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Online Forex Software

Online Forex Software

Online Forex Software

Online Forex software is designed to allow end users to trade currencies online in a real time, secure, private and efficient manner. When shopping around for Forex brokers who offer their own software, these are the key concerns every trader should have.

What to look for

 Make sure the online Forex software you choose is providing constantly up-to-date exchange rates in increments of a few seconds. These rates, in contrast to traditional bank rates, are actual, tradable Forex quotes. Once you decide to trade on a currency you can lock in a rate and this will be the actual rate at which the transaction will take place.

Make sure of the security, privacy, and data integrity of any online Forex software you choose. Any user performing financial transactions over the Internet, whether it’s eBay or trading Forex, already knows this is a concern that can’t be ignored. This point is further emphasized with online Forex trading software, where the amounts traded may be significant. The software must be designed with the highest level of data security, integrity and privacy. Most systems use at least one layer of at least 64-bit SSL encryption, as well as various data backup and recovery methods and procedures.

Make sure the software is available all day every day. There is nothing more frustrating than software that fails during a time you want to trade.

What about Macs

As far as online Forex software goes, people with those wonderful MacBooks are still out of luck. It’s a market that is ready for the entering, but so far everyone with a Mac has to use the web based Java program of their favorite Forex broker. It is amazing that there isn’t software for Macs, but that’s the way it is. Windows still has a hold on Forex.

The same is true of mobile devices as is true with the Mac. It’s all web based operations.

Which is better

 Concerning mobility and universal use, the web based platform is probably the only way to go at this point. However, having downloadable online Forex software always seems to be more stable with any consistent and constant use. It’s true that you have to have a dedicated computer to utilize it, but so far the majority of Forex traders are trading from the same spot every day. It’s their work day and they have a work station in which to trade.

The rule of thumb is to have a Forex broker who offers both. You want to have an option and these days, there’s no reason why you shouldn’t. Whether it’s online Forex software or web based Java platforms, stability and reliability will be your biggest asset. Do your research and use the demos.

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Forex Market Maker

Forex Market Maker

Forex Market Maker

By definition of the term, the Forex market maker is on the other side of your trade. If you are the buyer, he is the seller. If you are the seller, he is the buyer. Once all the buy orders are exhausted at any particular price, the market will move. The Forex market maker is still guided by the number of buy and sell orders in any particular Forex pair. They can’t skip around.

Conflict of interest?

At first glance, it might seem like the Forex market maker is operating in a conflict of interest. After all, they are not matching up buy and sell orders from individual traders; they are taking the opposite sides of the trade.

However, in order to create an even flow of volume and trends, the system seems to work out. Contrary to popular belief, the vast majority of Forex brokers are not working against their traders. They actually become the Forex market maker to help them and keep them in the market. It’s not good policy to blow out your traders. It certainly doesn’t lead to longevity for the broker if that’s what he does.

Added extras

Traders who trade through a Forex market maker get added benefits. Most trading brokers provide online live charts; technical analysis; market news; and some even give educational tutorials.

A seasoned trader might not want or need any of the things a Forex market maker provides and prefers to trade with the commercial industries. That’s where an ECN broker comes in. There is a commission involved and the quantities traded must be larger. The volatility is higher in price fluctuation; so it is definitely not for the novice.

There are advantages and disadvantages to both methods of trading. But that can be said about anything. To label a Forex market maker any particular way is leaving it short. There are a lot of traders out there making a very good living this way, and they’re very happy with the market the way it is.

Is there room for improvement? Absolutely. With the CFTC regulation and other regulatory commissions keeping a close watch on the Forex market, it will only get better. But with trillions of dollars being traded daily, the market is doing pretty well as it is.

No one is doing it for a philanthropic exercise and the brokers who act as a Forex market maker are certainly out to make money themselves. But in order for them to continue they have to make the markets attractive to the traders participating, and it will continue to do so. So, although it is still a long way from a perfect system, the system does allow for some great trading and great opportunities.

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When to Cut Your Losses

When to Cut Your Losses

When to Cut Your Losses

When to Cut Your Losses? By being able to take losses when they are small, the leverage that you apply on a trade will not come back to bite you as hard and can keep the account well funded. When you do not learn to cover your losses, it can lead to devastating losses that you will not be able to recover from. In fact, this is one of the most common killers of forex trading accounts. But the biggest issue is to recognize when it is time to let go.

How to know when to stop:

There are several different methods that you can use in order to determine this, but they all have one similar component: acknowledging a specific point on the chart that represents when your analysis isn’t correct.

For some people, this is a percentage of their total account. As an example, you might decide that any time you are down 3%; you are going to get out of the market, no matter what is going on. This is very common, and allows you to have a specifically defined amount of loss you are willing to take.

Another very common method is to simply place a stop loss at a point that you feel represents that things are changing in the marketplace. For example, many traders will place their stop loss below the most recent swing low (in an uptrend) or the most recent significant swing high (in a down trend). By doing this, you are forcing the market to change recent trends in order to take you out. It proves to you that the market isn’t going where you thought it was, and you need to step back and rethink your position. By doing this, you can take yourself out of the emotion of the moment and begin to clearly see the opportunities that may or may not be there.

