Who are forex traders

Forex Trader 2021

Forex Traders 2021 - Top Traders and Brokers Comparison

The most famous forex traders are:

Famous Forex Traders
George SorosWith the short trade on the British pound he made a spectacular forex deal.
Stanley PrintmillerIt owes its success to capital preservation and long-term returns. He assessed risks at the right time and made immensely high profits.
Bill LipschutzLipschutz had no great experience, but actually carried out his transactions on an instinctual basis. He has published some forex tips to help other forex traders:
  • Every transaction must be carefully considered and promise profits. If in doubt, do not carry out a transaction.
  • If the market develops according to the strategy guidelines, act quickly and that too if the market moves in the other direction.
  • It is not necessary to watch the market 24 hours a day. There is movement in the market for 24 hours, regardless of whether the forex trader is sleeping or watching. Just keep calm is the motto of Bill Lipschutz. Never underestimate the risk is also an advice from him.

Many beginners would like to get started as soon as possible successful forex traders be. The forex broker may well have been a successful forex trader in the past. First and foremost, the budding forex trader has to find the right forex broker. It is important that the broker provides the Forex trader with a demo account, if possible free of charge and unlimited. The forex trader is a forex trader, well known to most consumers. His registration with the right forex broker contributes to the success of the forex trader. The forex demo account is an extremely important tool for gaining experience in the field of forex trading. Some details about Forex trading:

  • Forex means foreign exchange market, the currencies are basically exchanged in pairs,
  • Foreign currencies are currencies
  • this area is the largest financial market
  • Foreign exchange rates are the foundation of the forex market.


Table of Contents

AxiTrader the forex trader and simultaneous forex broker

In one Forex trader comparison AxiTrader would be a suitable candidate. AxiTrader introduces itself with the words: We are forex traders ourselves and now also forex brokers. AxiTrader knows the problems and difficulties faced by forex traders. Customer support is an important point with this broker; Service and execution are his focal points. Training material is available at any time; the broker ensures the necessary know-how of the forex trader. The free demo account is of course part of the scope of the offer. The demo account can be tested for 30 days with the use of 50,000 euros of virtual money. No minimum deposit is required on the live account.

Vestle is also a specialty broker

Vestle is a member of the international iFOREX group. The group is made up of bankers and forex traders. Special advantages of this forex provider are:

  • Customer service is also the top priority for this broker.
  • Vestle scores with the demo account, which provides excellent services without restrictions in connection with a functional platform.
  • Further training is possible for every customer.
  • Registration and opening of the live account are possible at any time. The dealer is in no way pressured.

Successful Forex Trader

There is some advice out there to become a successful Forex trader. Basic knowledge, a sensible forex trading strategy and the right inner attitude are important. The available capital must be used sensibly. It is not appropriate to use all or half of the capital on the first transaction. The basic principle is extremely important for beginners, which is to buy when prices go up, sell before prices go down. The capital should only be used in fragments to realize smaller, profitable transactions. Compensating for a loss with higher stakes is never recommended. For the beginner, it makes sense to keep a so-called trading diary. The contents are as follows:

  • Which strategy was used in which transaction and when,
  • were there forex trading signals, have they been observed?
  • Have you followed all the rules suggested by the strategy, for example?
  • If this is not the case, then state why.
  • What could have been done better, were there serious mistakes?

Anyone who is familiar with Excel can keep this diary in Excel. The information is then more detailed and, above all, clearer. Forex trading is not the way to get rich quick, every trader should be aware of that. But impressive profits can already be realized.

The good broker is important to the successful forex trader

Some brokers are recommended and should at least be shortlisted. Four important elements need to be considered:

  • the available trading platforms,
  • what services are provided by the broker,
  • what are the conditions
  • are there extras,
  • is the customer service competent and helpful?

The brokers listed below have been subjected to a special forex broker test:

The payment methods and fees are to be considered when choosing the broker. The reputable forex broker can be recognized by its regulation. Characteristics of a good broker:

  • Safety and regulation are important
  • what are the trading conditions,
  • the demo account is almost standard, but the demo account must be unlimited and free of charge,
  • competent customer service,
  • is there a bonus, what are the conditions?
  • What do the customer ratings look like?

