Month: March 2018
Successful forex trading requires that you keep a close eye on the various business aspects. It may be overwhelming to keep in mind all these activities and transactions. For this reason, it is essential to have a system of analyzing and evaluating your various actions. The trading log is an important tool in forex trading. It assists you in recording and keeping track of all your important tasks and transactions. It is a very effective and efficient system that will save you the time and energy that goes into all the trading chores when business is booming.
A forex trading log can be a simple tabular grids with entries such as the date, the price, number of lots opened, exit price, initial protective stop level, commodity, quantity and so on. Although most traders have been using personal diaries as the trading log, there are standard logs which have been designed specifically for forex trading. Some logs are in book form while others are digital. Both of them may have the same formats but vary with convenience and flexibility.
With the digitalization of business, book-keeping and accounting practices, more and more business owners are turning to digital trading logs. Spreadsheet programs can make a very good trading log for your business since they come with a host of computing and data management capabilities. Updating figures in the log can be easily automated allowing you a great deal of flexibility. Some of the commonly used spreadsheet programs which can be used to create a simple trading log include the Microsoft Excel and The Lotus 1-2-3.
Forex trading software available in the market may help you to carry out the various forex related tasks one of which is keeping an up-to-date log book. The software that you purchase is likely to have market forecasting and analysis tools and order as well as management capabilities; which makes it a good package to manage your forex transactions.
A good trading log will optimize your trading business by eliminating weaknesses. The entries and exits that are to be recorded on the log book should be determined before hand. Otherwise, it will be hard to know which trades are doing well and which one’s aren’t doing well. There should be an area where remarks and comments can be made after a fixed trading period. These will help you when making key decisions about what strategies to put in place to ensure that your’s profitable trading business remains so.
Forex metatrader broker, in other words a broker that uses that metatrader platform for trading make money on spreads and commissions. When your turnover is very large, your broker make a lot of money from your trading. Is there a way to get a discount or cashback on all this money your forex metatrader broker is making from your trading?
Actually it is! Consider the following calculation example:
Assume that you open an account with FXCM which is one of the most reputable forex metatrader broker, which offers 0.6 pip discount per roundtrip lot traded. One pip equals about $10 on average if you trade EURUSD, EURCHF and EURGBP. Lets say that you deposit $2000 on the account. Our estimate is that you will turn over about 10-15 Lots per $1000 per month on your account when using FAPTurbo and Megadroid. Assume that your turnover is 24 lots per month on your $2000 account.
Your monthly cashback during the first month would then be:
0.6 x 10 x 24 = USD 144
Your annual ROI would then be (144×12/2000) about 86% per year.
This is a very conservative figure since it does not take any compounding at all into regard and assumes zero growth from expert advisors. Assuming a monthly growth rate of 20% you could make $4500 per year from this program only.
It is 100% free to sign up and your spreads or commission remains the same after joining this program so there is really no reason why not to join. It is simply just money waiting to be collected by you!
FXCM is not the only of the forex metatrader broker that is connected to Cashback Forex. You can also claim a cashback from the following brokers: Alpari UK, Avafx, Dukascopy, Etoro, FXCBS, FXCM, FXDD, Fxopen, Fx Pro, GallantFX, Go Markets, Liteforex, Marketiva, Tadawul FX, X Forex
If you are a forex trader, sign up for this program today and start to take advantage of the cashback system and get some money back from the forex metatrader broker.
To learn more about this program and to sign up, please go to the link below.
Forex metatrader broker cashback program:
Forex practice account offers so many benefits, but there are a few pitfalls too. In this article, we will discuss the advantages as well as the disadvantages you can get from using free forex practice account. The practice account enables you to practice trading in forex for free. If you are a new trader you are highly encouraged to take practice account or demo account so that you will have firsthand experience how it feels like trading in forex.
The advantages of foreign exchange practice account
It will not cost you anything. You just need to give your name, email address, and contact number.
You will be able to learn how to trade in real time and at the same time you will be able to familiarize yourself as to how the trading platform works.
You will be able to learn how to execute trades as well as learn skills on how to manage risk without really putting your money at stake.
You will be able to test various trading strategies under the real trading environment as well as market condition without compromising your capital.
Through forex demo account, you will familiarize yourself with the characteristics as well as the peculiarities of the forex market. Through it, you will also learn how to adapt various trading strategies.
