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7 Things to Know before You Start Forex Trading
![Before diving in, grasp these seven key concepts. This post breaks down the fundamentals of Forex trading, offering insights into the market's workings.](https://gamblingaffiliatevoice.com/wp-content/uploads/pexels-energepiccom-159888.jpg)
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.
News
Already Media opens new Warsaw headquarters
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Already Media, the tech-driven affiliate and media company, has opened its new headquarters in the Polish capital of Warsaw.
The office will initially house more than 20 members of Already Media’s 250-strong global team, with a focus on C-suite positions including CEO, COO, CLO, CFO, as well as senior SEO department heads.
Officially opening on July 1, the office provides a base for the company as it continues to pursue a primarily remote-work strategy, hiring on-the-ground talent worldwide, particularly in the emerging markets it focuses on.
Alina Famenok, CEO of Already Media, said: “It’s a proud moment to open our new headquarters in Warsaw. We’re excited to tap into the city’s thriving tech and start-up scene, as well as adding to our team from the huge amount of local talent here. Already Media has expanded rapidly over the last couple of years, and this HQ positions us well to continue what has been a remarkable journey so far.”
Members of the Already Media team – whether they work remotely or are based in Warsaw – enjoy a wide-range of benefits, with a focus on professional growth, health and work-life balance.
The approach has helped the company build a unique culture which contributes significantly to maintaining its edge when it comes to innovation.
It has been a busy few months for Already Media. In March, it acquired iconic affiliate asset PokerListings. In the months since, PokerListings has already significantly ramped up its video content output and launched into additional markets.
News
SiGMA East Europe edition moves to Budapest with Affiliate World
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SiGMA East Europe will hold its third event for the Balkan-Slavic markets in Hungary this September. Powered by Soft2Bet and taking place at the Hungaro Expo in Budapest from the 2nd to 6th of September, the event is expected to attract a 9,000-strong crowd to the expo’s Pavilion E arena.
The event will also be held back-to-back with Affiliate World, which takes place on the 5th and 6th of September in Budapest – making SiGMA East Europe a must attend for operators.
This unique partnership promises an unrivalled networking environment, offering operators the chance to connect with top tier affiliates from a diversity of sectors. With an estimated 5,000 new affiliates expected to participate, this collaboration is set to elevate opportunities for operators and suppliers alike, while also bringing many of the world’s top affiliates closer to the iGaming community. Affiliate World also took place alongside the SiGMA Eurasia event, held in Dubai earlier this year.
Affiliate Announcements
Stase Blitz: ‘For PIN-UP Partners, iGB L!VE is a trove of opportunities and sets the tone for the rest of the year’
![Stase Blitz: ‘For PIN-UP Partners, iGB L!VE is a trove of opportunities and sets the tone for the rest of the year’](https://gamblingaffiliatevoice.com/wp-content/uploads/Ya8Mtl9QccOLxbIwhMmeFCuTLjPmg1ig9AUHWpfa-1.jpg)
PIN-UP Partners will be attending iGB LIVE 2024 with a mission to be at the vanguard of the affiliate sector and a pledge to set new trends as the industry prepares to bid farewell to Amsterdam ahead of iGB L!VE’s relocation to London in July 2025.
PIN-UP Partners will be using its iGB L!VE presence to build new partnerships and find affiliates as CMO Stase Blitz confirmed: “For PIN-UP Partners, iGB L!VE is a trove of opportunities, as the event brings together the best and the brightest of the iGaming industry. Every year, iGB L!VE delivers for the business, and our team leaves the event with hundreds of new contacts that have the potential to really propel our business forward.”
Looking ahead to what she believes the industry will experience at the show she noted: “We can expect to be part of what will be the biggest edition of iGB L!VE there has ever been which would be the best possible way to say a big thanks to Amsterdam in advance of the move to London in 2025.
“Like everyone in our field we are always looking to identify new affiliates and iGB L!VE provides us with the perfect platform to do exactly that. For our part we will be using our presence on booth 11-D50 to launch amazing terms for our offers alongside some catwalk-worthy merch!”
She added: “One of our goals is to build a strong community: harnessing the power of people who are the greatest influence on any industry – but in particular ours! At iGB L!VE we are planning to host a grand event where we can gather our friends and partners for networking and so much more, so don’t forget to stop by our booth!
“The PIN-UP Partners team is delighted to be a part of the iGaming industry’s greatest event.”