forex news sites

Top Forex News Sites to Increase your profits

A fundamental analysis trade can benefit from trading based on information you find on a reputable news site. Which forex news sites can you trust? 

Although there are many options, some are faster and more accurate than others.

Furthermore, some may release more news than others. News sites on forex may publish as few as one or two stories per day, while some release many more.

The best Forex news sites to follow every day:

1. FXStreet

Without a doubt, FXStreet is one of the most important websites for forex traders. With over a dozen articles published daily, often within minutes of one another, FXStreet keeps the page updated whenever there is something new, so you won’t need to refresh it frequently.

In addition to major and minor currency pairs, FXStreet focuses on a wide range of topics that can affect an economy.

They also have content written by banks and brokers, widening the scope of content available on FXStreet. Readers can filter articles and analyses by currency pair on FXStreet, as on many other forex news websites on this list. A reader can even pick key ongoing events, such as Brexit and the Sino-US trade war, from FXStreet. FXStreet also has an invaluable section on cryptocurrency.

2. Forex Factory

As one of the best sites to get top-rated forex trading news, Forex Factory holds the second-best spot in our list. While most of the news sites on this list publish their own articles, Forex Factory aggregates news from multiple sources. Since you can pick from many news sources, you don’t have to rely solely on one to keep up with what’s going on with the forex market.

The news stories are also rated according to how much impact they are expected to have. There are three levels: high (red), medium (orange) and low (yellow). There are a number of forex-related posts on the Forex Factory’s forum, and it’s an excellent source of information. On the Forex Factory website, you can also see how well people are doing against the market by looking at the trades they are making.

3. DailyFX

The DailyFX forex news site is one of the best and most popular forex news sources. A team of excellent market analysts reports regularly on forex trading news for this website. DailyFX writes short, sweet articles backed up with technical analysis, just like many of the other forex news sites on this list. With a whole page dedicated to technical analysis, DailyFX is also great for trading strategies.

A useful feature of DailyFX is that it shows you how bullish or bearish traders are at the moment. To put it another way, this is where you can find out what percentage of traders are buying or selling different currency pairs. There are also articles on cryptocurrencies, commodities, and indices available for traders to read.

4. Investing.com

There are a wide range of markets covered by investing.com, including stocks, commodities, and cryptocurrencies. They also divide their articles into sections like economics and politics. 

A key feature of Investing.com is its live charts which highlight specific events that likely impacted movements as well as key candlestick patterns that you should be aware of. A variety of technical tools and summaries are available at Investing.com that can help traders make informed decisions. 

Most of their focus is on moving averages and pivot points, but they do have a page that summarizes major pairs based on different indicators. There is also a section dedicated to personal finance titled ‘money’.

5. Forexlive

There are hundreds of articles published every day on Forexlive, one of the largest forex news websites today. Their news stories are often short, sometimes around 100 words, but they cover a wide range of topics. As a result, you can do your own analysis based on what you see in the news. It’s just a matter of showing you which direction to look.

The site also has a technical analysis section that’s useful for technical traders. As with the previous posts, the technical posts are quite short, but they contain a lot of information and charts, and they post several times daily. There is also a cryptocurrency section on Forexlive that can be of use to cryptocurrency traders.

6. BabyPips

Among all forex educators, BabyPips is certainly the best known. Their material is known to be entertaining, educational, and sometimes even humorous. Aside from being a popular place to look up forex-related terms, they also publish articles on the subject.

There is a strong focus on the US dollar in much of their production. On Mondays, they publish weekly forecasts, while on Fridays, they publish a weekly review of various currencies. For technical insights, readers are advised to check other sites other than this one since most of the articles focus on fundamental analysis.

BabyPips forum is another resource traders should not overlook. 

It can also be useful if you just want forex news and don’t care about other types of trading, such as cryptocurrency and stocks.

7. Fx Empire

One of the most popular forex news sites today is Fx Empire. There is usually an article published every day in their news section. The section on forecasts, however, is the most useful for traders. It is common for the forecast section to publish several articles in a few hours. Topics can also be filtered so you only see what you’re interested in.

Along with insightful articles on forex trading, Fx Empire publishes articles on commodities, indices, equities, and stock exchanges.

8. ForexNews

Traders interested in both forex and cryptocurrency would benefit from ForexNews, which provides an overview of the market’s performance. Their broker reviews are also very helpful for beginners and those who are looking for new brokers.

In recent years, ForexNews has become more cryptocurrency-focused, especially in their education section. For stock traders, ForexNews’ finance section is also useful because it covers business news. They don’t publish forex news articles as frequently as other sites, but they’re still worth reading. There is a possibility that they will focus largely on cryptocurrency over the next few years and completely leave forex behind.

9. Action Forex

If you are looking for the latest news on major and minor forex pairs, Action Forex is a great forex news site to follow. The weekly outlook report should be part of traders’ Monday reading schedule. It is a great place for those seeking both a technical and fundamental look at how the markets are moving, since the weekly outlook largely focuses on technical analysis.

Many of Action Forex’s articles are not written by the company itself. They publish many articles written by banks and brokers. Besides offering informative articles on trading psychology and strategies, Action Forex’s in-depth reports provide readers with insight into the fundamentals of forex trading.

10. EARNFOREX

The EARNFOREX website releases up to seven articles a day, usually about specific currencies. The site allows you to filter news by currency and browse old stories in its archives.

