By financen | August 8, 2018 - 4:34 pm - Posted in Forex, Forex Trading, Trading

There are many traders who do not follow their routine. If you do not have any routine to follow, you will not know when to place your trades and when to stop trading. The routine works as your daily chart that can guide you through your trading plan. As people focus on their strategy and the analysis, they do not give proper attention when they are developing their routine. As a result, the routine is often outdated and it does not suit the changing trends. This article will give you some tips that you can follow to keep your routine updated with the live trends. You are trading on live trends and any late will cost you money. The more comprehensive you can make your routine, it will increase the chance of your success.

Keeping a paper-based trading journal

Every successful trader at Singapore maintains a trading journal. They always write down the details of each trade so that they can learn from their mistakes. On the contrary, the new investors are placing random trades without knowing the consequences. But soon they realize trading is not a place for showing emotions. If you want to survive as a profitable Forex trader, you must follow some basic rules of investment. And writing down the rules will help you to maintain your discipline.

Due to the recent advancement in technology, you can easily access your past trades data from your online trading platform. But do you really think the digital format of your past trade data will help you to identify your mistake? To be honest, it will help you to a certain extent but still better to follow old-fashioned paper-based journal. When you write things down, you will give a second thought about your trade setup. This simple steps can easily stop you from overtrading the market.

Keep an eye on the latest news and trend

One of the popular ways to keep your routine updated is with the help of Forex news and information. There are many websites that provide free updated information to the traders at free of cost. You can visit these websites anytime to know about the latest news. The international newspaper also has different sections in their papers that provide information on the currency exchange.  All these can inform you about the latest news and trends. If you are active on Social Media, you can get the news form their social pages and use them in your strategy and planning of your trades. Professional traders place one trade after careful planning. They do not rush into overtrading as they know it is not productive. The trends are also an important part of your routine. If the trend changes and you think you need to change your routine, make the changes. Do not wait for a suitable trend as it may never come. You have to take risks always in your trades when you are trading in Forex. An updated routine will only reduce the risks but not remove it completely.

Socialize with the traders and use their ideas

Every trading platform has many options in their software to socialize with the trading groups. Most brokers have their own community where you can post and know your queries. If you think you are mostly getting the proper direction, socialize with the thousands of other traders who are placing trades and get useful ideas.  It may be hard for you to know about the updated news and information but these people can inform about the changes through their ideas and knowledge. Socialize with people and you will get more updated information on the industry.

Review your routine weekly

Take a day off in your trading and review your trading routine. If you find any flaws, try to correct it. Do not wait and always keep your routine under check.

By financen | October 24, 2017 - 5:45 pm - Posted in Trading

Ethereum was first publicly introduced in 2015, at that time its worth was just about 8$ per unit. However, that changed unexpectedly fast and since this year’s January Ethereum value has risen by 3 500% to the value of over 290$. Whether Ethereum becomes the second Bitcoin is still a question of speculators and traders. But one thing is sure now, Ethereum is the second most popular cryptocurrency of the world – its market cap is over 27 billion. To properly understand Ethereum’s potential, you should be aware of the fact that even the director of the Polychain Capital Fund, who focuses on cryptocurrencies, predicts that Ethereum will overcome the price of Bitcoin by the end of 2018. And the current price of BTC now? Around 4700 dollars! Whether that might actually happen so soon is hidden from us for now, but one thing is certain, Ethereum does have a promising future in the light of the current cryptocurrency up trend.

How Ethereum trading works

Cryptocurrency trading, including the Ethereum is possible with financial instrument CFD. That is based on a pretty simple principle and it is possible to earn money on the growth of the Ethereum price as well as on the decline of the Ethereum price. CFD trading is a type of leverage investing, so it is possible to generate a modest income even with a small start up capital. If you, for example, select a trading leverage 1:30 and you invest 20 dollars in this position, you do not trade only with the capital of 20 dollars but with the funds thirty times larger, so with 600 dollars. This leverage will provide you company where you decide to trade, so it would be possible for you to make money from the market even the price changes just a bit. However, keep in mind that cryptocurrencies can be very volatile as they can very quickly change their prices, so you need to use appropriate leverage according to your knowledge with crypto trading. Despite the high volatility of the market that cryptocurrencies and even Ethereum face, we can say that we haven’t seen a cryptocurrency that its price would change just in a 2 year time so swiftly.

Who is backing up Ethereum?

In addition to the vast number of options for which Ethereum have got usage, there might be an another fact behind such a rapid price development. We think it may have something to do with the list of companies that stay behind this currency. Do you know ING, J.P. Morgan or UBS? If you do not, you will most certainly know Microsoft or Intel, which support Ethereum along with dozens of other giant corporations. How experts see the rise of Ethereum can be found in the article „Why investors should be stocking up on Ethereum“.

How Ethereum differs from Bitcoin

Bitcoin‘s only purpose is to be used as a digital currency. Just to pay for goods or services, there are no other usages for BTC. But the problem with BTC is that the transactions take about 10 minutes to be proceeded. And therefore it is possible to use it only for deals where this time delay is acceptable and doesn’t cause any problem. On the other hand, Ethereum is not just a currency as BTC is. Ethereum also serves to the app developers to create blockchain applications plus the transactions are extremely fast and they take only about 15 seconds. The potential of this currency is therefore obvious.

30% price change in one day? No problem for Ethereum

In case you want to speculate on price development of this cryptocurrency, you should closely monitor its current Exchange rate. The price of Ethereum moves quite unpredictably and so is not unusual that it can change in a single day even by a few dozen percent. That proves even the Ethereum history, the biggest price shift was 30%, in one day.

You can trade Etheruem against majors such as American dollar, euro, Japanese yen, or even against Bitcoin. If you notice that there is a repeating formula on the Ethereum chart, try to take your theory on your CFD demo account. Here, you do not have to worry about losing your money and you will still be able to verify your theory.

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