Everything you need to know about forex trading , the forex market and the best trading platforms , where many are wondering about the best trading companies, through this article we will answer all your questions follow the rest of the article with us .
Forex trading
Forex trading isthe process of buying and selling currencies. It is considered the largest financial market in the world with a daily trading volume of up to 5 trillion US dollars and is shared by many people and currencies. Because you are buying one currency using another, you are trading "currency pairs".
Forex market
It is the conversion of one currency into another. It is considered one of the most actively traded markets in the world, with an average daily trading volume of 5 trillion dollars.
Trading
Required skills before learning trading
After familiarizing yourself with the concept of trading and what it is, you should know that trading is not limited only to daily transactions and exchanges, trading is not limited only to commercial transactions, with the presence of different financial markets, trading turns into a profession and its concepts are multiple between speculation and investment.in order for an individual to have the characteristics of a trader and become successful in it, he must have a number of basic features that distinguish a successful trader from others.
It should be borne in mind that success in trading is not by chance, but behind it is a lot of effort in education, trial and error and continuous development, perhaps for many days،
The following are the most important features of the trader
1. The ability to constantly learn, experiment
You must have motivation to turn learning trading and its basics into something fun. trading, like any other profession or craft, you must learn and not just peel things, but understand and fully familiar with the details, the markets are dynamic by nature, constantly changing, and influenced by many external factors and news, every day there is new, and your learning process must be fun in order to make full use of what you have learned.
Most traders succeed when they learn from their previous mistakes and do not repeat them, as the only way things will come to an end is to learn from previous mistakes and avoid them.
And always remember that you will not beat the market, and you cannot take revenge on him or his stubbornness, there are some traders who have achieved strong successes that gave them overconfidence to the point of vanity, which led them to higher risk, which eventually led to a higher loss, also when exposed to loss in the market, do not try to take revenge or stubborn market movements, give yourself the opportunity to understand the cause of the loss, to be able to avoid it in the next trade, and thus achieve success.
2. Managing risk before taking profits:
Risk is a major part of the trading process, accepting risk, understanding its causes and focusing on managing it is one of the most important success factors in managing your trades or trades, but most novice and inexperienced traders focus only on profits based on the idea that trading is only a way to make quick profits without risk management and this exposes them greatly to losses, forgetting the monthly rule that "as much risk comes profit", which never means that you increase your risk in greed for more profits over it, trading will turn into a gamble, but start focusing on protecting what you have and at the same time, give yourself a chance to make a profit.
3. Discipline and patience
Patience and dreaming are qualities that a successful trader always has, and this is what makes him make correct investment decisions that are not reckless.
There is no successful strategy or approach that works all the time and brings profits, the main thing for success in trading is discipline, regardless of how it is invested, discipline in preparing a trading plan and executing it as required and according to what achieves your goals from the trading process that leads to profit.
4. Objectivity in dealing with the market
One of the qualities that a successful trader has is to look realistically and objectively at the market, and on the basis of this he can make correct forecasts that are closer to reality, in addition to familiarizing himself with all the information you need to form a clearer picture of what you are thinking about trading, and the trader must be organized and decisive in decisions, which helps to arrange your investments and know the success rate of each trade, also can trace the failure and success ratios to the total capital.
The best trading platforms
1-eToro eToro platform
Key features: social trading
First of all, we know eToro: it is a global trading platform, with 0% commissions for stock trading, and allows a wide range of assets for trading, and a social networking platform that has turned trading into a field for communication between traders and benefiting from experiences. EToro (eToro) also allows trading digital currencies, stocks, currencies, commodities and many other assets. The trading platform also provides educational resources such as: news, analytics, and an educational academy. EToro platforms are characterized by Ease of Use, understanding of the trader's need. The trading platform is distinguished from others due to its availability of the possibility of copying trades, which allows the trader to get acquainted with the general wisdom of traders.
2-Finecobank Finecobank Finco bank platform
Highlights: powerdesk trading platform (PowerDesk)
Vinco bank is an Italian bank that started offering a trading service in 2017 in the UK. Finecobank offers thousands of financial instruments including: CFDs, forex, options, commodities and futures contracts via a trading platform based on more than one currency called PowerDesk. The PowerDesk platform has its own stock scanner, other useful trading tools, and won the title of “best trading platform” in 2021 during the London Trader Show. Finco is also a low-cost trading bank as it does not charge any fees on accounts, and all commissions are fixed and range from a few pounds sterling to limited percentages, all of which are fixed.
3-Interactive Investor Interactive Investor platform
Highlights: extended box options
Interactive investor is a fixed-fee trading platform, known for its low fees on stock trades. Currently, the subscription-based trading platform is the largest fixed-fee investment platform in the UK, managing hundreds of billions of pounds sterling. Interactive investor was founded in the mid-nineties of the last century, through which 400 thousand clients trade. The trading platform is characterized by investment fund options, protected by customer data and security. The company protects clients ' funds with the Financial Services Compensation Scheme, and the program protects assets of up to GBP 85 thousand per trader.
The best trading platform
Powerdesk trading platform (PowerDesk)
Highlights: the PowerDesk platform has its own stock scanner, and other useful trading tools, and won the title of “best trading platform” in 2021 during the London Trader Show.
What should you do first if you decide to start trading?
Demo account for trading
Develop your trading skills on thousands of markets, and become an expert on one of the award-winning platforms for free.
Practice trading with virtual balances of$10,000
Get exclusive educational content at IG Academy
Test trading strategies through free mobile apps
What is meant by a demo trading account?
A demo account is a simulation of the market environment provided by a trading provider with the aim of reproducing the "real" trading experience as closely as possible. The thing that makes you feel how various financial products and markets work. The main difference is that you will not be at risk of losing any money, so you can explore and experiment with confidence.
Why use a trading simulator?
You can use a trading simulator, such as a demo account, in order to give you the opportunity to get acquainted with the platform, build your strategies and earn trust even more, without having to risk any real money.
The trading simulator is not only for new traders. As a professional trader, you can use demo accounts to safely try out new strategies, tools or ideas, so that you know that your experiments will not lead to any real losses.
You will often see demo accounts called "Securities Trading", which is the term that describes simulated Securities Trading. For example, using a demo trading account with IG, you will have access to more than 17,000 markets, including:
Indicators
Forex
Shares
Commodities
Virtual currencies
In addition to a range of other markets which include bonds, interest rates and options.
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