Is forex a scam - forex demo trading india

Is forex a scam ~ forex demo trading india

Is it a scam? Is it a gamble? Can it sustain a livelihood? Is it really worth millions of dollars? The online forex market is many things. And all these questions can be answered both in the negative and in the affirmative. Except for the last two questions, no one loves interacting with forex as a gamble or as a scam. Mostly it will be out of ignorance.

Forex can be a scam. To those traders who have deposited money with forex brokers that later went under, forex is one huge scam. To those that deposited money and traded for profits but can no longer withdraw their money because the broker keeps ignoring every other request for withdrawal, online forex is the biggest scam ever. To these people, society is to blame for sanitizing a draconian institution that robs the world day and night under the watch of toothless regulators. To them, forex is the best example of how capitalism has lost its human face. Be careful with the kind of broker you deal with because the wrong broker can only mean that to you forex will be nothing more than a scam.
Forex trading can also be a gamble. To some traders, there is no distinction between the events taking place in their meta trader 4 platform and the din in the casinos of Vegas. Traders that interact with forex as a gamble seek only to over leverage small positions with hundreds of trades. The end result is often a sad one; the account being wiped out. Gamblers in Vegas rarely go back home with profits because the casino has a lot of money and is always willing to bet against them. The same is true with the forex market. You cannot fight it. Those that attempt to do so are gambling and sooner rather than later, the market gains an outstanding victory against them.

Forex trading can also sustain a livelihood. The transformation can be overnight. Forex could be the only thing you need to live the rest of your life without the stress of a mortgage or how to repay your college loan. Thousands or even millions are living la vida loca (the good life) as a result of trading the forex market. This sort of interaction with the markets is of course reserved for those that have mastered their art of trading the markets. If you know what you are doing, then forex can sustain your livelihood.

Forex is a trillion dollar market. The high volatility associated with it makes it the most traded market. Institutional investors with large portfolios ensure that currencies are active in most times of the day. Small investors are also ripping big from this trillion dollar market with over thirty currency pairs to trade from.
Forex is many things. Fortunately, there are regulations that ensure decency and civility through the threat of sanctions or penalties. But just like in typical society, there are those online personalities that have little regard for laws or regulations. Those are the kinds that turn forex into a scam and a gamble.  

A part of the forex industry will not cease being a gamble. A part of it will also not cease being a scam. Be that as it may, forex remains a good means of sustaining a livelihood and a multi million dollar market. And I do not think that the scammers can ever win the war by stealing from every trader engaged in the trading of forex online. Gambling in forex is mainly caused by failure to believe in ones own strategy. So long as gambling with the markets does not translate into an addiction, there is always room for redemption when you choose to come back home to a place where forex is a means of sustaining livelihood.
You do not need huge capital to start trading. Open a trading account with NORDfx and trade both forex and binary options for only 10 dollars. 

Call us today on 0725 050 419 for the best forex trading orientation.


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Why every forex trader should avoid love at first sight with a forex broker - forex news trading broker

Why every forex trader should avoid love at first sight with a forex broker ~ forex news trading broker

A few unscrupulous forex brokers have given the forex market a bad name and ruined the chances of traders hoping to trade forex successfully.

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Reasons why every kenyan forex trader must demo trade before going live - free demo forex trading account india

Reasons why every kenyan forex trader must demo trade before going live ~ free demo forex trading account india

After reading the whole of this article it is my hope that you will get a forex trading practice account  . You could access any of them by clicking on the underlined links. 
 I do not know how you learnt how to ride a bicycle or how to swim but I can certainly bet my neck that it was not by reading some how to book or manual. You took the bicycle and fell to the ground a couple of times until you at last learnt how to ride. You threw yourself into the pool until you understood or mastered what a back stroke or butterfly move implies. You learnt by doing.

