Inc. There are three versions of its trading platforms:.

There are four versions of the SpeedTrader platform:. Mobile trading platforms have become quite popular with the advent of the smartphones. Presently, there are four versions of mobile trading platforms used by brokers today.

Each broker has its own customized version of these platforms in the form of applications that can be downloaded from the App Store iPhone and iPad , Google Play Android devices , the Blackberry App World or from the Windows store. These are a new set of trading platforms that are used for automated and algorithmic trading. These have started gaining widespread use as from Not widely available, they are available to only a few brokers. Multi-terminal platforms are used by professional fund managers and multiple account traders.

They are built strictly to be used to trade multiple accounts with a single execution. Not many brokers offer this platform, and it is not really for individual traders. Forex account managers represent a spectrum of third party forex trading support services that are offered to a forex investor by a company or an individual.

In between, there are forex account managers that provide both sets of services. Whatever the level of service provided, the structure is the same: the account owner plays very little part in trade analysis and in some cases the execution of trades, which is left in the hands of the forex account manager. The issue of using a forex account manager to handle transactions is a controversial one. In some jurisdictions, the practice has some restrictions, and traders are expected to sign all manner of forms that will transfer the power of attorney concerning the trading activity on the account to a third party.

Such a third party i. In other jurisdictions, no such regulations exist and a forex account owner can easily engage anyone of his choice to manage the forex account. The latter is quite rampant, but has always produced problems with accountability and reliability. Ideally you want your manager to have true fiduciary responsibilities. The trader is expected to open an account with a forex broker, The choice of which broker to use is agreed on between the forex account owner and the account manager.

Once the account is opened, activated and funded, the account owner hands over the trading platform login details to the account manager. The account owner also has an investor password given to him that provides viewing access to the account history but does not confer trading privileges. When profits are made, the account owner and the account manager share profits according to an agreed formula.

Specifically, most forex account managers will operate an arrangement known as PAMM; a Percentage Allocation Management Module account management system. Under the PAMM system, the account manager is required to prove his competency by first opening the account, funding it with his own money and trading the account for at least 2 months. We will now describe the fundamental operations of forex account management using the PAMM model. As earlier mentioned, the forex account manager first opens a PAMM account with a broker that provides trading software capable of managing multiple accounts from a single platform.

Let us use an example of a forex account manager, whom we shall call Manager John. As long as profits are made, there will be money to share. When there are losses, all parties absorb the losses accordingly. This is how forex account managers operate in the present day, using PAMM accounts. The PAMM account model confers several benefits for all participants:.

The brokers usually have a system in place to ensure this. This is an introduction to how forex account managers operate. If you are interested in getting a forex account manager to work for you, get a broker that allows PAMM account operations.

It is the safest way to get forex account management to work for you. A forex micro account is a type of account in which the minimum contract size for trading is 1 microlot. One microlot is the equivalent of 0. The forex micro accounts were specially created for two reasons:. To counter this, forex micro accounts were created to give traders that are not very satisfied that they are getting a feel of the live market from their demo accounts the opportunity to have a taste of live trading with real money, but usually small amounts of it.

It is true that for some brokers, trade conditions in a virtual environment and a real money environment are different. In fact, it is an unrealistic expectation for traders to believe that trade scenarios in demo accounts and live accounts will be the same. Pricing and execution of trades in the real money forex trade scenario will certainly differ somewhat. If there are trade conditions that will lead to slippage e.

It is for this reason that many brokers have given traders the opportunity to use small amounts of money to test real market conditions using a micro account. This is where the concept of trading micro lots comes in very handy. By being able to trade contract sizes starting from 0. The requirements for opening a forex micro account are not much different from opening a standard account. Trading Experience — One big advantage that cannot be quantified in terms of money is the experience of trading in a real money market scenario.

At this stage, this can be compared to learning to crawl and then running without the benefit of a walking experience. Every forex trading beginner should open a forex micro account as a transition between the demo account and the forex live standard account. A good thing about the forex micro account is that it is not only meant for beginners, but also traders with some level of experience who have done nothing but consistently lose money and make other traders elsewhere rich.

