Trading Forex is very much like gambling. The main difference is that gambling leaves everything up to chance whereas with currency trading, knowledge and experience have much to do with the outcome. With today’s stock markets’ volatility pushing investors away and into other investment vehicles, currency trading has become a popular means of making a quick buck—or losing one.
More than $5.3 trillion is traded in Forex markets on a daily basis and new brokers are opening their doors daily and inviting new traders to place their bets—sic trades.
It is difficult to trade Forex in a vacuum and the amount of information available before placing a trade is a key factor in whether you will come out profitable or not. In fact, statistics show that 80-85% of Forex trades end in a loss.
With competition so fierce, Forex brokers try to outdo one another by offering a host of different features in their effort to attract new clients and hold on to their old ones. Of all the features that help one broker stand out from the rest the question of whether they are regulated and authorized to do business in a particular region is one of the most important. Regulation gives you a feeling of transparency and trust.
Other important feature include a demo account where a novice trader can practice his first few trades in real time using virtual funds provided to him by the broker. A demo account is often time bound but it still affords the trader an opportunity to learn by trading without risking any of his own money.
Anyone interested in starting a trading account should do proper research and broker comparison before submitting any funds and placing a trade. There are several broker review sites that offer up-to-date material on the hundreds of Forex brokers doing business today and clicking on any one of them will provide you with a clear picture of how the important features line up.
Aside from broker reviews and online descriptions, the best way to gather the material you need is via mobile apps and even these are already ubiquitous. So when a unique app comes along, backed by a company that has been in the market for many years, it is certainly worth a good look.
DailyForex.com has been covering the Forex markets and providing free Forex expertise in strategies and trading tips to help traders since 2006. Now their new DailyForex Mobile App adds another dimension to their already valuable services and by combining their website with their mobile app, traders can feel confident that they are getting the best knowhow and up-to-the-minute analysis they can possibly find.
DailyForex.com analysts track the charts and report on major currency pairs including EUR/USD, EUR/JPY, USD/JPY, AUD/USD and others, as well as gold, oil and other commodities and send out weekly and monthly Forex forecasts for the major currency pairs as well as recaps from across the Forex, currency and commodity markets. In addition, traders can benefit from interesting articles about trading psychology, Forex trading strategies and risk management while receiving messages about breaking news, time-sensitive signals and more.
The application opens with home page, which lists a mix of various content articles. Some of the items in the list are premium which means that only paid user have access to them but most are available to all registered members. The premium package is one of three different types of packages offered for the app.
The DailyForex.com mobile application is updated regularly so that you can stay on top of the market no matter where you are. It is available in English, Spanish and Arabic.