Page 212 – XTrade

Choosing a Foreign Currency Trading Platform

Foreign currency trading is quite a complex task, especially when high speed transactions are involved. Traders often need to to trade more than one currency pairs, and to watch even more. In order to ensure that foreign currency trading takes place smoothly. It is important for traders to have comfortable access to the actual markets. Whether they are trading on the move, through a mobile device. Or at their home, feeling comfortable is always very important. That is why forex brokers, and competitive CFD brokers offer sophisticated trading platforms to their clients. Many currency trading strategies require accuracy and speed, which older platforms could not really offer. New traders in particular often made mistakes and placed the wrong trade. Because there was no fool-proof concept in the design of that software. And when traders work under pressure, any one of them could act foolishly. Back in those days, software was not very user friendly. And one had to become familiar with the tricky points, as they started to practice currency trading. And things could get so tricky, that it was actually possible to make the same mistake several times in a row! Today’s CFD trading platforms are so much safer to use. That it has become extremely unlikely even for a novice trader to keep repeating a mistake. And overall visibility has improved greatly. So that traders can check everything at a glance.

Profitable Foreign Currency Trading Requires Being Alert

Being alert is important in all kinds of foreign currency trading, regardless the time frame of the trade in question. If the opportunity appears, the trader has to act and place the trade. By using a reliable and easy to handle trading platform, the trader is always quick to figure out the status of their account. The trader who acts fast, knows how much money an open losing trade is worth, and how to deal with it. Many good trades start out as moderate losers, and it is wise to actually give the trade some time to prove itself. Moderately losing trades are deceptive in the eyes of novice traders, as they cause panic. But to the old wise trader, they are extremely profitable. As they are able to spot early enough that these losing trades somehow freeze as the market no longer moves against them. A good trading platform allows these traders to handle multiple such trades on any day, and add to potential winners at exactly the right time. Traders who practice currency trading extensively and know how to handle early losers. Will tell you that these trades turn out to be their biggest winners! But feeling comfortable in placing the trades and managing the account is very important. Some traders for example can trade very successfully, but only while sitting at a fixed desk. Using a computer as well as pen and paper. While others have no problem trading through any mobile device.

Choose Your Foreign Currency Trading Platform — The trader of the 1980’s was using rudimentary computers for access to market data, and phone sets for actual trading. As trading technology was already developing further. The one tool that still remains to this day, is the pen and writing pad. As it is perfectly compatible with any trading platform, and yet irreplaceable. Above all, it shows how the wise trader puts their mind over the markets, and before any kind of technology.

Evolution of Trading Platforms

Forex traders used to trade in the 1980’s, through the phone and based on primitive computers. These traders appreciate today’s trading platforms, more than anyone else. They also know how to use them best, because they know how to focus on the right task. Such veteran traders are capable of complex multitasking, which is impossible to teach and pass on to new traders. Today’s new traders are lost in the jungle of foreign exchange currency symbols, and very few of them can choose a currency pair wisely. It is wise for new traders to see videos of what forex trading was like in the 1980’s, and watch professional traders in action. This will also help them shape their trading style, and the conditions under which they prefer to trade. The last, but certainly not least important thing, is choosing the appropriate device and trading platform. The lesson from veteran traders is that you don’t need to be bombarded with information to be successful. But you do need the right information and right times to trade. In that regard, today’s mobile platforms can be great. Just as long as one knows how to use them effectively and selectively.

Learning Basics of Forex Trading for Success

When new traders first begin learning the basics of forex trading tend to relate actual trading to their lives. And in fact, we all want to be successful and improve our lives through trading. And because each one of use is unique, will have a totally different and unique approach to handling actual trading. Some will take a lot of risk, while others will take a long path to success. The basics of forex trading make an impression in our minds as to how we should trade. Commodity currency traders for example see trading the USDCAD pair as a way to profit from crude oil price moves. They see a vindication in doing so. Out of hate for the global oil industry and for the premiums and proportionate taxes paid for fuel over many years. It’s a very personal issue, because we all pay painful taxes through the price of crude oil. So being able to predict the price of oil, and profit from it, is an amazing feeling of vindication. Other traders choose a currency to trade, based on politics and similar feelings. But also on their ability to dig deeper and understand what makes that currency move. And in so doing, they all pursue the best forex trading strategy possible. The one who will vindicate them best. Traders learn forex basics out of their desire to become profitable, but to also relate themselves to the global world.