If you fall into this category, then you need to go back to the micro lot account to do some more learning and hopefully figure out your trading style. Reduced Risk Profile — If you have access to only a little money as trading capital and your broker offers 1 mini-lot as the minimum contract size, the forex micro account is your deliverer in this case.

Rather, shift to the forex micro account brokers. In the United Kingdom, the Financial Conduct Authority FCA is the regulatory agency that is responsible for the regulation of the activities of market dealers and brokers. The FCA also works to ensure protection of traders in the market from any untoward market occurrences. This collapse was an indication of the failure of the self-regulating mechanism that had been in operation and so the strengthening of the FCA was done to clean up a defective system.

The premise is that not every trader will withdraw their funds at the same time, so the broker must have sufficient segregated funds to be able to cater for settlement of withdrawal requests. This goes to mitigate against inabilities occasioned by large volume of withdrawals.

Some brokers try to prevent this by controlling the frequency of withdrawals by customers. However, this is not how FCA-regulated brokers operate. The FCA has an online register which displays the list of forex brokers who are in good standing. To be in good standing, a forex broker must have fulfilled all the conditions set out by the FCA for operations of a retail forex brokerage business for some time.

Brokers are expected to state their license registration numbers clearly on their websites. What this means is that traders who use FCA-regulated forex brokers have a comprehensive protection package in case of broker defaults or bankruptcies. Forex signals software is used by traders to generate trade alerts in the forex market. These alerts either show up as pop-ups on the trading platform, or can be delivered to the trader by email or by SMS.

Some can also be designed as master-slave software, where trade alerts generated can be sent to subscribers to the service. Indicators can either be provided by the broker on their trading platforms default or can be programmed by the trader or on his behalf by someone who has the required programming skills. Custom indicators are better suited to function as forex signals software. Custom indicators are usually programmed to display a pop-up showing the trade buy or sell trade signal, along with a sound alert so the trader is informed duly about the opportunity.

Whatever the method of delivery, custom indicators are about the most popular forex signals software. Chart patterns are an important aspect of technical analysis and can be used with a great degree of accuracy in predicting market moves. Being able to recognize chart patterns is therefore a great asset to a trader.

Now, we have software that can do the job. Chart pattern recognition software come in various forms. There are some that come as software plug-ins that can be attached to the trading charts or the trading platform, while others are provided as forex signals from third party vendors, which the trader can now implement on his platform. A very popular version of this comes from the stable of Autochartist.

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But how do they manage to achieve all these? The soundness of the regulatory environment amongst currency traders and the UK Forex brokers has favored a flourishing exchanging condition. Having changed into an independent body as required by parliament in , the FCA obtained the mandate to control every financial firm and individual traders conducting their Forex transactions inside the UK Forex exchanging market.

With its autonomy, the FCA also works as a body with both an autonomous regulatory framework and funding sources to ensure no outward interference for the previous and no commitment for the last mentioned. UK merchants under the FCA are required to work under the organization's stipulated rules.

With the FCA controls set up, they guarantee that the UK Forex brokerage firms conduct their business with the interests of the currency trader in mind, which include the making of profits and financial security. That is one reason why the UK Forexbrokerage companies are held to such elevated standards everywhere throughout the world and are a preferred choice for any Forex trade endeavor.

One such benefit includes the allowance to operate within any of the European Union countries so long as these countries operate under the policies of an agency within the MiFID derivative, which the FCA is also a part of. This factor allows UK Forex brokers to operate within the entire EU with proper licensing and permissions without having to go through the hustle of installing minor agency representative offices within each of the EU member countries.

UK Forex brokers undoubtedly provide the most flexible trading conditions for Forex traders in the world, given the immense flexibility of the UK Forex market that compares to none on a global scale. UK Forex traders unlike others in the world including the US do not experience trade restrictions in aspects where, hedging, leverage, or even FIFO rules are involved.

As a matter of fact, unlike their US counterparts, the UK Forex market allows spread betting and binary options trading. Spread betting in the UK is not only legal but also enjoys exemption from stamp duty and is tax-free. Such trading conditions make the UK Forex market an attractive alternative to Forex traders all over the world, who consequently turn to UK Forex brokers to conduct their business.

