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Forex trading planning

Forex trading planning for successful traders

 

Forex Job

Nowadays, any person with access to the internet can open an account with a forex broker and enter a trade; however, very few succeed! The reason is simple: forex trading requires discipline, education, and a plan! While these things sound easy to achieve, reality says otherwise. Going forward we will present you the key aspects you need to know about a forex trading plan: what it is, how it works and the benefits it offers.

 

What is a Trading Plan and How You Can Use It?

If you think that the desire to become a forex trader, followed by the registration on an online forex site and placing a trade is a plan; then you’re very wrong. A trading plan needs to be built with your personality at its core and to contain: what/when/how/why needs to be done, rules to manage and minimize risks, a trading system; but most of all, your personal goals! A great trading plan can’t be built overnight, as both mistakes and successes are the ones that teach you and will gradually indicate how to create it. Education and discipline are the other two lucky charms that will bring you profit, and the two of them should be considered as part of your plan.

But how can you use this trading plan and why? You can use it in the heat of the moment when you’re making a decisive move. You can use it to minimize risks and mistakes; as well as to gain experience and discipline – which will eventually lead to profit. Think about all of the apps that work based on a GPS; don’t they help you to reach the desired destination in a timely and easy manner? A trading plan works in the exact same way; and profit, isn’t that the destination that all forex traders want to reach?

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Forex Market Participants

The Major Categories of Forex Market Participants

 

Foreign Exchange is the largest financial market in the world with a daily volume of more than $5 trillion.

 

The Forex market operates as a decentralized network where institutions and common traders can carry out their foreign exchange transactions. Actually, there are many different categories of participants including banks, commercial corporations, investment firms, retail traders, and of course hundreds of Forex Brokers.

These are the key players in the Foreign Exchange market:

 

Interbank Participants

The interbank market is the leading power in terms of currency trading volumes. Banks of all types and sizes trade currencies through the ECN (Electronic Communication Network). Large European Banks account for a large percentage of total currency volumes. The leading private banks in the Forex marker include Deutsche Bank, UBS, and Barclays.

Forex Market Share

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Becoming a Forex Broker

How to Become a Forex Broker

 

How to Become a Forex Broker

Reuters recently reported that the Forex market sees over $5.1 trillion worth of currency trades every day. All the world’s equity markets combined don't even come close to this figure. The trading of big amounts of money every day is one of the major reasons why some people opt to become Forex brokers, including experienced traders.

 

Of course, like in any other career, you need hard work and discipline to become a successful Forex broker. Those who succeed can make a healthy living through trading, but an added benefit of becoming a successful broker is networking with other traders who can assist you in forming a money management fund in the future.

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