More than 5.3 trillion dollars are traded on the Forex market every day. This represents four times the global GDP. Over 85 percent of all transactions involve only seven majors or currency pairs, such as USD/CAD, EUR/USD, and USD/CHF.
Without a doubt, Forex trading can be an excellent source of revenue. The key is to practice your skills in your area and stay on top of the latest industry trends.
Also, it’s important that when you trade close out the trade if it goes against you; it’s better to lose a small amount of money now than lose everything later. You can always try again when the odds are in your favor.
So, what does it take to become a successful trader? Where can you find the best Forex strategies and resources? Here are five Forex websites you should browse daily!
While Investopedia doesn’t appeal directly to Forex traders, it’s a fantastic source of information. It even has a section dedicated to trading. Here you can find comprehensive resources on everything from Forex signals and stock options to actionable tips.
This website is a great choice for newbies. It explains the key terms that every trader should know and provides real-life examples.
For instance, you will learn what a technically strong market is, what trading instruments work best, and how to open a Forex account.
If you want to stay on top of the latest market news, ForexFactory should be on your list. It features the largest Forex forum on the Web, so you can ask questions and learn new tricks.
There is also a news section where users can read success stories, check trading trends, and learn more about the industry.
Another comprehensive source of information is Investing.com. It features breaking financial news stories, news in the currency market, real-time Forex charts, and more.
This platform also displays a list of Forex brokers that require a minimum deposit of $1 to $1,000. All you have to do is to click Start Trading.
Whether you’re a beginner or have years of experience, it’s important to connect with other fellow traders. That’s where Traders Laboratory comes in.
Here you’ll find a huge community of Forex traders from all around the world. Users can share stories and industry insights, discuss topics related to financial markets, and share helpful tips.
FXEmpire features trading news, financial data, and fundamental analyses on major currencies. It’s a favorite resource for traders worldwide, offering a ton of information in one place.
Traders can search for top Forex brokers, read about Forex software, and get insights into the best demo accounts. There is also an entire page dedicated to the latest bonuses and promotions, such as a 50 percent bonus on each deposit or free trading signals with a high success rate.