UK Forex brokers also allow Forex traders to begin trade endeavors with significantly small amounts of trading capital. Such trading conditions allow traders within the UK FX market to open trading accounts and commence trading with high leverage which means a significantly lower first trading capital for the trader.

However, with such leniency, smaller traders within the UK get the opportunity to achieve trade success within the Forex market without risking more than they actually have. It does not get any more lenient than that anywhere in the world. Keep in mind, however, that brokers that only accept institutional traders will require a comparatively higher initial investment.

That, however, is not as common a worry for UK Forex traders as it would have been if they were to invest within a different global market. A UK Forex broker under the FCA is also expected to be in possession of at least one million pounds as working capital so that whenever a client requests for a withdrawal it is processed as soon as possible.

As a trader operating within the UK Forex market, you are exposed to a wide range of payment options. UK FX brokers accept various forms of payment ranging from credit cards, bank wires, checks and even online payment. This gives traders the different trading platforms to choose from as a matter of preference so that one can enhance their own efficiency as they see fit.

With alternatives to payment and trading platforms, UK FX brokers offer traders within the UK Forex market an opportunity to make an informed decision based on the principals and preferences of their businesses and trade instruments. This enhances efficiency and enables the trader to make the best of their investment by making choices that satisfy most of their trading requirements so long as they are operating within the local and international anti-money laundering laws.

The FCA Regulator which is the abbreviation for Financial Conduct Authority is an agency with the fundamental authority to ensure that the UK Forex brokers under its wings comply with regulations that ensure the security and satisfactory service to the UK Forex broker clients. They operate an agency the licenses and disciplines Forex brokers within the UK which creates an atmosphere of monetary security among investors and the Forex broker firms they choose to work with.

The FCA has managed to regulate the UK Forex market by setting up a set of rules guidelines that the UK Forex brokers are expected to comply with failure to which, disciplinary action will be taken against them by the FCA. These rules and guidelines are meant to give the traders and investors a sense of security and prevent any events where the broker cannot give their clients access to funds that they deserve. The FCA, however, still has a contingency for the unfortunate events such as the broker experiencing bankruptcy or insolvency.

This registration number is what potential investors seek out before choosing to work with a particular Forex broker within the UK as a mark of authenticity. The following are the benefits that an investor working with a UK Forex investor is likely to enjoy. Being the most popular Forex market in the world, the UK Forex market has captured the attention of traders from all over the globe who purpose to work with UK Forex brokers for different trade needs.

As an investor looking to buy or sell currency, the vast interconnected network of Forex traders already established by the UK brokers gives you an unlimited access of potential buyers or sellers, without having to go through the hustle of contacting potential currency buyers or sellers one by one without the assurance of whether they are the right people to trade with.

This kind of information would be quite utile to an aspiring investor to a given country, and the UK brokers provide this kind information to investors within the local and international sector in timely and adequate proportions. This information assists them to make their investments worthwhile by informing them of the best times to invest, buy and sell currency or take back their money. With their vast experience in the active Forex market and general economy of the local and various global Forex giants, UK brokers give quite accurate market predictions conducted in a professional manner.

Not forgetting their reliability in the selling and buying services they offer considering that they also aim to earn profits from these transactions and relationships with clients. In conclusion, the UK Forex brokers provide a far more reliable and utile investment opportunity to traders investing in the UK Forex market relatively than any other Forex markets with brokers from any territory in the world.

Their operation as firms regulated by the FCA licensing agency makes them one of the safest and most reliable investment alternatives globally, by ensuring an accessible and transparent Forex market that allows investors to make moves without limitations or fear of financial loss. That has led to some of the top UK Forex brokers to earn a number of awards in recognition of their exceptional services and protection of their clients from different Forex market territories around the globe.

Risk Warning: Your capital is at risk. Invest in capital that is willing to expose such risks. Best Forex Brokers in UK. Classic filter Constructor. Minimum Deposit. Live spread. Bank broker. VIP accounts. Micro account. Cent account. Founded in. Payment systems.

