LEARN HOW TO BEAT THE MARKET LIKE A PRO WITH TRADING GAME [PART 1]

Why People Forex？

• Start with $100

  

Until the early 2000s, it was not possible to trade forex markets with anything less than $10,000. Unlike other fin ancial markets, you can trade with much smaller amounts such as $100. More and more players are entering the forex market, allowing you to leverage your capital and make money from fluctuations in the forex market.

Work While Lying in a Hammock

You can literally trade forex markets while sipping on a cool drink and lying in a hammock. All you need to get started is some capital to trade with, a computer, laptop or smartphone and an internet connection. You decide when you want to trade and therefore your working hours.

• No crisis

  

Even during a financial crisis, you can still make money trading forex markets. Any oscillation in the currency can be taken advantage of by going long or going short. Whether a market is bullish or bearish, you can trade either way with forex unlike stocks or other financial instruments.

• Learn from Pros with social trading

  

You can watch what professional traders are doing and observe their trades with Social Trading. Social trading lets you copy other traders strategies and can be very beneficial to newcomers, shortening the learning curve. In the past, traders relied on fundamental and technical analysis, but with social trading, you can take cues from successful traders to make money on forex.

• Easy rules

  

The forex market is quite straightforward as compared to other financial markets. With stocks, you have to analyse company reports and choose from thousands of companies to invest in. However, forex markets generally revolve around eight currencies, known as the Majors. Put simply, the better a countrys economy is doing, the better we expect their currency to perform.

How to Trade if You Are a Busy Person？

• Choose Platfrom

Even if you are new to Forex, there are beginner friendly platforms like XM (10 millions users) that offer you an interesting opportunity to follow the best traders and copy their transactions.

• Follow Top Traders

Discover traders you want to follow and add to your watch list. View their past performance stats, read status updates on their strategies, analyze results and communicate with them

• Use WikiFX EA/VPS

If you are satisfied with the results and trading style, you can use EA for trade with one click of a button

• Learn and Profits

Now you can sit back and watch how experienced traders do the work for you. Your task is to carefully analyze their results and learn as much as possible from their trades. The ultimate goal of social trading is to build a portfolio of the best traders. You must have traders with different risk appetite and various currency

What is Leverage, Pip & Spread

• Leverage

Leverage, which represents a margin trading ratio, enables traders to borrow a certain amount of money that allows them to trade in much bigger deals. Moreover, leverage allows one to trade using more money than they have in their account.

Therefore, you “leverage” your accounts balance to place a bigger trade.

Currency rates move very slowly. This makes small trades unfashionable as they only return small profits and losses for every pip rate changes.

Therefore, leveraging helps one to trade in larger deals hence amplifying their potential profits and losses.

• Pips

Price Interest Point represents the smallest change in a currency pair. Typically, it is the fourth decimal point, although many brokers quote using the fifth decimal. However, the fifth decimal doesn't really affect the price as it changes really quick.Currency pairs that include the U.S. dollar, a pip is 1/10, 000 of a dollar,

• Spread

In Forex trading, brokers quote the bid and ask price for the currency pairs. The bid is the price that a trader can sell the base currency while the ask is the price they can buy the base currency. Spread refers to the difference between the two prices. Besides, this is how the “no commission” brokers- those who do not charge a separate fee on traders transaction make their money.

The spread is measured in pips. Most currency pairs the base currency and quote currency have a pip value equal to 0.001. For instan ce, take the following quote; EUR/USD = 1.1051/1.1053 the spread is 0.0002, which equates to 2 pips.

What is Forex？ Find Out Here!

In the Forex market $5.3Trillion is traded daily, making it the largest and most liquid market in the world.

The trade in Forex occurs between 2 currencies, because one currency is being brought and another - sold at the same time

Point(pips) - The fourth unit after the decimal point, which is the small est unit of an exchange rate.

Spread - The difference between the sell quote and the buy quote (in pips)

How To Read Currency Pairs？

Currencies are traded in pairs as their value is relative to one a nother.The first currency shown is the controlling one in terms of placing your order. So if you see EUR/USD then you are always choosing to buy or sell the first currency (Euro) against the second currency (U.S dollar)

Majors are widely traded by beginners and professionals alike. This is because they have the most liquidity, lowest spreads and the broadest ra nge of movements. Unlike small currencies, majors are generally more stable.The economic and political institutions of these nations are generally long established and predictable compared to other nations.

The Exotic currency pairs are less traded and so much more costly to buy or sell. Dont let the cost put you off, because many of the greates t traders of all time made their fortunes with exotics. For example, one of the 5 greatest forex traders, George Soros gained $800 million profit from selling Thai Baht (THB) in 1997 Asian crisis.

The crosses are any currency pair that doesnt feature the USD and they do not hold any less profit potential than the majors. Too much

US Dollar exposure can lead to all your trades heading in the same direction, a big problem if that direction is against you.