User blogs
Books Every Forex Trader Should Read
More and more people are looking for entry points into the foreign exchange market, and more are investing daily. You should not risk your money in the foreign exchange market based solely on what you have “heard.”To get more news about Forex Trading Book, you can visit wikifx.com official website.
Many novice traders get their start in the forex market by reading books. You’ve come to the right place if you’d like to understand how to read these books and comprehend the information they contain.We have compiled a list of the top 10 forex trading books for you to learn from and enjoy the best trading journey ever!
The Complete TurtleTrader (Michael Covel)
Even if you’re not a bookworm, “The Complete TurtleTrader” is an engaging introduction to the world of trading. The book follows a trader who wagers that anyone can become a successful trader with the right strategy. Those who followed him earned the nickname “turtles” (hence, the title).In the book, many turtles are based on real people who became powerful or wealthy traders. This book explains the methods for trading with the trend.
The Little Book of Currency Trading (Kathy Lien)
Compared to technical analysis, which uses factors like market sentiment and company announcements to forecast price movement, the fundamental analysis presented in this book is more grounded in reality.One of the benefits of this book is its conversational tone, which complements the forex strategies presented.
For this reason, it is highly recommended that you read this book to gain insight into the mind and actions of a seasoned expert in the field. For accurate fundamental analysis, up-to-date market information is essential so do catch up with forex news on Brokersview.
The New Market Wizards (Jack Schwager)
One of the many advantages of “The New Market Wizards” over similar books on trading strategies is that its Profitability Analysis can be tailored to suit various trading approaches. The author has spoken with several affluent traders to get their insights on what it takes to be a successful trader.Readers will gain perspective by hearing from individuals with diverse trading approaches and levels of success.
Trade Your Way to Financial Freedom (Van K Tharp)
This book is not just for forex traders; it is an excellent read for any trader. It educates its students on best trading strategy development and implementation practices.The book is written so that readers can gain the knowledge they need to create trading strategies that work for them and their trading styles. This workbook will help you map out your business deals step by step.
Trading in the Zone (Mark Douglas)
Simply put, trading methods are not the be-all and end-all. A trader who wants to successfully implement the strategy without getting bogged down in doubt and confusion must practice patience and constancy.
That’s why “Trading in the Zone” is so helpful; it allows readers to create and implement plans without letting their feelings get in the way. After reading this book on forex psychology, many traders who had previously felt stuck were able to find new motivation and improved results.
Day Trading and Swing Trading the Currency Market (Kathy Lien)
Another great book by Kathy Lien. Using a mix of fundamental and technical analysis, “Day Trading and Swing Trading the Currency Market” aims to help traders profit from price fluctuations in the foreign exchange market.The best part is that both short-term and long-term trading strategies are discussed. The book is regularly revised to reflect recent market developments and strategic insights.
Millionaire Traders (Kathy Lien & Boris Schlossberg)
Even more than that, this book is a compilation of chats between the author and various exciting people. Successful traders who are not publicly recognized are included on the list.Most of the people profiled in “Millionaire Traders” are the types who began with relatively small trading accounts and grew them into sizable fortunes over time.
Intermarket Analysis (John Murphy)
To forecast price changes, “Intermarket Analysis” investigates the relationships between various markets. This book is a wealth of information detailing how movements in the value of multiple assets can impact the value of the foreign exchange market.
The Man Who Solved the Market (Gregory Zuckerman)
Maybe “The Man Who Solved the Market” is the best book to help you learn how to program your trades to make money automatically. In it, Jim Simons relates how he came up with Renaissance Technology.His funds routinely achieve annual returns of over 50%, which is exceptional for the hedge fund industry. You can optimize your trading automation with this.
The Art of Currency Trading (Brent Donnelly)
Learn how to trade currencies profitably in today’s market with The Art of Currency Trading. For the first time, new traders will have access to the author’s tried-and-true trading strategies, and tactics gleaned over 20 years in the industry.
There are a total of 400 pages of content in this forex book. The author doesn’t just teach his readers one trading strategy or philosophy, but a number of them. Learners can understand the interplay between technical analysis, behavioral finance, fundamental analysis, and the currency markets themselves.
How News Affect Forex?
