Learning from Forex trading

There is a lot of great character qualities as well as behaviour patters you can get from trading currencies online. Here is the list of the 5 major ones I have developed:

Understanding of the economies
There are a lot of economic, political, geographical and other events that influence the prices of the currencies and not only internal country's events matter but the whole picture actually matters much more. When you trade FX you try to keep up with the recent events and this way it makes you educated about the major events that happen in the world.

Patience
When you trade, you are not successful instantly. The whole process of becoming a profitable traders takes a lot of efforts, hard-work and generally trial and error. When you trade FX you learn to wait for the outcomes of your hard work.

Understanding your mistakes
There are no traders that always make profit. The best traders are the ones that make losses but able to understand that those were the mistakes, identify how this mistakes happened and what should be done to fix them.

Filtering out gold from rubbish
There are many software pieces that claim to bring you profit, you can also often find many scams. When trading FX you will encounter many similar offers daily and as a trader you need to filter them out and get the best for yourself. I would recommend you to save some time and visit http://alpari.com/ for opening demo / live accounts, as this is one of the best brokers that doesn't deliver any unpleasant "surprises"

Networking
The world of trading is actually quite social. When trading FX I met a lot of like-minded people from nearly every country on Earth.

Morever, One of the greatest forex education website and forex articles blog in Forex world, one of the best among forex community blogs and forums . They provide all sorts of support to the forex traders who wants to learn and start trading. They have easy-to-understand guide for teaching beginners how to trade in the foreign exchange market. They also provide trading courses, video library, free books and tools and many more! You can also use it as community website and online store serving active traders. They have features like discussion boards, live trading rooms, learning material, competitions, reviews and much more. They have a host of columns covering all things from psychology, automation, and first time trading in a perspective that is accessible to new traders. I will definitely say that this is best forexwebsite for beginners . If you’re new to forex, or know somebody interested in learning, believe me- they belong here!

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The best Forex platform that supports Algos

There are many  Forex platform  to figure out what the best Forex platform that supports Algo it's a wonder to everyone, here are some suggestions for you:
It really depends on what type of algorithm you're running. 

Moderate to low frequency strategies: 

NinjaTrader is superior for backtesting and execution. The fact that it's written in C# is a real advantage. Development of simple strategies is very fast and the platform does a great job of loading cleaned data, assuming you find a source. 

The disadvantage is that the platform is not user friendly. It can take quite awhile to learn where all the moving parts are. I'm a programmer and it still took me a solid week to really learn it. The lack of broker choices is also a serious drawback.

MetaTrader is terrible for backtesting and execution. I happen to use this platform for managing my clients, but only because it was so easy to get up and running. There are 500+ brokers that use MT4, so you won't have any trouble switching brokers when needed. Also, the programming language is so easy that it's worth testing in one platform and then re-translating the code into MQL4. 

You can find a full comparison between the two platforms at Comparison: MetaTrader, NinjaTrader, TradeStation

High frequency or venue dependent: Trading Technologies. This is a platform geared towards professional traders. The API lets you customize everything under the sun, but it also allows you to skip a lot of the programming work with hooking into various exchanges and liquidity providers. It's incredibly fast. 

If you trade strictly forex, then Currenex is also a great option.

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The way to learn from Forex trading

I'm sure this is a topic which many people are interested in, so I will provide some useful information following:
First, There is a lot of great character qualities as well as behaviour patters you can get from trading currencies online. Here is the list of the 5 major ones I have developed:

Understanding of the economies
There are a lot of economic, political, geographical and other events that influence the prices of the currencies and not only internal country's events matter but the whole picture actually matters much more. When you trade FX you try to keep up with the recent events and this way it makes you educated about the major events that happen in the world.

Patience
When you trade, you are not successful instantly. The whole process of becoming a profitable traders takes a lot of efforts, hard-work and generally trial and error. When you trade FX you learn to wait for the outcomes of your hard work.

Understanding your mistakes
There are no traders that always make profit. The best traders are the ones that make losses but able to understand that those were the mistakes, identify how this mistakes happened and what should be done to fix them.

