Binary Options Vs Forex Trading - How to Make Money

Many people tend to look for better options when trading in forex. The HiWayFX website provides both options, the user can choose either depending on his preferences. One question which arises is what are the differences and the similarities between forex and binary options? For this purpose one should have an inherent understanding of binary options and how they work, pay or the risks involved in them.

Binary options are easier to understand and simpler to use. They are in fact quite similar to foreign exchange or forex but involve fewer risks as compared to forex. Binary options are called FRO which denotes a fixed return option. In order for this to work a person must assume the correct direction in which the market will be heading at a particular time period. If the prediction or the speculation of the person is right about the market, he will get a fixed price no matter how much the market fluctuates. The HiWayFX website has a binary option; all you have to do is sign up and open a binary options trading account.

What are the Similarities?

•     Both take place 24/7 which means the person can trade anytime he desires.
•     Both can be started with a low capital which is approximately $100 or more.
•     People gain or lose money based on the way the market is moving.

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Do You Want to Succeed in Forex Trading? Here’s What to Do

Bill Gates said that he prefers a lazy man to do the job because he’ll find a much faster way to do it. This is quite true in trading. If you have a sloth-like personality, not that lazy though, then you’ll try to conjure magic and find the missing link which you’re missing because of your unique way of perception. However, too much sloth can also hurt you, as it is after all one of the seven deadly sins.

The best way to do with your trades is not to micromanage them but let them play out themselves. No amount of anxiety in this world can solve any problem so, relax after you’ve placed a trade.

Actions which are not according to your trading plan will hurt you. These decisions will make you frustrated and stranded so stay on track and trust your trading strategy.

The problem with traders is that they over do things and instead of finding that missing magic piece in themselves, they look at places which will not give them productive results. If you sit idle and do nothing most of the time, then that’ll be the best way of going at things. Do not misinterpret though, I’m advising you to do nothing after you’ve done the trade

The impediment to your success is that you’re doing way more than what is asked.

A Trade Management Experiment…
Here’s an experiment for your satisfaction that my theory is indeed true. Set your trade and the stop loss and other things and sit idle for week.

You’ll be surprised by the results you’ve reaped and even if you lose, you’ll be quite ok with it.

Make the Most out of your Trading Strategy
Devise a plan, a solid strategy and don’t meddle with it. This point, I emphasize strongly, if you want to succeed.

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Practice Forex Trading on a Free Demo Account

HiWayFX is a global broker providing forex services to clients worldwide. It provides a trading platform that enables traders to trade currencies or commodities 24/5.

How to Start Trading
The first step is registering an Online Forex account. It is not a baffling process and is quite similar to opening a bank account.  There are a number of different trading accounts one can have access to using HiWayFX and they are designed to meet your preferences. All of the trading accounts here give you a personal account manager, free economic calendars and educational videos. Also, for all accounts, the currency used for depositing money is Euros.

The thing is that not everyone knows about forex trading and it can get confusing and difficult for some people and they can even end up losing a lot of their money if they do not comprehend the entire phenomenon. For example, if one doesn’t know what currency pair to trade in or how to use the news trading service to their advantage or even the forex trading software, he can get into an uncalled for hitch. To make people understand the forex trading world there are demo accounts which go a long way to imparting the desired knowledge and they are offered by HiWayFX.

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Live Vs. Demo Trading Accounts

There are numerous forex trading platforms that allow you trading through them and in order to start trading you have to create an account. Now there are different types of accounts that can be categorized as live and demo accounts. Demo accounts are basically for beginners to learn about trading without risking any money.

Now obviously it is good to practice one’s trading strategy with a demo account but the problem is that people stay on their demo accounts too long. A time comes when the trader has mastered the screen time and has all the relevant knowledge but when he/she starts trading with a real account, they start to lose their money.

It is good to know all the ins and outs of trading, understanding the market and charts and other relevant knowledge about trading before entering the real trading world. But if you don’t jump in and get your feet wet, you’re never going to develop the skills to succeed in the market. They are good to educate you but they are only simulations, not the real thing. Also, you are never going to get those ‘perfect’ scenarios in the real world, for example, order fills, stop out levels, prices and etc. are different in demo accounts. The reason why traders do much better on demo accounts is because there is no risk involved and no emotions clouding their judgment either.