The global financial markets are interconnected and depend greatly on the financial and macroeconomic statistics. The Forex market is not an exception. Currency rates — the basic instruments of the foreign exchange market — are affected by the by major financial news, fundamental statistical reports and important geopolitical events. But nothing compares to seeing the actual effects of the news on the Forex market. Here you will find three major examples of such influence.To get more news about forex trading, you can visit wikifx.com official website.
Monetary Actions
Such news as monetary policy decisions by the major central banks have an immediate impact on the currency pairs. If the interest rate is changed too fast or too slow, or an unexpected comment is made about the future interest rate changes, the currency pairs rally or fall with a speed of light. When the Federal Open Market Committee (FOMC) of the US Federal Reserve announced its first rate cut from 5.25% to 4.75% on September 18th, 2007, after a long series of the rate hikes, it pushed EUR/USD up. On the EUR/USD hourly chart below you can see a jump in the rate as the dollar lost a part of its attractiveness with the lower interest rate and the euro advanced. The reaction has been instant and a strong bullish trend has followed afterwards:
Macroeconomic Releases
Another important type of Forex news that has a strong and immediate impact on the currency rates is the macroeconomic releases and reports. One of the most noticeable effect belongs to the US quarterly GDP data releases. If the reported quarterly change differs from the expected value or is simply significantly above/below the previous quarter, currency market react with unpredictable fluctuations. When the Bureau of Economic Analysis (US Department of Commerce) released its advance GDP report for Q2 2008 on July 31st, 2008, a sharp spike appeared on all dollar-related pairs. The reported change was +1.9%, which was below the expected +2.3% value. The presented chart shows EUR/USD hourly price movement with a strong spike-like candle exactly after the GDP report has been published:
Geopolitical Events
Some global geopolitical events have a considerable influence on the Forex market. Wars, political scandals, elections, peace treaties, nuclear bomb tests and terrorist attacks usually result in a lot of consequences and expectations regarding those consequences. And the currency rates respond to such events with the fluctuations that end up in termination of the old trends and setting up of the new long-term trends. September 11th attacks upon the United States was a major global event that was followed by unprecedented geopolitical consequences — war in Afghanistan and Iraq, higher spending on US war budget and a higher US fiscal debt. As can be seen on the EUR/USD monthly chart below, that September was one of the pivotal points in trend reversal from a bearish one to a bullish one. The dollar has been falling since then:
As you see, the impact of the news on the Forex market can’t be ignored. Whether you trade intraday or long-term, your currency positions will be affected by the Forex news. That’s why it’s important for the currency traders to monitor all the related news and make the market decisions in relation to them.
FP Markets Review 2022 – Best Multi-Asset Trading Platform
There are multiple factors involved in the success of trading financial instruments, such as forex pairs, CFDs, commodities, and indices. The outcome of a trade-in in such markets is quite unpredictable. The certainty of high trading profitability requires the assistance of a market specialist. These specialists are brokers or brokerage services who provide the needful help to traders in the forex and CFD markets. For trading multiple assets, however, the broker must be reliable, experienced, and advanced.To get more news about Markets.com Pros and Cons, you can visit wikifx.com official website.
Fitting these criteria is FP Markets, one of the world’s best online brokers for forex and CFD traders. In 2021, FP Markets is guiding millions of traders around the world and improving its capabilities to help them make more money. In this FP Markets Review, every aspect of FP Markets has been explored to understand how the broker stays best in its services and why people continue to trust its services. This FP Markets review reveals the key advantages of investing with FP Markets. It also reveals the drawbacks that this broker may bring to the clients. It also provides information on the regulatory status of this broker, which depicts its safety in the market. In this FP Markets review 2022, all key concerns of traders have been addressed, ensuring that there is no biased assessment of the broker. The review of FP Markets places a clear picture of how FP Markets plays a role in the activities and forex and CFD traders.
What is FP Markets?
First Prudential Markets is an online financial service provider in the domain of trading and multi-asset brokering. It is popularly known as “FP Markets” or “FPMarkets” in the global trading community. By providing financial trading platforms and multi-asset broker services, FP Markets has gained its reputation over the years. Founded in 2005, the broker is registered under the company title, First Prudential Markets Pty Ltd. Different entities work under the FPMarkets brand to offer a unique trading experience. Multiple financial instruments can be traded with these entities. Some FP Markets services are limited by regulatory restrictions, but the overall experience is good. FP Markets broker offers trading instruments based on the country of residency of its client.