They provide plenty of information, including links, quotes, and statistics in short, to-the-point articles. Their publications cover a wider range of topics than just major and minor pairs. Generally, they will publish articles throughout the day, usually focusing on potential market changes in the morning and reflecting on the day’s events in the evening.

The fact that EARNFOREX links their news articles about certain currencies to previous news is a very useful feature. It allows you to gauge how well a currency is doing and prepare for potential changes the next day. In addition, they offer forex tools, ebooks, and a forex forum that are useful.

Learning everything you can about the current Forex market with the help of many of these forex news sites is a key factor in success when trading. Another important factor is the right copy trading system such as Telegram.forex, which can make sure that you never miss out on the right moment to buy or sell. Maximize your profits with all the right tools. 

automated forex trading

Best Practice for an automated forex trading platform

Automated forex trading systems, sometimes called mechanical trading systems, allow traders to specify trade entry and exit rules. You can then use a computer to automatically execute these rules once they have been programmed.

The US stock exchange relies heavily on automatic trading systems for more than 70% of its trading. Traders also refer to this strategy as algorithmic trading. An automated trading system helps the computer execute and monitor trades based on exact entries, exits, and other management rules. 

What Are the Benefits of Automated Forex Trading Strategies?

Ultimately, this question is self-explanatory.  You will save countless sleepless nights and hours of effort with this “automated” strategy. Additionally, the system executes transactions on your behalf for multiple currency pairs. While you can do all of this manually, this system is more efficient and reduces the emotion involved in the trading process.

It is possible to monitor markets at any time or on any day using trading robots. They can also find you new opportunities while simultaneously executing your transactions. 

A Step-by-Step Guide to Building an Automated Forex Trading System

The advantages of these systems make them a very attractive option for automating your own forex trading strategy.

The following tips will help you automate your forex trading system.

Designing a detailed trading plan

Forex traders know the importance of having a detailed trading plan. As a result, your automated system will be able to determine your targets and define how to achieve them. Plan your strategy based on the markets and risk/reward ratios you intend to trade on, the time it will take to operate, and the strategy you intend to use.

System design

Once you know what your system will do, you must decide how to implement it. As part of this step, you will decide how your system will recognize an opportunity and what action will be taken afterward. You can, for example, instruct your system to place a transaction or notify you of one. 

If you wish to simplify the design, consider your usual tools for identifying trends, including moving averages and returns on investment, as well as the usual way you make purchases.     Furthermore, your automated forex trading system must be based on your knowledge of trading, financial markets, and technical analysis. Therefore, you will need to understand a great deal about this field of trading.

Risk management tools: choosing the right ones

It is without a doubt one of the most important parts of the whole process. Stop-losses can be classified as basic, guaranteed, or trailing, depending on the platform.

A basic stop closes your position as close as possible to the specified price level. As a result, sometimes this position may be worse than the charged price. However, this only happens if the market is rapidly changing or if there are any gaps. 

With a guaranteed stop, your position will always be closed at the specified level. It will, however, cost you a small premium whenever the stop is hit.

Last but not least, trailing stops are used to follow positive price movements. The benefit of this is that profits are guaranteed. As a result, the stop level isn’t guaranteed, so if the market changes quickly, it can slip.

This can also be accomplished with a limit. Limits close your transaction automatically if the price moves to a desirable level. Unlike a stop, a limit closes at your specified price or better when triggered.

Make it a code

The next step is to turn your design into code. The first step is choosing a platform and determining the coding language it uses. You should choose a design that complements the platform you plan to use. It is also important to know what can be coded and what cannot. It would therefore be necessary for you to have a decent understanding of programming and your platform. If you are not comfortable with coding, it is probably best to choose a signal trading platform like Telegram for your Forex trading platform needs. 

Automated Forex Trading System Summary

If you follow the above steps, you will be able to ensure the efficiency and effectiveness of your automated forex trading system. It is important to remember, however, that the word “automation” does not mean that your forex trading is completely hands off and not observed. It is recommended that you keep monitoring your system even after it is implemented. Many problems arise without anyone being aware of them, as market conditions continually change. There are some limitations even with the best-automated trading systems in these situations.

Looking for a new option to monitor and grow your forex portfolio. Check out all of the features available on Telegram.forex.

forex market hours

Forex Trading times: When is the Best Time to Trade?

Knowing the best Forex trading times is essential when trading the global forex markets because volatility leads to opportunity.

This blog post outlines the different forex trading hours for trading the global forex markets. Markets in London, New York, and Tokyo participate in the trading sessions. We will also discuss the best forex trading sessions in this blog. There are forex market hours for Asian, European, and North American time zones.

Which time zone is best for you as a forex trader? You have many options when it comes to choosing what time zone you want to trade in.

Which are the main forex trading times?

Traders can trade at four major times during the day. Trading hours will be based on the time zones of London, New York, or Tokyo.

Traders have different preferences due to the needs and goals they have as individual investors; however, there are three sessions we can all agree to.

In the forex market, the three most popular sessions are the London, New York, and Tokyo sessions. Volatility is at its highest during these trading periods.

New York session time is claimed by traders in the US, but the GMT time zone is found throughout the internet. As a major financial hub, London plays a key role in Forex Trading. The European session begins at 8:00 GMT and ends at 17:00 GMT each day, which coincides with business hours on both coasts.

Forex trading in New York takes place between 13:00 GMT and 22:00 GMT. In the US, traders can trade currencies and commodities such as gold, silver, and oil during this time. The changes in daylight savings time in each region should be noted by every trader. It is important for you to keep up with the change of daylight savings time in your local time zone.

What time does the forex market open?

