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How to trade Forex and be profitable?It is possible to trade Forex by buying or selling a currency against another. To profit from a buy trade, it is necessary to exit the trade at a higher price than the entry price. To profit from a sell trade, the exit price must be lower than the price was when the trade was entered.
Is foreign exchange trading fraudulent?Trading Forex itself is not fraudulent. However, as it is an industry that has very limited or little regulations in place, many businesses and organisations exploit it, by making bold marketing claims that are unrealistic and not practical. For example, some fraudulent organizations market the concept of ‘working from home’ with little hours and having a trading team with groundbreaking trading tools and software. Some trading businesses offer the chance for you to recruit other ‘potential customers’ for your trading team in return for a commission, which all in all is a pyramid scheme. We strongly advise our clients that it is better to put your time and energy into education rather than looking for a get rich quick scheme.
How do I calculate position size for my trades?As a beginner, it can seem a little complicated when trying to calculate position sizes for trades. In our learning platform, we have an integrated system that helps calculate the risk size which all our clients will have lifetime access to. For those who prefer to be more technical, we also share the formula on how to calculate position sizes.
When does the Forex market open?The foreign exchange market can be traded at any time from 10 PM GMT Sunday to 10 PM GMT Friday. However, it is important to note that your broker may prohibit trading on certain occasions such as Christmas Day and New Years Day.
What are the Forex market hours for the UK?The Forex market is traded internationally, therefore, the market hours in the UK are the same as everywhere else in the world.
How does leverage work in Forex?Leverage in currency trading works by multiplying your account balance by your broker’s leverage amount. This is essentially taking a short-term loan to cover the cost of your trade. It can be useful to trade with leverage as it makes it possible for you to earn higher profits than your account balance would otherwise allow you to. Some brokers charge a small daily interest on trades using leverage. This fee is known as “swap”. It is possible to open a swap-free account with certain brokers. Swap-free accounts are sometimes branded as Islamic trading accounts or Shariah accounts.
What are pips in Forex?It is possible to earn a profit from very small movements in price. In Forex trading, price movement is usually measured in pips. Pips are 1% of 1% of the base currency. Another way to remember this is to remember that “PIP” stands for “percent in percent”. We can understand this better if we break down a price. If GBP/USD is at 1.34520, then “1” would be the USD (United States Dollar), the “34” would be the cent value and “2” would be the pips. If the price then rises to 1.34530, the total movement would have been 1 pip. If we were to trade 1 lot, we would’ve profited $10.
Do you provide Forex signals?In the UK, forex signal providers or “account managers” that trade on your behalf must be licenced and regulated by the Financial Conduct Authority, also known as FCA. We have no intention of providing forex signals now or in the near future. Our goal is to educate our clients to be able to trade themselves to allow for an independent lifestyle tailored to their own needs. It is very important to note that many deceitful organisations, businesses or self-proclaimed traders claim to provide profitable Forex signals. Our advice is to check their background and find out if the person or organisation is FCA regulated. This can be done using the official FCA website at the link below. https://register.fca.org.uk/s/