IS FOREX TRADING GOOD OR BAD
Forex trading or foreign exchange trading is buying and selling of currencies With respect to its high liquidity, 24 hours trading system and its ease of accessibility. Forex trading has evolved to be a sustainable career for most forex traders with financial backgrounds. The basics of a forex trader becoming his own boss with the comfort of maximizing profit using a computer system in his/her convenience is a big motivation for both beginners and experienced forex traders to consider forex trading as a good trading platform. However, forex trading in the forex market has its disadvantages as well as its advantages.
FEW REASONS WHY FOREX TRADING IS GOOD
- LOW COST: Forex trading is associated with low cost in that they are no commissions and low brokerage fee for trading forex in the forex market. Forex brokers make profits in forex trading from the spreads which are seen to be in between different currencies. This eliminates the need for extra charges by brokerage firms.
- ADEQUATE FOR ALL TRADING STYLES: The forex market operates at all hours of the day and this makes forex trading convenient for all forex traders. This is most especially advantageous for short-term forex traders who are known to take trade positions over small periods. A limited number of forex traders make trades during complete off hours and because of this, they take high volumes, low-profit forex trading systems due to the low-profit margins. As to this reason, they decide to make a profit on steady low market volatility which leads to high trade volumes.
- OFFERS HIGH LIQUIDITY: Unlike other financial markets, the forex market has the highest number of market contributors and participants. Due to this fact, the forex market has a large rate of liquidity which means that huge orders of currency trades are easily achieved without any form of forex market price variations. High liquidity eradicates the probability of price manipulation and price irregularities which in turn leads to effective pricing.
- NO CENTRAL EXCHANGE: The forex market is an over the counter market trading system and because of this, there is no existence of central exchange or regulator. There is only the existence of individual countries central banks who interfere only when needed and limitedly. This eliminates insider trading.
FEW REASONS WHY FOREX TRADING IS BAD
- LACK OF TRANSPARENCY: The forex market is deregulated and this leads to a lack of transparency. The forex market is ruled by forex brokers who are professionals. A forex trader has no control over his/her trades and how the trades are being carried out and because of this, the trader might end up getting limited profits, limited quote views and bad prices due to the fact that he/she trades with a system provided by the broker.
FOREX TRADING PLATFORMS
Forex trading platforms are trading software which carries out trade executions automatically based on assigned rules and guidelines placed by the forex trader. It functions with specific forex trading strategy, analyzes the forex market, make valid trading decisions and trades forex based on identified forex trading tools and indicators.
FOREX EXPERT PLATINUM
This is simply said to be a commodity automated software or system specifically designed to trade platinum. It buys platinum when the trend of platinum rises and opens long/buy positions. Platinum is a chemical component, a valuable metal and a commodity used in the forex market for the production of jewelry, electronics, and some automobiles. Platinum is seen to be more scarce than gold and this is because of the fact that the percentage of platinum mined per year is relatively smaller than that of gold.
The price of platinum in the forex market is volatile and have a much lower trading percentage that other metals like gold, silver, and copper. This trading platform has the ability to purchase platinum when its trend increases, it reduces risks using money and risk management tools, activates stop loss when a trade moves in an unfavorable trading condition thereby maximizing profits and secures a traders investment.
SELL FOREX EXPERT ADVISOR
This forex trading platform is a semi-automated expert advisor that gives forex traders the ability to carry out sell trades automatically thereby eliminating the stress of manually picking out sell directions. This software performs the above function by using technical systems that mechanically places a sell order when favorable. When the trades are placed, two stop losses will be generated and when one stop loss is hit by the forex market moves, the real sell trade is put into play while the other sell trade initiates a trailing stop loss and rolls the trade as long as it can with the sole purpose of maximizing profit. In this trading platform, the forex trader need not do anything but just click on a button.