European and North American traders can exchange currencies 24 hours a day, starting Sunday night and trading until Friday evening.

When is the best time to trade forex?

When two exchanges are open at the same time, forex trading is most profitable. You’ll see the most volume, activity, and opportunities during the European and New York sessions, for instance.

There are eight hours of trading between the two sessions on the euro forex market, which means traders can take advantage of a good amount of volume.

Traders in the Southern Hemisphere can start their European counterparts’ days early by trading in Tokyo from 22:00 GMT to 05:00 GMT. The European and New York sessions will begin with a surge in volume and volatility once they have their positions set.

A good time to trade forex is when two major markets overlap, with the bias towards London and New York.

Here are a few highlights from the key trading sessions:

Trading session in Tokyo

We in the Western Hemisphere return to the Forex market after the weekend on Sunday evening with the Asian trading session. Tokyo capital markets are largely responsible for generating activity from this part of the world, which is why the session is named after them.

There are however many other locations with considerable pull that are present during this period, including Australia, China, and Singapore.

In spite of the large number of transactions, liquidity can be low during the session, especially when compared to London and New York.

Trading Session in London

A few hours before the Asian Forex trading session closes, the European session takes over and keeps the currency market active. A large number of key financial markets are located in this time zone. In spite of this, London’s name is used to identify the European session’s boundaries.

London is the center of Forex trading not only in Europe, but throughout the world, owing to its favorable time zone. A large portion of daily Forex transactions take place during the London session, which overlaps with Tokyo and New York.

A high level of liquidity throughout the session results in potentially lower spreads due to this increased Forex activity. Additionally, the London session is usually the most volatile Forex market hour as a result of the increased activity. Mid-session volatility usually dips before picking up again once New York opens.

Trading Session in New York 

In the North American session, Asian markets have already been closed for several hours, but European Forex traders are only halfway through the day. Most trading is the result of US financial market influences, but some factors from Canada, Mexico and South America also contribute.

Morning hours are marked by high liquidity and volatility, both of which tend to subside once the Europeans stop trading.

Trading on the Forex market can be risky but lucrative. Knowing the best times of day to trade can lessen your risk and increase your reward. For additional help with trading on the forex market, consider activating an account on Telegram.forex, where you can find the best in forex signaling available.

forex trading tips

20 forex trading tips for a beginner

Since the beginning of Forex trading, many inexperienced traders have lost a large amount of money. There is no need for you to be one of the losers. To avoid disasters on the forex market and maximize your potential, here are 20 forex trading tips.

1. Be self-aware. Decide what level of risk you are comfortable with as well as your needs. 

Trading profits depend on knowing the markets. Knowing and recognising yourself is the first step in recognizing the markets. Getting to know oneself first requires a thorough understanding of one’s risk tolerance and capital allocation to forex and trading. Trading forex requires careful study and analysis of your own financial goals.

2. Decide what you want to accomplish. Plan ahead.

Trading career goals must be systematically defined along with a working plan and a timeframe. How would you define failure and success? Obviously, trial and error will be an essential element of learning, but what is the timeframe for that? When it comes to trading, how much time do you have available? Is your goal to become financially independent or are you merely looking to generate extra income? In order to successfully trade, you must be able to answer these and similar questions. If the risks/return analysis shows that the endeavor cannot be profitable, having clear goals makes it easier to abandon it.

3. Be careful when choosing a broker.

In spite of the fact that beginners often overlook this point, the choice of broker cannot be overemphasized. All the gains that can be made through hard work and study are invalidated when a fake or unreliable broker is used. Furthermore, you should ensure that your trading goals and expertise level match those of the broker. Is the forex broker trying to reach a particular type of client? Are you satisfied with the trading software? Does customer service work efficiently? It is essential to examine all these factors before even attempting to understand the complexities of trading. 

4. Based on your needs and expectations, choose your account type and leverage ratio.

Furthermore, we should choose an account package that is suitable to our expectations and knowledge level in continuation of the above item. It can be confusing at first to choose between the different types of accounts offered by brokers, but generally, lower leverage is better. The standard account is suitable if you are familiar with the concepts of leverage and trading in general. Beginners must use a mini account for study and practice if they’re not yet experienced. When it comes to making career choices, you should be cautious, especially at the beginning of your career, as the lower your risk, the better your chances.

5. Don’t increase your account size by depositing more money, but by growing your account organically.

When beginning, the absolute best forex trading tip is to start with small amounts, and low leverage, and increase your account as profits accrue. A larger account does not guarantee greater profits. Your trading choices may allow you to increase the size of your account. If not, it wouldn’t make sense to keep adding funds into an account that is constantly losing money.

6. Focus on one currency pair at a time, then expand as you gain more experience.

There is a lot of complexity and depth in currency trading, since the markets are chaotic and the participants have diverse characters and purposes. Trading with a currency pair that we understand and are familiar with is the best way to master all the different types of financial activity that occurs in the world. Trading your nation’s currency can be a great way to get started. Beginners and advanced traders can also benefit from sticking to the most liquid, and widely traded pairs. A trader should also always follow major currency pairs’ news and rates.

7. Take action based on what you understand.

Many traders have failed because they didn’t abide by this simple principle. Do not trade if you’re not confident about your knowledge and your ability to defend your opinion if criticized by someone you respect and trust. Rumors and hearsay should not be relied upon when trading. Make sure you understand both the positive and negative effects of opening a position before taking action.