The Basics of Forex Trading are Not So Basic after All

Traders can dig ever deeper into the complexity of the markets, and see how even simple concepts are not so simple after all. Complexity reveals so much more. And this makes the task of having to learn forex basics much more interesting. For example, traders would find it boring to learn about banking and interest rate policies. But if you as a new trader get into the inner workings of central banks. You will be able to assess the economic situation and anticipate when major rate decisions are bound to happen. And this matters to you as a forex trader because you stand to make a lot of money trading these events. Consider the decoupling of Swiss Franc from the Euro in early 2015. This event could have been anticipated and well timed by traders well versed in the basics. And the move was so profound on that day that entire fortunes were lost or won. But also less profound and more frequent events of similar nature occur in the markets. At least several times in a year. Since some currency pair is bound to be impacted by monetary policy.

Successful Basics of Forex Trading — Interest rate policy alone is a huge field of research, and even though it appears to be simple and straightforward, it is anything but simple. It is way too complex for most to handle. And the good thing is that great profitable opportunies are hidden in this complexity.

You are Part of the Financial System

You as a retail trader are small, and yet your trading does matter and is part of the global trading mechanism. You trading decisions will not change the world, but they can change your personal live through successful and original trading ideas. Once this has been done, you might in fact be able to change the world or at least make a noticeable difference. All by investing the profits in a new start up business, or idea that is just as original as your forex trading. It’s nice to remember that when you practice currency trading, and to know that you don’t have to exactly emulate other traders. It is possible to come up with forex trading so unique and so good, which will defy belief. And all these original ideas are based on the basic concepts of forex, which most other traders hastily overlook. Always remember that the basics of forex trading lead to unique new insights for predicting trends in currency pairs.

How to Learn Forex Basics Wisely

In order to learn forex basics wisely, traders should not rush and should identify the objectives. The purpose of learning these basics is to be able to see market movements and trades in greater depth. It’s not about passing exams, or impressing others. New traders should not make assumptions that other traders and mentors know all about the markets. Or that their knowledge cannot be challenged. It is very commons for traders and mentors who learned mechanically, to make mistakes. And to offer parts of false, ambiguous education in their teachings. So beginner traders should not be afraid to ask questions about obvious things. Because upon scrutiny even the obvious can get very complicated. And it’s not about knowing all the different foreign exchange currency symbols well. Nor is it about memorizing some ridiculous, often false theory for trading the market news. Productive learning is about challenging the teacher, and asking difficult questions. Because to learn forex basics wisely, one has to start questioning all established opinions. This will help you as a trader not fall into the trap of using false indicators. Indicators that are made available on charting software due to popular demand. But these indicators have not logic and no proof whatsoever that they actually work at all. For example, there is no evidence that Fibonacci theory works in trading. There is no evidence that trading volume works either, at least not in the classic sense. The classic idea is that rising trading volume is supportive of market trends, but there is another theory, which is just as successful, which works the other way around. Lazy learners can fall into false assumptions very easily and develop confirmation bias. This will make them fail later on, in live trading, because many indicators simply don’t work. In order for an indicator to really work, it has to pass the random chance test, and it must outperform the predictive power of a coin toss. If it doesn’t, then it’s not a good indicator. If confirmation bias takes over, then even flipping a coin will seem as a market indicator which works.

Learn Forex Basics and Question the Obvious

Traders can learn forex basics, everything from definitions to market structure. This will allow them, to choose more suitable currencies to trade, and to trade them with more confidence and less wishful thinking. The idea of trading online made easy is only possible through wise learning and hard preparation. Also reading some day trading forex live review reports and opinions, by real traders. These can help you evaluate various indicators and trading methods. Some of these traders are veterans, and will know a thing or two, about what worked for them and what didn’t. Especially those who traded actively, will definitely know which indicators and methods are good, and which ones are not so good. Wise traders, veterans and newer ones alike, are willing to accept that they were wrong, and change their opinion. Just as long as there is sufficient evidence. Educators on the other hand, are less likely to change their minds about a conviction they might have. They will simply argue that they had many satisfied students who are happy with their course and the concepts taught. But as always, public opinion does not constitute real evidence. Especially when someone pays a lot of money to attend a training course. The very act of paying all that money does create confirmation bias in their mind. As consumers, we all think we are smarter than the other person, and that our decisions are better, but this is not true. There is always a wiser person out there.