The disadvantages of foreign exchange practice account
The forex demo account hardly helps you in honing skills particularly in money management skills. With the demo account, the practice amount would be $50,000 to $100,000, which is actually too big and unrealistic enough, especially if you are going to trade using micro account. With that amount, traders will be encouraged to take risk than they would normally do using real money. With that being said, traders can develop a habit that can be disastrous once traders go live.
With the free demo account, you will not experience the real gut feeling of creating trading decisions on the spot. If there is no real money at stake, the trader will have a limited knowledge and understanding in taking risk.
Are you planning to get a forex demo account? If yes, then you need to consider carefully the advantages as well as the disadvantages. Despite the disadvantages, still more and more people prefer to have forex demo account because it enables them to learn and understand the platform without really having the need to compromise their hard earned money.
Why are there so many so called profitable automatic Forex trading systems out there, but so few people actually making money from them? Well, many people blame the developers of Forex robot traders, and yes, they must shoulder some of the blame. However, bear in mind that these developers are mostly interested in marketing and selling as many automatic Forex trading systems as possible, and they don’t earn their money from educating you on the ins and outs of Forex automatic trading.
If you’re serious about building wealth through Forex automatic trading, then you need to take your Forex robot trader education into your own hands. By the end of this article, you’ll know the truth about what you actually need to know before running your Forex robot trader with real funds.
First off, I want to debunk the big fat lie that has been perpetuated by all the dishonest Forex robot trader makers out there who are only interested in selling their automatic Forex trading system – the lie that you don’t require any specialized knowledge and all you need to do is to set it and forget it. Yes, it’s true that you don’t need to have any trading experience to get started with Forex automatic trading, but you do need a desire and willingness to educate yourself with the right resources.
If you’re willing to put in the additional effort to learn the basic principles of Forex automatic trading, then you’ll be at a tremendous advantage compared to the average Forex robot trader out there. In life, the people who act on the best information are often the ones who profit the most, and in the realm of Forex automatic trading it’s no different. The resources that you need to expertly run your Forex robot trader are readily available, so long as you know what to look for.
The basic principles that you will need to be familiar with to run a profitable Forex robot trader operation are:
1. How to optimize your Forex robot trader to it’s best risk management settings
2. How to to perform ongoing maintenance on your automated Forex trading system so that it’s always in tune with the markets
3. How to diversify Forex robot traders to reduce your risk
Every automatic Forex trading systems developer knows and understands these basic principles, and applies them to develop profitable Forex trading robots. Now that you know them too, you can begin to seek out the information that you need to educate yourself on these topics, or if you want to save time you can simply buy a course that covers all of them.
When you don’t know where to start in “FX,” you should go to a forex broker. He or she will be able to help you get the tools you need so you can begin trading in foreign exchange markets. They can also assist you in your education. Here are some reasons why a broker is the perfect starting point for anyone who wants to make money in the field of trading currency pairs.
Forex brokers will give you a trading platform. Like many other forms of trade, you will need a platform to be able to participate in the exchange of “goods.” In the case of forex, the trading platform is often a computer program that connects the trader to the market. It uses the Internet as bridge and could be based locally on your computer or on the broker’s server. Either way, you can get it for free from a forex broker website. All you need to do is to search for these sites online.
Another thing to get you started in forex is a trading account. This time, it’s an account where you will deposit the money you’ll use to buy currencies. Although it is similar to a bank account, you will need to open it with a broker, not with a lender. But since you are just getting started, the best way to go about it is to get a free “demo” account. The demo account is a dummy trading account meant to allow traders to practice the commerce without spending money. It’s a practice account and you can get it from forex brokers for free as well.
They will also give you education. Brokers want you to make money when you trade. That way, they’ll be able to take a small cut off your gains. However, this is not the set-up all the time. In some cases, the forex broker will manage your account and trade for you. Regardless of the set-up, they will educate you on how the whole financial market works and how you can benefit from it. Education comes in many forms including articles and videos.
Finally, it’s best to get started in foreign exchange with the help of forex brokers because they can give you inspiration. This is especially true if you happened to be under a very experienced broker. You will need not just the tools or the education; you also need the drive. And sometimes, all it takes is listening to brokers’ success stories.
Bridegette Sean Forex Enthusiast Forex Brokers