8. In a losing position, do not add.

It is common sense, but ignorance of this principle, or carelessness in its application, has led to many trading disasters throughout history. It is impossible to predict the direction a currency pair will take over the coming hours, days, or even weeks. Many educated guesses have been made, but it is impossible to predict where the price will be in a few weeks. As a result, the only certainty about trading is the present moment. The future cannot be predicted. A losing position can’t be added to, unless you’re a gambler. As long as it is managed according to the original plan, a position in the red can survive on its own. However, adding to it is inadvisable.

9. Keep your emotions in check.

There should be no room in traders’ calculations for greed, excitement, euphoria, panic, or fear. In spite of this, traders are human, so at the same time we must find a way to manage and minimize the effect of these emotions. As a result, traders are always advised to start small. Our trading choices will be less influenced by emotions if we reduce our risk, allowing us to achieve our long-term goals. A successful forex trading career requires a logical approach and less emotional intensity.

10. Observe. Make sure you study your successes as well as your failures.

Developing trading strategies or analyzing price trends does not constitute an analytical approach to trading. Beginning from the first dollar invested in an open position, to the first mistakes in calculations and methods of trading, it begins at the very beginning. In order to learn what works and what doesn’t, a successful trader keeps a diary, a journal of his trading activity. A good mentor will teach you this important forex trading tip.

11. Make your trading as automated as possible.

Earlier, we discussed how emotional control is crucial for a successful and lucrative career. Automating trading choices and trader behavior would be a good way to minimize the role of emotions.  With a forex signal trading site like Telegram.forex, this is not about using forex robots, or buying expensive technical strategies. All that you need to do is to make sure that your responses to similar situations and trading scenarios are themselves similar in nature. In other words, don’t improvise. Let your reactions to market events follow a studied and tested pattern.

12. Be wary of forex robots and miracle forex trading tips.

It is surprising to see that these untested, unproven products are so popular today, generating high profits for their sellers, but little for their eager and hopeful buyers. It is actually quite easy to defend yourself against such magical items. With the benefit of their inventions, let the geniuses behind these tools become millionaires. If they aren’t successful in doing as much, you shouldn’t be either.

13. Simple is best. Analyses and trade plans should be easily understandable.

The art of forex trading is not rocket science. Currency trading does not require you to be a mathematical genius or a professor of economics. Clear vision, well-defined goals, and carefully observed practices are the best paths to a respectable career in forex. The key to achieving this is to resist the temptation to overexplain, overanalyse, and most importantly, rationalize your failures. It does not matter what caused a failure; a failure is still a failure.

14. If you don’t have the patience and financial resilience to stick with a long-term plan, and pay attention to the forex trading tips.

Trading against trends or picking tops and bottoms by wagering against market momentum is never recommended for beginners. Relax your mind by joining the trends. If you refuse to follow the trends, constant stress and fear will destroy your career.

15. Be aware that forex is a game of probabilities.

Probability and risk analysis are key components of forex trading. Profits cannot be generated consistently by any one method or style. In order to succeed, we must make sure that our losses are harmless and our profits multiplied. Risk management and probability understanding are essential to achieving such a positioning.

16. Embrace humility and patience. It is not a good idea to fight the markets.

If you can’t eliminate your failures completely, try to accommodate them. Do not allow yourself to think that you have somehow acquired the alchemist’s stone of trading. Eventually, such a mindset will ruin your career.

17. Be yourself, share your experiences.

You should be the one who makes the decision regarding the markets, even though it is a good idea to discuss your opinions with others. Make your own choices based on your own research and consideration of others’ opinions. After all, it’s your money.

18. Learn about money management.

As soon as profits are made, it is time to protect them. A money manager’s goal is to minimize losses and maximize profits. 

19. Market fundamentals, technical factors, and technical indicators are important to study.

Traders with experience will not be surprised that we’ve placed this item so low on this list. Accounts that have been wiped out are rarely the result of faulty analysis. A career that fails to start will not be destroyed by incorrectly applying or understanding fundamental or technical studies. For beginners, money management and emotional control are far more important than analysis, but once those issues are overcome, and steady gains are realized, a successful analysis of markets will provide a tremendous advantage.

20. Keep going with forex trading tips.

Persistence and a determination to succeed are great advantages, provided you risk only what you can afford to lose. Unless you are born a trading genius, there’s little chance that you’ll become one overnight, so don’t give up before your skills and talents mature. You will not experience any pain during the learning process so long as your plans for the future and your daily life are not derailed by the amount you risk.

If you need further forex trading tips as you begin the process of trading Forex, look no further than many of the other blog posts on Telegram.forex. Be sure to sign up for an account so that you can begin growing your portfolio through engagement in the foreign exchange markets

forex trading signals

Advantages of using forex signal trading

If you decide to engage in forex trading, you’ll quickly discover how beneficial it is to use every tool available to you. Your trading strategy should be strengthened, your output should be improved, and you should be able to generate more profits. Trading signals are something that no active trader can really afford to ignore when it comes to taking their forex trading efforts to the next level.

The signals you receive via email, SMS, text, and/or social media are tidbits of information electronically transferred. Market information such as this is often of critical importance to investors. You can incorporate a signal into your forex trading decisions in many ways since they are on-the-fly updates.

Types of signals

Trading signals for forex are often provided by a dedicated forex signals service. The services you choose from allow you to make a choice: Automatic or manual implementation. Trading with automated signals gained popularity in the late 2000s, especially among novices. Automated signal-trading enables unemotional trading along with faster execution. There is the downside of putting trust in a service, system, or individual and removing or minimizing your own decision-making process.