Now of course you did not throw yourself into the deeper end of the pool on your first swimming lesson. You could have ended up dead. Demo trading is like your first swimming lesson- from that moment when you dived into the shallow end of the pool. Those that begin trading live without testing their skills on a demo account can be compared to a person that dives into the deep end of the pool on their first swimming lesson. Live trading without demo trading is either a manifest of ignorance or too much adrenaline rush that creates false confidence. And whereas there is a possibility that a first time swimmer could be saved by the presence of a life saver, the forex sphere has no life saver and you are in it alone.

Similarly, you probably trained how to ride a bicycle on a three cycle. The bonus wheel was there as a safeguard- to prevent you from constant fall and injury. Okay, you may brag that for you the training was with a real bicycle, but I’m certain that you did not learn how to ride that bicycle on a superhighway. You probably secluded your rides to some walkway or path rarely frequented by cars. That is the case with demo trading. It provides you with safeguards just like the three wheeled bicycle. The safeguard is the virtual money in your trading account. Its loss does not make you starve or broke yet the more you gain of the virtual money the more your confidence grows.

Be it learning how to swim or ride a bicycle, you did not become good at it in a day or two. You put in countless hours until you neared perfection. Perfection cannot be achieved in totality, that’s why there exists such a phrase like “room for improvement”. You had a goal and a singularity of purpose and after weeks of training when you could finally ride safely on a superhighway or dive into the deep end of the pool without the help of the life saver, you rejoiced. Learning how to trade forex involves a similar path- get into the habit of practicing with a demo account until that moment when you feel that you can now trade with real money.

If you are not good with a demo account do not deceive yourself into believing that you will fair well when handling real money. You will have yourself to blame if within a week or two you are back to refunding your account. That is one of the most annoying things for any forex trader. Go ahead and apply for a demo account. It is the best way to learn how to trade the markets.

You do not need huge capital to start trading. Open a trading account with NORDfx and trade both forex and binary options for only 10 dollars. 

Call us today on 0725 050 419 for the best forex trading orientation.

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Seventeen basic forex jagons that every forex beginner must learn before trading live - forex trading live demo

Seventeen basic forex jagons that every forex beginner must learn before trading live ~ forex trading live demo

You are not ready to engage in the business of trading forex on the live charts using real money if you do not understand what the following forex terms refer to. Read them carefully and do detailed research if you intend to be a serious trader. Remember that self learning is the best strategy through which you can succeed in the trading of the forex market. You are your best teacher. Master the forex terms as part of the rites of passage in the forex readiness class.

1.      Spread

Spread is the ‘minor’ expense for engaging in a forex trade online. The spread charge is dependent on the whims of a forex broker. Your forex broker charges the spread depending on the bid and the ask price of a currency. We could say that the spread is the first commercial logic for undertaking the brokerage obligation and that an open trade is the infraction that induces the spread. Some forex brokers provide fixed spreads while other brokers’ spreads tend to vary. A spread charge can also vary depending on the type of account you are trading. Most forex brokers subject forex beginners operating micro and mini accounts to a spread between 3 to 5 pips. If you operate a forex account that can trade a standard lot, then you could be able to negotiate with your forex broker on the spread charge or the spread could be fixed such as at 1 pip. Spread also varies depending on the currency pair you are trading. There is a lower spread for the major currency pairs such as EUR/USD and GBP/USD. Minor currencies or exotic currencies on the other hand tend to attract a higher spread value. The reason for the varying spread charge between the major currency pairs and the other currency pairs is basically liquidity.

2.      Stop loss order

Stop loss is a confidence building measure. It is the point at which you exit a losing trade. It limits damage and enables you to multi task by entering a trade and performing other non forex related matters without the fear of losing your entire forex investment in your account.

3.      Take profit order

This is the point at which you exit a trade that has been a winner. Take profit level does not mean taking the exact top for a long position or the exact bottom for a short position. It must be in tandem to the dictates of risk reward.  When the take profit order is triggered your current position is exited and your forex account is credited with the amount you’ve made through the trade. It is an order that you must leave with your forex broker if you hope to make some money in case the market goes in your favour to a particular point of resistance or support.

