The currency markets are known to be intoxicating. Despite the common misconception that they are unreadable, that trading is a game only suited to gamblers, they are not driven by simple twists of fate. It is real world circumstances that move them, and for the able-minded and intelligent, unravelling their mysteries can be enthralling.
The best and the most successful know that the right tools are essential to help them in their endeavour. If you want to know the secrets behind their success, then here are three to get you started…
#1: A Good Broker
The golden rule of forex trading is finding the right broker, and companies like AxiTrader are indispensable to those who know how to successfully turn a profit. Part of the magic lies in identifying the perfect match, and it’s essential to pick a service that suits you. One of the most important things to consider is how much support you’ll need, as the difference between execution-only, advisory, and discretionary options is marked. You’ll also want to demo your platforms and package before you make a final decision, so that you can be sure that your choice is the right one.
#2: Economic Calendars
A second, lamentably under-utilised, tool is the economic calendar. This is exactly what it says on the tin: a calendar of economic events that could impact your trading choices. Filled with a variety of up and coming meetings and deadlines for policy decisions, they detail everything from the assemblages of central banks to upcoming releases of government budgets. Considering that these largely account for the external drivers that move the markets, a premature insight into them can prove invaluable, as you will soon discover for yourself.
#3: Stop Loss Orders
Our third and final tool is something a little different: stop loss orders. Designed to limit your losses and guard you against excessive damages, they’re commonly known as ‘the trader’s best friend’, and are especially important for those who trade high risk markets. Take the time to utilise them before you make your moves, and you need never again face the dangers of risking everything on a single trade.
Take advantage of these three top tools today, and forex success is yours for the taking.