Forex Trading has the advantage of being more liquid than any other market, including the Futures Market. With the average daily volume in the Forex Market reaching close to 5 Trillion and the daily volume in the Futures Market reaching 50 Billion, there is no comparison. The liquidity in Foreign Currency Trading (Forex) surpasses that in the Futures Market. This goes to show that Forex is highly lucrative than any other market in the world including the Futures Market.
24 Hour Trading:
Another advantage the Forex Currency Trading System (Forex) has compared to Futures is the fact that you can trade 24 hours a day and five days a week if you want. The Forex Market is opens longer than any other market in the world. If a person is serious about making money in the Forex market event happening around the world can be a good advantage for any Forex trader. You won’t have to wait for a market to open in the morning. You can trade from your computer instantaneously.
Here are the major currencies that you can choose from to trade:
• US Dollar (USD)
• Japanese Yen (JPY)
• British Pound (GBP)
• Swiss Franc (CHF)
• European Union Euro (EUR)
• Australian Dollar (AUD)
• New Zealand Dollar (NZD)
• Canadian Dollar (CAD)
Here are the major Forex winning tips:
1)Ensure that trades are taken after observing resistance or support level
i) If you have missed the point or were not there ,move to another currency pair.
ii) Do not place a trade because are in the trading room.
iii) Ensure that every condition/parameters are right for you take a trade.
iv) Do not yield to external interference/influence.
v) Do not yield/trade under pressure.
vi) Remember that “tomorrow is another day”.
2) Always maintain a business mindset and not a gambling mindset
i) Gambling mindset would make you to negate the rules.
ii) Forex is investment and investment all over the world is guided by rules
iii) After a string of losses,please give yourself a break.
(a) it doesn’t mean that your trading system or indicators are wrong
(b) it doesn’t mean that your decision to buy or sell was wrong
(c) the market might be in one of its random movements either due to news or erratic movement
iv) The same trading system or indicator could cumulatively be profitable over a period of time,either monthly or bi-monthly.
3) Do not rue over past losses or trades that you didn’t take
i) Profitable opportunities are always there.
ii) Remember that forex will always outlive you.
iii) Inexperienced traders are fond of speaking in the past,instead of focusing on the present.
iv) Remember to always recollect the rules, observe it and apply it accordingly.
NB: Always note that InstaForex offers traders the best trading platform in the market right now.
By Paul Odibeli