Simple tricks to benefit from forex trade you didn’t think about

There are shortcuts and tricks for everything you want to learn, but despite that, learning the basics is essential. After you’ve done that, these simple tricks will maybe serve as something you ignored or overlooked. There are various ways you can benefit from forex trading, and while some of them are so simple, we don’t even think about them, others are unusual but rather beneficial. Here are some simple tricks that will help you benefit from forex trading.

Jump onto the Twitter wagon

Many brokers (especially crypto) are active Twitter users and don’t shy away from telling it how it is. From realistic comments to in-depth charts and analysis, you can find a lot from merely following their accounts. You can easily google top 10 brokers on Twitter, and a list with reviews will pop up, where you can decide for yourself who suits your needs the best. Many of them have podcasts, youtube videos and even short courses where you can learn more, while also following what’s up every day. It’s an excellent “shortcut” if you don’t want to spend too much time sorting out news, but instead, go straight to the point and find what you need.

Try different strategies

This is not something we would usually recommend, but having one strategy for too long can become dull without changing anything. Even if it works perfectly, getting out of your comfort zone can give you a lot of insight, and it can even change the way you trade. Of course, you should always stick to “don’t invest more than you can lose”, whatever strategy you try, and consult with your broker beforehand.

Heard about exotic currency pairs?

Traders who rely on currency pairs will mostly stick to the most popular currency pairs such as EUR/USD, GBP/USD, and similar. If you are a novice, exotic currency pairs are probably new to you, because exotic trading currencies require a deep understanding of the market, especially the relationship between two countries that currencies belong to. That doesn’t mean you can’t try it out! USD/ZAR (American Dollar and South African Rand), can be the perfect example of this. When the United States decides to withdraw their capital from South Africa because of political reasons, this means ZAR will plummet. Remember, in a pair; the second currency determines the first (base) price. This means USD will be more valuable. Exotic currencies are tied to experienced traders because they have more patience regarding following the news, charts, connecting the dots between social events and economy. You can also choose an exotic currency pair, and try to choose two you are interested in, so your research doesn’t become a chore. You can benefit a lot from Exotic pairs, once you grasp how it’s working.

CFD contracts

CFDs (or Contracts for Difference) are useful if you don’t have large amounts of money to trade. These contracts are usually made between you and a broker, where you don’t own any asset, but you can profit from their price movement. CFDs can bring you a high reward, but they come with significant risk as well. That’s why you should check with yourself if you are an impulsive person because if you are, maybe this won’t work for you but it will for somebody else. While you don’t own any commodity, stock or asset, you have to have enough money to support the trade otherwise you’re out. What is very beneficial is that CFD contracts don’t have expiration dates meaning you can wait until you get a shot for a long-term position. If you are interested in CFDs, do thorough research on them before trading this way.

In conclusion

Get out of your comfort zone but don’t get too comfortable with how much money you are putting into one trade. Consult with your broker, and be smart about your trades. Don’t take the fun out of it, but remember your goals and you can easily benefit from something you didn’t consider before!

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