Filtering out gold from rubbish
There are many software pieces that claim to bring you profit, you can also often find many scams. When trading FX you will encounter many similar offers daily and as a trader you need to filter them out and get the best for yourself. I would recommend you to save some time and visit http://alpari.com/ for opening demo / live accounts, as this is one of the best brokers that doesn't deliver any unpleasant "surprises"

Networking
The world of trading is actually quite social. When trading FX I met a lot of like-minded people from nearly every country on Earth.
Additionally, as i know that One of the greatest forex education website and forex articles blog in Forex world, one of the best among forex community blogs and forums . They provide all sorts of support to the forex traders who wants to learn and start trading. They have easy-to-understand guide for teaching beginners how to trade in the foreign exchange market. They also provide trading courses, video library, free books and tools and many more! You can also use it as community website and online store serving active traders. They have features like discussion boards, live trading rooms, learning material, competitions, reviews and much more. They have a host of columns covering all things from psychology, automation, and first time trading in a perspective that is accessible to new traders. I will definitely say that this is best forexwebsite for beginners . If you’re new to forex, or know somebody interested in learning, believe me- they belong here!

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What Forex platform do you recommend to get started trading currency?

I hope the information I provide below will help you find a clear answer on this issue:
There are 1000s of trading platforms out there. It's possible some platforms are better for some, depending where you are.  For starters you need to check:

1. Funds - transferring funds methods, minimum deposit, withdrawal fee, transfer fees.
2. Trading  - lot size, spread( fixed or fluctuating), minimum leverage, margin call limits. Allow day trading, scalping, hedging.
3. Platform - online, mobile, meta trader.
4. Resources - teaching material, calculation tools, community support etc.

The most important points are 1. and 2. You should spend some time reading the fine print, T/C. 
Personally I would recommend Oanda Fxtrade for currencies. They have no min deposits, can trade any size and one of the lowest spreads out there. Plus they have  platforms on all devices and excellent learning resources.
 Additionanlly,  It’s relatively easy and simple to use, with both basic and advanced features. You will find tons of free tutorials on Youtube for it. And most important part, there is unlimited amount of indicators for it, for almost anything. So you will have all tools that you need to trade. And it’s FREE!

Make sure that your broker - or the broker that you’re planning to work with - support Metatrader 4 platform. But even if they don’t, you can always use a free demo account for Metatrader, and copy your trades to your broker’s platform.

To be more clear, Metatrader 4 may not be the best platform out there. There are possibly better ones. But most - if not all of them - are not free. And they’re somehow more complicated to use, especially for beginners. There are limited in tools and resources.. etc In other words, my recommendation is not only based on the quality of the platform, but I’m also recommending it for many other practical reasons.

Personally, I started trading - long time ago - with Metatrader 4, and it’s still my main trading platform today. You may also want to check Metatrader 5 as well.

Hope that helps.

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Is there any true Forex signal provider out there?

There are a lot of Forex signal providers in the market. You would need to check for the performances of the traders so that you can choose a fair and reliable trader for better profits.

 I will start a forex signal myself to understand what’s going on in this segment of forex trading. Here’s what I’ve learned running a signal service recently.

1. Whatever signal service you find needs to be automated. Receiving text alerts to new trades, tweets, email, etc. just isn’t scaleable. You want someone trading for you, not someone sending you trade parameters so you can enter them manually.
   
   How are you going to place trades in the middle of the night when you’re sleeping? What about while at work, at dinner with your family, etc.? If it’s not automated it’s just not going to work for your lifestyle.
2. Stay away from independent providers. This generally means standalone websites that claim to send forex signals.
   
   One reason to stay away from these guys is they generally aren’t automated (see my first point). They don’t have the technology to automatically place trades for you.
   
   The perhaps larger reason to stay away form independent providers is that they’re almost impossible to verify their reputation. Fake testimonials on their website hopefully don’t fool you, so unless you know someone you trust that has been using an independent signal provider (with success) for a long time, don’t trust them.
3. It’s easy to cheat.
   
   I personally don’t know how, but there are several ways to fake your forex trading stats. Here’s one of the top signals on SignalStart right now:

See anything fishy? A massive 2,500% return with zero drawdown? Please believe me when I tell you that’s not possible. Anyone signing up for this system is kissing their money goodbye to a scam.