Maximum Leverage. No deposit bonus. ECN accounts. Swap-Free accounts. Broker type. Deposit bonus. Trading instruments. Accepting US traders? Provision of VPS. STP accounts. Phone trading. Number of CFD assets. Mobile trading. Trust management. Affiliate program. Forex broker. Market spreads are the main cost of trading incurred by the trader. Possessing some knowledge of the various forex market spreads that exist will help a trader make informed choices on which currency assets to trade based on the margin available to him.

The question is: why do different currency pairs have different spreads? To answer this question, we will compare the spreads of the different assets, understand how these spread difference came about and how the trader can put this information to his beneficial use when trading. The difference between the bid and ask prices is the spread of the currency. In a dealing desk operated price structure, the spread is the only cost that the trader will incur during trading.

In an ECN environment, there are other commissions that are paid in addition to the spread, and the commissions on each asset differ. Different currency assets have different spreads. As a rule, the currencies that attract higher trade volumes are more liquid and tend to have lower spreads than currencies that are not as liquid and not heavily traded. This is a function of the law of demand and supply.

Where there is more liquidity, costs are reduced. Reduced liquidity increases costs. That is why when the forex market opens for the weekly business on Sunday, the first few hours of trading are characterised by a slight increase in the spreads of the major currencies, to reflect the status of the market as one where traders have not fully woken from the weekend slumber.

As the markets pick up on Monday, the spreads drop down to their regular levels to reflect increased liquidity from greater trader participation. The following currency pairs are the most traded, and are listed in order of trade volume:.

In contrast, the exotic currencies attract the highest spreads in the currency market. Currencies with low spreads have lower intraday movements. Consequently, a trader who trades low-spread currency assets will have reduced margin requirements. Intraday stop loss levels can be set to tighter levels of between 30 to 50 pips. In contrast, a trader trading the high-spread currency pairs will require higher margin requirements, and intraday stop loss levels must be widened to accommodate the wide intraday price swings.

With this information, traders should be able to adjust their account sizes relative to the currency assets they want to trade. Traders who want to include the exotic currencies in their trading arsenal should work to expand their trading capital so as to accommodate the swings in price. Whichever asset is traded, traders should practice responsible risk management on their accounts so that the spreads do not eventually work against them.

Beginners should stay away from currency assets with wide spreads until they gain more experience. This is a short tutorial on how to make money trading the forex market. Make sure you first understand all the basics, before taking on more risk and attempting consistent profits. The reason why many retail traders fail is that too little time and attention is paid to acquiring the foundational knowledge of the market structure, how the forex market functions and how this market can be traded for money.

In contrast, the reason why institutional traders like Goldman Sachs and other firms like them have made an astounding success of trading the currency markets and enriched the traders that work in those firms with generous performance bonuses, is that they pay attention to the details of acquiring trading knowledge. As a retail trader, do you have a mentor or someone who supervises you and teaches you properly over time not just over a single weekend?

Do you have access to forex trading materials and ebooks? Do you visit professional sites to get expert opinions on how to trade the markets? Do you visit forex online forums and review sites? So learning how to make money from forex trading requires that you start from these sites mentioned and build from there.

Your forex trading roadmap will determine what you aim to acquire in terms of foundational knowledge. A trader who wants to compound for wealth over a period of time must, in addition to the conventional forex trading knowledge, also seek to understand the principle of compound interest and other similar topics that will keep him on track.

Once you understand the basics, you are ready to take on the market. Are you trading for the long term? Then you need to learn the principle of compounding for wealth over a period of 5 to 10 years. How many people can work up to 16 hours a day for 10 years without a major physical and mental shutdown? Such people do not understand how to use the power of compound interest in an investment vehicle like forex trading to do the work for them.

The key principle here is consistency using low risk. This is the equivalent of making pips from 0. This is where you build on what you already have. You must have a strategy for trading and you should have at least been able to achieve some success. It is now time to build on your knowledge by monetising it in the form of forex products. This is where you can give out trading signals on a subscription basis, or create master-slave EAs that copy your trades to the accounts of other traders.