For those with advanced-level forex trading experience, manual signals trading is highly recommended. Traders still have a role to play, since it puts the final decision in their hands. When you trade forex signals manually, you sacrifice speed and efficiency, but for some, this is a worthwhile trade-off.

Are forex trading signals advantageous or disadvantageous?

Forex traders are always seeking to anticipate price movements before they happen by using the best information available in an ever-evolving market. Using Forex signals to generate profits is exactly what they’re designed for, but the results are never guaranteed, and your specific trading strategy may affect the profits you can earn.

You can use these signals to guide your trading activity by examining some of their top advantages and disadvantages.

Advantages:

  • Using signals can be customized to meet the needs of each trader.

It is up to the trader to determine when to open and close positions based on his or her desired timeline, as well as how comfortable he or she is with risk/reward calculations. The success of past traders and their comfort level with specific signals also play a role in the choice of a specific trading strategy. Regardless of the trading strategy you choose, forex trading signals can support it.

  • There are many ways to track trading signals. 

There are many ways for traders to monitor trading opportunities with signals, whether they subscribe to a subscription-based service or receive automated alerts via email, text, or other communication channels.

  • Diverse chart data can provide trading insights and recommendations. 

Signals can be generated from a variety of informational sources, including historical data, trading volume, and price momentum. Traders can then feel more confident about their trading decisions as a result.

Disadvantages

  • The science of signals is inexact. 

Almost all serious forex traders use trading signals to guide their decision-making, but there are disagreements over which signals-and which groups of signals-provide the most profitable results. Consequently, traders must develop a strategy for using signals that works for them, without any guarantee that it will succeed in the long run.

  • There is always the risk of false signals.

With any indicator, false signals are a constant risk, even when you use multiple signals to confirm trends. Traders should always approach trades with a grain of salt, so they never commit their entire trading funds to a single trade.

  • Traders who overrely on forex signals may suffer from analysis paralysis.

The more variables you account for while conducting comprehensive research, the more likely you are to compromise your own critical thinking and decision-making abilities.

Telegram is an easy way to use forex trading signals. Obtaining the information is as simple as signing up and copying it into your trading account. Often, this idea can lead some investors to believe that reading, using, and understanding forex trading signals is a quick-fix method. That’s simply not true. Simple signals provide bite-sized instructions, but they don’t negate any of the risks involved in trading. 

The following information should be taken into consideration before you use a forex signal service:

Know the differences between forex signal trading providers.

Trading signals for forex aren’t all the same; their quality varies drastically. It is reported that 60% of signal services produce positive results, but there are plenty of “duds” around as well. Be sure to understand what you’re signing up for before making a commitment to a forex trading signal service.

Know how much risk you are comfortable with.

Forex trading is risky due to its volatility and leverage. The result is that large amounts of capital can disappear in an instant. There are times when popular trending pairs, like XAU/USD, can have wild swings. Prior to interpreting any forex signal, you should understand how comfortable you are with the risks associated with it.

Become familiar with the market conditions.

Forex signals generally provide emotionless advice. Nevertheless, that doesn’t mean you can ignore the market in front of you. Make sure you understand the current market conditions and the implications of forex signals before you act.

To succeed in forex trading, you must grab every advantage you can. Forex signals trading, with a site like Telegram,  is considered by most to be the biggest edge one can gain in this market. You can pretty much guess why-especially if you’ve been following along with the information above-since they are the missing link between staying on top of market conditions and trailing behind the most active traders.

forex trader

7 Mistakes a forex trader should avoid

Achieving success in financial trading takes months of hard work and dedication.A forex trader may need to go through numerous margin calls and portfolio liquidations before they can see some consistency. Losses are always a possibility, even for professionals, since a single mistake can place you among the losers. By learning all the major common trading mistakes in advance, you can reduce the error margin, as we discuss here.

1. forex trader overcomplicating knowledge

There is a limit to the power of knowledge. Trading professionals have access to both fundamental and technical information, which can sometimes lead to overcomplication. Trading becomes confusing if a trader attempts to learn every single fact about forex copy trading. By going through the process step by step, and focusing on some more simplified concepts like trading spreads, new traders are likely to be more successful as they start out.

2. Borrowing money for trading

Traders who attain a certain level of consistency or gains start looking for investors to quickly grow their portfolios. It is common to take out loans from banks, friends, or family members. In addition to the benefits of trading with more equity, it also means a lot of emotions on the part of the market participant. A small mistake can lead to significant debt, and the trader may find it difficult to repay the borrowed money. Growing your portfolio more organically through smart forex copy trading is the best way to accumulate wealth.

3. forex trader working In a negative state

The practice of holding onto executions for an extended period is common among some professionals. Trading strategies such as martingale and grid may suffer significant losses if you don’t have a proper game plan. When you study the history of the markets, you will find that it is filled with examples of hedge funds or traders holding onto positions for an extended period of time, which then led to their bankruptcy. By not tying yourself emotionally to a specific investment, you can make educated decisions to sell at a small loss instead of driving even heavier decline because of pride.

4. Excessive leverage

Trading beginners and professionals alike are prone to greed. It is common for participants to leverage their accounts significantly in order to satisfy their desire to make bucks quickly. Using leverage means borrowing money from your brokerage. In addition to allowing traders to open trades with larger lot sizes, these funds carry a significant amount of risk. An investor with $100,000 in equity and 1:500 leverage can open 500 lots of positions. The equity value would shift by $5000 instead of $10 with a single pip change. In forex trading, where leverage is easy to obtain, this is a very common mistake.

