NETPICKS; FOREX TRADING TIPS AND GUIDELINES
Netpicks is a company that offers an online trading platform for traders. It was founded in 1996 by Mark Soberman. Its headquarters are in Irving, Texas and staffs are experienced traders (analystoffinance.com). Netpicks services are flexible enough to accommodate anyone’s schedule. They have worked to streamline the learning system, making it easy to learn. Once traders join the team, the company has support measures that guide the new traders in every step of the way.
Forex trading provides an online platform where traders trade currency pairs in a decentralized market. It allows them to capitalize on the price volatility of currencies. It involves predicting whether the price of a particular commodity will go up or down. This trading is based in major cities which include: Paris, London, Tokyo and Sydney. It is from these cities that FX trading has time zones, thus making it a 24hour market. When one city’s exchange closes, traders can trade in the next available open one.
NetPicks offers charts and live signal services which guide traders on when to buy and when to sell. Some characteristics of the Forex Market are that the market is highly liquid, with a possibility of the trading volume of up to $5.2 trillion. Traders have minimal trading options where the major currencies are paired up to offer few alternatives and subsequently minimize possible risk of trading with minor currencies. The volatility of the prices leads to reaping of high financial benefits from the market.
Traders are given the advantage of leverage, where they can spend little amounts of their total investment volume with the help of a margin account. A trader with a margin account can trade funds of up to $100,000 with an equity of $1000. Some terms used in FX trading include Pip, spread, ask(buy) price, bid pricesell etc.
The process of forex trading follows the following steps: risk assessment, buying the selected price having predicted the base currency will become stronger compared to the quote currency, selling the pairs having predicted that base currency will become weaker, placing the buy or sell order, and finally Closing the order and check for profits or losses. NetPicks advises extensive education before trading, and that the trader should be ready to lose their investment, hence recommended to start with smaller stakes (financeswire.com).