The Best Forex Trading Info Charts and Sources

Forex traders need various kinds of forex trading info sources. Some prefer fundamental analysis, while others prefer looking at the actual price charts alone. Some technical traders believe that price charts contain all latest fundamental information, so there is no need to bother with things like economic reports and the like. Day trading forex live does require using various charts. All the forex trading info the day trader needs, is expected to be found in a couple of charts of different time frame. Usually the hourly and daily charts will suffice for doing all the basic work, and figuring out the trend for the entire week. Traders who take day trading forex live very seriously will also use 10 minute or 15 minute charts to better gauge live momentum. Fundamentals however can act in complex ways. In ways which can be deceptive. Because fundamental data can have a double impact on the markets. Such as positive in the first week, and an overall negative impact over one month or longer. So the technical charts can in fact give false or partially false signals from time to time.

More Sources of Useful Forex Trading Info

Forex traders rely extensively on candlestick type charts. These are the most information-rich charts. Making sense of the candlestick patterns is confusing and difficult. But oftentimes a very clear signal will appear on candlesticks, which will not appear on other types of charts. So candlestick charts are the way to go. Traders who view their trading as a forex trading business opportunity keep on evaluating their information sources. There are many popular information sources, such as contrarian indicators and investment bank reports, which are not very reliable. Contrarian indicators work only once in a while. While various investment banks never seem to agree on the trend of a currency pair. All of these reports are used in trading. But traders need to be careful, since it’s a proven fact that these reports will often be wrong. If these reports were very reliable, then one could make millions trading on their advice alone… But just because an investment bank publishes a report, it doesn’t make them good forex forecasters. They are just as likely to be wrong, as any retail trader.

The best Forex Trading Info Sources — Being selective in chosing your information sources is absolutely important. And it’s about being selective on your own judgment, based on your logic and the feedback provided by the few who know best. Not based on the feedabck left by the 1000s who themselves are not selective and realistic.

Profitable Forex Traders are Selective

Profitable forex traders are wise and selective. They won’t place a trade unless they understand at least to some extent what made market price move. Whereas traders who trade on rumors and media stories are simply momentum followers. And this kind of short lived momentum is suicidal to follow. Because it leads to to many losing trades. And not only that, but it also doesn’t teach the trader anything useful, so as to improve their judgment. Any information source that doesn’t sharpen your judgment on the markets, should not be used at all. Unfortunately, many day trading forex live review reports are full of positive comments about such counterproductive information sources. What really matters in evaluating these reports, before you even think about reading them. Is who provided the feedback. The feedback left by 5 real, large size traders is way better than the feedback of 1000 traders who trade randomly here and there. So selectivity goes a long way in evaluating forex trading info sources. And selectivity eventually pays.

The Benefits of Trading Commodities through Xtrade

Xtrade dares to be different, innovative and a better Forex & CFD broker than the rest. Providing the best possible trading service to clients of all levels!

Synonymous with Excellence and Innovation…

Xtrade offers more where other brokers have been complacent. This is clearly the case on trading infrastructure, liquidity pool capacity and trade execution speed. And this is because traders are becoming more and more demanding with each year. And brokers have to evolve to meet traders’ growing demands. Also, traders are becoming specialists as they improve their trading. One trader focuses more on forex, while another focuses more on commodity CFD trading. It is also possible to be a specialist in both of these markets, and simply trade more selectively, one market at a time. And the problem with being a specialist, is that traders are often unable to have it all good, through a single trading account. Luckily for traders, there is a solution to this problem! Because the overall quality of service provided by this broker is such. That it can facilitate such diverse trading demands extremely well. And all through a single trading account!

With the best possible market price, and leverage on commodity CFDs, of up to 1:200. The main goal is to make trading more accessible and affordable to new traders. That’s why this broker offers a demo account, and affordable live accounts, which can be funded directly through the client’s Paypal account.

Its biggest strength is its overall brokerage philosophy. The entire infrastructure for handling clients’ trades, has been based on trading efficiency. The liquidity provided is such, that it makes trading more efficient from day one, and superior to the trading provided by other brokers. This aspect, along with regulation, are the most important things about a broker. Moreover, the big hidden advantage of trading CFDs is their superior liquidity, and not their leverage. Nonetheless, the leverage offered by this broker is easily affordable and it surely helps traders do more with less.