5. Investing without a stop loss

The use of a stop-loss system doesn’t have to be mandatory for professional traders. They use mental stops whenever certain market conditions arise according to their setup, to exit their positions. The strategy may be useful for scalpers or short-term traders, but can be disadvantageous for swing traders.

As an example, consider the case in 2018 when Bloomberg suggested that China would cease purchasing US treasuries. Equities suffered a significant loss as a result of the news spreading like wildfire. Long-term investors who failed to exit their positions properly took losses. By taking the time to implement a stop-loss strategy, these investors could have divested automatically and avoided substantial losses. 

6. Fatigue for the forex trader

Exhaustion is a common side effect of trading. Trading can be adversely affected by long-term attention to charts and news as professionals are human. Although pros put in more effort, prolonged activity only leads to inconsistent results.

Trading institutions recommend taking a walk for their traders if they are feeling down. Before sitting at your desk, it is recommended that you get proper sleep and eat breakfast.

7. Not using Telegram.forex trade copy software

Telegram automates the process of copying trades between PCs using the same or different versions of the program. Among its many valuable features, the copy trading software allows you to manage lots and risks, adjust prices, filter orders, and tweak SL/TP, as well as implement emergency stops. With the auto trade copier, you can copy positions from one account to all others in order to diversify your trading accounts and brokers. In addition, you can sell subscriptions to your signals and EAs to investors worldwide, with or without their login information. Since the Telegram Forex Copier allows gurus to share their executions, the scope here is almost limitless.

forex spreads

Forex Spreads: How Bid and Ask rates work

Every type of financial marketplace relies heavily on bid and ask rates. What are these terms and how do they relate to forex spreads and trading?

Basics of Bid and Ask Rates

A bid is the highest price a buyer is willing to pay for an asset in a trade. Asks, or offers, are the lowest prices the seller is willing to accept for a given asset. Spreads are the differences between ask and bid prices. Ask prices are typically higher than bid prices. Spreads narrow as an asset becomes more stable (and liquid).

Global financial markets require traders to use brokers, banks, or another large financial institution to host their transactions. Spreads represent a trade’s execution cost.

The basics of Forex spreads

Spreads in forex are determined by the difference between the bid and ask price of a currency. While we normally think of an exchange as a reciprocal transaction, this definition is somewhat misleading in the case of currencies. In the same way that any other commodity is bought and sold for a specific price, currency is no different. When one currency is sold and another is purchased, the exchange process actually involves two separate transactions.

Banks, brokers, and financial institutions ultimately determine the exchange rate, even if global market conditions have a significant influence. Because the host controls the price of the asset (and therefore, its liquidity), they are known as the “market maker.” Brokers and other hosting businesses can set different spreads for their currencies.

Forex spreads: what are they?

Forex spreads can be fixed or variable. Due to constantly changing factors such as trading activity, supply, and shortages, a variable (floating spread) fluctuates between the ask and bid prices.

Alternatively, fixed forex spreads let market participants identify the spread cost before buying, which allows them to develop short-term or long-term strategies. As a result, prices are more transparent and cost assessments are more accurate.

What is the impact of market volatility and time of day on forex spreads?

There is usually high volatility and low liquidity if there is a wide spread between bid and ask prices. The spread is large when there is little activity in the market and a low trade volume.

Conversely, a low spread likely means there’s high liquidity and low volatility, which occurs when the market is active and there’s a lot of activity or a high number of contracts that are being traded.

Forex spreads are also affected by the time of day. Trading on European markets begins as early as 3 am EST in the U.S., while trading on Asian markets continues into the night for both European and U.S. traders. The forex spread will be considerably higher for European trades initiated during Asian market hours than for European trades initiated during European trading hours.

A currency’s liquidity will be reduced if it is not in its normal trading session, because fewer traders will be involved.

How do you define a high spread?

Typically, a high spread occurs when there is a large gap between the bid price and the ask price. In general, a higher spread means that the market is volatile or that liquidity is low due to trading outside of market hours.

A simple method for calculating spreads

Having a good understanding of spreads is a valuable skill that goes beyond forex trading. When you travel abroad, understanding a hotel or airport kiosk’s spread before choosing a host for currency exchange is important.

Consider the scenario of exchanging U.S. dollars for euros. Currently, your hotel’s exchange rate is EUR 1 = USD 1.4 (bid)/USD 1.5 (ask). This means its asking price is $1.5 per euro. In other words, if you wanted to buy €1,000, you would have to pay $1,500 (1,000 x 1.5).

It may be that you will want to return the €1,000 to the hotel in exchange for U.S. dollars later. If you sold the hotel euros at USD 1.4, you would receive $1,400 as a return. In this case, the market maker pockets the $100 difference from the two transactions as spread (in this instance, the hotel). It makes a small profit on every transaction it hosts because its ask price is slightly higher than the bid price. Foreign exchange markets operate on the same principle when it comes to buying and selling currencies.

As a result of this example, another financial institution-such as an international bank-is likely to host the transaction, making it the second party to the trade. To minimize risk and cover costs, it will offer to its customers a much higher spread than the market price.

Indirect vs. Direct Currency Quotes

Direct or indirect price quotes can be used to express the price of a currency pair in forex.

In a direct price quote, the foreign currency exchange rate is expressed in terms of the domestic currency you have in your possession. A direct quote for USD to GBP, for example, might be 1.1430 if your domestic currency is USD. Because USD is the base currency, it would be expressed first (as a ratio of USD/GBP). In this quote, USD 1 equals GBP 1.1430, putting the base currency (USD) first.

