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7 Things to Know before You Start Forex Trading
Interested in entering the Forex world?
Before diving in, grasp these seven key concepts. This post breaks down the fundamentals of Forex trading, offering insights into the market’s workings.
From defining Forex to tips on earning through currency trading, we’ve got you covered.
Whether you’re new to this, have been to a forex referral program, or seeking a quick refresher, read on for the essentials to kickstart your Forex journey.
Hopefully, it will help you out in the end.
1: Look for an Excellent Forex Broker
When stepping into Forex trading, finding a reliable broker is key.
With numerous options available, it’s crucial to pick wisely. A good broker equips you with the essential platform and tools for successful currency trading, along with valuable guidance.
Look for a regulated broker with low spreads and quick execution speeds. Consider your trading style before making a choice.
2: Learn about the CPs You’ll Trade
No matter what you are trading, it’s always important to be familiar with the currency pairs. It’s also known as the CPs and can hold the key to your success or failure in the forex market.
The most common options available here are known as the Majors. Some of these examples of it may include the following – EUR/USD and GBP/CHF.
The majors are more common and popular due to having decent price changes. However, if you want to make the most out of the market, you should also keep an eye on the minors.
Remember, each currency pair behaves differently and carries its own level of risk and volatility. Before trading a specific option, it’s essential to understand these factors. A good way to grasp the dynamics is by practicing on a demo account.
This is something you can create on almost any trading platform. So, be sure to make proper use of the same and get more information related to your potential working field.
3: Get Some Information about the Types of Orders
When you trade Forex, you use various order types to buy or sell currencies. The most common one is a market order, where you trade at the current best price.
Another type is a limit order, letting you choose a specific price for buying or selling. Stop-loss orders are handy to minimize losses in a trade. Before making any trades, it’s crucial to grasp these order types and how they function.
4: Try to Be Aware of the Potential Risks
Before diving into Forex trading, it’s crucial to grasp the associated risks.
The market is known for its rapid and unpredictable movements, requiring you to be ready for potential losses. Always try to use as much money as you can lose to trade in forex. If needed, I’d also suggest you use stop-loss orders to mitigate your risk of failing.
Also, keep in mind that the forex market operates 24/7, so be mindful of overnight fluctuations. Some opt to trade during specific hours to minimize exposure.
5: The Dealer will Control the Platform
When you use electronic trading platforms, mobile apps, and dealer websites, you’re not directly linked to a live exchange. Instead, you connect to the dealer who manages the information displayed on your screen, including prices.
Some unregistered offshore dealers use well-known trading software to appear legitimate but may manipulate data to take advantage of customers. To ensure you’re observing genuine market price changes, cross-check prices with external sources.
6: Your Deposits Won’t be Protected
Before you create an account in the forex market, don’t forget to carefully go through your a/c agreement. If you have any problem with understanding it, ask your broker beforehand.
Also, don’t forget to check the terms that you have to follow before withdrawing and depositing money. Find out the associated risks and fees regarding the same as well.
If a dealer disappears or goes bankrupt, there may be challenges in getting your money back.
Be cautious of fraudulent dealers who may try to stall withdrawals by demanding additional payments for undisclosed fees, taxes, or higher account-level status.
Remember, you shouldn’t have to pay extra to retrieve your money.
7: You Might Lose Your Margin
In OTC forex trading, you can start and keep a position with a minimum amount called margin. The needed amount is based on how much the currency pair typically changes.
For example, with a 2 percent margin, you could start a $100,000 position with only $2,000 in your account. But be careful, because this high leverage boosts both gains and losses.
If the market moves against you, you may need to add more money to your account or end the trade. Plus, there’s a chance of extra losses beyond your first deposit.
“I personally think the industry should view this as a positive chance to work hand-in-hand with the NHS, charities and government as all stakeholders pull together to minimise gambling harm. Gambling is meant to be fun and entertaining and the industry must ensure that it is responsible, so that those in need can gain access to properly funded support as and when they need it.”
Affiliate Compliance
Rightlander and RavenTrack Partner to Boost Affiliate Marketing Compliance and Advertising Opportunities
Leading iGaming compliance and tracking platforms unite to bolster affiliate marketing integrity.
Rightlander, a leading provider of marketing compliance and intelligence solutions, has announced a strategic partnership with RavenTrack, a prominent affiliate tracking platform. This collaboration aims to enhance marketing compliance and risk management for Raven Track clients and help identify untapped advertising opportunities with affiliates across global markets.
The partnership will offer access to Rightlander’s comprehensive suite of innovative marketing compliance solutions, including web, search, and social media monitoring to track affiliate promotional activities, content compliance scanning to ensure adherence to regulatory requirements and monitoring services.
RavenTrack’s diverse client base spans established and emerging markets, and this partnership addresses the growing need for robust compliance measures in regions with evolving regulatory landscapes.
Sarafina Wolde Gabriel, CEO of Rightlander, commented on the partnership: “We’re excited to partner with RavenTrack to offer our cutting-edge compliance and marketing solutions to their global client base. As marketing regulations tighten in established and emerging markets, our tools will help brands and affiliates navigate the complex landscape of marketing compliance and capitalise on advertising opportunities.”
RavenTrack is a leading affiliate tracking platform specialising in providing advanced tracking and analytics solutions to help brands optimise their affiliate marketing programs. Its client base includes prominent brands such as Jumpman Gaming, Betfred, Bet9ja, and Mr. Q, to name a few.
Adam Rowley, RavenTrack’s Managing Director, expressed enthusiasm about the partnership: “At RavenTrack, we understand the critical importance of marketing compliance. Our collaboration with Rightlander represents a significant step forward in our mission to provide our clients with robust, innovative and effective tools for managing their affiliate programs.”
“By integrating Rightlander’s advanced compliance solutions with our cutting-edge tracking platform, we’re empowering our clients to navigate the complex regulatory landscape with confidence while maximising their marketing potential.”
This partnership represents a significant step forward in promoting responsible and compliant marketing practices in the rapidly evolving affiliate marketing industry. By combining RavenTrack’s expertise in affiliate tracking with Rightlander’s advanced compliance tools, the collaboration aims to set new standards for transparency and regulatory adherence in the sector.
Affiliate Announcements
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- Streamlined Research: brand and product information in an instant
- Quality Content: resources to produce consistent, on-brand promotional content
Boostbox by MyAffiliates is not just a game-changing upgrade — it’s a leap forward in affiliate marketing, setting a new standard in the industry for speed, relevance, impact and results.
iGaming affiliate marketing has long faced recurring obstacles that impact performance potential – delays in accessing information, time-consuming research, content inconsistencies, and resource limitations. BoostBox by MyAffiliates is an innovative AI-driven solution to these challenges, enabling affiliates to stay competitive and focused, taking results to a new level.
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Roo Wright, Founder of BoostBox added, “Having built a number of affiliate businesses over my 18 years in the industry, I know firsthand the challenges affiliates face. BoostBox was born from that experience, and our partnership with MyAffiliates will help take affiliate marketing to the next level.”
MyAffiliates has long been a powerhouse in affiliate marketing software, empowering iGaming operators to bring all their brands and products together under one seamless affiliate system. Since its launch in 2007, MyAffiliates has set the standard in the industry, becoming the go-to platform for iGaming operators. In fact, StatsDrone recognised MyAffiliates in April 2024 as the most-used affiliate marketing software in the gaming industry—solidifying its role as a trusted leader and innovator in the space.
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