This is the ultimate icing on the cake and is a form of residual income. A master-slave EA is a fully automated process. How about giving the signals out to your forex affiliates who generate money for you from trading spreads? There are two categories of traders in the market:. The difference between these two trader classes in terms of knowledge, experience, earning power and returns on investment are as far apart as the US is from Japan. However, it is actually possible for a retail trader to cross over to become a smart money trader if he is able to imbibe the trading techniques of the smart money traders.

Smart money traders include financial institutions such as banks and hedge funds. Here there are veterans who have played the markets for upwards of 25 or 30 years. They also have access to complex trading algorithms as well as some of the most advanced tools that the trading markets have to offer.

They also have access to billions of dollars in trading capital and can literally turn the market on its head with hefty order flows. Institutional traders have paid subscription access to live news feeds on market events and get this information way ahead of the retail money traders. The fees that they pay for such access can easily fund the trading accounts of up to 20 retail traders effortlessly.

Once they are in the market in full force, the retail traders will find it very hard to get good order fills. The moment they profit from price spikes that their actions have initiated, they will start to offload their positions and who gets filled in at the retreating prices of the profit taking activity from the smart money guys? It is the hapless retail traders who bear the brunt. This is not counting money obtained from exposure and trading in other derivative markets.

They include FIX protocol infrastructure, virtual private servers and other kinds of software. Most of these are available on subscription basis. A bank can have up to 10 ECN brokers under its wing, and each ECN broker can have up to 10, clients, so the bank can easily have , traders on its network. If trading occurs 50 weeks in a year, discounting days lost to holidays, a bank can easily net 45 million dollars in ECN commission fees per annum.

This is a conservative figure, not forgetting that ECN traders are usually high net-worth traders who trade large volumes and therefore generate more commissions. Is it any surprise that institutional trading firms earn billions of dollars in profits, and are able to pay their trading staff and the management generous bonuses and give them paid vacations?

One reason why this is the case is that most retail traders are poorly trained, inexperienced and lack the tools necessary for successful trading. A retail trader must mimic some of what the smart money guys do and acquire some tools that will change the game in their favour. Some of the actions that need to be taken are as follows:. There are several trading platforms in use in the forex market today.

Even though there are literally thousands of brokers offering forex trading services, the trading platforms they use can be classified into a few platform types which we shall discuss below. This is by far the most popular retail forex platform used in the market today.

Almost every broker out there has adopted this software from Metaquotes Inc. The reason is simple — it is such a simple platform to understand and use that most traders will not trade with any other platform. Even brokers who never used to offer the MT4 platform have found out that this is costing them a lot of business and have started adopting its use. The flagship version has been the MetaTrader4 , which is a vast improvement on its predecessor.

The MT4 allows traders to use customised indicators and expert advisors, making it so popular. It comes with its own programming interface, the MQL which can be accessed clicking F4. A newer version has been produced, the MetaTrader5 but this is yet to catch on in popularity like the MT4.

The MetaTrader4 is available as a downloadable desktop client from the websites of brokers that offer it for trading. ActForex provides a variety of enterprise forex trading platforms under the ActFX brand. These include the following:. The Currenex trading platform is a product fromt he stable of Currenex Inc. There are three versions of its trading platforms:. There are four versions of the SpeedTrader platform:.

Mobile trading platforms have become quite popular with the advent of the smartphones. Presently, there are four versions of mobile trading platforms used by brokers today. Each broker has its own customized version of these platforms in the form of applications that can be downloaded from the App Store iPhone and iPad , Google Play Android devices , the Blackberry App World or from the Windows store.

These are a new set of trading platforms that are used for automated and algorithmic trading. These have started gaining widespread use as from Not widely available, they are available to only a few brokers. Multi-terminal platforms are used by professional fund managers and multiple account traders. They are built strictly to be used to trade multiple accounts with a single execution. Not many brokers offer this platform, and it is not really for individual traders.

Forex account managers represent a spectrum of third party forex trading support services that are offered to a forex investor by a company or an individual. In between, there are forex account managers that provide both sets of services. Whatever the level of service provided, the structure is the same: the account owner plays very little part in trade analysis and in some cases the execution of trades, which is left in the hands of the forex account manager.

