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Foreign exchange (Forex) is the process of converting one currency into another.
Currency is important for everyone in the world, and treading foreign currencies has become an efficient way to increase bank balances.
Foreign exchange trading is very popular, so overall, around 5.3 billion USD is traded every day as Forex by governments, banks and companies from various countries.
In the past few years, the popularity of Forex has increased because climbing Forex is really profitable in the short and long term.
Here are some tips that will help you as a beginner to become proficient in Forex Trading.
As a newbie when you know about the benefits of Forex trading, you want to invest it without knowing everything about it.
That's one of the most common mistakes and suicide. As a trader, you must know all about Forex trading. Before you start your journey on Forex, find out about each different trading style and risk profile.
Determine Goals and Styles
Setting goals always help you plan your trip, and the same rules apply to Forex trading. As a beginner, first, decide that Forex trading is really difficult because of unrealistic expectations.
It is recommended that you start your Forex trading journey with the best trading brokers and software.
Broker and Trade Platforms
The broker and trading platform that you choose determines many things about your success. It is wise to invest more time in finding famous brokers and to find out about their policies.
As a trader, you also need to know about trading on the free market and trading on an exchange-driven market.
A good combination of brokers with good platforms is not easy to find but is the only way to get success in Forex trading.
For that, you will have to choose the best broker that meets your needs. Here is
15 Best Ways To Choosing A Trusted Forex Broker - TopAsiaFX
Hope is a formula used to calculate the reliability of your system. It is always recommended to calculate expectations to find out whether you and your trading on Forex are going in the right direction or not.
Take your trade with profit and more with losses and make calculations to find out whether you profit and loss.
Most Forex trading brokers usually go out of their way to lend funds to traders, allowing them to grow their investments. Traders have the freedom to determine how far they can go with minimal capital.
Sometimes leverage in Forex trading works very well; at other times it can make your business breathless. All we can say is that it can be a double-edged sword.
However, if you apply certain money management rules correctly, you can quickly avoid any risk, get large amounts of money, and increase your return on investment.
What is leverage and how does it work?
This involves traders borrowing money from their respective brokers to increase their profit margins. The fact that traders have this advantage is what makes the whole concept of Forex trading popular.
In order for brokers to use leverage, there needs to be a minimum deposit on a trader's account, usually called a margin. Using the initial margin requirements, suave trade can build their investment to a higher scale.
There is a simple formula that is used to calculate the initial margin. You only divide the total transaction value by the amount you want.
This is a perfect example; You are asked to deposit 1% of the total transaction value as a margin. Your intention is to trade using a standard lot that is usually equivalent to $ 1000 000. In this case, the lot margin required is $ 1,000.
You simply divide (100,000 / 1,000) which represents a ratio of 100: 1. This formula can be applied to other margin requirements to allow you to generate margin-based leverage.
How Leverage Affects Forex Trading
Basically, every margin-based leverage is only proportional to the maximum amount of leverage that traders can use. But what you also have to pay attention to is that real leverage can sometimes be different especially if a trader does not use their entire account as a margin for each of their transactions.
The most experienced traders know how important it is not to use all of their margins available at that time. You can only do it when you know that the risk is almost down to zero.
For example, a trader can easily determine the potential loss of funds by linking the number of risks that come with the number of pips available. The general rule is that every loss cannot exceed 3% of trading capital.
In addition, leverage needs to be significantly reduced if the potential loss is predicted to be much higher based on a trading account.
A trader who is just starting to be in the dark doesn't know the abundant risk of proper leverage. An example is if you decide to use all available leverage without considering the amount of money in your account. Simply put, non-anchored leverage can delete your trading account in an instant.
You also need to consider the fact that the higher the leverage you take, the higher the transaction costs. So when you choose a broker, one of the most important things you need to pay attention to is what is the transaction cost for your trading capital.
Can You Limit Risk?
The answer is yes. You can implement various risk management rules and techniques to eliminate risk. As an example;
You must be fully aware and ready to face all the risks that come with influence. You then need to consider how much you can take risks without having to burn your finger. Also check the amount charged as a transaction fee. This allows only for what you can afford when it comes to using it. Apply stop order rules that allow you to move stops so you can break even.
It is always important to calculate the risk based on what is available in your merchant account. Unused loans can easily eat your trading account to be negative.
Basically, the only funds you can speculate on are the types of money that represent the type of risk you are prepared for. These are funds that you can lose without sacrificing your business, and overall finance.
Forex trading now has become a common profession across the world. When it comes to Forex trading then you have to choose a Forex broker that meets your expectation.
The regulations, commissions, platforms, minimums, and account fees are just some of the factors to consider when choosing a Forex and CFD broker online which you have to watch when choosing a broker.
