Why trade forex? Forex Blog, one of the fastest growing financial news sites on the internet, describes itself as “a service designed to help the day traders who have accumulated substantial knowledge of the forex market and its nuances.” What it is meant by that is that a trader can post his/her ideas and opinions on forex trading and thus become an expert at the market.
How does it work? As soon as an entry is received from a trader that reaches the blog site, an entry will be posted in the blog with a link to the trade closed by that trader. The blog site is run by its own broker, which acts as a middleman between traders and brokers.
There are 2 types of account that you can open with Forex Blog, accounts that require a deposit and accounts that don’t. Both require that you open a trading account. With a deposit, all traders that sign up will be given a certain amount of leverage. This leverage gives traders greater opportunities to gain profits. However, the biggest difference between these accounts is that the no deposit free traders get to use their leverage to the deposit traders have to use their leverage to get trading positions.
To start trading, a beginner needs only to click on the “start trading” icon found on the home page of the platform. He/she will then be guided through a step by step process on how to create an account, customize settings, place a trade and exit at the end of the session. Apart from guiding the user through the process, the platform also has some tools that will help beginners to pick the forex platform that suits them best. It has a free practice account, which would allow the user to try out the tools provided and track his/her progress. If after using the practice account and still in doubt about the platform, he/she can register for a free trial account.
The platform also provides a free practice trading system which has been designed for new users so that he/she can learn how to set up a trading system without the brokerage fees. The software provided also helps in tracking the gains and losses, identifying support and resistance levels and in analyzing trend patterns. All these tools to help in analyzing the trends, making decisions on where to enter and exit the market and also learning when to cut losses.
Apart from this, the platform also provides advice on currency pairs that are related to the currencies being traded. These currencies include EUR/USD, USD/JPY, GBP/USD, USD/CHF and USD/JPY among others. Some of these platforms provide trading signals that alert you of any changes in these currencies and thus enabling you to make trades accordingly.
It is best if a trader maintains his own blog so that he can update his subscribers on any new developments in his trade. Forex trading platforms also provide you with a host of data feeds to keep you informed on global news and economic happenings. This information helps the trader to make decisions on where he should put his money and which currencies to buy and sell. In essence, having a successful forex trading platform is based on information available on a regular basis and constant monitoring.
Forex blogs give the day trader’s a daily dose of news and events that help them stay on top of the latest trends. By having a regular updates on economic happenings, traders ensure that they do not miss out on opportunities that may present themselves. This allows them to take decisions on when they will place their trades and hence ensures that they maximize profits while minimizing losses.