The trading platform is an important tool for the forex trader

For the beginner, the platform should be straightforward, but still contain all the necessary functions. Many brokers have in-house platforms. MetaTrader 4 and 5 are currently the most popular and best products. Plus 500 scores with downloadable forex trading software, a web trader and, most importantly, apps for mobile use. Of course, the demo account is part of the scope of services. Good forex brokers that do the Forex traders can be recommended.

The free demo account is part of the scope of services of the brokers mentioned.

Characteristics of the recommended broker who makes a valuable contribution to the success of the trader

  • The demo account should be free and unlimited,
  • the account management is of course free of charge,
  • the minimum deposits must not be too high, which is not the case with the brokers listed in the table.
  • The spreads must be taken into account, because these should also be cheap.

The advantages of Forex trading in general, in a nutshell:

  • Gain experience risk-free through the demo account,
  • Beginners can carry out important and risky transactions, but for the time being only on the demo account,
  • if there are fluctuations, the transactions can turn out to be extremely profitable.
  • The transactions are processed indefinitely.

Some terms that are important to the forex trader:

  • Spread: At this point, the difference between the buying and selling rate of the currency pair is explained in numbers. The fee for the broker is calculated from the spread numbers, the pips.
  • Leverage is set by the broker and gives the opportunity to use more capital than is in the account; it is, so to speak, to be viewed as borrowing from the broker. Example; if the maximum leverage is 100: 1, the trader can do business with an amount of 10,000 euros if he pays 100 euros; however, it is not worth emulating.
  • “Account from” simply means the minimum deposit, which is sometimes not required at all or can range from one euro to 50,000 euros.
  • Bonuses are like the casino. Often percentages are credited to the first deposit, but these have to be converted and offset a few times before the bonus can actually be used.
  • As already explained, the demo account is one of the most important instruments.
  • Fees are anchored in the spread. However, some brokers charge fees on deposits and withdrawals.

Four brokers who present slightly different criteria:

The smaller the pips, the higher the potential profits. All four brokers provide MetaTrader 4 and 5.

Further advantages for the forex trader

The minimum deposit is for some Forex traders Optimal at first, as the deposits are usually very low. The forex trader, however, is often unable to carry out lucrative transactions because the investment is too small. Experts recommend making a larger deposit in order to realize several smaller transactions. The chances of small profits increase, capital has not disappeared immediately. The forex brokers should be compared at certain time intervals. The prices also change quickly in this area, so that the first broker listed is displayed as the fourth or fifth broker after a few weeks.

The most common currency pairs

descriptioncurrencyTechnical name
EUR USDEuro / US dollarEuro
USD / JPYUS dollar / Japanese yenyen
GBP / USDPound sterling / US dollarCable
AUD / USDAustralian dollar / US dollarAussie
USD / CADUS dollar / Canadian dollarLoonie
USD / CHFUS dollars / Swiss francsSwissy
NZD / USDNew Zealand dollar / US dollarkiwi

Conclusion:

The forex trader can act quickly. Basically, internet access and a PC are sufficient. However, this industry is very extensively associated with forex trading risks. The beginner with no basic knowledge will hardly have any success. However, good brokers provide educational material and webinars in combination with a demo account. The demo account is, so to speak, the highlight of the broker, because without this tool the beginner is hardly able to carry out profitable transactions. It is advisable to activate a corresponding forex provider comparison, because for the Forex traders it is very important to find a reliable and reputable broker. Many brokers have specialized in beginners and their difficulties and are able to provide enough educational material so that even the beginner can do lucrative business. The strategies can be built using the software. Strategies must be created and used right from the start, because the strategies enable a successful trader. Customer support is important in this industry, because professional forex traders also contact customer service in order to be able to solve pending problems together. Experience is gained in the demo account, a sensible strategy has been created, the trading platform is first class; with these prerequisites even the beginner can be successful.