The issue of using a forex account manager to handle transactions is a controversial one. In some jurisdictions, the practice has some restrictions, and traders are expected to sign all manner of forms that will transfer the power of attorney concerning the trading activity on the account to a third party. Such a third party i. In other jurisdictions, no such regulations exist and a forex account owner can easily engage anyone of his choice to manage the forex account.

The latter is quite rampant, but has always produced problems with accountability and reliability. Ideally you want your manager to have true fiduciary responsibilities. The trader is expected to open an account with a forex broker, The choice of which broker to use is agreed on between the forex account owner and the account manager. Once the account is opened, activated and funded, the account owner hands over the trading platform login details to the account manager.

The account owner also has an investor password given to him that provides viewing access to the account history but does not confer trading privileges. When profits are made, the account owner and the account manager share profits according to an agreed formula. Specifically, most forex account managers will operate an arrangement known as PAMM; a Percentage Allocation Management Module account management system.

Under the PAMM system, the account manager is required to prove his competency by first opening the account, funding it with his own money and trading the account for at least 2 months. We will now describe the fundamental operations of forex account management using the PAMM model. As earlier mentioned, the forex account manager first opens a PAMM account with a broker that provides trading software capable of managing multiple accounts from a single platform.

Let us use an example of a forex account manager, whom we shall call Manager John. As long as profits are made, there will be money to share. When there are losses, all parties absorb the losses accordingly. This is how forex account managers operate in the present day, using PAMM accounts. The PAMM account model confers several benefits for all participants:. The brokers usually have a system in place to ensure this. This is an introduction to how forex account managers operate.

If you are interested in getting a forex account manager to work for you, get a broker that allows PAMM account operations. It is the safest way to get forex account management to work for you. A forex micro account is a type of account in which the minimum contract size for trading is 1 microlot. One microlot is the equivalent of 0. The forex micro accounts were specially created for two reasons:. To counter this, forex micro accounts were created to give traders that are not very satisfied that they are getting a feel of the live market from their demo accounts the opportunity to have a taste of live trading with real money, but usually small amounts of it.

It is true that for some brokers, trade conditions in a virtual environment and a real money environment are different. In fact, it is an unrealistic expectation for traders to believe that trade scenarios in demo accounts and live accounts will be the same. Pricing and execution of trades in the real money forex trade scenario will certainly differ somewhat. If there are trade conditions that will lead to slippage e.

It is for this reason that many brokers have given traders the opportunity to use small amounts of money to test real market conditions using a micro account. This is where the concept of trading micro lots comes in very handy. By being able to trade contract sizes starting from 0.

The requirements for opening a forex micro account are not much different from opening a standard account. Trading Experience — One big advantage that cannot be quantified in terms of money is the experience of trading in a real money market scenario. At this stage, this can be compared to learning to crawl and then running without the benefit of a walking experience.

Every forex trading beginner should open a forex micro account as a transition between the demo account and the forex live standard account. A good thing about the forex micro account is that it is not only meant for beginners, but also traders with some level of experience who have done nothing but consistently lose money and make other traders elsewhere rich.

If you fall into this category, then you need to go back to the micro lot account to do some more learning and hopefully figure out your trading style. Reduced Risk Profile — If you have access to only a little money as trading capital and your broker offers 1 mini-lot as the minimum contract size, the forex micro account is your deliverer in this case. Rather, shift to the forex micro account brokers. In the United Kingdom, the Financial Conduct Authority FCA is the regulatory agency that is responsible for the regulation of the activities of market dealers and brokers.

The FCA also works to ensure protection of traders in the market from any untoward market occurrences. This collapse was an indication of the failure of the self-regulating mechanism that had been in operation and so the strengthening of the FCA was done to clean up a defective system. The premise is that not every trader will withdraw their funds at the same time, so the broker must have sufficient segregated funds to be able to cater for settlement of withdrawal requests.

This goes to mitigate against inabilities occasioned by large volume of withdrawals. Some brokers try to prevent this by controlling the frequency of withdrawals by customers. However, this is not how FCA-regulated brokers operate. The FCA has an online register which displays the list of forex brokers who are in good standing.

