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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.
ReferOn, a state-of-the-art affiliate management system, has been recognized in two categories – “Affiliate Software Supplier” and “Software Rising Star” – at the prestigious EGR B2B Awards. The awards ceremony will take place on 13 June 2024 at The Roundhouse in London.
ReferOn receives industry recognition and is regularly shortlisted for reputable awards including the iGB Affiliates, AffPapa, 5 Star iGaming Media, and EGR B2B Awards. The popularity stems from ReferOn’s comprehensive set of tools and services aimed at affiliate management optimization, including transparent reporting, easy access to data, plus functionality for management and reporting.
Alexia Gauci, B2B Sales Manager at ReferOn, commented on the nomination: “The team has worked to make ReferOn the most powerful affiliate management system. We find known challenges in the market, work directly with operators and affiliates, and solve them. The double nomination is an excellent motivation for further development work. We are delighted to be recognized not only by our partners but also by the industry as a whole.”
This year ReferOn also received a nomination for the prestigious AffPapa Awards in the “Affiliate System of the Year” and “Rising Star Provider” categories. ReferOn representatives plan to attend the awards ceremony in Malaga, Spain on May 27. Next, the team will visit Casino Beats in Malta on May 21-23, and on July 16-19, everyone will be able to learn more about the latest technical updates at the ReferOn booth at iGB Amsterdam.
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Affiliate Roulette and iGamingAffiliates.IO Forge Powerful Partnership to Empower Affiliates and Simplify Operator Acquisition
Affiliate Roulette, the industry’s leading platform for affiliate discovery and collaboration, and iGamingAffiliates.IO, a premier iGaming affiliate management agency, announce a partnership designed to empower affiliates and simplify operator acquisition within the iGaming industry.
Building Trust and Transparency Through Collaboration
Affiliate Roulette, known for its innovative approach to affiliate marketing, fosters a transparent environment where affiliates can showcase their skills and build trust with operators. This aligns perfectly with iGamingAffiliates.IO’s core values, which place a strong emphasis on building long-term, trust-based relationships between affiliates and brands.
A Winning Combination for Affiliates and Operators
This partnership provides a powerful combination of benefits:
- Enhanced Visibility: Affiliate Roulette showcases iGamingAffiliates.IO to a vast network of operators, increasing their chances of securing lucrative partnerships.
- Expert Guidance: iGamingAffiliates.IO’s team of experienced professionals offers operators the support and expertise needed to optimize their campaigns and achieve maximum results.
- Streamlined Operations: iGamingAffiliates.IO handles the complexities of campaign management, allowing operators to focus on their core competencies.
A Future of Collaboration and Growth
This partnership marks a significant step forward for the iGaming affiliate market. By combining Affiliate Roulette’s innovative platform with iGamingAffiliates.IO’s proven expertise, both companies are committed to fostering a thriving industry that benefits all stakeholders.
Affiliate Program News
Genome and Chilli Partners join forces to revolutionize iGaming affiliate payouts
Leading the charge in the convergence of financial technology and iGaming, Genome, a cutting-edge electronic money institution, is thrilled to announce its strategic partnership with Chilli Partners, a prominent iGaming affiliate program specializing in casino games.
The collaboration marks a pivotal moment in the iGaming industry, bringing together Genome’s expertise in online financial services and Chilli Partners’ prowess in affiliate marketing. The partnership is set to redefine the landscape of affiliate payouts, offering an array of benefits to both affiliates and the iGaming community at large.
“We are excited to embark on this journey with Chilli Partners. By combining our financial expertise with their influential position in the iGaming affiliate space, we aim to set new standards for efficiency and innovation in affiliate payouts,” – noted Genome’s CEO Daumantas Barauskas.
For one, the partnership offers efficient payouts. Affiliates can now enjoy expedited and secure payouts through Genome’s state-of-the-art financial infrastructure, enhancing their overall experience and satisfaction.
It also provides global reach for Chilli Partners, as it can extend its reach to affiliates worldwide with Genome’s international payment capabilities. This allows Chilli Partners to foster a more diverse and expansive network.
The partnership streamlines financial workflows, ensuring seamless transactions and reducing administrative overhead for Chilli Partners, allowing them to focus on delivering top-notch affiliate services.
Genome is all about innovation in payments and online financial services. This approach brings new possibilities for payment options, providing flexibility and convenience for affiliates participating in the Chilli Partners program.
Lastly, the collaboration prioritizes compliance and risk management, assuring affiliates of secure and compliant transactions in accordance with industry regulations.
“This partnership aligns perfectly with our commitment to providing the best possible experience for our affiliates. Genome’s advanced financial services will play a crucial role in elevating our affiliate program to new heights”, – added Clayton Zammit Cesare, Head of Affiliates at Chilli Partners.
As the iGaming industry continues to evolve, Genome and Chilli Partners stand united in their dedication to driving positive change, innovation, and reliability. The partnership is poised to create a ripple effect, positively impacting the entire iGaming ecosystem.
About Genome
Genome is a leading EMI that provides innovative financial services, including batch payouts, SWIFT, and SEPA transfers. With a focus on efficiency and compliance, Genome empowers businesses across various industries, including iGaming, to streamline financial operations and enhance user experiences.
For more information, please visit https://genome.eu/
About Chilli Partners
Chilli Partners is a prominent iGaming affiliate program specializing in casino games. With a commitment to excellence, Chilli Partners connects affiliates with top-tier iGaming brands, offering a lucrative partnership that includes competitive commission structures and tailored support.
For more information, please visit https://chillipartners.com/
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