Sadly, SignalStart is polluted with providers like these. You’d think a reputable site would do more to weed these sorts of offerings out. Instead, it buries any good signals, making it almost impossible to find something worth subscribing to.

Is it possible to find a signal service that does work and is reputable? Yes.

My advice is to actually sift through SignalStart and MQL5.com. In fact, I’d likely start with MQL5 because it at least has a review section where current subscribers are able to review the signal service.

Still, it’s tough evaluating these signals. So if you want to shoot me a message with a few you’re looking at I’m happy to give you my input.

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The way to start trading forex

I’m going to tell the unpopular truth first: it is not easy to make consistent profits in forex. 60% of forex traders lose money, and this is a conservative estimate. 

A forex trading is the trading of buying or selling assured currency. For instance, buying the US Dollar and then selling it later at a higher price to earn huge profit. Forex traders may also first sell the US Dollar and later to buy it back at a lower price with the similar gaining profit. It’s a very easy process of selling price, minus buying price to make profit. In Forex trading, we just treat currency as a good, buy it and sell it.

A forex trading is done by managed Forex accounts via Forex brokers. Forex accounts are basically foreign exchange currency accounts. You employ expert groups that can manage Forex accounts for you.

But you have a sufficient time to educate it and to monitor currency markets - then you can trade yourself. This is how all Forex traders are doing.

By following these tips, you can give yourself a superior opportunity of success at getting started in the world of forex trading. Always keep in mind: choose a good broker, or superior stock advisory frame such as Currency Tips, Forex Tips ,  Currency Tips, Forex Tipslearn the ropes with a demo account, and above all, take it slow.

For all these issues and more, you can read about them from some of the articles that I wrote at Better Understanding Stock Market Trading and Commodity Trading Tipsor Articles - Sooper Articles
 
You can get into the making daily habit to visit some websites like MSN Money, Economic Times, CNBC, Moneycontrol, Google Finance and Yahoo Finance.

Aditionally, A trading journal should not only be a logbook of the trades you take, but also how you feel about taking that trade, what you perceive as risks and even ongoing emotions as the open trade unfolds. It deals with trading emotions in a systematic way that makes it easier to improve on them.

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Which is more profitable: binary options trading or Forex trading?

 Binary options trading or Forex trading, each of which has its own interests and in accordance with each case. I will provide some useful information for you as follows:

Binary Options is one of the biggest scams that I know, which includes thousands of suspicious brokers (most of which are based in Tel Aviv) that have developed entire schools of manipulating the public about the financial markets.

You would be overwhelmed about so much advertising related to binary and Forex trading compared to the reduced knowledge about the financial markets.

As you will see in the article above, what you know as ‘binary options’ is promoted as an easy way to make money from predicting if the price will go up or down (Call and Put options). In fact, the brokers make all the possible to leave no space for the clients to actually win or generate some profit. Besides the fact that the brokers promote this gambling practice as ‘investing’, they don’t even try to be nice from a gambling perspective. I agree that some of you make money with some binary brokers (very few lucky persons), but the industry as a whole is a big big scam headed from Tel Aviv.

The US has also stopped the activity of all the brokers coming from Israel via Cyprus (because the brokers hide their Israeli origin, they show themselves as being located in Cyprus and having CySEC license).

Of course Forex trading is a better alternative. You can open and close the positions whenever you want. You can wait for a profit - take your time. The is more room for action. However, you should make sure to deal with decent brokers, since there are many scammers in the Forex industry as well.

Besides, it was suggested that both are equally profitable, if you’re lucky enough.

Although I’d say Forex trading, in the long run, because you can manipulate it’s overall outcome. Your successful trades grow in line with your knowledge in Forex trading. As long as you keep learning and studying in this topic, sooner or later you’re gonna have more profit. Trading with binary options is a lot riskier, although it might be funnier sometimes. There are lots of suspicious brokers, yes, but there are trusted ones as well.

I’d say invest your time into Forex trading, learn a lot with the help of the Internet, buy Forex-related books, and hopefully soon enough your profit will nicely keep growing.

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