Some people still think Forex Market is a scam. Of course, it sounds ridiculous for traders and people with a degree in finance, but other people often take this statement seriously. Simple lack of understanding of economy may result in creating myths and lies about Forex, which unfortunately can discourage a lot of people with high potential.

“Forex is simply the market of the currencies. It is similar to real estate or auto market. You can’t say the auto market is a scam.” Robert Parker, CEO of Holborn Assets - Holistic Financial Planning Services, Dubai.

Forex market is one of the largest markets in the world. It never stops, orders are made 24/7 all over the world. And it would be rather strange if FOREX market didn’t react to the fascinating development of cryptocurrencies. Nowadays, only a few FOREX brokers offer an opportunity to trade bitcoin (luckily, FBS is on this list).

What are the benefits trader can get from this type of currency?

Firstly, you can be sure it’s safe - you don’t need to reveal your banking account or credit card details to deposit or withdraw money.

Recently we interviewed one of our partners - Narin Boonmee, who used to work at a regular job and now makes money on Forex and FBS IB program. He shared some of his secrets and gave a few tips:

No matter what they say, the popularity of Forex trading keeps growing, blossoming, and attracting new users every single day. It means that the market is flooded by novice traders looking for Forex education, which is so variable in terms of form, cost and prospective results. Here are the most requested and appreciated ways to learn Forex.

1. Offline seminars

Usually, this type of Forex education is typical for popular brokers. Usually, these seminars are based in the local offices and held by the market analysts with a decent vision of the process.

Visiting such seminars can also be a good idea due to the networking – it’s nice to know you’re not the only one suffering from the lack of knowledge. Unfortunately, seminars are not held every day, and some of them come with a cost.

Whether you are fresh investor or a professional Forex trader, one of the best opportunities to get maximum return is trading via Forex Factory, the 2,962th worlds’ most popular web-site in English providing exclusive market intelligence. 

Launched in 2004 the Forex Factory website is indeed a great resource for all categories of traders. Here you get to see numerous trading forums, statistics on trades, all news that may have impact on the market, calendar section, description of current situation on Forex market (abilities and possible failures) and long list of the reliable brokers with their trading results.

When one thinks of a typical Forex trader, a Hollywood celebrity is the last image that crosses the mind. However, the history shows us the opposite – read on to find out which celebs know trading first-hand. 

Michelle Williams 

As unexpected as it may sound, the Golden Globe and Academy Award nominee used to be a successful trader – in 1997, Williams entered the Robbins World Cup Championship of Futures Trading and won it by turning $10,000 into $100,000.

Answering this question, it is very important to mention that there are two main communities among traders – one that believes in forex forecasting and another one that doesn’t.

Most traders agree with Nicolas Darvas, who is known as one of the world’s best traders and the author of the book "How I Made $2,000,000 in the Stock Market". He is strongly convinced that analysis is much more useful than forecasting: “I believe in analysis and not forecasting”. Analysis can’t be ignored for sure, but what is about horoscopes?

Many traders show great results on a demo account but fail when they start live trading. We made a full analysis of this problem and selected 4 crucial steps, which will help you switch to live account as comfortable as possible.

1) Trade Like it's real

When you know you are not trading with your real money, emotions are much less involved, and you can make all the possible mistakes. It is dangerous because everything you do on a demo account becomes your habit. When you open up a demo account, forget that it is a “demo” account.

Treat it as a live account with your real money in it. Enter the trade with a strategy, plan, risk management and etc. Your demo account's size and leverage should be exactly the same as your live account would be. Do not open a $50,000 demo account if you plan for a $1000 live account.

There’s plenty of verified profitable traders who make millions and willingly give pieces of advice to other traders. We gathered some of the best advice here for you to read.

#1

Know your risks before entering a trade. When you know the risks, you can size appropriately based off of your risk point so that losses won’t be too high if the trade goes wrong.

#2

Never think that it’s “Up too much” or “Can’t go lower” because it can. It is okay if the market makes a move that doesn’t make any sense. Don’t hold on to losers.

We all know what mistakes beginners make, but what about pro traders? Sometimes experience comes at a price, and even the most proficient traders can fall into a trap. We gathered some of the most common mistakes of pro traders.

#1 Overtrading

Some traders may trade too many positions at once, that exhausts available margin collateral, reducing cushion against adverse market movements. And also when you trade too often, you always have an open position and are constantly exposed to market risk. To avoid these mistakes, it’s better to focus on opportunities where you think you have an advantage and apply a disciplined trade strategy to them.