He worked at a series of financial firms until he established Soros Fund Management in In order to invest, you should be aware of the risks associated with trading and are willing to accept them. Although there is no such thing as a "safe" trading timeframe, a short-term mindset may involve smaller risks if the trader exercises discipline in picking trades. Today, Bill is a well known forex trader in the financial sector.
Approaching Forex Trading
When your main interest is to develop or execute your own trading strategy, you want your broker to offer you excellence in execution of trades, together with all the tools you need to excel in your own analysis. This is why I recommend it for slightly more advanced traders.
Plus, they also have their own trade copy technology, which is connected to several automatic copy systems: By using their formation resources you can easily develop your own advanced and profitable strategy, while their platforms will provide you maximum connectivity to effectively trade from your home, office or on the go. They offer a variety of platforms, either self guided or social trading. This is essential when selecting a broker.
This is why FXOpen comes in 2nd on our top forex brokers list. Click here to sign up to FXOpen. Check out our full FXOpen review here. A very well established Forex broker, Oanda has been on the market for over 16 years. This is a software that automates a part of technical analysis to find good reversal points and predict price movements.
Also, they provide access to their own suite of tools like news analysis, volatility graphs, pair correlation table, and more. A good broker in general, Oanda does not offer its own social trading technology. Although, their Metatrader software allows you to receive automatic trading signals from the MQL5 community.
This allows you to have access to a large network of traders to copy. This online broker also offers their own trading platform, which has a particularly high quality in the handling of pending orders and trailing stops and is also accessible on your mobile device.
Oanda offers two platforms, Metatrader and fx Trade, both of which are available in computer or mobile versions. Their Metatrader platform offers a good, reliable execution. Oanda is a platform to watch out for in the future, but until we extensively test them further they only come in 4th in our top forex brokers list.
This Greek, ECN electronic communications network broker also offers good features and trading conditions. You can use their Metatrader 4 platform, which offers high reliability and execution speed. However, all of this is greatly compensated by their social trading platform. Your system should be reliable enough so that you can be confident in acting on its signals. Although there is no such thing as a "safe" trading timeframe, a short-term mindset may involve smaller risks if the trader exercises discipline in picking trades.
This is also known as the tradeoff between risk and reward. Instruments trade differently depending on the major players and their intent. For example, hedge funds vary in strategy and are motivated differently than say, mutual funds. Large banks that are trading in the spot currency markets usually have a different objective than currency traders buying or selling futures contracts.
If you can determine what motivates the large players, you can often align that knowledge to your advantage. Pick a few currencies, stocks or commodities and chart them all in a variety of timeframes.
Then apply your particular methodology to all of them and see which timeframe and instrument aligns to your system. This is how you discover alignment within your system. Repeat this exercise regularly to adapt to changing market conditions.
Therefore, the art of profitability is in the management and execution of the trade. In the end, successful trading is all about risk control. Try to get your trade in the correct direction right out of the gate. Evaluate your trading system, make adjustments and try again.
Often, it is on the second or third attempt that your trade will move in the right direction. This practice requires patience and discipline to achieve success. Trading is nuanced and requires as much art as science to execute successfully, which means that there is only a profit-making trade or a loss-making trade.
Warren Buffet has said that there are two rules in trading: Stick a note on your computer that will remind you to take small losses often and quickly rather than wait for the big losses.
For further reading, see " 9 Tricks of the Successful Forex Trader. Lioudis Updated March 21, — 7: Approaching Forex Trading Before you start to trade, recognize the value of proper preparation.
It also helps to begin by assessing the following three components: Most currency traders avoid the limelight, but a select few have risen to international stardom. These well-known players have broken the mold, posting incredible results over long careers. These traders have led by example, by taking meticulously calculated risks.
Below we have profiled five that are among the best, some of whom are surprisingly humble while others flaunt their success. What they all have in common is that they share an unshakable sense of confidence, which guides their financial performance. He worked at a series of financial firms until he established Soros Fund Management in This incredible trade is a highlight of his career and cemented his title of one of the top traders of all time.