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.
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.
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!
Minus all the stereotypes, it is sometimes difficult to think that forex traders are boring geeks that sit in front of their Bloomberg Terminals all day long, munching away junk food, drinking copious mugs of freshly brewed coffee or Coca-Cola and become millionaires by the age of 35.
Well, not exactly. It may surprise you that there are only four types of forex traders, and in terms of a brand persona, I wouldn’t be able to label a certain personality to a forex trader at all, and forex trading by all means can be a lucrative way of making money if you know how to do it.
Foreign exchange - sometimes also known as Forex or FX - refers to the global, over-the-counter (OTC) trading market where indivisual traders, investors, institutions and banks, exchange, buy, and sell global currencies.
It is worth noting that Forex is one of the largest trading markets, with a global daily turnover estimated to exceed US$5 trillion. Forex trading is always done in pairs, in both spot and futures markets.