Accurate speculation of currency price trends is not easy. It requires profound knowledge and latest information about the Forex market, risk management skills and a strong know how of various FX trade strategies. So, if you are a novice trader with no FX trade experience and zero financial knowledge, then before you take the risk of investing real money on FX trade, you should first create a demo account and sharpen your FX skills.
This is a risk free way to learn FX strategies and master the art of risk management. Here you get virtual money to trade in a stimulated environment which is similar to the real currency market. This helps you understand the platform features and experience real world volatility. Once you get a good idea of how to strategize, then you can kick-start actual currency trading with ease and confidence.
Revolutionary Ways To FX Trade For Real Money
Besides learning strategies through a demo account, over the years few new and even more innovative ways to Forex trade have come to the forefront such trading with EA’s and Copy Trader. These two are automated ways to trade currencies and are known to have revolutionized FX trade completely. Automated trade has proved to be beneficial for both beginner and advance traders.
Let’s take a look at how automated trade works:
Like the name suggests, through automated trading, Forex trades are executed automatically. Through this you can engage in FX trade round the clock even when you are not sitting in front of your computer.
Forex Expert Advisors (EA’s)
This is an automated trade software that is capable of performing trades for the trader without the trader’s direct involvement. However, to execute trades through Expert Advisors, you need to program the software first. You must code it to follow certain specified parameters. Once you adjust settings, EA trades for you like a robot even when you are asleep or not available. And this is exactly the reason why this software is popular among traders especially busy traders who have a day time job and want to trade Forex as an additional source of income. Furthermore, through Expert Advisors, you can enjoy profitable and stressful trade. Traders using Expert Advisors don’t need to have profound knowledge of fundamental and technical analysis as all the financial calculations are already included in this software.
This feature was introduced in MT4 trading platform. And the program is written in the MQL4 programming language. It allows you to program EA’s according to your Forex trade needs. Programmers familiar with this language can easily program it however, those who are not may experience difficulty. So, it is recommended to get professional help.
This is a software that brilliantly combines social trade and mirror trade together. Copy trading enables you to replicate trades of advance and experienced traders in real time and reap juicy profits. This does not require any manual work, all of it is executed automatically. This software enables you to follow professionals on Twitter a social networking site like Facebook.
This software is a great way to engage in Forex trading and ensure profit maximizing trades.
Here’s how it work:
To get started, you first need to create a live trading account and choose to copy trade. Once you choose this option, you will be asked to make certain amount of investment and select the traders you wish to copy trades of. Let’s say you invest $1000 to Bill the top trader. Now if Bill trades 10% of his equity, the same trade will be copied in real time that will be 10% of $1000 which makes it $100. As soon as Bill closes his trade position, yours will close too and you will realize proportionally the same amount of profit or loss as Bill.
To engage in profitable trading through copy trade, you must select traders wisely and diversify your trade portfolio by following a number of traders. Click through the profiles of various traders to view their performance and then make your final selection.
Copy trade is ideal for novice and beginners who lack experience. With this software, you don’t need to have good market knowledge or a strategic plan to enjoy successful trades. Using copy trade, you can mirror activities and moves of the gurus and multiply your investments quickly.