Jimmy Daniels, Author at The Forex Trading Blog

The best Forex broker?

best Forex brokers

Forex.com: One of the best Forex brokers

In the Forex market we find different types of brokers that are responsible for offering currency exchange services, some are more reliable than others due to their creation time or user opinions. Among this lot of brokers, many of them stand out and among them we have Forex.com, one of the best forex brokers.

Forex.com is one of the best Forex broker pioneers of the market and was founded in 2001; it is also regulated in several countries.

About Forex.com

This is a global FX and CFD broker established in 2001. Its brand belongs to GAIN Capital, it is listed on the New York Stock Exchange.

This is a safe company that is regulated by various financial authorities, here is included the Financial Conduct Authority (FCA), which is a first level licensing company in the United Kingdom, on the other hand we also find that it is regulated by the Commodity Futures Trading Commission (CFTC) of the United States.

Forex.com has a long history and is therefore considered safe, and its parent company operates in the stock market.

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Forex.com account types of the best forex broker

This is probably the best forex broker in the United States, and one of the reasons is because it offers two excellent and complete accounts that have everything an experienced and beginner trader needs.

On the one hand, we have the standard accounts, here you will find ultra competitive spreads but there are no commissions in the exchange operations.

As for the cost of trade, this becomes part of the differential.

On the other side we have a commission account; it offers the tightest currency spreads that you will find in the market.

Demo accounts

This is an account that every good broker must own and is special for beginners in the market and also for people who want to take a look at the broker platform they are going to work with.

In a demo account there is no risk of losing any amount of money because virtual platform money is used in a live environment that will show you how it works and how it moves.

Being this considered one of the best brokers; we find that your demo account is excessively complete, descriptive and easy to use.

This account can be used for 30 days. The only thing against it is that it cannot be renewed.

Mobile app and its functionality of the best forex broker

This is one of the most complete applications provided by a broker.

As a mouth opener we have the fact that you can have access to all your personal account information. In addition, merchants can make various types of transactions, such as the withdrawal of funds or the investment deposit.

You can also view business history, create watch lists or even have full access to market news and view certain types of graphics. Its configuration is no more difficult than any app and that is which makes the task easier so you can configure it yourself.

However, there are only a limited number of common indicators that are available; among them we have RSI, MACD and also moving averages.

One of the best Forex brokers

Platform and desktop functionality of the best forex broker

The Forex.com broker offers the MT4 platform so that the trader can carry out its operations, here you can have a complete and secure desktop experience, or you can also use the Forex.com platform.

Performing operations on Forex.com is quite simple, regardless of which platform you are going to use, either that of the registered trademark or that of MT4.

To trade you can do it even from the graphics by pressing the buy and sell buttons that appear at the top of the chart.

Here you can have access to economic calendars, graphics, news, view positions and history of operations, access commercial signals and also research reports.

How can I join the best forex broker Forex.com?

The process to open a story in this highly acclaimed broker, totally digital and simple, does not require more than a series of simple steps, which will take only about 15 minutes.

However, what may take you a little more time is the fact that your account is verified and authorized by the platform.

You must first choose if you want to use the MT4 platform or directly the Forex platform.

Next step, you must complete your financial and personal information, such as name, address and bank account.

Your prior knowledge is important, so you must answer a series of questions that have to do with your history in the market and also your previous knowledge of it.

Once the previous steps have been completed, you must verify your residence and of course your identity, not only for the security of the platform but also for the security of yourself and your capital. This will be done by uploading a driver’s license, passport or identification card that shows your name and is legal.

As for your residency test, a utility bill is enough.

Customer service

Customers can have direct contact with the platform, either through online chat and also offer live telephone support.

Among other support materials that you can find on the platform that will help the trader as help, there are extensive frequently asked questions, as well as tutorials on their website. The opening hours are from 10 a.m. ET on Sunday at 5 p.m. ET Friday.

The online chat can be both for customers who are already registered and for potential customers.

In general it is a complete service that satisfies the need for help that a trader may need, doubts will be resolved.

Forex.com education, simply the best resource for forex brokers

The educational resources offered by Forex.com are extensive and complete.

Besides that there is not only content for new merchants but also for the most experienced. In your education section for the Forex trader you can find a questionnaire with which you can know what kind of trader it is.

Once you submit this questionnaire, all the information provided will be directed to your personality as a trader. You can also select material that is aimed at your level of knowledge.

Forex.com broker: Pros and cons of one of the best forex broker

Between the Forex.com pros we can find:

Diverse technical research tools, with it you can guide yourself through the market.
Great variety of currency pars
Low forex fees

In the other hand there are the cons:
– There are not a lot of products to trade in the market, the portfolio is quite reduced.

High stock CFD fees.
The leverage of this platform is limited to 1:50, despite the fact that only a single state rule is also a kind of con for other traders. This does not mean that it stops being the best forex broker.

