NetPicks, a company that has been helping people become forex traders since 1996, recently offered a few tips to newcomers who want to make money trading currencies. The most basic thing to know is that you trade in currency pairs, betting that one of the two currencies will change in value against another currency with the bet being whether it will go up or down. NetPicks teaches people how to make this determination and also provide charts and a real-time signal service to its clients.
Forex trading is known by a few other terms such as currency trading and FX trading. People can make trades 24/7 because there is always a forex market open somewhere in the world and they are all accessible online. The most common currency pairs all involve the United States dollar. The USD is paired most commonly against the British pound, the EU’s euro, the Australian dollar, the Canadian dollar, the Swiss franc, and the Japanese yen. Forex traders can do other currency pairings but the risks of doing so make it inadvisable, visit (Facebook.com).
Forex traders can also do leveraged trading, where they borrow the funds they use to trade and then have to pay that money back, win or lose. This can be facilitated through a margin account. The team at NetPicks says no one should ever borrow more than they can pay back if they decide to go this route.
Mark Soberman founded NetPicks and put in place a team of highly skilled Forex traders. He says he and everyone else at his company also trade currencies and so they offer real world experience to their clients who want to do the same. He says they don’t do offer any “academic” or “theoretical” information, instead only cold hard facts they learned themselves.
Recent articles include what to do if you decided to do options trading and it went south on you. Another good article is about staying consistent with your trade plan and not reacting with emotion to changing market conditions which leads to bad decisions.