It goes without saying that there are quite a considerable number of currencies that forex traders can choose when trading. However, the vast majority of forex currency traders tend to concentrate on common pairs, such as the EUR/USD, GBP/USD, or USD/HKD etc. But there are certain types of currency pairs.
Here we provide a brief overview of some of the characteristics of four of the most common currency pair types, and why they are important for trading.
After you have downloaded and opened the Metatrader 4 software and started familiarising yourself with the platform, the first thing you will most certainly come across is the forex price quote for your chosen currency. The quote is basically a record of a previous transaction in which a currency pair changed hands.
The economic calendar is one of the most important trading tools that every forex trader should be using on a daily basis and have their finger on the pulse all the time. The Forex economic calendar details upcoming economic releases, speeches, interest rate meetings, and much more. Economic calendars operate on a much shorter timescale and they are generally released every hour or so.
Irrespective if you are new to trading or not, opening a demo account is an excellent way to test out the services provided by an online forex broker, such as LeoPrime. It is quite easy and basically involves putting in an initial deposit of US$50. At LeoPrime, we understand that sometimes people need to build trust and loyalty with the company, and opening a demo account is one way of doing that.
With the world going through the fourth industrial revolution, namely the digital transformation revolution, these are indeed exciting times when it comes to forex trading because the volatility rates are quite high.
So, you want to be a forex trader - not any other forex trader but a successful one. So, how do you do it? We all know that there are certain things that drive some people to do something, so what drives successful forex traders to become good at what they do? Are there are any set habits that they stick to? If so, then what are they? Well, the team here at LeoPrime have come up with five habits that successful forex traders stick to. Check them out!