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Forex Trade

Written by ForexCult Team
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Forex Trade In the following article, I would like to give you some information so that you are able to avoid the pitfalls that are typical when it comes to forex trade and so that you are about to actually start making money in the forex trade market. When it comes to forex trade, it is important that you trade pairs of currencies not just currencies. When it come to pairs it is important that you realize both sides of the forex trade, just like you would do in a relationship. Whether you have success in the forex market or plain out failure in the forex market, it all depends on you being correct about both of the currencies in the pair and that you know how they take an impact on one another as well. One thing that you have to remember is that the power is knowledge. When you are actually beginning forex trade online you will find that it is important that you know and also understand basics that accompany the market if you really want to create the best out of your initial investments. Forex Trade and the Main Influencer When it comes to the main influencer of the forex market, you will see that it is news across the globe as well as the events that take place in the market. For instance, let’s just say that there is a statement released from the ECB on the interest rates of the European Countries and everyone reacts in a flurry. Most of the beginners in the market would close their currency positions and then as a result would really lose out on most of the opportunities of the best trading by actually taking the time to wait till the market elevates down or calms down. You should always remember that the potential for the actual forex market is known to be volatility not actually tranquility. Now, I am going to tell you a little about a couple of different types of trading when it comes to forex trade. The first type of trading that I am going to tell you about is unambitious trading. It is known that a lot of the beginners in forex trade will indeed place what are known to be very fixed orders that take small amounts of profits. When it all boils down to it, this isn’t the sustainable approach that you should take because of the fact that although you may if you are lucky be very profitable in the short term you are risking the chance of losing when it comes to the longer terms due to the fact that you are going to have to recover or make up the difference that is present between what is known as the bid as well as the asking price before you are actually able to make any profit whatsoever and this is known to be way more difficult for those traders that make small investment trades than to those who make larger trades. Forex Trade and Over Cautious Trading Now let’s talk about the other type of trading that I was talking about earlier in this article. This type of trading is known as over cautious trading. This type of trading is sort of like the type that trading that involves the trader who does actually try to take small payments of profits at a time, however this trader is the one who actually places what is known as fixed stop losses with the retail broker that they have chosen and they are doomed. As I have mentioned earlier in this article, it is very important that you give your position in the forex trade a fair chance to actually show you that it can produce. If you do not make sure that you place stop losses that are reasonable on your trade, you are always going to be cutting yourself short and you are also going to lose a small piece of the deposit that you made as well. When it comes to forex trade, there is also another type of trading that you should know about and that is independent trading. When you are thinking about forex trade, you can either decide to trade on your own or you can decide to go with a forex broker to handle your forex trade. However, you should remember that when it comes to forex trade if you interfere with the broker or you actually seek advice from to many sources, you will increase your risk of losing. Forex trade isn’t that hard to learn and succeed at but you must remember that forex trade is something that you have to do by yourself for yourself.

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Which is the Best Forex Broker you have traded with?

Interview with Matthew Sheppard

Senior Forex Advisor at XForex

1. What is your name and position?

Hello, my name is Matthew Sheppard and I am a senior forex advisor at XForex.

2. What is your experience and professional background?

In the last 6 years I had filled several positions in financial institutions such as a stock broker, a foreign exchange desk manager, a financial consultant and in my recent role I serve as a senior Forex advisor for XForex which is an online forex company.

3. What type of clients you deal with?

We deal with clients on all levels from the beginning stages to the more advanced trading levels.

4. Does most of your business activity come from the online or offline world?

Because of our high presence on the web, most of our business comes from the online world.

5. Why should a trader pick XForex from all forex brokers?

Aside from all the benefits that XForex offer like commission-free trading, 24/7 online support, high leverage (200:1), XForex offers educational and learning trading experience that you won’t find anywhere else..

Our team of experts and financial trainers provide personal assistance and guide clients to financial success. We provide daily analysis and market reviews to our clients giving them a better understanding of the market and helping them trade profitably.

6. From your experience, what advice would you give a person who wants to enter the forex world?

My advice to the beginning trader entering the Forex world is as follows:
  • Learn the market and understand what you’re getting into.
  • Research and find the broker that suits your needs and wants. Look for a good offering but more importantly customer service, don’t go for the low rates offer without being certain they have a good customer service department. From my extensive experience in the Forex world your key to success will be your client-broker relationship. I can honestly say that at XForex they put an emphasis on servicing clients, which is so important.
  • Invest smartly and calculate your risks.
  • Always know when to get out of a trade.

Broker of the Month

5_small_logoUFXBank provide up-to-date charts and news feeds, coupled with an easily navigated trading platform. UFXBank traders can access the biggest market in the world 24 hours a day with ease.

By keeping their platform, site and deposit process simple, safe and secure, UFXBank have become the web’s premier online forex trader.