The foreign exchange market is the largest financial market in the world, with a turnover of over $ 4 trillion a day. Despite its enormous size, this market does not have a central exchange allowing traders to carry out their transactions.
Instead, Forex traders must conduct their trading activities through an intermediary, the Forex broker. This shows the importance of the broker's role in the negotiation process.
When it comes to choosing a regulated broker, traders literally have thousands of Forex brokers from which to choose on the internet. But the real question is how you can be sure the broker you have chosen is right for your business needs.
To assist you in your broker selection process, we have prepared a guide with a list of key factors that you should consider when choosing a broker.
The first thing to consider when selecting a broker is whether it is regulated by a competent regulator (to learn more about the regulation of Forex and CFD brokers).
By doing business with a regulated dealer, you can be assured that they have met the operating standards set by the regulator. Some of these standard regulatory requirements include adequate capitalization and separate accounts to protect client funds.
In addition, the regulation provides protection for the fund in the event of the company's insolvency and ensures that the broker meets rigorous standards as a financial service provider.
Countries with financial regulatory agencies backed by strict enforcement include:
Australia (ASIC) Eurozone (Mifid and local regulators) India (SEBI) Japan (FSA and JSDA) Switzerland (FINMA) UK (FCA) USA (CFTC and SEC) Trading platform and software
Because the trading platform is your gateway to the marketplace, you want to make sure that the trading platform you use is reliable. Most brokers will offer traders a selection of trading platforms to choose from.
Most of the time, trading platforms are provided by third-party trading solution providers such as MetaQuotes Software. Some brokers have also begun to develop their own trading platforms to try to differentiate themselves from other brokers in the industry.
Often, these proprietary platforms are the best trading platforms because they are specifically designed by the broker's clientele.
Nevertheless, a good broker should be able to provide a good selection of platforms. Indeed, some traders prefer to trade from the desktop and some traders prefer to trade from their smartphone.
Examine the features offered by trading platforms. Do they come with:
The complete package of cartography Wide range of technical indicators One-click trading on the trading platform Risk management tools such as stop loss order and leak stop. Although all these elements may seem innocuous at first, they will later play a crucial role in enabling you to experience a transparent and productive trading experience.
But when it comes to choosing a platform, it's really a matter of personal choice. Most of these platforms will have the same basic functionality.
The best way for you to find the platform that suits you is to try them with the demo account provided by the broker. For brokers who do not provide a demo account, they may not be newsworthy.
Commissions and spreads
This market, unlike other traditional financial markets, operates primarily on spreads rather than commissions. This is the reason why most brokers advertise that their services are without commission.
So, how do brokers earn money?
Simply, they earn by charging the traders. The spread is the difference between the purchase price and the selling price. For example, if the Bid & Ask price of the EUR / USD currency pair is 1.0875 / 1.0878, it means the spread is 3 pips.
As a Forex trader, you will encounter 3 types of trading cost structures charged by a broker:
Spread fixed - when the spread does not change and you know the amount of the spread before trading.
Floating spread - This spread is variable and constantly varies according to the volatility of the market.
Commission Fees - These are calculated as a percentage of the Broker Margin. You must be aware of the amount to pay before negotiating.
As a general rule, for traders looking for transaction costs with certainty, fixed spreads will be favored. Traders looking to pay a smaller spread would prefer floating spreads. In the end, the best choice will depend on your specific business needs.
The type of spread you will receive will depend to a large extent on the type of business model on which the broker operates.
The business model of the broker
During your search for a broker, you will encounter terms such as "STP", "ECN", "NDD" and "Market Maker". All of these terms are actually used to describe the business model used by the broker. So what do they all want to say?
There are two main types of brokers: the trading desk and the non-trading office.
Forex or Market Maker traders process their clients' trading instructions through a trading desk within their company. A transaction broker takes the other side of the transaction, which means that when you open a position such as EUR / USD, the transaction will be executed by the broker and they will then be exposed to this transaction.
A non-trading dealer (NDD) transfers the transaction directly to a third party. There are two types of NDD broker (ECN and STP). They are both essentially the link between you the trader and the market maker or the reseller.
With the first type (ECN) when you press "Buy" on your trading platform, your trading orders will be processed on the broker's computerized trading system and transmitted via the Electronic Communications Network (ECN) without a trading desk. the trading term "non-trading office" (NDD) comes from).
With the second type of NDD broker, upon receiving your transaction orders, he will forward them directly to another party for execution by the market maker's trading desk. In this case, the broker is called Straight Through Processing (STP) broker.
Forex brokers ECN and STP are both intermediaries to several trading desks or market managers in the global Forex market. Market makers or traders will transmit their prices to the ECN or a third-party liquidity provider with the volume for which the quotation is valid.
