How to become rich today!

Well, many of you when saw the headline of my article thought that it is one of millions useless articles, being published daily to attract you to some website promising to earn 100 USD per hour doing nothing :)

You are mistaken guys, these all is not what you thought about when you saw the title.

I’m sure you will now ask who I am, and if I know how to become rich why I waste my time on writing this article. I wouldn’t like to go into details, but I will state that I am rich; just today is the day I woke up with a mood of sharing with you my vision of business and being rich.

Have you ever thought how all that starts? At which certain moment? It does not start when you earn or invest your first 100 or 1000, or even 10 000 USD, NEVER - it starts when a belief come to you when you truly believe and are confident that Ferrari for 1 000 000 USD is for a guy like you. You should understand the following, if someone produces a million dollar car, it means that there are people who can afford to buy it. Then why you do not think that you can be one of those people? 

You will now ask how?

It is simple. Have you ever noticed that sometimes when you are afraid something to happen, and that idea never leaves you, it always happens and it happens in a negative sense.

I’m sure that most of you being a student used to be afraid to fail an exam. Always thinking negative you resulted in a failed exam not because there was no chance to pass it, but because you thought too much about the failure, instead of concentrating on passing it it even if you were not ready for it.

You may now think that it is not serious and this example has nothing to do with becoming rich or being successful, instead of living an average life like the majority does. But you are wrong! Just remember right now your mates who always managed to pass all exams easily at the same time spending less time on examining the materials compared to you. You were always surprised how it was possible - it is all about belief, desire and confidence.

Success always comes to you unexpectedly.

It does not mean that you should do nothing, just sit at home and wait for success, surely no! It means when you find your first job after graduating at a bank as a taller for 500 USD per month, it should not make you satisfied thinking that it is enough for living, paying the utility bills and visiting your favorite bar at the corner to have a beer with your friends.

It means that you won another month to learn as much as you can, to look for something better than you have today (car, home and even your garment) and it does not really matter than you do not have enough money to have that all right now, you should continue believing that the success will come to you and you will definitely have a better chance than today.

Pay attention to details, always. Keep in mind that you will have 3 chances during your life to earn your first million, what you need is just not missing that chances. I also believe that it is important to be at the right place at the right time. I guess you now think that you have already missed one of your chances, but do not give up, keep on believing, since success will touch you during his next trip in your city.

Money is the same, it is always under circulation, passing from one to others, but each owns a certain money only for a certain period, and your mission should be to multiply it during the period you have control on it, as after a certain period it will definitely leave you to give chance to others, so why not take the moment and become rich?!

How to Choose the Right Forex Broker

If you have already made up your mind to enter the Foreign Exchange market, one of the first and most important things you will need to do is to choose a right forex broker. Actually, today there are a great number of brokers and due to the vast diversity of brokers it has become somehow difficult to make the right choice. However, there are some important features each forex broker should have and in case of taking into consideration these features you will be able to make a proper decision.

Here are the main peculiarities you will need to pay attention to while choosing a forex broker:

• Regulation
• Types of accounts offered
• Types of trading platforms offered
• Types of Spread offered
• Commission fees
• Margin requirements
• The number and variety of trading instruments offered
• Deposit and Withdrawal methods
• Customer service quality

So, this was a little hint for those who face difficulties while choosing a reliable forex broker. Surely there are other features that are not less important than those, mentioned above, however, this is the list that will guide you through choosing process and will contribute to making the right decision.  

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Influence of global events on the Forex market

The foreign exchange market (Forex), the daily turnover of which amounts to billions of US dollars, provides millions of traders with an opportunity to earn on currency rate fluctuations of various countries. The distinct feature of any financial market is its reaction to significant events that lead to price fluctuations of financial instruments and allow to earn on the difference between the Ask and Bid prices of an asset.

By trading in the Forex market, traders open positions, relying on technical and/or fundamental analyses of the market. If technical analysis forecasts the further price behavior exclusively on the basis of the analysis of price charts history, fundamental analysis studies the factors that determine the movement in the Forex market.

Factors affecting the Forex market

The volatility of the Forex market depends on the impact of various global factors that can be divided into two large groups:

• Economic;
• Geopolitical.

Economic factors affecting the currency exchange rate of a particular country:

• Indicator of economic growth (GDP);
• Inflation level and inflation expectations;
• State of the trade balance;
• Monetary policy of the Central Bank;
• Unemployment rate, etc.

Any event occurring in the economy of the world's largest powers, instantly affects the Forex market. Thus, when getting involved in currency trading, a trader needs to study and analyze the most important indicators of the world economy, follow the news about the decisions of central banks regarding their monetary policy. Important economic factors confirm or reverse the trend for a long time, while retracements occur under the influence of less significant and unexpected news.

You can learn about the release dates of important news from the economic calendar.

Geopolitical factors affecting the currency exchange rate:

• Political events;
• Natural disasters;
• Wars, terrorist attacks, etc.

