Istock Dice
Online trading can be a tricky thing to get right, more so for new traders. One of the biggest problems that online traders face is knowing when to close a position. Closing a position requires decisive and confident decision making skills. The last thing you want to creep into your mind is superstition or gut feelings. You can retain profits effectively without missing out on future gains and reduce losses by simply knowing the best time to close your positions.

Whether you’re trading Forex, commodities, indices or stocks and shares, closing at the right time is vital for your quest to maximise your profits. Many traders, especially new kids on the block, tend to hang on to profitable positions for too long, getting worked up in the excitement of the markets going their way but before they know it, the market has swung, their greed has gotten the better of them and the profits have vanished.

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BetOnMarkets - Bet On Markets

Spread betting at BetOnMarkets and other leading betting firms is an increasingly popular form of investment for traders in the UK. This is because of the tax free status that betting receives in Britain. With this increase in popularity comes an influx of inexperienced spread bettors and it’s for all of you newbies that we’ve written this Dos and Don’ts of Spread Betting guide, which offers common sense advice that should steer you on the right track.

Spread betting can be a lucrative way to profit from your investments but, as profitable as spread betting can be, it can be equally as expensive when things go wrong and you can lose a huge amount of money in seconds! Therefore, you should take heed of the following tips for successful betting.

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Etoro

No matter which online Forex broker you use, whether it’s HY Markets, AVAFX or eToro (your capital is at risk), many of your fellow traders will be basing many of their decisions to open and close trades on Forex signals. ‘What exactly are Forex signals?’ I hear you say. Simply put, they’re calculations made by experienced individual and corporate traders that specify a number of prices, limits and values regarding a currency pair, offering the best prices to open and close trades, in theory. ‘Why should I use Forex signals?’ This is a common question posed by many ‘a new trader but a conundrum not so often queried by seasoned vets of the virtual Forex trading floors online.

Successful producers of Forex signals will have a proven track record of making the right calls and they will have many followers who employ their strategies to good effect. Likewise, poor performances will be highlighted. However, any fool can make a lucky trade. In fact, ‘beginners’ luck’ has carried new online Forex traders some distance before they have returned to terra firma with a bump. But the successful producer of Forex signals will have years of long term profit behind them, taking losses, but out weighing them with bigger profits.

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HY Markets

Due to the massive explosion of retail Forex traders since the rise in popularity of online trading sites such as HY Markets, a number of observers from other trading industries have started looking down on retail Forex traders as two bit gamblers and maybe this is true in a small number of instances but, as a whole, successful Forex trading is risk management not gambling.

With the exception of gamblers who have control over the outcome of their bets, such as poker players, gambling is a game of chance, which usually has odds stacked in favour of the house. And, as a rule, a rookie player at a casino has the same likelihood of winning as the experienced players. However, in stark contrast, experienced Forex traders at HY Markets and other online broker sites normally make much greater returns and much smaller losses then new Forex traders. This is due to their experience in risk management.

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Etoro

Online Forex trading at sites such as eToro (your capital is at risk) is becoming more and more popular by the day, with casual gamblers from the spread betting sites and online casinos, gamblers that are simply looking for another opportunity, finding their way onto the virtual trading floors. So, we thought we’d put together some start up advice for new traders, in a bid to guide all of you newbies in the right direction.

  • First and foremost is to forget your instincts and rely on the facts. When choosing black or red on a roulette table or when betting on punto or banco at the baccarat table, you have no control over and very little insight into the outcome of the bet. However, when trading Forex online, the currency pairs that you’re ‘betting’ on have very real influences that affect their prices. Smart traders will use these facts to establish trends, whereas the casino gambler will simply take a punt, a tactic that could become very expensive. You will find a number of news feeds and analysis pages in eToro’s community section that will offer informative facts and figures.

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HY Markets

It is well known and well documented that the price of the US dollar directly affects the price of gold because gold is traded in dollars. Therefore, if the value of the dollar rises the price of gold naturally decreases and vice versa. However, a less well known trait is crude oil’s effect on currency pairs, as seen by traders at HY Markets and other online Forex brokers.

Crude oil’s effect on currency pairs isn’t direct. Due to the fact the some nations are ‘oil exporting’ nations, while others are ‘oil importing’ nations, a rise or fall in the price of crude oil will directly affect many nations. The economies of oil exporting nations will be boosted by a rise in the price of crude oil, while oil imports will suffer. The reverse effect would take place if the price of crude oil fell. For example, Canada is the ninth largest oil producing nation in the world, whereas Japan imports 99% of the oil that it consumes. So, if the price of crude oil went up you could expect this to boost Canada’s economy, while stifling Japan’s.

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Etoro

When many new Forex traders first hit the virtual trading floors they are full of confidence and they have often already spent the profits they anticipate making that day in their heads on mansions and yachts. However, trading Forex at sites like eToro (your capital is at risk) is a skill that requires experience, the right mental attitude and strong discipline. There is very rarely quick and easy money on offer, you have to work for it, which is where the three golden rules for new Forex traders come in.

  • ONE – Understand what you’re doing: Many new online Forex traders have barely grasped the concept of markets and their movements before they are throwing big chunks of money at risky trades due to inexperience. Study other traders, which can be done with great effect using the CopyTrader at eToro (your capital is at risk). Utilise the free practice account available that they offer too.

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Ladbrokes

Fixed odds financial betting is quickly becoming a firm favourite among retail investors, with more and more providers popping up across the internet. However, to many people fixed odds financial betting is a bit of a mystery. This is where the financial betting tutorial at Ladbrokes comes in. This step-by-step guide to fixed odds financial betting will offer you the information that you need to start you off.

This interactive advice guide shows you all you need to know about choosing the right bets and the right markets, how to place bets effectively, when to close bets, range betting and binary betting. The tutorial can either run in an auto-play mode or you can choose to manually select each topic as and when you’re ready to move on.

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AvaFX

If you’re a rookie Forex trader still finding your way in the big wide world of currency markets or, if you simply don’t have the hours that are required to thoroughly study currency pairs enough to buy or sell at the right time, then Mirror Trader from AVAFX may be just what you’ve been looking for.

Using real-time signals and the knowledge and experience of leading Forex traders, you can mirror other people’s trading strategies automatically. Mirroring a Forex strategy allows you to share in the good (and bad) fortunes of strategists at AVAFX, copying their techniques in a bid to make a profit. You will find Forex strategies to suit all kinds of traders. Whether you’re a cautious Forex trader who is looking for a relatively sure thing or you’re a maverick who’s looking to make some big gains, you will find a strategy to copy using the Mirror Trader from AVAFX.

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Forexyard

Technical analysis is one of the most valuable insights into future movements of currency markets, offering Forex traders clues about the next possible investment opportunity. And now, you can receive daily technical analysis from ForexYard, along with loads of other useful and helpful advice about trading foreign currency pairs. There are detailed stats and information covering all aspects of market trends and resistance and support levels, giving you an edge when making those all-important trades.

Leading online Forex broker ForexYard has a host of information for its traders, including; technical analysis, currency news, Forex blogs, educational courses and many other helpful and handy guides to keep you on the Forex trading ‘straight and narrow’. If used correctly, these pearls of wisdom can be a great help to you. However, it is all just advice – understanding a market doesn’t always equate to correctly predicting its movements. You should use technical analysis with other forms of market analysis to make trades that suit your budget and your trading style.

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