Compared to direct price quotes, indirect price quotes are the exact opposite. They show the exchange rate between your domestic currency and foreign currency. For example, an indirect quote would express GBP/USD rather than USD/GBP. As an indirect price quote, the same direct price quote above would be 0.8748, which means that GBP 1 would be equal to USD 0.8748, or roughly 87 cents.

Direct price quotes typically reflect USD/foreign currency’s value, with USD serving as the base currency. By understanding how direct quotes can be converted to indirect quotes-and vice versa-you can determine the spread and compare your options more easily.

Interested in getting started?

Open a live account with Telegram today to learn more about forex spreads and bid and ask rates!

major currency pairs

7 major currency pairs in forex trading

The foreign exchange market uses currency pairs to determine the value of one currency against another. In currency pairs, the first currency is called the ‘base’ currency, and the second currency is called the ‘quote’ currency. The base currency lies at the beginning of the pair and the quote currency lies at the end of the pair. A quote currency price shows how much of a base currency is needed to buy one quote currency unit.

With over $5 trillion worth of currencies traded globally every day, the foreign exchange market, also known as the forex market, is the largest and most liquid financial market in the world. Trading in forex is always done in pairs. As a result, forex trading involves simultaneously buying and selling currencies. You can think of a currency pair as a single instrument, which you can either buy or sell. In such cases, players may exchange the euro against the US dollar (EUR/USD), or the British pound against the Japanese yen (GBP/JPY).

How does currency trading work?

There are two parts to currency trading. In forex pairs, the base currency is the first currency. A trader predicts whether the base currency will rise or fall against the second currency. There is a second currency, which is referred to as the quote or counter currency. There are two parts to currency trading. Buying pound against dollar (GBP/USD), for example, is an indication that you anticipate pound strength over the US dollar. Normally, forex traders express profit and loss in secondary currencies.

The bid and offer prices of every currency pair are different. A currency’s buy rate and sell rate are determined by this rate. Currency pairs are priced at a rate at which a price maker (usually a broker) is willing to buy or sell them.

The seven major currency pairs of forex

When trading on the forex market, traders have a wide selection of currency pairs to choose from. Any currency pair that includes the US dollar (USD), the largest economy in the world, is considered a major currency pair. The foreign exchange market is dominated by major currency pairs. All of these 7 major forex pairs can be traded through spread bets or CFDs, and all are popular throughout the world:

  • The euro and US dollar: EUR/USD
  • The US dollar and Japanese yen: USD/JPY
  • The British pound sterling and US dollar: GBP/USD
  • The US dollar and Swiss franc: USD/CHF
  • The Australian dollar and US dollar: AUD/USD
  • The US dollar and Canadian dollar: USD/CAD
  • The New Zealand dollar and US dollar: NZD/USD

Seventy-five percent of all forex trades are made on the major pairs. Market liquidity and trading volume are highest in the majors. In fact, they make up the vast majority of all Telegram transactions. As a result of the largest volume of buyers and sellers, these pairs usually have the tightest spreads on bids (buys) and asks (sells). Spreads are the price differences between buy and sell. These seven major forex pairs are generally regarded as the most profitable to trade.

A brief explanation of how currency pairs work

Using the words buy/sell to represent long and short derivative positions, let’s look at how currency pairs can be traded through spread wagers.

A major forex pair is the euro versus the US dollar. The EUR/USD exchange rate is 1.47501/1.55803, for example (sell rate/buy rate). US dollars is the quote currency and the Euro is the base currency. If the trader wants to buy one unit of the base currency, he must pay 1.55803 in the quote currency, which is in this case US dollars. On the other hand, if the trader wants to sell one euro, they would receive 1.47501 US dollars.

If a trader believes the euro will gain value relative to the dollar, he or she may buy the EUR/USD pair. By moving on this EUR/USD position an investor is generally ‘going long’ In contrast, a trader can sell the EUR/USD pair – also known as ‘going short’ – if they believe that the euro’s value will fall. 

Successfully trading on the forex market with Telegram is made much easier when you understand the importance of major currency pairs and how they relate to gains and losses. For more information and strategies on how to capitalize on the best trading strategies, check out our weekly blog posts.

forex forums

How forex forums can improve your trades

It is important to participate in the forums about Forex products or services, as they address how we can use it as part of our everyday lives as well as how we might improve our strategies to acquire more tokens. In the industry, the Forex Forum is the most popular social media platform. Trading experts can offer their insight, traders can express their opinions, etc. Due to the popularity of forex trading all over the world, there are many conversations when it comes to forex trading on Forex forum sites. It is possible to increase your profits by trading forex with the help of many available forums. 

When you read forex brokers’ news on forums, you’ll find that any discussion about forex brokers, good or bad, will give you an idea of which broker to invest in if you want to start trading forex. Taking part in forums has the advantage of providing you with knowledge from real traders who have handled the issue before.

While forex is widely used, few people, including forex traders, are aware of how useful the forums can be. Are forex forums useful, how do they work, where can you find them, and what are their advantages? People can come up with new ideas for forex trading by participating in forex forums. Traders and others involved in forex markets publish messages regarding forex trading regularly on forex forums. 

An important aspect of forex trading is getting excellent information promptly, like from a signal copy platform like Telegram, so that the trader may make the most of the market. Thus, the trader should take advantage of online forex platforms where experienced traders discuss the ups and downs of forex trading.