4.      Trailing stop

Trailing stop locks in an already acquired profit in case the market is moving in your direction. It is also the number one reason why the best market result that most forex beginners ever get is 1:1. Trailing stop has the ability to pull you out of the market before you get your preferred risk reward ratio. A market moving in your favour will also retrace back to where it’s coming from. If you move your trailing stop too fast it may be knocked and you’ll be pulled out of the trade and will watch in dismay as the markets retrace and keep moving higher and higher.  The trailing stop only rises with the market but never falls when the market falls. That is why it is best to place it after acquiring at least a risk reward of 1:1.5 or more.

5.      Resistance

Resistance is the ‘mean point’ where the highest market points of previous days or weeks have been converging. It plays a greater role in determining your exit or take profit level in an uptrend market. It also helps in ascertaining where to place your stop loss in case you are going short on a trade. Most times resistance is also used to refer to the inability of price to break above a particular point on the charts.

6.      Support

Support is the ‘mean point ‘ where the lowest market points of previous days, weeks or months have been converging.  It plays a greater role in determining your exit or take profit level in a downtrend market. It also plays a greater role in determining where to place your stop loss in case you are going long on a trade. It can also refer to the inability of a price to break below a particular price on the charts.

7.      Risk reward ratio

This refers to the ratio of the amount you are willing to risk compared to your probable gain in the market. There is nothing mathematical about it. You simply have to look at the raw price action charts for the number of pips between your entry level and stop loss level compared to the number of pips between your entry point and take profit level.  For a better risk reward, the pips between your entry level and the take profit level must be larger or more than double the number of pips between your entry and stop loss level.

Margin

Margin refers to the lowest amount of money that must be present in your forex account to sustain a forex trade. Be careful about margin because some forex brokers will let you enter a trade even in the absence of margin and then debit your bank account afterwards. Some forex brokers don’t also demand a minimum margin before you can execute a trade.

8.      Margin call

This comes about when an open trade is nullified due to the absence of sufficient margin in your trading account. It comes about when a forex trader has not used a stop loss or when the stop loss fails to execute and the forex trader’s portfolio is wiped out.

9.      Leverage

Leverage refers to the extent to which you are utilizing the freely available money from your forex broker on any particular trade. If you over-leverage and the trade turns into a loser, you may lose a lot of your real trading capital. Likewise, if you over-leverage and a trade turns into a winner you will have made a lot of money. No forex beginner should trade on a live account before understanding how leverage works. A forex trader must do his risk assessment and find out whether he or she is comfortable with risking a particular amount of money. Leverage is more about what you are bound to lose than what you will gain.

10.  Pending order or limit entry

This is an order you place with your forex broker after confirmation of your trading edge. Its effect is to let you enter the market at a particular point when the market has moved to your preferred direction. The moment your pending order is triggered you will have an open position in the market.

11.  Roll over charges

These are charges in form of commissions deducted from your forex trading account by your forex broker whenever you hold an open position overnight or for more than twenty four hours. Traders of the lower time frames are not subject to the roll over charges. It is mainly subjected to the traders that trade the daily or weekly charts.

12.  Quote

Quote is the currency that comes second in a currency pair. For example in the EUR/USD pair the USD is the quote currency.

13.  Base

Base is the currency that comes first in a currency pair. For example, in the EUR/USD pair the EUR is the base currency.

14.  Open position

Open position refers to a position that is still active and from which a trader can be subjected to either a profit or loss

15.  Closed position

Closed position refers to an inactivate position that is not subjected to the current market conditions. It can arise as a result of a trader manually closing his trade or when the take profit or stop loss order is triggered.

16.  Breakeven point

Breakeven point refers to the point at which you exit a trade without a profit or loss. It arises when you obtain a risk reward of 1:1.

17.  Market order

Market order refers to a situation where a trader buys or sells at the best available market price. You don’t have to wait until the price moves to a particular point. The broker executes the market order at the current rates.

Feel free to leave below any forex terms that I left out which you would like to be defined. Remember, there are thousands of forex terminologies but only the basic ones are of essence to the retail trader. Do not spend time mastering the whole forex dictionary with terms that you will never apply in any trade.
You do not need huge capital to start trading. Open a trading account with NORDfx and trade both forex and binary options for only 10 dollars.
Call us today on 0725 050 419 for the best forex trading orientation.

