When you watch a ship sailing on calm seas, it may seem as if nothing could be easier than taking over the captain’s job. However, weather conditions can change very quickly, bringing the ship into a vulnerable position where it’s tossed around by powerful waves. It’s then that the captain’s expertise is called for, as he draws on his years of experience to gauge the safest course for the boat in the unusual conditions.
Similarly, forex trading can sometimes seem like smooth sailing, but those who have been around a while know appearances can be deceiving. Take, for example, the events of January 2015, when the Swiss National Bank discarded the Swiss franc’s cap of 1.20 against the euro. On that day, the franc surged by a huge 41% against the euro, upending brokerages and causing millions of dollars of trader losses. It’s true these types of events are relatively rare, but they underline the fact that the forex market is not just a place of smooth sailing. You need to acquire skills before you can say you’re qualified to navigate these seas.
Realizing this, the developers at iFOREX designed a trading platform that acts as the “captain” in your forex trading ship. Its built-in education center allows you to efficiently access the information and skills you need to make it through the choppy conditions in good shape. Whether you need to brush up on fundamental trading concepts or advanced technical analysis, you can do it swiftly with the use of your smartphone, by simply opening up the features on the iFOREX app. And soon enough, you’re likely to be back out there on the high seas, armed with fresh know-how. Join us now for some more explanation of what the iFOREX trading app can do for you.
The Forex Market
Currencies are always traded in pairs like, for example, the GBP/USD, which matches the British pound with the US dollar. If you open a “buy” deal on that pair, it really means you’re buying the first currency in that partnership (the pound), which is known as the base currency, and selling the second currency (the US dollar), which is called the quote currency. The reason you would do this is that you expect the pound to appreciate in value against the dollar. Alternatively, if you believed the pound was due to dip against its American counterpart, you would open a “sell” deal on the pair.
Forex Trading with iFOREX
The fluctuations in forex pairs’ values, whether up or down, are measured in pips, which refers to the fourth decimal place. Therefore, if the GBP/USD rose from 1.2330 to 1.2335, it would be a gain of five pips or 0.4055%. Let’s say that you, predicting correctly, opened a “buy” deal on the pair from the iFOREX app before this change happened. If the size of your deal was $750, your gains would equal 0.4055% of $750 ($3.0412).
iFOREX offers you the opportunity, however, to magnify the size of your deal beyond the limits of your account balance, using a tool called leverage. If you chose the maximum leverage of 400:1, you could open a deal worth $300,000 ($750 multiplied by 400) with the same account balance. This would mean that a five-pip gain in the GBP/USD would net you $1,216.5 ($3.0412 multiplied by 400) as opposed to the original $3.0412. Leverage also has the power to magnify your losses when prices don’t go the way you hoped, so use it with caution.
The Education Center
Once you sign up with iFOREX, you’ll enjoy access to a wide range of educational articles on fundamental topics like “Risk Management” and also advanced ones like “Elliot Wave Theory”. The materials are designed to fill the needs of both novice and experienced traders. You could also watch any one of the helpful video tutorials, if you prefer. Beyond this, iFOREX offers clients the service of consulting with a real trading coach to help take their skills to the next level. The final step before starting in earnest is making use of iFOREX’s demo account to practice in real time and really get the hang of things.
Wrapping Up
Visit the iFOREX website to find out more about the company and their celebrated, home-built trading platform. Over at the site, you’ll find the phone numbers and email addresses through which you can contact iFOREX’s attentive customer support team. If you choose to start with the iFOREX Pro Package, you’ll get a generous bundle of benefits including free trading signals, tight spreads, quality financial articles, one-on-one training, and more. iFOREX are offering a special Welcome Package for new sign-ups. You’ll receive a 50% trading bonus on making your first deposit, and then an additional 50% bonus when you successfully upload all the necessary documents. You could also be the recipient of trading bonuses up to $300 for each friend you introduce to the platform.