The forex market is one of the most lucrative ones out there and have the potential of offering high returns to the right investor. Dealing with foreign exchange is a dream come true for many and it has become easy to enter this market, thanks to online options. One of the most appealing factors about this market is its 24/7 availability, which means you can trade anytime. A lot of people start trading as part-time traders in order to supplement their income and gradually become day-traders when they start earning significantly. However, in order to do that, you have to have a trustworthy and reliable broker. How else will you carry out your trades?
While there are plenty of brokers out there, not all can be relied upon. If you are looking for a comprehensive and unique option, 4XFX will be right up your alley. This online broker can offer you everything you need to conduct your trades in the forex market and become a successful trader. 4XFX is a relatively new platform and was only introduced in March of this year. This could be a reason for traders not wanting to use it, but the fact is that it has made up for its newness with some major features.
With 4XFX, forex traders, no matter what their background can enjoy a ton of unique features that can make it easy for them to trade in the market. If you are unsure about using it, the easiest thing to do is go over the 4XFX review you will find online and these will give you an idea of exactly what this broker has to offer to you. You will understand that 4XFX is a one-stop solution for your forex trading needs and will make trading a breeze for you. The good news is that using 4XFX is not very difficult.
When you open the website, you will simply be asked to make an account on 4XFX. There are several account options you will find at your disposal and you need to decide what account would suit your needs. Let’s take a look at the choices:
Starter: This is the first option and as the name indicates, it is best for those who are just starting their journey in the trading market. If you are just learning the basics and want to have some experience that can prepare you for the more complex and exciting trades, you can opt for this account. It offers you basic training and access to a personal account manager. You can also find the latest forex news or use the knowledge center. You can also seek the assistance of an expert advisor and enjoy fixed spreads. The account has a leverage of 1:100 and 24/5 customer support is also available.
Silver: The next option is the silver account and one you can sign up for after to have gained some basic knowledge. You get all the same features as that of the silver account and the added perk is that of webinars that you can get through the silver account.
Gold: If you are serious about your trading activities, it is best to choose the gold account because it gives you access to some sophisticated tools that can be immensely useful during trading. Through this account, you can benefit from advanced training and even get one-on-one training from experienced consultants if you wish. The leverage offered by this account is 1:200 and it also provides you with daily market alerts that can come in handy.
Platinum: This account type is best suited for VIP traders and you can choose this if you are ambitious about becoming a professional forex trader. You can get a personal trainer and also have floating spreads. It also give you the freedom of setting personal trading conditions and there is also a personal bonus policy that can be of use.
As 4XFX has been designed for the ease of traders, they have chosen to base it on the popular and renowned MetaTrader4 trading platform. You can find a desktop version if that’s what you prefer or go with the mobile version if you like that convenience. You just need to have an internet connection and can start trading right away. With the mobile version of the MT4, you can use your smartphone for conducting trades no matter where you are. This is highly convenient because it ensures that you will be able to buy and sell quickly if you think that’s the right way to go.
The sign up process is also quite straightforward and hassle-free. You need to provide some basic information, along with verification documents and then get started. There is not much of a learning curve involved and even beginners will be able to get started without any hiccups. If you do face any problems, 4XFX has a reliable and friendly customer support service that is ready to aid you. You can ask questions and via email, text messages or phone call and they will get back to you as quickly as possible. The responsive team will be there for you if you have any questions or concerns.
One thing you need to make up your mind about is the payment method that you wish to use when you want to trade forex on 4XFX. Obviously, you will need to fund your account and the platform allows you to do that in a number of ways. You can use debit or credit cards for making a deposit, go with a bank wire transfer or also opt for local payment providers. Other methods enable you to add funds immediately, but bank transfers might take a few days. The same methods can also be used for withdrawing your funds. Again, bank withdrawals take a bit longer than the other standard methods and you need to keep this in mind before you choose an option.