Seasoned forex traders will readily admit that before opening a live forex trading account, having a good forex broker is just as crucial as having a great forex trading strategy.

Forex trading is not easy but can become even more complicated with a wrong forex broker taken as a choice for any forex trader. We have discussed about forex brokers in this site in very many past articles and have even reported on true forex scams that led into forex traders losing a lot of money. This piece is therefore essential for those forex traders still shopping around for a legitimate forex broker whose technological and financial model is well tailored toward his or her forex trading strategy.

Every forex trader must therefore endeavour to open an account with a good forex broker. The characteristics of a good forex broker have also been discussed in our past articles. Here we only aim to point out to you why you should open a forex trading account with eToro, a forex brokerage company that we have used for over 4 years now. We aim to give sound and legitimate reasons that go past the usual minimum spreads or good customer care that is often branded around in support of any forex broker.

To open an account with eToro simply follow the link and fill out your details. You will then be asked to send your anti money laundering documents before you can fund your forex trading account. This is a very important point that differentiates a scam forex broker from a legitimate forex broker. If you open a trading account with a forex broker and you are immediately asked to deposit forex trading capital into the account with no requirement for your government issued identification documents like a passport or driver’s licence issued in your names, or a proof of residence document such as an electricity or water bill, this should be a red flag. Proof of residence and proof of identification documents are key in the forex trading business to prevent money laundering. A forex broker that fails to request for the anti money laundering documents commonly known as AML from a forex trader risks being sanctioned, fined or even closed down by the forex regulatory authorities in the country in which it is registered. This therefore is not a light issue.

Once your identification documents are authenticated you are free to fund your forex trading account and can start trading immediately.

With eToro you can fund your trading account through bank wire transfer, neteller, skrill or visa card as long as it is in your names and matches the names used while opening your forex trading account. The minimum amount you can start trading with at eToro is 50 dollars. This is a great way to encourage most forex beginners to start trading without risking so much. I have seen forex traders that start with such small amounts for forex trading and end up trading profitably in a while. But you can fund more than 50 dollars into your forex trading account depending on the style you have at hand.

This broker is also famous for the invention of revolutionary forex trading platforms. This implies that if you are trading with this broker the choice of opening and closing a forex trade are as diverse as the gadgets you have in your possession. You can open or close a trade through your pc, laptop, macbook or android mobile phone. This is essential because a system that limits a forex trader to enter or exit a trade through one platform alone may be disadvantageous at times. Forex traders need to monitor their open positions and this is what this broker provides.

eToro also provides social trading services. This service is mostly aimed at traders who lack a great forex trading strategy but are ready to fund their forex trading accounts. A forex trader that wishes to benefit from this system may sign up for the copy trade and every time a pro forex trader of his choosing enters a trade he too can open a trade. This cuts short the forex trading learning curve that most forex beginners pass through and which has prevented many forex traders from turning profits consistently.

Those are some of the great reasons as to why you should open a forex trading account with eToro. Other reasons include their low spreads especially on the majors. They have also been a forex service provider for a long time and this means that they are a tried, tested and trusted forex broker with whom you should open a forex trading account. They are also registered and therefore legitimate. This is what determines the safety of any forex trader’s deposits. Incase they go under, you are certain to be compensated because your deposits are kept in segregated accounts and are insured. They also have international offices and hold frequent forex seminars and expos. This just goes to show how much they are dedicated to their business and clients.

There is therefore no reason why any forex trader should not join this forex broker. Open your forex trading account with eToro today and enjoy great execution speeds for your forex trades, small spreads, the advantage of forex copy trades from professional traders with a proven forex trading record, great customer support that is ready to help you 24 hours a day and simple ways to fund and withdraw money from your forex trading account whenever you so desire.

Please read the article below to learn about a simple yet effective forex trading strategy.

How price action traders can benefit from the VSA Indicator

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