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7 Things to Know before You Start Forex Trading

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Before diving in, grasp these seven key concepts. This post breaks down the fundamentals of Forex trading, offering insights into the market's workings.

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.

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Golden Boomerang Awards Traffic Tournament Offers Big Rewards for Top Affiliates – Be A Part Of It!

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Golden Boomerang Awards Traffic Tournament Offers Big Rewards for Top Affiliates – Be A Part Of It!

 

Boomerang shares product stats and insights revealing significant traffic and engagement boost since the traffic tournament launch just one week ago

The inaugural Golden Boomerang Awards by Boomerang Partners continues to gain momentum, offering major incentives for affiliates to drive high-performing traffic until the finale on May 14, 2024. Boomerang has disclosed impressive product statistics that showcase increased traffic and betting activity since the traffic tournament launch.

Overall, after just one week of the Golden Boomerang Awards tournament, traffic on Boomerang’s products has increased by 12% over the Champions League group stage and 27% over last year’s play-off phase.

Referring to this growth details. Matches in the Round of 16 of the UEFA Champions League proved extremely popular, becoming the top winter attraction on Boomerang’s sports betting platforms. 60% of the audience placed pre-match bets on the Champions League matches, while the remaining 40% preferred live betting during the games. Impressively, 2/3 of bettors made winning combo/parlay bets across the UCL matchups. The most popular games, which attracted 3/4 of total wagers, were Lazio vs Bayern Munich, Napoli vs Barcelona, and RB Leipzig vs Real Madrid.

As the Golden Boomerang Awards 2024 enters its second half, prizes are also expanding. The biweekly rewards system is updated with fresh giveaways to maintain the interest of both current tournament participants and newcomers. At the same time, as the teams already accumulate points and climb the ranks, there is a reasonable benefit to joining the tournament as early as possible: by May 14 top-30 highest-performing affiliates will earn a VIP invitation to the finale – a prestigious award ceremony packed with networking opportunities, first-rate entertainment, and an afterparty filled with an unmatched exclusives.

With over 200 affiliates already registered, the Golden Boomerang Awards offers a lucrative opportunity to monetize traffic with Boomerang’s player-preferred sports betting and casino gaming services. The array of prizes, combined with superior conversion rates, presents a rewarding opportunity. Affiliates ready to showcase their skills and reap significant rewards are welcome to join by registering before May 14 at GoldenBoomerangAwards.com

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Champion unites with First Look Games

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Champion unites with First Look Games

 

Studio gets serious about game promotion by signing up to platform that directly connects developers and affiliates

Champion, the game studio taking Eastern European markets by storm, has become the latest to join forces with First Look Games as it looks to drive awareness of its games.

By signing up to First Look Games, Champion gains access to a fully branded library where it can upload information and assets for each of its slots. These can then be downloaded by a network of approved affiliates to use when writing game previews and reviews.

The First Look Games platform is state-of-the-art and robust, which means Champion can add game sheets, logos, images and even videos of each title so that affiliates have all the information they need to craft accurate content that promotes the studio and its slots to their audiences.

Champion’s free to play games will be available to all registered publishers through the First Look Games “Demo Game Server”.  This includes age verification in jurisdictions where it is legally required.

Champion has been riding a wave of success since making its debut four years ago. It has focused on its home market of Ukraine but recently launched in Romania with wider European expansion plans. It currently offers 76 games with two new releases each month.

Some of its most popular slots include Seven’s on Fire +, Aztec Century, Fire Rage +, Fruit Party Deluxe, Cassiopeia, Ultra 7 Hot, Cossacks, Hot Seven and Spin & Collect 5.

Elliott ResnickManaging Director at First Look Games, said: “Champion is an incredibly exciting studio that has already achieved great things in a short space of time with games that have hit the mark with players in its core markets.

“We are delighted to be helping Champion take game promotion to the next level at a time when it’s looking to expand into new markets while also strengthening its position in Ukraine and Romania.”

Anton Chumel, CEO at Champion, added: “As we look to make big moves into new markets, we wanted to get behind promoting our games to players and in First Look Games we have the perfect solution for doing this.

“Affiliates have large player audiences keen to know about new game releases, and we have some great titles in the works.”

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6 New Websites Approved by QMRA (Germany, UK, Sweden)

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6 New Websites Approved by QMRA (Germany, UK, Sweden)

 

QMRA was launched as a quality mark for iGaming affiliates at the beginning of February.

QMRA is the international follow up of KVA, a successful Dutch iGaming Quality Mark (over 85 Dutch member websites, 10 connected operators among which bet365, LeoVegas, 711, tombola and more).

Firstly, QMRA launched for 6 markets: UK, Sweden, Norway, Denmark, Germany and Spain. After this, USA Michigan followed. Poland, Estonia and Belgium will be available in March (2024).

After the QMRA launch, 4 websites quickly received the Quality Mark. This week, another 6 websites have been approved (member page: https://qmra.eu/members/affiliates/):

 

Leadstar Media:

  • QMRA DE: Kickfieber.de
  • QMRA DE: MySportwetten.de
  • QMRA DE: MyWettbonus.de
  • QMRA DE: MyWettanbieter.de

Gaming Innovation Group:

  • QMRA SE: Casinotopplistan.com
  • QMRA UK: Casinosherlock.com

The above websites have been checked by our compliance team, following the applicable law (relevant for affiliates) in the respective jurisdictions. All websites received a report on how they comply with our QMRA codes:

https://qmra.eu/active-markets/germany/, https://qmra.eu/active-markets/sweden/, https://qmra.eu/active-markets/united-kingdom/

We expect to add more members in the coming weeks and invite anyone, active within one of the QMRA jurisdictions, to join us!

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