Forex kitchen brokers who are they and how to recognize them
Such a concept as a Forex kitchen can often be found among professional traders; there is a rather negative opinion about the activities of these companies and a number of misconceptions about them.
There are also several signs by which one can identify a given representative of the foreign exchange market. This and some other points will be discussed in this article.
What is a Forex kitchen ? It is a trading platform without direct access to the currency exchange; all transactions are carried out between the trading participants themselves.
In case of low liquidity of one of the currencies, a brokerage company can itself act as a partner in the transaction and, in case of unfavorable developments, adjust the rate or create technical difficulties for the trader.
At the same time, there are a number of misconceptions due to which representatives of large brokerage companies, who accept orders from traders and then transmit them to the server of the main company, are also included in this category.
How to open a Forex account in just a few minutes
Many people who want to open a Forex account do not know that they need to take into account several basic points that make trading on the foreign exchange market much more comfortable.
This stage is quite important for a novice trader, as it allows you to avoid a lot of unpleasant surprises and significantly saves time.
For full registration, you may need an electronic scanned copy of your passport and a document confirming your registration (place of residence), so make copies of these documents in advance.
It’s also a good idea to open an electronic wallet in one of the payment systems, preferably WebMoney, this is quite simple, as a result you get the opportunity to quickly replenish and withdraw money from your trading account and make exchanges at a more favorable rate.
There are also quite traditional ways to replenish and withdraw profits - bank account, plastic card, cash, bitcoins, Yandex money, etc.
See all available top-up options .
After you have chosen your Forex broker, you need to proceed to registration on its website, to do this you should follow these steps:
How to work on Forex without losing your money.
In order to work in Forex, you need to have certain knowledge and experience, so the trader’s primary task is not to earn huge money, but at least to simply save the deposit from being drained during the first months of trading.
The task, although complex, is completely doable; to solve it, you should follow some recommendations about the practical side of the matter, which will be discussed in this article.
I will try to give novice traders some tips regarding practical Forex trading, which will help them not repeat the mistakes I made in my time.
In order to preserve your capital, and then increase it, you need to follow these tips:
Minimum and optimal amount for Forex trading
Thanks to the use of leverage, the minimum amount for trading on Forex is only a few tens of dollars, and even less on cent accounts.
It should be borne in mind that the less you invest, the higher the risk of the operations being carried out, since in order to obtain tangible profits you need to increase your leverage.
It’s another matter if you first want to learn how to work and make money on Forex, and then, using the knowledge gained, gradually increase the amount on deposit and the volume of transactions made.
And so, how much you can earn depending on your trading strategy and the initial deposit amount.
The minimum amount with which you should start trading is $10. Using the scalping strategy, even with such capital you can have from $5 to $20 per day, but you should keep in mind that trading with scalping is very difficult.
Only professional traders receive stable income when using scalping.
How to learn to make money on Forex.
Currently, the Forex market is an excellent opportunity to quickly earn a decent fortune, although “quickly” is a rather relative concept here.
Yes, if you know how to trade, you can increase your initial deposit several times in a month, but to do this you must have some professional knowledge and experience. Almost no one can make money from scratch, so in order to become a successful trader you should study, study and study again.
How to learn to make money on Forex - first of all, you should draw up a training plan, including the main points that you should know for successful trading. This is exactly what this article will discuss.
Forex training plan.
What is Forex and how to make money on it
Explain in a nutshell what Forex is?
It is practically impossible, since it is a rather complex currency trading system, which includes a lot of concepts and definitions. But in this article I will still try to reveal the basic principles of working on Forex in a language that is easy to understand.
What is Forex - a currency exchange (market) where currency is bought and sold at the market rate, the rate is set as a result of supply and demand, under the influence of external and internal factors.
The volume of trading operations is practically unlimited; the total daily market turnover is more than 4 trillion US dollars.
We can say that this is a completely virtual market, since all transactions on it are carried out online.
Anyone can trade currency, but not directly, but through specially organized firms - Dealing Centers, which transmit orders to buy or sell currency to their representatives on the exchange.
What you need to know about Forex
In order to successfully trade on the forex currency exchange, a novice trader needs to know a few basic points; these are the very basics of trading, without knowledge of which you will almost immediately lose your first deposit.
It will take you a little time to study these issues, but it will be worth the profits.
This article will discuss some important technical aspects and practical issues of trading, which are the basis of any successful trading and without which you simply cannot become a successful trader.
Forex is an equal opportunity place; it is as easy to make money as it is to lose money.
Anyone has equal rights to change their life for the better; the main thing is to know what requirements the currency exchange puts forward for a trader and what brings profit.
Forex scam or how to avoid becoming a victim of a scam?
Quite often you hear the expression that Forex is a deception or a scam, mostly it comes from the mouths of losing traders who lost their first deposit immediately after starting work.
Let's try to understand the actual state of affairs and identify the reasons for failures when trading on the foreign exchange market.
The first step is to understand what forex trading is and why some people make millions while others lose hundreds of dollars.
The research is based on statistical data from one of the well-known financial publications.
Forex trading is about making a profit on the difference in exchange rates when buying and selling, you buy cheaper and sell more expensive.
The principle itself is quite simple, but there are many nuances that cause the loss of your own funds.