A wide range of assets is available for trading. Out of the 100+ instruments available for trading, forex currency pairs are the primary assets traded with FP Markets. The broker offers its services for the trading of more than 60 forex currency pairs.
The FP Markets review also identifies that there is a risk involved with FP Markets. Based on the market conditions, traders’ losses may exceed their deposits, and FP Markets does not protect their investments in such cases. However, FPMarkets aims to mitigate this risk by improving the trading efficiency through the popular MetaTrader 4 (MT4) forex trading platform. There is an FP Markets mobile app for iOS and Android devices. This native app works quicker and helps clients in getting notified of market risks immediately. These mobile apps also ease the process of monitoring markets and executing trades through their mobile trading features.
FP Markets Trading Accounts
The process of opening a new account on FP Markets FX’s online trading platform is quite easy. The steps take place on the official website of the company, and the process is fully digital for quick account openings. The average time taken for opening a new FP Markets trading account is 15 minutes. Due to the online KYC and verification process, new accounts get approved within 24 hours from the registration.
To register a new account, traders must go to the website and open the FP Markets login page.
In the FPMarkets login tab, there is a section for opening a new account.
In this section, the account holder’s name, email address, phone number, and the resident country needs to be added.
In the next part, additional information on the trader, particularly the date of birth, profession, and residential address, is provided.
Now, the trader needs to select the account type, the base currency, and the trading platforms,
The final step is answering a brief questionnaire to help the broker understand the trader’s knowledge and proficiency in trading different financial assets.
The commissions & fees charged to the traders depend on the FP Markets FX broker entity and the trading account type. Traders can choose from the following account types.
Raw ECN account: The FP Markets Raw ECN account offers competitive spreads. The spreads average at 0.64 pips as of June 2020. On the other hand, the commission per trade of this account is quite affordable. This account is the preferred type among the broker’s clients. The Raw ECN account is suitable for forex trading.
Standard Account: This account is quite basic in its nature and functioning. It is not ideal for experienced traders. It is an alternative to the complex Raw ECN account and is primarily used by beginners. The spreads on this account are significantly high, with 1.15 pips average for the EUR/USD as of June 2020.
Iress Investor Account: For traders in Australia, this account offers a low-cost trading experience. It helps FP Markets traders with access to the Iress Investor trading platform. The monthly broker fees for this account are waived. Streaming data is disabled by default, and there are limitations to the charting package.
Iress ViewPoint Accounts: Exclusively for Australian traders, the FP Markets Iress ViewPoint account offers three trading options. The Standard option charges a minimum deposit of $1,000. The Platinum option can be enabled with a $25,000 minimum deposit. For the Premier option, traders require a minimum deposit of $50,000. The Premier account also waives the fees on platform usage and data usage. In addition to providing access to the Iress ViewPoint platform, this account also offers low financing rates for overnight positions at a 0.08% commission rate and no charges on minimum commissions.
AvaTrade Review 2022
AvaTrade offers traders a broad range of trading platforms, including a dedicated options trading platform and its proprietary mobile app and social trading platform. The available assets present a balanced mix, offering clients in-depth cross-asset diversification from a commission-free pricing environment.To get more news about Capital.com Pros & Cons, you can visit wikifx.com official website.
Trading with a regulated broker will limit the potential for fraud and malpractice. I always recommend traders to check for regulation and verify it with the regulator by checking the provided license with their database. AvaTrade presents clients with seven well-regulated entities.
The regulatory environment at AvaTrade is outstanding and one of the most trusted industry wide. AvaTrade segregates client deposits from corporate funds and offers negative balance protection. Select jurisdictions also maintain an investor compensation fund.
I want to note that the trading environments offered by these seven jurisdictions are significantly different, as the relevant regulators have varying degrees of restrictions. Since most international traders have choices, I recommend selecting the one, if possible, that is best suited to achieve your trading goals. While most beginner traders will find each regulatory environment equally satisfactory, the British Virgin Islands or South Africa may be the best suited for committed, active traders requiring higher maximum leverage.
AvaTrade offers traders a commission-free pricing environment, but it comes with higher spreads. The EUR/USD starts with 0.9 pips or $9 per 1.0 standard lot.