To be in good standing, a forex broker must have fulfilled all the conditions set out by the FCA for operations of a retail forex brokerage business for some time. Brokers are expected to state their license registration numbers clearly on their websites. What this means is that traders who use FCA-regulated forex brokers have a comprehensive protection package in case of broker defaults or bankruptcies. Forex signals software is used by traders to generate trade alerts in the forex market.

These alerts either show up as pop-ups on the trading platform, or can be delivered to the trader by email or by SMS. Some can also be designed as master-slave software, where trade alerts generated can be sent to subscribers to the service. Indicators can either be provided by the broker on their trading platforms default or can be programmed by the trader or on his behalf by someone who has the required programming skills. Custom indicators are better suited to function as forex signals software.

Custom indicators are usually programmed to display a pop-up showing the trade buy or sell trade signal, along with a sound alert so the trader is informed duly about the opportunity. Whatever the method of delivery, custom indicators are about the most popular forex signals software. Chart patterns are an important aspect of technical analysis and can be used with a great degree of accuracy in predicting market moves. Being able to recognize chart patterns is therefore a great asset to a trader.

Now, we have software that can do the job. Chart pattern recognition software come in various forms. There are some that come as software plug-ins that can be attached to the trading charts or the trading platform, while others are provided as forex signals from third party vendors, which the trader can now implement on his platform. A very popular version of this comes from the stable of Autochartist. Traders who are skilled in recognizing chart patterns can also work with programmers to design their own software.

This forex signals software is a must have for every retail forex trader. Candlesticks are an indispensable tool to the trader. We daresay that any trader who cannot use candlesticks to detect trade signals is probably not going to do well in forex. That is how important candlesticks are. A candlestick can make the difference between making money and losing it. If a trader has software that can detect important candlestick patterns on the charts, that trader will have an unassailable edge over others in the market.

Candlestick recognition software are an important forex signals software tool. The problem is that there are several candlestick patterns and not all of them are very important. In addition, they should only be used at certain points. For instance, a bullish reversal candlestick pattern appearing when the market is clearly at a strong resistance will not really help the trader.

So candlestick recognition software should not only be able to recognize a candlestick pattern, but must also be able to tell the trader if that pattern gives a tradable signal. Presently, there are very few of such quality candlestick pattern recognition software in the market, and the available ones are very pricey indeed. Such is the premium attached to this forex signals software. If you can lay your hands on a good one, guard it jealously.

Generating signals based on news is about automatically interpreting press releases and how the information released might affect the markets. Traders pay fees when they trade. Traders sometimes find it difficult to use certain trading platforms due to the complex nature of the interface. The more complicated a trading platform is to use, the more likely that a trader will commit errors in order placements.

Apart from user-friendliness, does the broker provide an atmosphere for good trading experience? I recall once using a broker whose platform had all manner of bugs and the platform kept tripping off at crucial periods of trading. How frustrating is that? Do the traders have access to interactive charts, indicators, squawk boxes, and other account tools? Or does it take forever to get a response from the customer service department as was the case with a broker I once used in the past?

It was such a bad experience; imagine a situation where even my own account officer was nowhere to be found when I needed him the most. The good thing about reviews that come in from forex review sites and online trading forums is that you get to hear unadulterated opinions about performance of brokers from traders from all over the world.

I am usually glad when I see reviews from my countrymen. What better gauge of broker performance can you have than the experience of someone who lives in your territory, telling you about his experiences with a broker, complete with an unbiased rating? Bad brokers are usually very scared of these places because this is where many of them are exposed for what they are. They even pay people to counter bad reviews for them but eagle-eyed traders can always spot these lame attempts at cover-up from a mile away.

In contrast, good brokers love such places because this means easy advertising and more business for them at no cost. Of all these parameters, we would advise traders to choose brokers based on trading process, trading tools and cost in that order when making a choice. Usually if these three parameters are in place, the trader can make the best of his trading experience without bothering about reviews which could be subjectively biased and without having recourse to the customer service departments.

Most traders would love to find a forex trading strategy or a system that guarantees profits, but is there such a thing? Many con artists have capitalised on the naivety of retail forex traders, with seductive web pages promising quick and easy profits. There is of course no such thing as easy money in a space where so many people are actively trading, so let us dispel some dangerous myths:.

