Myfxbook on Mobile

A trader is no longer the kind of person that sits in front of his computer all day keeping an eye on the market whilst he evaluates his next trade. The modern trader is constantly moving, sleeplessly interacting with the world but is still aware of everything that happens in the market without his computer screen right in front of him. Online trading has evolved with the times and has now become available through multiple mobile platforms.

Traders can now perform the same tasks they would for their trading through the swipe of their fingers. Mobile technology has elevated the way traders do business by providing them the freedom of going about their daily activities without having to return to their office at a certain time.

Mobile trading was one ground-breaking event for Forex trading, the next was the creation of Myfxbook. Myfxbook took the social media phenomenon that conquered human daily lives and made it forex oriented as the first global trading community in the industry. Traders have always had to be members of a silent elite community, now traders have

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Forex Trading in 10 simple Tips (Part 1)

Online Forex Trading is a worldwide phenomenon, the industry has taken the world of finance by storm and holds a staggering amount of $4 trillion traded daily which is why it’s no surprise that more and more people are becoming part of the boom every day. But you can’t become a successful forex trader in a day, Forex is unlike any other thing you may have experienced even if you come from a financial background. The rules of this game are different and the arena is a lot more complex. But what it does have in common with any other business activity is that there are only two outcomes, you will either win or you will lose and there is no middle ground. That’s why a trader needs to take the necessary steps into educating himself appropriately in order to face the forex world and come out on top.

Here are some tips for any trader to keep in mind when entering the Forex arena.

1. Save something for a rainy day.

Never under any circumstances should a trader or investor place all of his capital on his trades. Even though when forex trading is done right it can lead to some very attractive amounts, it’s quite often that the market can turn sour on you in a second so you must always have your trading budget completely separate from your living amount.

2. No one won by losing on purpose.

Forex trading in part has to do a lot with risk. A trader can never be successful without taking a few risks along the way, it’s also part of his own learning experience. However, sometimes a trade may be plated with gold only in the trader’s imagination, if the risk is too overwhelming the adrenaline rush on its own is simply not worth it. If a loss is bound to happen let it happen calmly instead of forcing it on your account.

3. Mind your own business.

From the moment you enter into the world of forex you are in this on your own and that’s the way it should be...

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How to choose the Right Forex Broker

The foreign exchange market is causing massive shifts in the global financial industry accounting for more than $4 trillion in average traded value daily, with these numbers constantly increasing the need and interest to get involved and catch up with the market is steadily growing as well. Foreign exchange brokerage firms seem to sprout out overnight in immense numbers and traders are simply flowing in ready to take advantage of the financial boom as soon as possible. Because of the increased curiosity amongst people who are interested in starting a path in trading and experienced traders looking to expand their reach, crucial mistakes are made right of the bat because not enough attention is paid when choosing their forex brokers. 

It’s easy for anyone to get lost in the rush and to not pay the necessary attention to the forex broker they register with but not being cautious and aware almost always ends up in great loss. The harsh reality is that there is a huge number of brokerage firms that most certainly do not have their client’s best interest at heart and these firms are usually scams that disappear as quickly as they show up and take substantial amounts of funds with them. Which is why to choose the right forex broker the trader or investor has to know that it’s not an easy task in every way and it’s something which comes through extensive research and all details of the choice should be fanned out and studied thoroughly. 

There are numerous factors an interested trader or investor should be looking at when going through the multitude of online broker advertisements, one important factor being regulation. As mentioned before there are a lot of false forex brokers looking to scam money from traders and achieve that because the necessary attention wasn’t paid during the choice. When you first visit a brokers website you need to go straight to their regulatory details that are most commonly found in the ‘about us’ section or at the bottom of the page. Each country has its own regulatory bodies so you need to do some research beforehand to know which regulatory bodies you are looking out for according to the location of the broker you are interested in. Along with the name of the regulatory body you must choose the forex broker with a clearly stated licence number.  

What an aware trader or investor is looking at next is the list of products and programs the broker is offering. Of course if you are a novice it’s not completely necessary to have your trading strategy completely

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Forex Charting: The Trader’s Ultimate Weapon

Charts are an essential weapon for every trader to have in their arsenal as well as the ability to read them and understand what they represent and what perhaps will be the direction they are going to follow. Understanding forex charting is as much as a tool as it is your accomplice, it’s what will guide you into identifying trends and the important price points that will show you where you should enter and exit the market that will then lead you to reaching the success you have been working for and to unlocking that infinite door of bounties that the online trading world can give. 

Before understanding what each chart represents and why is it important, all traders must familiarise themselves with the most essential charts used in forex charting. Whether you are a novice or an experience trader your knowledge of forex charting is what will always keep you one step ahead in knowing which data should you look out for first and which comes second before going ahead and establishing your next move. Successful traders and investors know exactly how to use the data within the language of the charts to their optimum advantage. 

The first and the simplest kind of charts used in forex is the Line Chart. The Line Chart is made up by two variables, the lapse of time and the closing price of a currency during that specific time frame. In forex charting the Line Chart is usually used to track just one currency pair at a time but depending on the traders software it can be formatted to monitor various currencies at the same time. When the points of the chart are strung together this is typically an illustration of the movement of the currency from day to day trading. 

The second most commonly used kind of charts in the market is the Bar Chart that on some occasions are also known as OHCL. The variables it represents includes the opening, closing, the lowest and the highest point of a transaction, ergo the name OHCL. In each bar the typical X and Y axis illustrate the highest and lowest points, the lowest being the lowest traded price for the given currency pair and the highest, the highest traded price of the currency in the specific time period. Additionally the vertical lines are joined with two horizontal hashes with the left one illustrating the opening price of the currency and the right one the closing price. 

The third and final most commonly used kind of forex charting which is the also the most preferred one by both novice and experienced traders is the Candlestick chart. The Candlestick chart is 


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Don’t give up on Gold just yet

Recent market statistics show a fundamental decrease in industrial metals and commodities shares, especially in gold rates that have not been witnessed since 2002. Gold is thought to be a ‘fool’s investment’ at the moment with its prices reaching an all-time low, as well as having gold’s biggest fans turning their back on it. However, others believe that in the midst of all the gold drama circling the market right now, there is a gleaming opportunity for investment as Gold is certain to reclaim is former glory eventually.

The price of gold seems to have been dropping steadily since March whilst simultaneously the dollar has been gaining substantial growth. So far it seems that any increase in the US interest rates strengthen the dollar and lead to more fund drainage from commodities and metals.

It is hard to not feel conflicted as the U.S dollar and Gold have always typically moved on opposite sides therefore the sudden drop in the price of gold is a clear indication of market and economic growth in the U.S meaning that the confidence in the currency has risen and is re-opening investment opportunities for those interested in currency trading opposed to those revolved around commodity trading.

Analysts seemed to have ...

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