Interestingly enough, out of all the cryptocurrencies that are available for trading on the market, Bitcoin has perhaps evolved the most, and is perhaps one of the most popular forex trading investments available.
The demo account in the forex industry is like the simulator for airline pilots because just as pilots can practice flying a plane and ‘crashing it’ as many times as they can when they are practising to fly a plane without the risk of killing anyone or damaging a multi-million dollar aircraft, so in a similar way, forex traders can use the demo account as many times as they like without the risk of losing real money.
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.
It goes without saying that in forex trading, when doing technical analysis, the price of a currency pair can move anywhere between zero and to an unspecified upper limit on the charts. For example, based on today’s prices in GBP/USD at around 1.298, a 1.37 would be regarded as a high price. However, how about 1.40, or 1.45? While these numbers may seem unrealistic (according to history), and they are all ‘high’ by definition, then we would have some degree of difficulty in placing a stop loss or assign a certain profit on the charts. There needs to be a more realistic and practical range that can be classed as truly high.
As we have mentioned before that forex trading is most certainly not easy for new beginners. In fact, it can even be tricky for even the most experienced traders amongst us. If you get it wrong in forex trading, then you risk making huge losses and this can lead to a failure trap for many inexperienced and undisciplined traders. On top of the tips provided in this blog post, we are delighted to present some more inside tips on forex trading that you can use to avoid disasters and maximise your potential to win!1. Plan your goals
The forex demo trading contest is all about having fun while at the same time improving your trading skills and being able to go for every opportunity to win. While you are trading with other forex traders for the grand prize, it is worthwhile noting that you have to lose and everything to win for.
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.