Firstly, there is no perfect forex trading strategy. Even a major institutional trading firm can suffer losses from surprise market movements or putting too much trust in a trading system, or as a result of carelessness by one of their own traders.

Scam strategies and systems is a profitable market where unscrupulous people make money on naive beginners who really want to believe in easy profits. Now that you know what a forex trading strategy is not, we will tell you the characteristics of a good system. No system can guarantee a profitable trade every time, but it has to deliver more profits than losses over a period of time. As we can see from 1 , the overall profitability of a forex trading strategy depends to a large extent on risk management.

If a strategy has a high win ratio but poor percentage returns, then there is a problem with the risk management strategy of that system even though the strategy helps the trader make good trade calls. For instance, there are some currency pairs which were typically range bound about 2 to 3 years back, but which have suddenly assumed trending status.

With this realistic mindset you can try to find an honest strategy for sale, but chances are it will be close to impossible because:. Your trading style is determined by how much money you are comfortable and able to risk on a single trade, how long you can stand to wait before closing the trade, and other things that depend on your personality traits.

There are benefits to using legitimate forex robots, but there are also some serious pitfalls to their use. We will examine some of these below as a way of helping traders use bots responsibly. Robots are designed to trade without emotion. Problems occur when a robot is either programmed with a faulty strategy, does not manage risk properly, or is simply a scam product. If your trading is done automatically and poorly, you can rack up a lot of losses before you realise it!

If you are using a bot, chances are that you may have bought it online or may have obtained a pirated version of the software. Another potential problem is the unrealistic expectations of the trader, who might be poorly equipped to deal with strings of losses or the time it takes to turn a sizeable profit. There are a large number of different software for automated forex trading on the market. Some of them are free to use when you sign up for an account with certain brokers while other software charges a fee for you to be able to use them.

This can be a monthly fee or a one-time fee. Most software can be used in association with a large number of different brokers but there is some software that is exclusively available to clients of a certain broker. When considering which software to get you should always consider which software will be best for you and your trading strategies.

There is no software that is always the best choice for all traders. They all feature different drawbacks and benefits. You should choose the software that suits your needs the best. Sometimes the best option is to develop your own software instead of buying a premade solution.

You can choose to either create the software yourself or hire a coder to do so for you. You can read more about both options further down on the page. It is common that traders start out using commercial software and then decide to develop their own software that is tailormade for their needs as they become more skilled traders. Paying someone to develop software can be expensive when you first start trading but can be well worth the cost if you start trading more frequently. Using commercial software when you first start trading can also help you figure out exactly what you want from your software.

This makes it easier to make the perfect software when and if you decide to develop your own software. If you do this then you are only limited by your own imagination. You can do almost any function as long as it is compatible with the forex broker platform that you are using. Creating your own software does not have to be as hard as you might imagine. There are a number of good code editing tools that you can use to easily create software. A good example of a code editor is VIM.

If you prefer to hire someone else to code your software then you will easily find someone who can do so on one of the many freelance coder marketplaces that are available online. You can easily outsource the coding to a low wage country such as India to be able to create your software without spending a fortune.

I recommend that you look to see if there is suitable commercial software available before you decide to develop your own software. If you are unable to find commercially available software then are two ways that you can develop your own. You can either code it yourself or you can hire someone to do it for you. There are many different software packages that can help you create your trading software. Some of them can provide you with a code to base your software on. There are also a number of different software that can make it easier to edit the code and add new functions to them,.

There are no tools that allow you to create software without any prior knowledge. There is some software that claims to be able to do this but they are not very good and only allow you to create very basic software based on existing modules. To be able to create the software you need to have a basic knowledge of the programming language you want to use to create your software. There are several good programming languages to use.

Which is best depends on exactly what you want your software to do. One of the best tools you can use to make it easier and more efficient to create your software is WIM. WIM is a universal text editor specifically designed to make it easy to develop your own software. It is used by a huge number of skilled programmers and coders from around the world. Bram Moolenaars goal was to create a universal text editor that was designed with coding in mind. Many other texts editors inject extra information in the files when you save them.

This can create problems and corrupt code.

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