Your guide to be successful forex trader

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Many new traders are so eager to profit from the market that they usually trade just for the sake of trading. Again, this exposes you to greater risk, without the commensurate rewards. Trade when you feel that there’s a good opportunity. Don’t trade for the heck of it.

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The best method for controlling your emotions is by creating and implementing a proper trading plan. A trading plan ensures that you have strict guidelines that you need to follow.

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There’s no sugarcoating the facts: forex trading WILL be a grind. You’ll probably start out either on the losing end or making small, barely noticeable gains. But before you start, here are some very important guidelines to help you.

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The Philippine benchmark index soared anew yesterday, inching itself closer to the 7,600 territory as anticipation of a faster fourth quarter economic growth shielded the market from foreign concerns.

The Philippine Stock Exchange index (PSEi) climbed 0.50 percent or 37.74 points to once again set a new record high at 7,586.67, eclipsing a previous high of 7,548.93 made only last Friday.

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We’ve all read about how the Philippine economy is on the rise with impressive growth and more foreign investments. But how much of that really affects the average Juan de la Cruz?

Skeptics will point out that true inclusive economic growth has yet to be achieved. And while this may be true, it’s also undeniable that many Filipinos find themselves with a lot more disposable income than before. Just look at the number of people in your nearest mall during a weekend sale.

My point is that people have a lot more money these days.

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Investment choices

The good thing about being a modern Filipino investor is that there are a lot of choices available for us. There is insurance and VULs for those who want to invest in something with minimal risk and are willing to wait it out. There are mutual funds and stocks, currencies and commodities – even the virtual currency bitcoin can be used as an investment vehicle.

The bottom line is the same thing I told my friend: there’s never been a better time to invest. So take the opportunity to capitalize on it.

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The forex market as we know today was traditionally the dominion of the large banks and institutions that make up the interbank exchange, where these financial giants trade currencies among themselves. This wholesale operation actually makes up majority of the transactions made on the market, with rest, including retail trading, making up their own niche spots in the market.

The retail side of forex trading has experienced tremendous growth these past few years, helped along by electronic trading and an ever-increasing number of brokers. This last point is especially important, since without brokers, anyone who would want to get into the market would need an impossible large amount of money to even begin trading.

While a large number of retail brokers are internet-based, many of these companies still keep a human component to their operations. If you’ve ever interacted with someone representing a forex company, it’s likely that they’re either a) an introducing broker or b) a financial consultant.

What’s the difference between the two?

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MetisEtrade Mobile allows you to trade and to view market trends quickly and easily, on the go, from your phone or tablet.

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Be the bridge! Introduce your friends and clients to us. Get rewarded. Become MetisEtrade's Introducing Broker today!

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Learn the art of trading,

Join the Prop Trading Program from Metisetrade

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Fundamental analysis comes in many forms, but the most common ones are economics reports made by governments of various countries. Of special importance are economic reports from the countries who’s currencies form the majors, but even announcements from other countries will also have an effect on the market in general.

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A Forex scam is a scheme used to deceive traders who are seeking the magic answer to gaining high profits in the Forex market. In practice, Forex scams can take many forms, often involving a failure by the broker to deliver on its promises.

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I generally prefer forums as a source of info because the back and forth conversations between different kinds of people will often give new insights about the chosen topic.

Here are a few websites that I regularly read and post in:

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Forex trading can be difficult, especially for those new to the market. It involves not only analytical thinking, but also the ability to develop the right trading intuitions. But given the right mindset and the right practices, you can be a profitable trader.

Here are a few things to remember:

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Choosing a broker can be very confusing, especially for newcomers to forex trading. How exactly do you choose which broker is right for you?