Category: News

You could win a prize pool of $6000 with OctaFX & Forex-TSD’s contest

It seems that there’s no shortage of enticing and alluring competitions in the FX marketplace, particular for traders who are looking for the opportunity to show off their skills against a global pool of eager and ambitious competitors. OctaFX, in conjunction with Forex-TSD, have recently announced the arrival of a new competition designed to explore the “limits” of a trader’s ability in a no-holds-barred simulator contest.

Participants will each be given a starting sum of $10000 and 1:500 leverage in a race to see who can accrue the most wealth within a one month period. Although the funds used to facilitate this competition are fake, the prize winnings are very real. The 1st place winner will receive 2500 USD, while the 2nd and 3rd place participants will receive 1500 USD and 1000 USD, respectively. Financial prizes are also offered to 4th and 5th placed competitors.

Competitions such as these serve two primary purposes. Not only do they give amateur traders the opportunity to explore new strategies in a friendly competition, but they also raise awareness of trading software platforms, which, in this instance, is represented by the OctaFX platform all competitors will be using throughout the duration of the event.

Because of this, it could be asserted that both OctaFX and the five lucky finalists will all leave this competition a “winner.” Although OctaFX is dispensing cash to each of the winners, it is likely that they believe that participants in the competition will return to the company and continue to use their platform for commission-drive trading.

Additional information about this competition can be found at http://www.octafx.com/company/news/$-6000-prize-pool-in-a-new-octafx-&-forex-tsd-demo-contest/. Contestants must register on the website before the competition begins in order to be included in the event.

There really is no reason why those interested in enhancing their FX trading abilities should not participate in an event such as this. The opportunity to expand one’s abilities in a competitive environment will prove to be an invaluable experience for those who have not yet had the opportunity or ability to engage in FX trading in the real world. Essentially, the knowledge gained in this competition is as valuable as the actual prize itself.

Top tips for achieving your currency exchange trading goals

Money Exchange Software

The possibility of making money on the foreign exchange market is achievable, however, it is essential that you do your homework first and are fully aware of how the trading system works.

Forex is the largest currency trading centre in the world. The main participants within the trading market are the larger international banks. It has a greater market trading volume than both stock and bond markets and offers investment opportunities for those who choose to navigate it.

Trading in foreign currencies can be tricky as it’s hard to know what is going on in another country. Currency and trading analysis is very subjective and highly technical. For example, different traders can look at the same data and come to different conclusions. Carrying out thorough research first is the safest way to protect your assets from other’s mistakes.

A good first tip is to ease yourself into the trading market gradually, avoid the temptation of doing too much too soon and risking big losses. Therefore, it’s advisable to only use one currency pair when beginning.

Make sure you keep positions to under 5% of your account’s value, this will then allow you to make mistakes. By doing this you still have the chance of coming back and winning a trade even after a mistake. It’s important to remain conservative in your trading in order to become successful in the market.

When buying into expensive trading programs, make sure you check the customisation options available. You will want to have the ability to alter your system if necessary so that your strategies are still working.

Trading on the Foreign Exchange Market is more about intelligence and judgement than our emotions and gut instincts. You need to think carefully about all the decisions you make. Be wary of the Forex robots as they often turn out to be a big profit maker for the seller and not much for the buyer.

Experienced Forex traders will advise anyone new to the market to take notes on all trades, outline successes and failures and learn from this.

In order to mitigate your risk factors, start out with a practise account, this is a great tool to use in the beginning until you can assess what you are capable of.

Once you feel you have reached a level of stability in your trading strategies, it may be time to move up to a mini account. Try to attempt the scalping method, this involves making a series of trades within short time frames. Keep four-hourly or daily charts when you are trading on the market for best results. This is easily achievable with access to the Internet, which can now keep you constantly updated.

Finally, trading in too many markets can get confusing so make sure you don’t over-trade. Over-trading could result in a loss whereas making fewer trades could result in greater profits.

Questions to Ask Yourself to be Successful

Forex, the foreign exchange market involves the trading of foreign currency and is available to anyone. Large international banks are big traders within the market.

Newcomers to the Forex market should remember never to trade with you emotions, it is all about intelligence and accurate judgements.

If a particular market lacks public interest then avoid trading here. Because every trader will make different choices, do not chose your personal Forex position based on that of another traders. Beware though, mistakes can easily happen in this market even if someone seems to be succeeding, so you must make thoroughly researched choices.

A Forex Robot is a piece of automated Forex software that automates trading decisions. The most popular robots for retail traders are built around the metertrader platform. They run on this platform as “expert advisers” and can do anything from giving you a signal to place a trade, to automatically placing and managing the trade for you. Their use is never advisable, as they create huge profit for the sellers and little for the trader.

You can practise your trading moves through virtual demo accounts or practise accounts as a way of familiarising yourself with the market and how it all works.

Although you can track the market every 15 minutes, this will not give you the overall direction of the current trend so avoid the stress of doing this. This time window is known as a short-cycle.

You need to remember to keep a cool head when you are trading with Foreign Exchange, otherwise you will end up losing money.

Try starting out by trading in a single currency pair rather than multiples. Once you have more knowledge of the market you can start to increase this number.

Start by following the market for just 2-3 hours at a time and note what happens. Avoid trading too much too soon and risk potentially losing a lot of your capital. Newcomers should learn how the market works and make their own informed judgments. This is how you become a successful Forex trader.

Finally, remember that as a newcomer, there is a lot to learn about the Foreign Exchange Market, it will take time to succeed and don’t forget to learn from your mistakes.

Translate »