Forex Trading
PTK can offer you advice on Forex Trading, our team has been making money in this industry for years. There are two ways to go about this kind of trading:
Informational
Visual
When trading using information, you need to keep up to date with the latest financial news. Look for various indicators as to how the market is going to go on any given day. These can include:
Interest Rates
Gold Prices
Country Indices Performance
When trading using visual signs, you need to have your charts up and use various indicators such as:
Trend Lines
Pivot Points
Moving Averages
Trading Platform Of Choice
Unfortunately, retail Forex traders cannot have a direct access to the interbank currency market. That's why Forex brokers are definitely required. If you want to start trading Forex, you'll have to open a trading account with one of such brokerage companies. Fortunately, there are plenty of them online and it takes only few minutes to open a fully operable FX account. Most will come with their own platform for you to use, so just as important as choosing a broker for their margins is choosing a broker for their platform.
My team and I have been rigorously testing the forex platforms available and the one we found the most usable with the compromise of having a low spread was FXCM. IG Index was had an incredible User Interface but the spread for a deposit account with guaranteed Stops was too large to consider, especially trading Crude Oil Futures.
As you can see, clear menu bar on top and Buy/Sell Buttons that won't get pressed accidentally (believe me it has happened!)
Keeping Up To Date With The Latest Forex News
Decisions in foreign currency exchange need to be made long in advance of when the action needs to be taken. It is important you have the knowledge required to make the decision long before you have to take action. That is why your source of forex news is the biggest tool in your armoury. Many news sites you have to be wary of because of their information overload. Pick quality over quantity every time. You need to know key factors to make your decision, not everything that is going to happen that day. Whilst you needn't know the full picture of the days happenings, it is crucial to be up-to-date with the key latest market events. Forex news will help you to be informed about the important developments related to world currencies. The foreign exchange market can react to many news items, but only the important ones count and deserve your attention. Knowing the difference comes from time and experience so you are going to be very busy in the first few months of trading filtering out the wheat from the chaff. 6 months in, however, and you are going to be the expert.
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What they say
"Great Review of the Platforms."
by: James., FX Trader
"Impartial advice is hard to come by so PTK was warmly welcomed!"
by: Sal V., corp fin