DISCLAIMER

ESMA & FCA Risk Warning – “CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Capital at risk. 73% of clients lose money. Capital at risk.

Forex trading involves significant risk of loss and is not suitable for all investors

Kick start a successful forex trading career with BDSwiss

by Jimmy Daniels Leave a Comment

21st of February 2018

BDSwiss, Europe’s leading financial institution with specialization in Forex trading and binary options trading can become a wonderful means of Kick starting your career as a Forex trader. Over the year this brokerage house has worked on various aspects of successful Forex trading and have not only earned more than 700,000 international clients but also given multiple reasons to them for suggesting the name to other clients.

Why BDSwiss?

If you are pondering on the question why choose BDSwiss out of the plethora of institutions available across the globe then we have come up with few facts that will definitely make BDSwiss your first choice.
Trading platform offered by the broker is intuitive. You not only get the freedom to trade at the time and place that is most convenient to you but you get ample of parallel indicators, signals, charts and analysis that can help you in determining the movement of your asset accurately.

When you trade with BDSwiss you are not limited to one or two asset options. You get to trade with more than 250 underlying assets in various categories such as options, commodities, indices, stocks, currencies etc.

Learn while you earn. The education programs, webinars and short trading courses can give you a fair idea about how the various markets across the globe work and how a trader should manage its investments in them. Slowly you become capable enough to develop strategies of your own.
All round multilingual customer support via phone, email and live chat is ever present to solve any problem that may occur during or after the trading hours and help in various trading activities.

Risk Warning!

Forex trading carry a high level of risk, and may not be suitable for all investors

Bulls and Bears – oh my!

by Jimmy Daniels Leave a Comment

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Anyone who has flicked through the financial channels on their cable TV box without really stopping to listen to what is being said will probably be occasionally confused by references to “bulls” and “bears”. These terms are common parlance in trading situations, and can be heard or read in any market analysis if you stay tuned long enough. They are not references to sports teams, nor to a traveling zoo visiting a trading floor, but rather to styles of market.

A “bull” market is, in short, a market on the rise. It is characterised by a great deal of investor confidence, which can carry on for an indefinite period of time. When a currency breaks its resistance level, it is expected to continue rising, to move with a singularity of purpose. This is much like the way a bull is characterised. Additionally, it triggers herd behavior, as more and more investors will join in and invest more. The term “bull market” is therefore a good definition of a market behaving confidently.

“Bear” markets, on the other hand, are the exact opposite of bulls. Where prices fall and the investor mood is negative, the support level may be broken and the price will continue to fall. The most common explanation for the terminology here is that when a bear attacks its prey, it tends to do so by striking downwards. For a true bear market to be declared, a majority of currencies need to fall, however a single currency can be described as behaving “bearishly”.

Support and Resistance – the two key words

by Jimmy Daniels Leave a Comment

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To really understand the behavior of a currency on the Forex market it is important to see how it has behaved over a period of time. Taken over the course of a very short space of time, it is possible to make data mean just about anything. This, in turn, means that the data will be almost worthless. Over a longer period of time, however, patterns always seem to assert themselves, and establish a firm basis for predicting the future behavior of a currency price. Among the most important figures that appear in a pattern are the support and resistance points.

The point of “support” for any currency is the price level beneath which a currency never trades – effectively its market “bottom”. Whenever the price reaches this level, it almost always bounces back upwards, and for this reason many people will invest when a currency hits that point. Conversely, the “resistance” point is the traditional high point of a currency price, above which it never trades. If you are looking to cash out, this is a good reference point.

Of course, the old saying “there’s a first time for everything” exists for a reason. There will come a time when a currency breaks its support or resistance levels, and this is seen as hugely important. When a currency does this it will be expected to continue this trend, possibly for an extended period of time. It is therefore a good time to get “in” if it is rising or “out” if it is falling.

Where do you get your Forex data?

by Jimmy Daniels Leave a Comment

The systems of compilation for Forex data vary a great deal. There are as many different types of collation as you can reasonably imagine, and some of these methods have been proven over time to be, if not foolproof, then at least incredibly informative. Access to the right data is important in ensuring as high a possibility of success in your trading as you possibly can. This kind of data is freely available, but what information you can glean from it is inevitably limited as it will be full of figures that carry varying levels of relevancy. Raw data is useful only in so far as you can be bothered wading through the masses of information to find only the best predictors.

The data that will be truly useful to a trader is the information produced in a quickly readable form using only the data that is absolutely relevant. This comes in the form of charts and graphs, and this kind of data is available in up-to-date form from any good broker. There are historic Forex charts freely available on the Internet, and these can be used in order to help you understand market patterns. Once you sign up with a broker you will have more recent information, which is absolutely essential for forming a strategy. Your broker will also (usually) give you the chance to have a “practice account” which tests your reading of the data so that any mistakes you make are relatively harmless. In this way you can learn to read the data proactively and safely.

