The most interesting feature of online Forex trading by InstaForex Broker is the way it is being operated transparently. There is no hide and seek involved in the process..
- Aside the broker’s spread; Online forex trading with InstaForex does not involve any commission, or exchange fees, or hidden costs etc. The trade is done in a very fast pace as there is no kind of any delay involved in it. It takes 1 or 2 seconds to execute the trade in InstaForex
- Traders can trade in different markets with different currencies at the same time without any restrictions. This is only possible with InstaForex because of the high grade online forex trading services it provides. This has brought in lot of flexibility and liquidity in online forex trading. InstaForex Traders are able to trade and access 107 Currency instruments, 88 CfDs on US stocks, Futures, gold and silver, Options Trading, 1:1000 leverage, Swap-free and many more
- Opening of an online forex trading account is very easy as there are many people who can offer this kind of service to the trader. But they need to be very sure that they too deal with the same kind of currencies which the trader is interested in as compare to InstaForex Broker which offers one of the highest numbers of Currency instruments. Click here to open an InstaForex Account
- Volatility is the essence of the currency market. Values for individual currencies rise and fall with news and information happening around the world. Sometimes the fall in a currency can be swift and can help to wipe out your entire account before you can react. So you must prepare for risks if you decide to trade on the Forex market. It is always import to note that the market can change suddenly all because of decisions made by some government or corporation in a distant part of the world.
- Therefore, if you want to become a successful trader in the Forex market, you must learn the fundamentals about the market and the currencies you wish to trade. Also, read press releases and other financial news that are updated on our site home page instaforex.com.ng and political news from around the world. You will do well by learning how to trade with the Candle Sticks Pattern,
Trading without Stop Loss and Take Profit is not advisable and not the right thing to do. By doing so you jeopardise your capital/equity. Traders should learn to be contented! ‘contention is gain..
Success in Forex is determined over the long term period of one month;Bi-monthly,Quarterly or Annually as the case maybe. Hence the need for Stop Loss and Take Profit accordingly prior to placing your trades thus:-
1. Determine at what price you intend to exit your trade should the market move in the direction of your trade;
i) LONG OR BUY TRADE; If you are to go LONG(BUY) and having placed your trade please note the entry price.
ii) ADD the number of the pips you intend to take out of the market to the entry price to determine your take profit(TP)price level.
i) SHORT OR SELL TRADE; If you are to go SHORT(SELL) and having placed your trades please note the entry price.
ii)SUBTRACT The Number of pips that you intend to take out of the market from the entry price to arrive/determine the take profit(TP)price level.
2. Always determine at what price you intend to exit your trade should the market move against your trade;
i)LONG OR BUY TRADE; If you are to go LONG(BUY) and having placed the trade,please note the entry price.
ii)SUBTRACT the number of pips (from the entry price) to arrive/determine the price level in which if the market breaches that level it should close you automatically as this will minimise your loss.
i)SHORT OR SELL TRADE; If you are to go SHORT(SELL) and having placed trade,please note the entry price.
ii)ADD the number of pips (to the entry price) to arrive at a price level in which if the market breaches that price level it should take you out of it automatically.
The use of take profit(TP) and Stop Loss(SL) in Forex trading cannot be over-emphasised. Most newbies or new traders come to grasp of its importance as far as longevity in the business of trading is concerned.
One should not feel that because EUR/USD or any other currency pair moved 70 pips today or more then one should set STOP LOSS or TAKE PROFIT . That is simply a wrong mindset..
Please note that the high drop in prices or high increase in prices do not occur every now and then, so traders must incorporate Stop Loss and Take Profit as part of their trading plan.
For more InstaForex Nigeria Tips on How to make money in Forex. Click here..