Yes, demo trading can educate you about what trading is, but to actually start trading, live trading will be your best teacher. The goal is to master a trading strategy, once you’ve achieved that on a demo account, you can enter the real world.

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Trading Forex for a Living - What You Must Practice

To become a trader, you need to have the knowledge, trading strategy, understanding of market and charts and etc. Now these are the necessary things that you need to have in order to become a trader, but to become an expert at what you do, you need to have a little more than that.

Let’s discuss five of the most important things you must possess if you ever hope to be able to make a living as a trader.

Passion
The first one is Passion. It is pretty obvious but the misconception about passion is that people are only ardent about making money, not the real trading processes. The professionals do not trade to only make some cash but they are in this business to enjoy the intellectual and emotional challenges that trading the market provides. You have got to stay focused and passionate about your work to stay successful for a longer period in the trading world.

Patience
The second thing is Patience. You need to remember this, the market always fluctuates even if it was a good looking setup at the start, but you have to wait and not react at every single movement in the market. There is no need to sit all day looking at the charts either, because if the price goes down you might react and make a rash decision by ending your trade early. Let your trade play out for you.

Discipline
The third thing, Discipline. Patience and discipline are correlated. When you have a strategy for your trade, you need to stick to that. There is no need to over-analyse the market and change your plan at every movement. If you keep changing your methods, you will be stuck in the same place, that is, you’ll remain a prey for those predators-traders out there.  

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Advantages of Trading with ECN Brokers

The Electronic Communications Network is regarded as one of the ways of trading in the future. Most people who trade in the Forex market often have difficulty in making the right trades because of the delay between placing an order and the actual execution. The Electronic Communications Network was designed to facilitate seamless trading between traders. In simple terms, the Electronic Communications Network is designed to create a link between brokers, high liquidity providers and small scale traders.

The Electronic Communications Network is regarded by many as one of the best ways of trading in the forex market. If you are interested in trading in the forex market, you should seriously consider signing up with a broker that offers ECN trading. The concept of trading on the Electronic Communications Network is simple. The broker first asks the high liquidity providers for liquidity. Once the broker has liquidity for small market participants, this is passed on down to the small market participants. Then, when a small market participant places an order, the order is passed on down to the forex market.

Now there are many different things that you need to know about trading in the forex market through an ECN broker. Here are a few advantages of using the ECN while trading in the forex market.

Anonymous Trading
Many traders often have difficulty in making larger trades while using their own accounts. This can often perturb the market, thus increasing the prices before the trade is executed. Traders in the forex market are very active and take action very quickly. Given the fact that the market is accessible to people from all over the globe and remains active round the clock, you can easily expect that word spreads around very quickly. However, one of the main reasons why prices in the forex market remain neutral is because of anonymous trading. Keep in mind that this is given as an option, so you will still have to accept it in order to trade in complete anonymity.

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Stop Repeating the Same Forex Trading Mistakes

This is probably the most important article regarding trading because this is where you'll learn how to achieve the goal: making money. Now, this might not be what you were expecting to read about because it won't necessarily be 'fun'. However, if you follow through on these tips, you'd assuredly get maximum profits.

When it comes to trading, you need to do what is best (generally) not what you think is best. Trade isn't 'the wheel of fortune' where you might go big or you might go home. Here, you can either go big if you have a good mindset or you'll go home.

Wider Stop Losses
The most rookie mistake you can ever make at trading is placing a stop loss within the markets daily range. This might seem like a good idea but it isn't. Stops need a wider margin. If you just do what looks best in the moment you're practically handing money away.

What's keeping you from following this simple rule is the fear of reducing your position size. Rest assure, this isn't a bad thing. Thinking about trade as a game of logics rather than as a game of chance can allow you to have a better track record i.e more funding.

Don't think of wider stop losses as 'messing up your game', if you want to make it big then you need to realise that your reputation is key. Even if you aren't as experienced but in your performance review scored bigger than you'll be big. Ultimately, not getting too overly emotional.

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