Important geopolitical events lead to significant currency exchange rates fluctuations and often become the reason for the reversal of a long-term trend and the formation of a new one. Unlike economic news, the release of which is known beforehand, most geopolitical events, such as terrorist attacks, natural disasters, defaults, etc., are unexpected and literally destroy the currency market, causing exchange rates to rise or fall. At the same time, the effect from the release of such news quickly loses its power and, as a rule, the new trend does not last long. In such cases, traders open positions for a short period of time waiting for the next market retracement.

The Forex market is dependent on many interrelated factors that reflect the economic state of various countries. The knowledge of these factors allows a trader to quickly orient and make proper decisions at the right moment, as well as to assess the time and strength of the influence of fundamental factors on the market trend.

Forex Brokers

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The growing interest in Forex market contributes to the emergence of various Forex brokers each of which is featured by its own characteristics and offered services.

What Services Do Forex Brokers Offer?

Though Forex brokers offer different services or the same service with different conditions, there are certain factors that are usually provided by most Forex brokers. For instance, numerous brokers offer leverage but the ratio may differ highly ranging between 1:100 and 1:400. Below the services that are usually offered by most reliable Forex brokers are mentioned.

• Customer support: Providing traders with 24 hour technical support is of vital importance. This helps them arrange their trade properly, ask for help, get advice from specialists.
• Daily market analysis: Every day brokers should provide technical and fundamental analysis that will help traders be informed of the latest market fluctuations and news, directly affecting their trade. The other privilege for traders is that they do not have to search for market analysis on other websites. Both daily analysis and trading platform are simply available in one place to make the trade rather simple and comfortable.
• Unique trading methods and innovations: In order traders can diversify their trading strategies and the used trading instruments, brokers are trying to offer new approaches and trading methods. Each trader seeks for new opportunities, new instruments and new methods that can increase their interest towards trading and raise chances of making a high profit.

What Innovations Do Forex Brokers Offer?

Forex Brokers create and offer new instruments and trading methods. Usually brokers try to offer their own trading platforms, designed according to traders' demands and suggestions. The most recent innovation in this field that has aroused great interest among not only traders but also investors, economists and portfolio managers is Personal Composite Instrument (PCI) creating through GeWorko Method. The method is designed for effective pair (spread) trading and portfolio trading and analysis. It is realized as a whole technology that provides all conditions for traders to make a high profit with the possible lowest risks.

Offering unique services is quite difficult, and not all companies can provide that. However, innovation - the main thing that can attract traders, many of whom are looking for new and exciting services.

IFC Markets is a leading innovative financial company, offering private and corporate investors wide set of trading and analytical tools. The company provides its clients with Forex and CFD trading through its own-generated trading platform NetTradeX, which is available on PC, iOS, Android and Windows Mobile. The company also offers MetaTrader 4 platform available on PC, Mac OS, iOS, Android, Windows Mobile and Smartphone. You may compare the advantages of both platforms.

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Margin trading in the Forex market

Margin trading is the process of trading assets with the use of borrowed funds provided to a trader by a brokerage company for a certain amount of money (margin). Margin trading or trading with leverage allows to trade in the Forex market without having a large amount of capital.

Leverage

Depending on the market you trade in (stock or currency), brokerage companies may offer leverage from 1:1 to 1:1000, i.e., a trader gets a loan of the same amount he owns or a sum 1000 times exceeding his own capital. In the Forex market, the size of leverage is usually from 1:100 to 1:500. The provision of a loan by a dealing company allows to perform speculative operations in the market with large amounts of money. Meanwhile, if a trader makes a large profit using the credit which exceeds his own funds by several times, the profit will belong only to him, and in case of unsuccessful transactions, the loss may not exceed the size of his own funds, that is to say a trader will not be in debt to a brokerage company.

Margin lending conditions

• Funds or other assets, which were deposited on the account of a brokerage company, serve as a pledge for margin trading;
• During the trading session, the credit is provided for free. A special fee (swap) is charged for transferring the position to the next day.

The size of margin

The size of margin depends on the market segment, the liquidity of traded instruments and the brokerage company. In currency market, the margin does not usually exceed 2%, while in the stock market it may reach 50%.

If the loss of your open positions draws near the margin size, the broker will offer to deposit the necessary sum of money (the requirement to provide additional funds is called Margin Call or “risk warning”), otherwise the positions will be forcibly closed (Stop out).

Positive and negative sides of margin trading

An absolute advantage of margin trading is the opportunity to make a large profit with a small initial capital on a trading account.

The negative side of margin trading is the great risk - the bigger the leverage, the higher the risk of losing funds in case the market moves “against you”.

No matter how attractive high leverage may seem, do not use the maximum possible leverage. It should be also noted that in case of transferring a position to the next day, you will have to pay swap for the whole volume of the position, that is why it is better to close all the positions by the end of the day.