How does technical analysis work?

by Jimmy Daniels Leave a Comment

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Technical analysis of currency movements is now, more than ever, part of the Forex market. As time has passed, different ways of collecting and displaying data have arisen. These differing ways can be taken in isolation to either create or back up a strategy, or can be combined in order to read how the market has arrived at its present point, and how it is likely to move forward. This enables more confident predictions and sounder investments. As time goes on, more data is collected and trends are reinforced. The awareness of a trend allows a more realistic understanding of the market. For someone just starting as a Forex trader, this kind of data is all-important.

One method of technical analysis is looking at diagrams and graphs. Taken over a period of time, this allows us to define and explain a pattern. One of the most popular styles of graph is the “Candlestick pattern”, which tells at a glance for any given day where the price was at the start of a period, at the end of the same period, and its highs and lows in the intervening time. Thus you can see at a glance if a currency is genuinely rising fast or slow, or falling at the same rate. The use of Fibonacci figures is another popular analytical tool. It looks at certain points in the rise or fall of a market and – with incredible regularity – predicts when it will stabilise or “retrace” (this means reversing its trend).

Technical Analysis of the Forex Market

by Jimmy Daniels Leave a Comment

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Along with fundamental analysis, technical analysis is one of the two main methods of informing oneself and building a stronger position to profit from the Forex market. While fundamental analysis allows you to predict the movement of a currency by looking at the political and economic position of a country, technical analysis has more to do with looking at collected market data and using it to predict future movement. This is an approach that is very commonly used on the stock market, for example, where historic data is the single most important part of predicting future performance.

While a fundamental analysis will look at the reasons for market movement – allowing us to know why something happened – the technical analysis of the same market will tell us exactly what happened. That is to say that it will give us the raw data. Fundamental analysis requires an extremely broad view and, for those who are disinterested in politics, can be overly time-consuming. If these people are strong technical analysts, they can usually learn enough from the movements themselves. Whatever the reason for a movement, the fact is that currency prices follow trends.

Regardless of anything else, people know that patterns have emerged in how foreign currencies behave, patterns which have held true for more than a century. These patterns mirror human behavior – one of the few constant things in the world – and therefore are an excellent way of predicting the future. You may not know who the President of a certain country is, but if you know how its currency performs over a period of time you are well within your rights to not care.

Fundamental Analysis of the Forex Market

by Jimmy Daniels Leave a Comment

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It is broadly accepted that there are two ways to analyze the Forex market. These are described as “fundamental” and “technical” analysis. Which of these methods works at which time? To help understand how and why, this article will look at fundamental analysis. This is a style of analysis that looks at political and economic conditions which affect exchange rates. Most commonly, these factors include employment rates and economic policies of a governing party. It therefore stands to reason that a general election in a country will have some bearing on the Forex rate for that country’s currency.

Fundamental analysis, as the name suggests, gives a broad overview of the way currencies move, and enables an understanding of where a certain currency is going. The role of fundamental analysis is to strengthen your strategy by giving it an underpinning of sound, concrete factors which have been proven, time and again, to govern how a currency will perform.

To understand the present behavior and confidently predict the future behavior of a currency, it is worth knowing things like interest rates (considered to be an indicator of continuing strength in a currency) and economic factors such as GDP and foreign investment. If a company invests in factories, offices and labor in a foreign country, it brings wealth and potential to that country, and is likely to give its currency a boost. Knowing that a country has foreign investment in the pipeline can enable confident prediction of its currency strengthening and remaining strong.

Analyzing the market to your advantage

by Jimmy Daniels Leave a Comment

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It has been said by many experienced traders that Forex is a more volatile market than any of the available options. The theory goes that it is difficult enough to judge a single company’s value at a given time and in the future, just imagine how hard it is to do the same thing with a whole country. This philosophy takes the point of view that analyzing the Forex market relies on careful reading over a period of time. Some knowledge of world affairs is also advantageous, as it allows you to be aware in advance of the timing of important announcements which can cause market volatility.

Others will treat the Forex market exactly like they would treat any other stock market, and take a more technical approach to analyzing their next step. This is not as simple a process in Forex as it is in the stock market, as the Forex is a 24-hour market, and the data-gathering systems require some modification to work effectively on Forex. Nonetheless, where these methods of technical analysis have been correctly applied, they have proved to be an effective way of making a profit on the Forex market just as their original forms proved on other markets.

While the first method is more of a global, evidence-based approach and the second tends towards techniques and patterns, both have been proven to be successful if correctly applied. It is highly advisable, though, to recognise which one to apply at a given time, as confusion can easily arise around what exactly the data tells you. Pick the method that you require and use the other to supplement it. That is the only way you can confidently operate in the long term.