Why Choose Forex Trading?

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When you chose Forex trading, what was your reason? Many people choose a variety of different trading platforms for a variety of different reasons. With Forex being such a specialised trading platform, many Forex traders are asked why they chose it and what benefits does Forex trading offer over other trading platforms.

We have put together a list of some of the reasons Forex traders do what they do. If you are new to trading and wondering if Forex is right for you, this article will help you decide.

Large Volume Trading

With the highest volume of trade in the world, the forex market’s number of traders and currencies gives it a huge rate of liquidity. This helps give new traders a cushion against any rapid fluctuations in the exchange rates.

Ease of Entry

Anyone can trade in the Forex market and you don’t need to have a lot of money to do it. The Forex market does offer better returns on your money over other markets and that is what makes it an ideal choice for new traders.

High Chance of Profit

The Forex market offers a high chance of profit as it makes it possible to determine the value of currencies. If you see a currency depreciating, you can sell it off quickly without losing much money. If a currency is rising, you can buy more or sit on what you already have.

24/5 Open Market

With the Forex market being open throughout the day, it is a convenient trading platform for anyone. You can trade any time, day or night and work around your busy schedule.

Low Fee Cost

There are no intermediaries or brokers in the Forex market which saves you money on commissions. The only costs you will incur is the price difference between the bidding price and asking price.

Increased Possibilities

Forex enables you to trade in one currency without affecting another currency that you own. Each currency is treated as an independent entity making it easy to keep track of trades.

Platinum Trading Bible

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Dear Traders,

There are always rules that we have to abide by in life if you follow the Platinum Commandments, be assured that your chances of survival of the markets will increase.

Please take time to read and print out the commandments.

Whether you are a new or experienced trader, we all know that one of the key elements to trading is Discipline and 95% of new traders do not take this exercise seriously.

You are the master of your own destiny and to become a professional trader you need to abide by rules. If you have bad habits and struggle with discipline you should try and reprogram the trading mind by not making the same mistakes as you might have made the last time you lost while trading in forex.

Please say this to yourself at least 3 or 4 times this New Year before you start trading:
I will abide by the 10 Platinum Commandments of the trading:

THESE ARE THE GOLDEN RULES THAT HAVE TO BE OBEYED OVER THE NEXT 40 DAYS OF TRADING AS A MINIMUM AND I WILL FIND IT VERY DIFFICULT TO BELIEVE

THAT YOU HAVE NOT MADE PROFIT IF YOU FOLLOW ALL THE RULES CORRECTLY.

THESE ARE THE COMMANDMENTS:

1) I SHALL NOT OVER LEVERAGE AN ACCOUNT (You will keep the pounds per point or lot size consistent for every single trade for the next 40 days)

2) I SHALL WITHDRAW MY PROFITS AT THE END OF THE WEEK NO MATTER WHAT

3) I SHALL NOT REVENGE TRADE AND IF I LOOSE THREE CONSECUTIVE TRADES I SHALL CALL IT A DAY AND STOP TRADING.

4) I SHALL NOT CHANGE MY STRATEGY OVER THE NEXT 40 DAYS NO MATTER WHAT.

5) I SHALL NOT AMEND MY STOP LOSS OR PRIMARY LIMIT ORDERS.

6) I SHALL NOT KEEP LOOKING FOR TRADES, I WILL LET THE TRADES COME TO ME.

7) I SHALL ABIDE BY TRADING TIMES NO TRADES AT ALL BETWEEN 16:00 GMT AND 18:00 GMT

8) I SHALL NOT TRADE 15 MINS BEFORE AND 15 MINS AFTER THE NEWS UNLESS YOU ARE TRADING A FX NEWS TRADE WHICH IS EITHER GOING SHORT OR LONG IN THE THIRD ZONE ONLY

9) I SHALL PLACE TRADES IN THE EXTREME ZONES REGARDLESS OF ANY NEWS EVENT

10) I SHALL NEVER EVER RISK MORE THAN 2% AT A MAX ON A TRADING DAY.

Please have a look at our video to know more about what we do…