Why is it important?
The broker's business model is important because it will affect the type of spread you will receive and whether the spread will be fixed or variable.
Forex Broker for Beginners
For beginner traders, look for brokers with the following qualities:
Comprehensive Educational Resources on Trading - Many brokers provide a variety of educational materials to help traders master their skills. These usually include webinars, videos, courses, guides, and articles.
Unlimited access to the demo account for professional traders - most Forex brokers, if not all, provide demo-trading accounts to their clients. This is especially useful if you are new to the world of Forex trading or if you want to test a broker's platform before trading for real.
User-friendly trading platform - there are a variety of trading platforms on the market, some more complex than others. As a novice trader, you do not need a complex platform with features like EA and complex trading strategies. This comes later, but you should now look for a quick and easy platform to grab.
Forex Broker for Professionals
For professional traders, their trading needs differ considerably from those of a novice trader. Generally, professional traders prefer brokers who can provide them with:
Comprehensive Trading Tools - As a professional trader, you will now need several tools, including a commission calculator, an economic calendar and, of course, complex real-time charts to implement trading strategies.
Strong leverage - not for sensitive souls, professionals will seek to use this leverage to multiply their capital. Leverage increases the risk and also increases the reward.
Low spreads - if you trade a lot, you want to make sure your spreads do not eat away at your capital. It is important to check the spreads to pay before choosing a broker. In general, the higher the type of account you use, the lower your spreads.
Forex broker for day trading
Generally, for a day trader, most brokers will be able to meet their trading needs. However, given the shorter period with day traders, it is preferable that the broker be able to provide a range of different instruments for the day trader to look for trading opportunities.
These may include a signal service, tools such as an economic calendar, updating market news and results reports. As you will probably place more trades in the short term, make sure you know the spreads before trading.
Forex broker for Scalping
Scalpers are traders who occupy their positions in the market for an extremely short period of time. Although they only hold a position in the market for a short period of time, the frequency of their transactions is higher than that of the average trader.
Their goal is only to make a small profit on all the trades they do, spread over a large number of trades. Note that not all brokers allow scalping. As such, if you intend to trade as a scalper, you should always check with the broker that you intend to register if it allows scalping.
Types of account
The majority of the sector's foreign exchange brokers offer traders a selection of trading accounts to suit different traders' categories.
Micro Account - The smallest trading account type is the Micro trading account where a transaction lot equals 1,000 units of the traded instrument.
Mini Account - The following trading account type in the hierarchy is the Mini account where a lot represents 10,000 units.
Standard Account - The standard account is a lot equal to 100,000 units.
With Micro and Mini accounts, only a low minimum initial investment is required for you to start trading. With the standard account, although the minimum investment may vary from one broker to another, you will generally need more trading capital.
Given the different minimum investments for each type of trading account, you must select the trading account corresponding to your investment capital.
Most novice traders tend to forget to consider customer service when choosing the broker with which they will sign up. They may not realize the importance of customer service in their overall business experience.
With customer service, it's not about whether you'll ever need their help, but about when you'll need their help. Because no matter the experience or the knowledge of a merchant, it will always be necessary to appeal to the customer service.
At this point, you want to be able to contact the support team without any difficulty. It is therefore important to check whether the broker you intend to register with is able to provide you with reliable customer support.
Check if there are multiple ways to contact customer support. Most brokers will provide their customers in several ways, such as email, live chat and phone, so their customers can contact customer support.
In a sector as competitive as online trading, some brokers will try to differentiate themselves from other brokers by offering additional value-added services such as free market analysis, news feeds and trading signals.
Most of these value-added services are provided free of charge, but some brokers may require you to deposit a minimum amount before you can access these services.
Questions to Ask the Broker
How can I choose a broker?
We are here to help with that! Check out our list above and choose the most appropriate broker for you.
Should I choose a regulated broker?
Yes, you should try to choose a regulated broker with whom to work. This guarantees recourse in the event of litigation or insolvency of your broker. Remember that by using a regulated broker, you will also have access to an investor compensation fund, which ensures your deposit up to a certain amount.
What should I look for when selecting a broker?
You should consider the range of platforms offered and even ideally test the platform you want to use. Take a look at the additional resources offered by this broker, for example.
Signal service, educational tools, copy business. Finally, do not forget to inquire about spreads and types of accounts before depositing a deposit.
As noted above, many factors must be taken into account when choosing your broker. Nevertheless, with the help of this guide that we have provided, you should be able to see which broker is best suited to your needs.
To further facilitate your search, we also conducted extensive reviews and verified each broker on our list of recommendations to ensure it met the required standards.
Once you have found the right broker to work with, you can focus more on your trading activities and trade more confidently, increasing your chances of succeeding in the market.