The 10 most frequently asked questions about Forex

1. What is the best Forex platform?

There is no way to answer this question. Of course, this depends on the merchant according to his preference, knowledge, experience and what he intends to trade (which financial instrument). Many traders with intermediate experience, especially when operating in the foreign exchange market, prefer to use platforms such as MT4 or C-Trader, designed primarily for Forex trading, CFD trading and for anyone with some knowledge of the market. of trade.

Other, more novice operators prefer the use of platforms such as those found in Easy-Forex, iForex or eToro where limited mathematical / computational knowledge is required for use and is much easier to use.

More advanced / experienced operators, who may also prefer access to multiple markets, prefer to use brokers such as Interactive Brokers or SAXO Trader from SAXO Bank. Such platforms generally contain much more advanced analytics / graphics tools (although most analytical tools to be fair can also be obtained from MT4 / C-Trader) and also provide access to thousands of instruments, including stocks, ETFs, exchange operations, etc. and is designed to allow merchants to effectively participate in these markets.

2. Forex Trader: What is the best way to trade Forex?

If you have researched currency trading, you have probably been exposed to all the different opportunities to make money and are wondering what is the best way to learn how to trade currencies. Firstly, the most important thing I would recommend is getting a Forex education. There are countless Forex materials on the Internet for newcomers as well as for experienced traders; All you have to do is apply. Spend some time reading how currency trading works, the concepts behind the operations, and how prices are affected by economic and political conditions.

Second, if you want to learn currency trading, this is the only way. For starters, it makes sense that this is in a demo account. This will give you a good technical basis on the mechanics of performing exchange operations and getting used to using a trading platform.

After negotiating for a while on a demo account, it's very important to use a Real as well, but with a small investment: look for a broker that accepts smaller operations (0.01 lots for FX) so you can get a real feel For the live market. It is a completely different game on a demo and real platform because of the psychological effect that real money trading has. Small businesses allow you to put your money on the line, but with little risk if you make mistakes or lose money.

From there, gradually increase your business size and invested capital each time you earn more than you lose, and always keep in mind that it must be an amount that you can afford to lose and that you are comfortable with.

3. What is the best forex trading software?

There are a number of Forex Trading software available, all with their specific advantages and disadvantages. Many commercial companies have built their own platforms, while others prefer to use, and indeed, White Label, existing solutions that are widely known in the industry.

Saying which one is best would be invalid as this is in the opinion of the individual user, but there has been a clear trend with regard to popular platforms which have been favored by both beginners and veterans. These platforms are Metatrader 4 and C-Trader. The former is primarily created for Forex products, while the latter is designed to accompany other instruments, such as stocks and ETFs. Both platforms are easy to use and dominant and come complete with graphical and technical analysis features.

4. Forex Trader: How can you be a good forex trader?

If summed up in one word, the key to a good forex trader is discipline. Yes, there are many things one can learn and know before making any transactions or getting involved in the financial sector, but one thing that needs to be kept constant is discipline. Discipline in learning, in making your first exchanges and in continuing with your plan.

The basic concepts that all new operators must follow are:

- Learn about Forex: there is a lot of material on the web. Get a good month's learning. Survey of technical and basic analysis. Your learning must continue well in your trade and continue.

- Develop a strategy - Set r