The most attractive Forex trading tools.
Choosing a Forex trading instrument is no less important than all other strategy parameters; sometimes the right asset can be the secret to successful trading.
However, you should not get hung up on standard instruments; you can also try exotic ones; who knows, you might be attracted to trading binary options or futures.
At the initial stage, you need to try all the available options, and then, having settled on the most suitable one, hone your skills.
An overview of what you can trade in the trader's terminal.
Why in the trader's terminal, and not just on Forex?
Everything is quite simple, because in the Forex market itself they only trade currencies, but in the terminal you can work with currencies, metals, futures, options, indices and even shares of popular companies. Let's start the review with the options that are most suitable for a novice trader.
• Currencies or currency pairs - classic Forex, there are several dozen currency pairs to choose from, but you should choose only the most popular ones; trading exotics is highly undesirable due to the large spread (commission).
The most popular currency pairs are EUR/USD, USD/JPY, GBR/USD, AUD/USD, as well as pairs that include the euro - EUR/USD, EUR/JPY, as well as other options.
Beginners can try their hand at trading the ruble USD/RUB, but this should only be done if you are confident in the existing trend and use a leverage of no more than 1:50.
• Binary options are one of the ways of conducting transactions; in essence, it is similar to placing bets in a bookmaker's office.
To make a profit, you need to guess the scenario of events. For example, the EUR/USD rate will be higher or lower than the current one in an hour.
• Futures - various commodities that are quoted on exchanges, this could be oil, gas or gold.
• Indices are quite complex instruments, the price of which is influenced by several components at once, for example, the Dow Jones 30 index includes the value of shares of the 30 largest American companies.
That is, when trading you should monitor changes in thirty directions. • Shares - they are also present in any of the terminals, but it is better to trade them on the stock exchange using specialized trading platforms.
The secret of a successful choice is to choose a tool that you really understand. For example, most analysts claim that after the Olympics in Sochi the ruble exchange rate will go down against the dollar, and this is indeed happening, so why not open a buy deal on the USD/RUB currency pair. And after the price rises, you won’t be able to close it at a profit.