Equity traders pay a minimum spread of 0.13%, also commission-free. Some equity traders may achieve a competitive pricing environment on select assets, dependent on trading volume and duration. Index and commodity traders get the best offer, as trading costs here rank among the best industry wide.
One of the most ignored trading costs is swap rates on leveraged overnight positions. Depending on the trading strategy, it may become the most significant fee per trade. I always recommend that traders check them before evaluating the total trading costs.
MT4/MT5 traders can easily access swap rates from their platform by following these steps:
1. Right-click on the desired symbol in the Market Watch window and select Specification.
2. Scroll down until you see Swap Long and Swap Short.
Below is a list of trading cost examples for buying and selling the EUR/USD, holding the trade for one night and seven nights, in the commission-free AvaTrade account.
Traders must consider if the product and services portfolio at AvaTrade warrants higher trading costs, which remains an individual decision. I also want to point out the recurring inactivity fee of $50 after three months of dormancy, faster than most brokers but not an issue for active traders. After twelve months of inactivity, an administration fee of $100 applies.
AvaTrade has 55 currency pairs, 16 cryptocurrency pairs, 27 commodities, and 31 index CFDs. Equity traders get 614 assets and 58 ETFs, while 44 options and two bond CFDs complete the asset list. I like the asset selection as it remains a well-balanced choice of trading instruments, suitable for all traders.
The leverage at AvaTrade depends on the regulatory jurisdictions. Most retail traders get a maximum of 1:30, in line with ESMA restrictions. Traders through the British Virgin Islands, South Africa, and professional clients qualify for maximum leverage up to 1:400.
10 Brokers That Offer Commission-Free Trading
The trend of commission-free, online trading platforms makes investing more accessible to more people, especially as account minimums disappear.To get more news about Trading Account, you can visit wikifx.com official website.
It's important to understand that when an online broker offers commission-free trading, it really just means they don't charge their own fee for helping execute the trade. There might still be other fees involved. Remember, too, that exchange-traded funds and mutual funds come with expense ratios, and those fees are still charged even if there isn't a commission for buying or selling the fund.
As with any investment, it's vital to know what you're getting into, understand the terms and ensure you're prepared for potential losses. If you're looking for a commission-free online broker for your investment needs, here are 10 that don't charge trading fees:
A well-known discount broker that dropped its trading commission to zero in 2019, Charles Schwab Corp.'s free trading applies to ETFs, stocks, fractional shares and Schwab mutual funds. There is no account minimum, so opening an account and funding it is relatively easy. Schwab also offers several research tools and educational materials. On top of that, the broker has an automated investing platform, Intelligent Portfolios, for those interested in a robo-advisor product.
You probably think of Fidelity Investments Inc. mainly in terms of retirement account management. That's certainly the company's bread and butter, but Fidelity also has its own discount online trading platform that doesn't come with an account minimum. On top of that, you can trade stocks and ETFs without paying commissions. All of the firm's proprietary mutual funds also trade for free along with many non-Fidelity mutual funds. Because it's Fidelity, there's no surprise that there are many investment education and research tools that you can use to help make informed investing decisions.
J.P. Morgan Self-Directed Investing
This digital platform from JPMorgan Chase & Co. may be a good commission-free broker for beginning traders. It charges zero commissions on stocks, mutual funds, ETFs and options trades, and offers screening tools to help users define their strategies. No account minimums in both taxable and retirement accounts make it easy to get started investing for any financial goal. And if you prefer a less hands-on approach, you can always invest with the platform's robo-advisor component for a 0.35% annual advisory fee. Just be aware that there is a $500 account minimum for the service.
Interactive Brokers
Interactive Brokers Group Inc. made its name as an options-trading website, but it's possible to trade stocks, ETFs and options without paying a commission. There is no account minimum, so getting started is fairly simple. This broker offers an interesting range of tools designed to analyze your portfolio and options choices, including the ability to use "what-if" scenarios, which let you create a hypothetical portfolio based on your actual portfolio so you can see how changes may affect your results. On top of that, the index arbitrage meter is an interesting tool you can use to determine whether futures prices on indexes are fair value.