An appealing fact about 4XFX is that you don’t need to worry about the security and privacy of your personal or financial information when using this broker. Strong encryption systems and firewall have been implemented to keep sensitive and confidential data out of the hands of third parties. 256-bit SSL encryption is used for this purpose and all communications are also kept secure. However, you should also exercise caution and use strong passwords for your account. In addition, you should not share your passwords with anyone as this compromises your account’s security and puts your funds at risk. Even if someone claiming to be from 4XFX gets in touch and asks for your password, you should not share it with them.
If you have just started trading in the forex market, it is a given that you will have questions and there will be confusion. Luckily, 4XFX has a complete education center that you can access for learning the technical jargon and other information. Even if you have gotten some experience in the market, the education center can still be useful. You can find courses and videos here that can instruct you about the trades to make in different situations. There are also detailed webinars by experts in the market that can be used for learning new tips and strategies that can be used for increasing your profits in the long term. The platform also gives you access to the latest forex news that can be used for making your trading decisions.
One way to minimize your losses is by using a stop loss order. As the name indicates, the purpose of this tactic is to help you stop your losses and preserve your investment. Those who are new to the market obviously don’t know how to use stop loss. Even though it might seem like a little thing, but it can make a world of difference during trading and is something that you should be familiar with. In simple terms, a stop loss order refers to an order that you place with a broker for buying or selling your asset once it reaches a certain price. The purpose of a stop loss order is to limit the loss of a trader on a security position.
For instance, if you set the stop loss order for 10% below the price at which you bought it in the first place, your loss will be limited to 10%. There are several advantages that a forex trader can enjoy when they choose to use a stop loss order. Firstly, it saves you from having to check your chosen currency pair on a daily basis and is particularly useful for traders who are doing this part-time and are not full-time forex traders. Another perk is that you don’t have to follow hard and fast rules for the level at which you should place the stop loss order. The choice of level depends on the investing style of the trader i.e. whether you are an active one or trading in the long term.
One important thing that all traders need to be aware about a stop loss order is that it is not used for the sake of minimizing losses. This is a common misconception, which has taken root mostly due to the name of the tactic. However, it can also be regarded as a way of actually locking in your profits. In this scenario, you set the stop loss order at a percentage below meaning that you place it at the current market price instead of the price at which you bought it. If there is fluctuation in the price, the price of the stop loss will automatically adjust.
In case there is a rise in the price of your currency pair, you will have an unrealized gain until you sell. The stop loss order allows you to benefit from actual capital gains as the currency pair is sold automatically. Using a stop loss order is a good idea because it will cost you absolutely nothing. Commission is only charged when you have reached the stop loss price and the currency has to be sold. Put simply, a stop loss order can be seen as a free insurance policy and traders should definitely learn to take advantage of it.
Apart from that, another reason why using a stop loss order is a wise decision is that it enables decision making to be completely free of any emotional influences. It is known that traders often get attached to a currency pair and keep on giving it more and more chances thinking it will come around. This is simply procrastination and it will just cause your losses to increase day by day. The purpose of trading is to make a profit and not to watch your investment go to waste. Therefore, you need to be confident in your strategy and implement your plan and this is where stop loss orders can help because they ensure that your judgement is not clouded due to emotion.
Nonetheless, traders need to bear in mind that using a stop loss order during forex trading is no guarantee that you will end up making money or not incur any losses at all. You still need to be able to make smart and intelligent decisions. If you don’t make the right decisions, you are still going to end up losing money without a stop loss order, only at a slower rate. You can use the stop loss order when you are trading in the forex market on 4XFX. The broker offers you the option of using Stop Loss features for managing your risk successfully.
You can find the most exotic and popular currency pairs on 4XFX and it offers you low spreads and leverage as high as 150%, which means there is plenty of potential to make profits. You can execute fast trades on the platform and also benefit from the technical and fundamental analysis tools that can aid you in making decisions. You can also identify and follow trends through the use of graphs and charts that are also supported on 4XFX, thereby mastering forex trading in the best possible way.