There are two primary ways to become a more successful Forex trader - to practice, and to learn about the industry.
At DailyForex, our goal is to simplify your trading so that you can trade easily and smartly. To this end, we offer you a collection practical articles written by our Forex experts to help maximize your trading success.
You can also browse our articles by category to find information and trading strategies that can help you improve your profitability and enhance your trading experience.
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Price action uses the price chart, meaning it does not use lagging technical indicators or fundamentals, making it the purest form of technical trading. All traders should understand price action trading because it’s the foundation for understanding what the market is doing.
Leverage is a core component of successful trading, but simultaneously, it ranks among the most misunderstood and misused concepts. Since MT4 is the industry-leading Forex trading platform, I have created a step-by-step guide on how traders can check and change leverage on MT4.
Leverage allows individuals to trade large amounts of currency with less capital. All Forex brokers offer leverage to their customers to trade Forex, and it’s not an understatement to say that the Forex industry is built on leverage.
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Commodities are one of the world’s oldest markets and part of today's modern financial system. Commodity trading will always exist because commodities are essential to making the products we all use. Nearly every retail broker worldwide offers clients access to multiple tradeable commodities. Muslims wanting to trade commodities must consider the best way to do so that aligns with their faith and Shariah law.
Day trading has become one of the most popular ways of trading, and much of the trading industry advertises it as a way to make a fortune or earn a living. However, as all Muslims know, just because something is legal or popular in a country does not make it Halal!
If you have considered taking a prop firm challenge, you may have encountered “prop firm passing services,” which claim to fast-track traders through the crucial evaluation or “challenge” phase of getting a funded account with a prop firm.
In short, modern proprietary trading firms (called “prop firms” for short) give capital to any trader who can prove they are profitable. Traders do not need a minimum number of years of experience, specific qualifications or to be in a certain location when trading. People applying to prop firms come from all backgrounds, ages, and parts of the world. Modern prop firms have helped thousands of traders make enough money to turn trading from a hobby into a profession.
Are you in the UK looking to earn money in Forex? Well, I believe the UK is the best spot for Forex trading. Why? It is one of the world’s Forex capitals, with an active Forex industry offering many jobs, and the UK’s time zone is ideal for capturing trading opportunities in the most liquid Forex sessions.
While the Forex market operates 24/5 with nearly $8 trillion in daily turnover, allowing Forex traders to trade when they want, my quick guide below will reveal how you can earn more money with your existing strategy by trading during specific Forex market hours in the UK.
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South Africa recognizes Forex trading as a legitimate activity, and the South African Revenue Services (SARS) requires South African residents to pay taxes on Forex trading profits. In short, all South African residents must declare their Forex profits for tax purposes, and there is no getting around it. Like most nations’ revenue-collecting services, SARS will impose penalties for not paying taxes.
The Forex market operates 24/5 and has no official opening and closing times. It operates with a start to the trading week and an end to the trading week. Therefore, Forex trading starts Sunday at 22:00 GMT and ends Friday at 22:00 GMT. For South African Forex traders, it translates to Sunday 00:00 until Friday 24:00, but what are the most profitable Forex market hours in South Africa?
South Africa allows its residents to trade Forex, offering a world-class regulatory structure. The country’s time zone is also well-placed for currency trading, allowing traders to participate, during daytime hours in South Africa, in the two most liquid Forex sessions, the London and New York Opens.
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South Africa emerged as a Forex hotspot over the past decade. The FSCA, South Africa’s Forex regulator, established itself as an industry-leading regulator, and South Africa spearheads the African Forex market in innovation and success. The South African Forex trading infrastructure supports most trading strategies. I have compiled a list of the most successful Forex traders in South Africa, which beginners can use as inspiration.
Forex traders should be aware of the Western Christmas and New Year holiday season because it impacts market opening and, arguably, the market itself.
Crude oil is one of the world’s most widely traded commodities. Its high liquidity provides profitable opportunities using long-term and short-term strategies across different market conditions and economic cycles.