If you are new to financial trading, then you probably have already looked for the best Forex broker going through various Forex broker reviews. Look no further because Golden FX has it all. You need to know some very important details about this broker to be able to trade profitably.
Foreign exchange trading, or Forex, allows you to earn at the most liquid market in the world. None of the markets can compare with the foreign exchange in terms of trading volume. The daily turnover of the Forex market is $5 trillion – almost three times more than the volume of trading on the global stock market.
Trading currency pairs, you acquire one currency at the expense of another. For example, in the EUR/USD pair – the first one is the base currency (the euro), and the second one is the quoted currency (the US dollar). Accordingly, you buy euros for dollars.
The currency pair is always considered as one whole because trade involves the exchange of one commodity to another. It is impossible to buy euros for euros – it does not make sense. According to this example, the exchange goods are money from the EU and the US. Trading is always made by a currency pair, not one of the currencies.
Suppose that the EUR/USD currency pair is being traded at 1,15345. This means that €1 costs about $1.15. The euro is more expensive than the US dollar and you need to pay a dollar and 15 cents to buy one euro.
Golden FX platform allows users to trade the most commonly exchanged currencies, which is very convenient in accordance with many Forex reviews about the broker.
Currency market traders most often deal with six currency pairs or the main currency basket:
These are the most popular currencies in circulation in countries and regions with developed economies. Because of this, the exchange rate of major currency pairs fluctuates during the trading session, depending on the political events taking place and current financial reports. Golden FX guarantees you low spreads for trading the main currency basket.
Currency pairs, which are traded less often, are considered secondary. They include all the pairs except for the six main currency pairs and several exotic pairs. These are less liquid pairs – not so many investors are ready to buy them. Secondary currency pairs have wider spreads. According to Forex trading reviews, on Golden FX, you can access a wide range of secondary currency pairs.
Exotic pairs are the currencies of developing countries. When trading exotic pairs, additional difficulties, typical for markets with an unstable economy, are possible. Usually, exotic pairs are illiquid, unpopular with traders, and have wide spreads. Exotic pairs include currencies such as South African Rand (ZAR), Hong Kong Dollar (HKD), Mexican Peso (MXN), and several others.
Successful trading on a Forex trading platform is usually based on different strategies that allow optimizing the trader’s work and achieving the best possible results. Let’s look at the most popular strategies.
This is a relatively new strategy, which is suitable for all investors. It was created for short-term transactions that usually last up to several minutes. Due to the fact that it’s almost impossible either to gain a lot during such a small interval or have any big losses, this strategy is only good for those who can’t invest a lot but are ready to trade on Golden FX earning small amounts often.
The task of the trader is to plan the trade before the start of trading using the data of the hourly chart and the daily chart. It’s important to take as many points as possible. Of course, according to financial broker reviews, this requires great knowledge.
This method makes it possible to earn up to 80% of daily volatility in one transaction. One transaction brings in 8% of the profit to the account.
Intra-day does not take much time – planning in the morning takes 10 minutes, then during the day, you only need to look at the terminal, so as not to miss the planned entrance. Those who have the opportunity to take a laptop can easily combine this activity with the main job.
If you like a quieter, leisurely trade, consider night trading. If you trade at night when it is morning in Japan, you’ll find a calm market. Price fluctuations, in this case, happen only with yen. Volatility is insignificant for other currencies at this time. The rates change slowly, making it possible to earn a lot on quick transactions.
Trading on news releases is a widespread stock trading strategy within a day. Many beginners and experienced traders turn to it. Why? Because it allows you to significantly increase your earnings in a short period of time, but you should understand that success depends heavily on the trader’s ability to be in the right place at the right time.
Forex broker (Golden FX) review states that the first thing you should learn is that if you sit at home and watch the news on TV or read news online, waiting for something interesting, then you will not be the only one.
Professional traders, operating with huge amounts, have the opportunity to receive news much faster. If you understand this and take it into account in the trading process, making decisions about buying or selling shares becomes much easier.
According to Forex broker review sites, other advantages of Golden FX include:
Forex brokers reviews and rating helps each trader to find out which trading platforms are considered the best at the moment. The Analysis of each broker is done taking into account various criteria such as regulation, bonus system, etc. All these facts are included in the reviews of Forex brokers. The review is a mini-assessment of the Forex broker. Therefore, broker reviews are important so that you could find the best broker and start trading.
You should read not only those sites that make the ratings of Forex brokers but also the check the site of the Forex brokers. If you use only the ready Forex signal providers review, then you can make your choice according to the list of the best brokers, but can you consider yourself a professional if you only rely on the results that were obtained based on factors unknown to you and the peculiarities of these brokers?
A clever trader should familiarize themselves with the rating, select several brokers from the list and start reading reviews about these brokers. This is the most optimal approach to finding the best trading platform. Apart from the fact that reading the Forex broker reviews will make it easier for you to make the right decision for your trading activity, this will also help you know all the nuances of work with a certain Forex platform.