Forex - Macmillan New Ventures

Top Things to Learn Before Kickstarting Your Trading Journey

Are you thinking of starting your trading journey? If so, be sure to learn as much as you can before jumping in. Whether it’s going to be forex trading, stock trading, cryptocurrency trading, or options trading – there are some key fundamentals you should know before starting. First off, if you choose to jump into the world of forex trading, be sure to work with the best forex broker for scalping. But what else should you learn first before kickstarting your trading journey? Let’s take a look at the top things to learn before kickstarting your trading journey.

Risk Management

Before starting any type of trading, it’s more than just a gimmick that you need to have a good understanding of risk management. This means knowing how much money you can afford to lose and setting both short-term and long-term goals for yourself and your trading. Knowing when to take risks and when to back off is an essential component of successful trading.

Moreover, it also means that you should understand the nature of markets and how to protect yourself from them. This includes having a good understanding of technical analysis, chart patterns, indicators, and other such concepts that will help you make informed decisions about when to enter or exit trades.

Fundamental Analysis

One key skill every trader should have is the ability to conduct fundamental analysis. Fundamental analysis involves analyzing the economic and political forces affecting a currency or other asset’s value. This includes understanding macroeconomic indicators such as GDP, inflation, employment data, central bank policies, geopolitical events, and more. Be sure to read up on these topics and understand how they can affect the price of an asset.

Technical Analysis

Another important skill to have is the ability to conduct technical analysis. This involves studying past price movements to determine future trends. By looking at chart patterns, indicators, and other tools, traders can make better decisions about when to buy or sell a particular asset. Be sure to research these concepts and use them to your advantage when trading. Having a solid technical analysis strategy in place can help you make more informed decisions and increase your chances of success.

Spread Betting/CFDs

Finally, if you’re trading forex, stocks, or other assets, it’s important to understand the concept of spread betting or contracts for difference (CFDs). Spread betting, and CFD trading are both leveraged investments, meaning you can use leverage to trade larger positions with a smaller amount of capital. This is why it’s important to understand the risks associated with using leverage as well as the potential rewards.

So what’s the upshot? What can be learned from all this? Well, the key takeaway is that before kickstarting your trading journey, it’s substantial to have a good understanding of risk management, fundamental analysis, technical analysis, and spread betting/CFD trading. Keep these key points in mind, and you’ll be well on your way to success.…

Four Ways to Choose the Right Forex Trading Platform

The world is changing once again. Now with so many web trading platforms to choose from, we can benefit from staying at home but keep on making money amid this seemingly never-ending coronavirus pandemic. How, you might ask? It’s easy! With forex trading, you can make money from anywhere in the world, and all you need is a stable internet connection and an account on the trading platform. However, choosing which website might be right for you can be tricky; so, we’re going to help you narrow down your options with this list:

Forex Trading Platform

The first thing you’re going to consider is the trading platform itself. Since the platform is the portal to enter the forex market, you will need a well-working one unless you want to avoid getting caught in the middle of a transaction because of its malfunction. You should ensure that the website you choose has the minimum requirement for the software and technological tools to maintain a proper fundamental and technical analysis, so the users can feel relief knowing that they have everything that they need to make a trade happen and withdraw from one without any technical hitches or glitches precluding them.

Customer Service

Since the forex market never actually closes, of course, you would want a customer service that works around the clock to accommodate customers from every part of the world. The norm for today’s trading platform utilizes artificial intelligence and robots to handle customer complaints, but it can prove to be dissatisfactory, so what you’re going to want is a real person behind that phone to answer your queries quickly and efficiently. No one wants to hold the line for 30 minutes without hearing anything back besides a catchy promotional tone, right?

Regulatory Compliance

With the world controlled by technology and everything is digitalized, you wouldn’t dare to think that there will be no bad guys on the other end of the rope, right? Sadly, many scam artists exist in this digital era, and we should always keep our eyes peeled if we value our money. This is why you want to do your due diligence first on a forex trading platform and ask around about their reputation from users. Furthermore, check if they complied with the regulatory compliance done by the NFA or CFTC to give you that green light to trade on the platform.

Listed Currencies

Forex is trading currencies, and we can benefit from a trading platform that has a wide range of options to choose from. It’s like going to an Asian restaurant and checking on the waiter if they have options for vegan, gluten-free diet, non-spicy foods, etc. The more flexible the trading platform is, the more comfortable the users will be, so you need to check on the platform first if they have a huge selection of currencies before you land on one.

Suppose you have selected a forex trading platform that you like. In that case, you mustn’t neglect to do your research on their background, such as who’s their high-ranking officers, board of directors, accolades, reputation, etc., before committing to becoming a user to avoid being swindled out of your money.…

2021-07-06 Finance