Merrill Edge
For Bank of America Corp. customers, the natural choice for a commission-free broker may be Merrill Edge. The Bank of America subsidiary allows you to link your Bank of America bank account with your Merrill Edge brokerage account so you can view and manage everything from one platform. The platform also offers trading online for stocks and ETFs to complement a fairly robust suite of research tools. With no account minimum, it's easy to get started.
How many investors remember the E-Trade Financial Corp. baby and those clever commercials? Well, E-Trade has gone from being one of the more expensive online brokers in the past to offering free trading on stocks, options and ETFs. There is no account minimum requirement, making it easy to get started. E-Trade also offers several research tools, different platforms and charting options to better analyze the data and choose investments that are most likely to help you meet your goals.
Ally Invest
Ally Financial Inc. originally started as an online bank, offering high-yield accounts. Now, it also offers investment services. Ally Invest will let you open an account with no minimums, as well as trade stocks and ETFs without worrying about trading commissions. The company has some solid investment education resources and offers access to streaming quotes, charts and calculators designed to help you make informed decisions. It also has a robo-advisor option with no management fees and a low $100 account minimum.
Known for low-cost investing, The Vanguard Group Inc.'s large fund selection makes it a great option for long-term investors. As of January 2020, the broker also offers commission-free trading online for stocks and ETFs in addition to its mutual funds. That said, the company still caters more to buy-and-hold investors by not providing a lot of tools or calculators for short-term trading. It also doesn't list leveraged ETFs on its platform, which can involve considerably more risk. The platform does provide digital advice in both purely robo form through its Digital Advisor and a hybrid form with Vanguard Personal Advisor Services.
CEO Of Cryptocurrency And Forex Trading Platform Charged
Damian Williams, the United States Attorney for the Southern District of New York, and Michael J. Driscoll, Assistant Director-in-Charge of the New York Field Office of the Federal Bureau of Investigation, announced today the unsealing of a Complaint in Manhattan federal court charging EDDY ALEXANDRE, the leader of a purported cryptocurrency and forex trading platform called EminiFX, with commodities fraud and wire fraud offenses. As alleged, ALEXANDRE solicited more than $59 million in investments from hundreds of individual investors after making false representations in connection with the EminiFX trading platform. ALEXANDRE was arrested this morning and will be presented later today before Magistrate Judge Katharine H. Parker in the U.S. District Court for the Southern District of New York.To get more news about Forex Scams, you can visit wikifx.com official website.
U.S. Attorney Damian Williams said: “Eddy Alexandre allegedly induced his clients to invest over $59 million with promises of huge passive income returns via his own proprietary trading platform called EminiFx. In reality, no such technology existed, as Alexandre is alleged to have invested very little of their money – most of which he lost – and transferred most of it to his own personal accounts to pay for luxury items for himself. As in any of the financial markets, the foreign exchanges offer high return potential, but investors should beware of the downside risks of false claims and get rich quick schemes that oftentimes are too good to be true.”
FBI Assistant Director-in-Charge Michael J. Driscoll said: “As alleged, Mr. Alexandre solicited millions of dollars from unwitting investors to whom he ‘guaranteed’ weekly returns of 5% through his trading platform using a new technology he refused to disclose. As with many greedy actors who have preceded him, he then used significant portions of the investor funds he solicited to buy expensive luxuries for himself. Today's action again demonstrates the FBI's commitment to pursuing fraudsters like Mr. Alexandre and guaranteeing they face the consequences of their actions in the federal criminal justice system.”
From in or about September 2021, up to and including in or about May 2022, ALEXANDRE, operated EminiFX, Inc. (“EminiFX”), a purported investment platform that ALEXANDRE founded, and for which he solicited more than $59 million in investments from hundreds of individual investors. ALEXANDRE marketed EminiFX as an investment platform through which investors would earn passive income through automated investments in cryptocurrency and foreign exchange (“FOREX”) trading. ALEXANDRE offered his investors “guaranteed” high investment returns using new technology that he claimed was secret. Specifically, ALEXANDRE falsely represented to investors that they would double their money within five months of investing by earning a 5% weekly return on their investment using a “Robo-Advisor Assisted account” to conduct trading. ALEXANDRE referred to this technology as his “trade secret” and refused to tell investors what the technology was. Each week EminiFX’s website falsely represented to investors that they had earned at least 5% on their investment, which they could withdraw or re-invest.
