What to follow and avoid in online forex trading

Imagine yourself to grow rich with magic of online forex trading. Recent times have seen people earning a lot from trading.

Earning money is more of necessity these days. If you are in same condition, you will be glad to hear online forex trading has brought a new experience in earning money through trading business.

However, there is a hitch. Somebody has rightly said; earning money had never been so easy. Trading market has risk all over. A minute carelessness or mistake can cost you 100 times more. Similarly if you play right game you can earn huge profit.

Reviews are beneficial:

Do not get upset. There are always solutions to every problem. In this case a few steps towards research and query and few careful analyses can be helpful.

One of them is trading reviews. Hiring professional brokers is considered to be one of the most important steps to do trading business. But from many available is it easy to take right decision? Pick up journals and reviews that are written by veteran traders. Reviews are nothing but technical analysis of various facts and figures. Important information about brokers’ performances is also mentioned here. These trading reviews and journals help you to get a clear cut comparison amongst brokers present in trading business.

Big no – no:

Sometimes investors puts there valuable suggestion in these reviews and explains traders about the policies of companies, where to focus and how to select based on one’s requirement.

Here are a few don’ts as well. Avoiding them can prove to be helpful for you.

  1. Do not invest huge amount initially. Greed to earn more can rob you all your money.
  2. Do not trade without any plan or vision. Investing money without any proper plan of action can be dangerous.
  3. Do not trade without having proper market knowledge and fluctuations.

Online forex trading is both a boon and bane. Only you can make this positive for yourself. “Why forex signals system is a necessity to succeed?” explains about winning tips in trading business.

Economic highlights for today (02/02/2018)

During the European morning we get UK’s Markit/CIPS construction PMI. Later on, as analyzed before, the US employment report is to be released. As for today’s speakers, please note that ECB Board member Benoit Coeure, France Central Bank’s governor Villeroy, Ireland Central Bank’s head Lane, Dallas Fed President Kaplan and San Francisco Fed President Williams speak today.

Bitcoin dropping below late November levels

Bitcoin dropped yesterday beyond the late November levels when the rally had started. Key reason for the drop could be the Indian government’s expressed intention to ban cryptocurrency trading altogether. Also, another reason could be that Facebook could ban all advertisements promoting cryptocurrencies. On the crypto futures front, media reports suggest that CME takes a cautious stand towards introducing other cryptocurrencies after one and a half month of Bitcoin trading. Bitcoins downward trend seems to be followed by most cryptocurrencies confirming its role as a trend setter in the market. We stand by our view that as regulatory authorities intensify their efforts to regulate cryptocurrencies, Bitcoin’s value will continue to drop and that the bears will continue to have the upper hand in the market in the long run.

 

Bitcoin dropped yesterday breaking the 8920 support level, totally erasing the profits it had posted until the 18th of December. We see the bears to continue to have the upper hand on the bitcoin market in the long run and the price to drop even further. Should the cryptocurrency find fresh buying orders it may stabilize in the short term and even break the 8920 resistance level. Should on the other hand the selling pressures continue, Bitcoin could break the 7470 support line and hover below it.