Xtrade Means Safety and Peace of Mind

This company is not just a popular, competitive forex and CFD broker. It is actually all that, combined with a policy of total transparency and strong regulation. Xtrade is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC). Also by the ASIC in Australia. By the MiFID in the EU, and by the IFSC in India. This ensures that clients’ funds are kept in segregated bank accounts and are safe up to the maximum amount set by each regulatory authority. Which means clients’ funds are safe even in the highly unlikely scenario of company insolvency. Moreover, Xtrade is a member of the Investor Compensation Fund (ICF). Even in the equally unlikely scenario of a small asteroid hitting the company’s offices or the banks it works with, clients’ funds will still be safe. Not many brokers go to such lengths, in order to ensure clients can feel safe and trade with trust. This broker certainly does!

The company’s vision is to continue to work with the best, and to provide the best to its clients. Because financial trading is hard enough by itself. And traders simply cannot afford to suffer from liquidity issues, from bad filling prices, and from the inability to control more of the market’s risk. However, with an efficient broker these goals can be achieved and the negative effects of the markets can be significantly reduced.

How to Learn Forex Trading for Beginners

Many new traders want to learn forex trading fast, so as to make money and pay their bills. While necessities of life are good to think about, one has to be careful and not to rush. Trading is very tricky, and so is the education surrounding financial trading of all kinds. This is not about the best forex trading strategy nor is it about impressing other traders. Wise education has to have depth. As well as unique interest on the part of the learner. As opposed to just learning concepts and ideas in a mechanical way. Students who attempt to impress others with good exam results and fast learning, are not the best thinkers. The best thinkers are the ones who are curious and ask challenging, intelligent questions. Currency trading strategies require knowing how to deal with confusion and the unknown. The average trading course out there trains students on how to think and act in a disciplined way. Because that is what defines an orderly trading system. But sooner or later these traders will find themselves facing intimidation. As the market will behave strangely, and two of their best indicators will be in conflict. So what do traders do when their best indicators and methods are in conflict with one another?

Learn Forex Trading Differently

You as a new trader, can learn forex trading in a wiser way. You can learn forex trading by breaking out of the bonds of disciplined trading theories and methodologies. In the case of conflicting indicators, which is an almost everyday occurrence in the markets, you have to dig deeper. By using fundamentals and chart patterns first, you immediately gain an advantage over the disciplined, ultra-safe trader. Some very good currency trading strategies are possible to develop when one digs deeper. Fundamental analysis itself is a very strange kind of analysis. Since it takes into account investors’ fears and sense of uncertainty. The average market typically stops rallying when uncertainty is in the air. So there might be few days of downside, intimidating downside. But once the air is clear, and the uncertainty is gone, the market rallies again. Even certain, bad news, of limited impact helps remove uncertainty and the market rallies on such news. And the average trading course cannot teach such analysis methods because there are thousands of cases and different combinations of events, each one being totally unique! A good fundamental analysts however is able to figure out these events, at least 60% of the time.

How to Learn Forex Trading — There is a misconception that discipline is good, and that disciplined people will win any battle. That is not true. No amount of training can fully prepare soldiers going into the unknown. The unknown has to be handled in any kind of way possible. So many battles were actually won exactly because the soldiers in the field disobeyed their superiors. This misconception is taught in many forex trading courses as the basis of learning to trade. If it was really so simple, then nobody would fail in trading. First and foremost, wise traders have to disobey at least one good indicator, once, on any day. They expect things to be so, because confusion is what makes the markets work.

Taking Wise Risks Pays and He Who Dares Wins

The wise trader who knows a thing or two about fundamental analysis, has the courage to place a long trade when the market retreats temporarily lower, on uncertainty. The ultra-safe, disciplined trader on the other hand sees a market price below some support level. So they close all losing trades and get out of the market. But that’s not how battles are won in real life, the ultra-safe trader should have known that life is not perfect, and confusing events are bound to occur. So by avoiding risk in this case, they end up missing out on some very profitable trades. The wise trader, especially the kind of trader who trades using CFDs and trades throughout the day. Knows that day trading forex live is all about risk and confusion. And that half the indicators will be wrong at any one time. So they know first hand, that discipline is not going to get them anywhere. Only digging deeper into the markets will.