Some traders will simply base their exits on time. For example, day traders will not carry a balance over to the next day, and will exit the market no matter what at the end of their trading day. This allows them to highly leverage their trades and sleep at night without worry about spikes in the middle of the night going against them.

No matter what you decide to base your stop loss placement on, the common theme on all of these viable methods is that you have to be committed to adhering to their rules. Most traders that blow up their accounts all have the same issue: they broke some of their “golden rules”, and stop losses are without a doubt one of them. One of the most important points to remember is that the markets are always there, and the next trade is just around the corner. You can go ahead and admit that you were wrong in your analysis, and close the trade. Doing so will save you money in the long run.

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Free Binary Options Signals & Risk Free Trades!

Free Binary Options Signals & Risk Free Trades!

Free Binary Options Signals & Risk Free Trades!

The business offers an excellent range of support options; you can contact them via Live chat, email or even on the phone, but more impressive is the fact that they offer support in English, Spanish, French and even Russian.  This supports their global presence; you can access their services from anywhere in Europe, Singapore, Australia, Saudi Arabia, the UAE, Hong Kong and even in the USA.

BinBot Pro & Centobot has recently arrived on the binary options scene and are dedicated to providing a first class service.  Although they are registered as a UK company they have opted for a .com web address: www.binbotpro.com & www.centobot.com.  This is because they are aiming their service to a global market; being regulated by the UK Financial Services ensures that they are recognized across the world as a reputable business.

BinBot Pro

The Service

Both are softwares which automates the binary trading process for you.  The service is completely free and you do not need to download any software; the system is entirely internet based.  It is an excellent opportunity to start trading in binary investments; by using automated software you do not need to be present to trade.  This means that even if you are offline then your trades will continue to be placed and profits potentially generated.  Whether you are new to trading or are looking to develop new strategies the BinBot Pro & Centobot trading robots can help you to generate a good rate of return; their current success rate is an impressive ninety percent.  This will ensure you have the opportunity to improve your skills or simply learn how top trade.

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Islamic Accounts Add Interest to Forex Brokers

Islamic Accounts Add Interest to Forex Brokers

Islamic Accounts Add Interest to Forex Brokers

Islamic Accounts Add Interest to Forex Brokers? Sharia laws prohibit acceptance of specific interest or fees for loans of money (known as riba, or usury), whether the payment is fixed or floating.

As of 2009, there were over 300 banks and 250 mutual funds around the world complying with Islamic principles. As of 2014, sharia compliant financial institutions represented approximately 1% of total world assets totaling close to $2 trillion in funds. Not all Muslims follow Sharia laws. According to accounting firm, Ernst & Young, Islamic Banking makes up only a fraction of the banking assets of Muslims, but it has been growing at an annual rate of 17.6% between 2009 and 2013, faster than banking assets as a whole and it is projected to grow by an average of 19.7% a year up until 2018.

Islamic banking is able to make money by keeping within Sharia frameworks. Unlike conventional banking, Islam forbids simply lending out money at interest, so specific Islamic rules have been created on transactions in order to prevent this from happening. The basic principle of Islamic banking is based on risk-sharing which is a component of trade rather than risk-transfer which is seen in conventional banking. As such Islamic banking employs concepts such as profit sharing, safekeeping , joint venture, cost plus and leasing.

Islamic Brokerage Accounts

Under normal trading conditions, trades in commodities and currencies are executed in the spot market for 24 hours. At 5:00 pm New York time, all open positions are rolled over for the next 24 hours and the daily interest is added to the company’s accounts every 24 hours. The brokerage company can then either pay the interest or charge the client’s account to cover what is considered rollover fees. For traders who hold positions overnight, rollovers can have a significant impact on an account’s bottom line.

In an Islamic account, things are different. Since there is no interest (Riba) in any form throughout the duration of the Islamic account contract, any open trades at the end of the trading day that are automatically rolled over pose a problem for those following Islamic law as this type of transaction is considered usury. So rollovers in a conventional form are simply not allowed.

Sharia laws prohibit acceptance of specific interest or fees for loans of money

Over the years, Islamic rules have been tweaked slightly so as to allow Muslims to participate in currency markets without violating sharia law. Most brokers now offer Non-Swap accounts which can be used under certain conditions that allow traders to either trade as much as their money permits, or take a loan from broker on the condition that the broker doesn’t receive any usurious interest on the loan. In most cases, there is no interest or commission taken on contracts lasting longer than 24 hours and zero rollover interest is a constant.

Revenues Come from Spreads

So how does a broker make any money on Islamic accounts?

A broker’s revenues come strictly from the trade spreads which is the difference between the Ask and the Bid prices of a currency pair. Many brokers that offer swap-free accounts will either raise the spreads on these accounts or require an additional commission or fee, so at the end of the day, it is like paying for interest incurred on overnight positions but often at a higher rate. Other trading brokers offer the Islamic account with no commission or additional fee and maintain the same spread as in its swap accounts.

There are also some brokers that offer additional perks for swap-free accounts in the form of Hibah. Hibah are gifts or donations awarded voluntarily, therefore the broker enables its Muslim clients to donate a share of their profit for charity.

With the Muslim trading community expanding, brokerage houses are doing their best to accommodate Islamic trading accounts. Not all brokers have jumped on the bandwagon just yet but if they wish to stay competitive they will have to add this feature to their offerings.

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