Benefits of joining Forex Forums

The benefits of joining a forex forum are numerous. Everybody knows that to achieve success in any field, whether it is a family business or forex trading, one must be able to discuss related matters with other people in that field. In forex trading, this becomes necessary if you cannot talk to anyone or get any useful information. As a result, he frequents forex forums where he may obtain efficient forex trading recommendations, which lead him to become a better forex trader. 

New forex traders can get acquainted with various forex traders through the various forums and share ideas, strategies, and information about forex trading, as well as discover forex market interpretations that play a very important role in their trading lives. With the help of the forex forum, forex traders are able to learn tips and tricks for success and profit, both in the present and for the future.

As well as educating traders on the forex market, forex forums also offer many ideas that traders can implement. It is possible to discover new stocks to buy quickly on forex forums, and as a result the forex trader can increase his profit as well as his ideas. Traders can be more confident in their trading choices as they acquire a wider understanding of the market.

There are no restrictions on anyone’s participation in a market forum, which are open to all participants around the world with no limits on how they engage in open conversations. Every Forex trader around the world has access to the same information. Furthermore, forex traders can obtain a quick answer to a question on an online forex forum by posting their question there if they do not understand anything or need a quick solution. Also, forex traders receive immediate responses to a variety of thoughts, which can help them resolve problems and better understand the situation.

Finding the right platform for you

A forex trader can choose from several forex forums available online. However, traders are advised to choose a platform with caution because bad advice can lead to massive financial losses due to the direct involvement of currencies in forex trading.

Forums for forex trading and the currency market will allow you to discuss everything related to them. Forex forums cover a range of topics, including the forex market, foreign exchange, fundamental and technical analysis, the methods of forex trading, the many indicators that are involved in forex trading, and many others. It may be helpful both to new traders who want to gain experience and to experienced traders who want to increase their earnings and success through forex forums. Anyone from any country or region can participate in the forum and openly discuss any particular nation or state. In forex forums, every forex trader has the same goal: to learn as much as they can about the forex markets so that they can profit from their trading.

Forex forum members discuss the forex market, trading strategies, and ideas for long and short-term foreign exchange trading. Traders can also find out why certain currencies are deemed to be ideal for trading right now in the forex forums, and they are free to make their own decisions.

Traders should thoroughly research the best forums before selecting one, which can be done easily by asking other traders for feedback. The forex forum of traders’ choice should also notify them about all restrictions governing postings about forex.

Metatrader 4

The Secrets of the metatrader 4 terminal

It is no surprise that Metatrader 4 is one of the most popular trading terminals on the market. With a user-friendly interface and a wide range of functionalities, the platform has a lot to offer. There are many advantages to it, but not all traders know how to take advantage of them.

Let’s take a look at the secrets and useful features that MetaTrader4 offers. This may prove to be very useful for you!

One-Click Trading in Metatrader 4

Traders with complex trading strategies benefit from One Click Trading, which makes managing orders easier.

Once the parameters of your order are set, you can open and close transactions with a click of the mouse. Furthermore, you can open and close transactions directly from the trading instrument chart with One Click Trading.

Are you able to take advantage of this feature in your trading?

To begin with, you will be able to open orders faster, which will allow you to enter the market more accurately. The Trader can also continue working with other trading instruments on the chart of the particular currency pair after enabling the feature. In addition, One Click Trading’s confirmation window is much smaller than usual “Order” windows. There may be great benefits to traders who wish to utilize every inch of their monitor screens, such as those who trade “on the news.”

There are many advantages to this feature, including speed, frequency, precision, and time savings. The One Click Trading feature is embedded into the latest versions of MetaTrader 4 and is available to all users after installation.

It takes just a few mouse clicks to prepare for the One Click Trading feature. Select “One Click Trading” from the context menu by right-clicking the chart of the trading instrument.

Stop loss & Take Profit Levels Management

Furthermore, the Metatrader 4 terminal supports simple and, thus, faster management of Sell Limit & Buy Limit pending orders as well as Stop Loss & Take Profit levels. “Simple managing” refers to placing these types of orders directly on the chart. Select the asset price on the chart, click the right mouse button, and then choose the type of order you want.

With this method, you are able to place and modify pending orders without having to deal with any additional windows or parameters. The whole process takes place online.

By moving the levels of pending orders up or down with the mouse, the levels of orders can be modified. It only takes a few seconds!

Stop Loss and Take Profit levels can also be modified with a single mouse movement. It is possible to place levels, change parameters, and remove levels directly from the chart. To succeed, you only need careful calculations, fast reactions, and the right mouse button.

Your trading can be both faster and more efficient with these advantages.

Signals for MQL5

You can copy other traders’ transactions using Metatrader 4’s trading signals.

The service mimics Telegram’s copy feature for copying transactions. The MQL5 platform allows you to connect to thousands of traders who sell their trading signals, and make money from their successful trades. If you are successful at trading, you can become a signal provider and receive a monthly commission.

MT4 accounts of any forex broker will allow you to connect to traders’ databases around the world. Users of Telegram.forex have a tremendous advantage in this situation. Imagine receiving additional profits with just one trading account by copying two systems of transactions!

A future article will discuss MQL5 signals and provide detailed instructions for enabling this service.

The purpose of this article is to “lift the curtain” on Metatrader 4’s functional capabilities, which many traders are unaware of. With this knowledge, we hope you will be able to trade more efficiently with Telegram and attract more investors.

Wishing you a successful trading experience with Telegram.forex!