In truth and in fact, and as ALEXANDRE well knew, EminiFX did not earn 5% weekly returns for its investors. ALEXANDRE did not even invest the vast majority of investor funds entrusted to him, and ALEXANDRE sustained over $6 million in losses on the limited portion of funds that he did invest, which he did not disclose to his investors. Instead of using investors’ funds as he had promised, ALEXANDRE misdirected at least approximately $14,700,000 to his personal bank account and failed to invest the vast majority of the investors’ funds. For example, ALEXANDRE used $155,000 in investor funds to purchase a BMW car for himself and spent an additional $13,000 of investor funds on car payments, including to Mercedes Benz.
Why use a demo account?
Ever wanted to practice crypto trading without putting your capital at risk? With an eToro demo account, you can test your trading skills with $100,000 of virtual money. By experimenting with the platform’s wide array of features, you can learn to trade risk-free.To get more news about eToro Demo Account, you can visit wikifx.com official website.
Why use a demo account?
Using an eToro demo account is a good way to learn to trade through experimentation. The same features exist for the real and demo accounts, giving new users the chance to try out the eToro platform. After testing your favorite strategies risk-free, you can take what you’ve learned into the true crypto market and use your newfound skills to attempt earning real money.
Open an eToro demo account in 3 steps
Follow these steps to open a crypto demo account:
Create an account. Enter a username and an email address when prompted, then create a password and accept the terms of service and privacy policy. By creating an eToro account, you’ll have access to both a real and a virtual account.
Log in. After verifying your email address, log in with your password to access your new account. Once you’re in, you need to verify your account to start investing real money on the platform. This isn’t necessary for the demo account, however.
Make the switch. When you first sign in to eToro, it brings you to the real crypto trading platform. To practice crypto trading, switch to your demo account by selecting Switch to Virtual. You’ll see the words “virtual portfolio” on the page to verify that you are using the demo and not the real trading platform.
Deep dive into eToro’s crypto demo account features
The eToro crypto demo account you’ve created has the same great features as a real account on the platform. Understanding how to use them is key to testing a successful strategy. Learning how to use the tools available in your demo account can help you handle real investments when you’re ready.
Analysis tools
A number of analysis tools exist to help traders get the most out of their account. Starting with a customizable watchlist, users can set price alerts for the coins they’re most interested in. An Analyst Consensus is also available for each coin in your watchlist. This tool shows the percentage of traders who believe it’s a good time to buy, sell or hold the asset in question.
After buying some crypto, check out your portfolio. You can buy and sell directly from your virtual portfolio and view advanced charts for each of your tokens.
Social Trading
With a stunning collection to choose from, it can be difficult picking the right mix of assets for your portfolio. Luckily, with eToro’s Social trading feature, the hard work has been done for you. With social trading, you can follow popular investors, copy trades automatically and learn from the most successful traders on the platform.
Finding top-performing traders is pretty straightforward. They’re listed in the CopyTrader section of the platform. View current stats and copy the trades of investors you’re interested in with the click of a button.
When you’re ready, you can even gain your own copiers by sharing your trade activity with the network. Make sure you verify your account and complete your profile. Popular traders can even receive rewards from eToro for gaining a sizable following.
How to pick a crypto portfolio
It can take time to perfect your crypto portfolio, and making mistakes is a part of the process. If you’re not sure where to start, several cryptocurrency guides exist to help you make informed decisions.
You can also head over to the eToro Academy to learn new strategies for crypto trading. With a series of articles and videos, the eToro Academy teaches trading techniques for beginners and advanced investors alike. Through the educational platform, you can learn how to place different types of orders, how to use stop limits and stop losses and how to dial in your profits like a pro.
By stress-testing your strategies with a virtual account, you’ll gain a feel for the cryptocurrencies you’re most comfortable trading. It’s a way to iron out the kinks in your portfolio before taking what you’ve learned into the real world.
Turning your demo account into real results
With enough practice crypto trading on your demo account, you may be ready to take your trades to the next level by switching back to your real account and adding some fiat to the platform.
By opening a demo account and learning how to use the available features, you can practice crypto trading without the risk of real monetary loss. Use what you’ve learned to create a portfolio of coins that are right for you before committing your hard-earned fiat to the platform. However you choose to invest, using eToro’s crypto demo account can help you trade confidently when it comes time to apply your strategy in the real market.