Forexball review

Market-Making vs. Scalping Scalping is somewhat similar to market-making. When a market maker buys a position they are immediately seeking to offset that position and capture the spread. This form of market-making is not referring to those bank traders who take proprietary positions for the bank.

The difference between a market maker and a scalper, though, is very important to understand. A market maker earns the spread, while a scalper pays the spread. So when a scalper buys on the ask and sells on the bid , they have to wait for the market to move enough to cover the spread they have just paid. In the converse, the market maker sells on the ask and buys on the bid, thus immediately gaining a pip or two as profit for making the market. Although they are both seeking to be in and out of positions very quickly and very often, the risk of a market maker compared with a scalper, is much lower.

Market makers love scalpers because they trade often and they pay the spread, which means that the more the scalper trades, the more the market maker will earn the one or two pips from the spread. How to Set up for Scalping Setting up to be a scalper requires that you have very good, reliable access to the market makers with a platform that allows for very fast buying or selling.

Usually, the platform will have a buy button and a sell button for each of the currency pairs so that all the trader has to do is hit the appropriate button to either enter or exit a position. In liquid markets , the execution can take place in a fraction of a second. Picking a Broker Remember that the forex market is an international market and is largely unregulated, although efforts are being made by governments and the industry to introduce legislation that would regulate over-the-counter OTC forex trading to a certain degree.

As a trader, it is up to you to research and understand the broker agreement and just what your responsibilities would be and just what responsibilities the broker has. You must pay attention to how much margin is required and what the broker will do if positions go against you, which might even mean an automatic liquidation of your account if you are too highly leveraged. Ask questions to the broker's representative and make sure you hold onto the agreement documents. Read the small print.

The Broker's Platform As a scalper, you must become very familiar with the trading platform that your broker is offering. Different brokers may offer different platforms, therefore you should always open a practice account and practice with the platform until you are completely comfortable using it.

Since you intend to scalp the markets, there is absolutely no room for error in using your platform. If you press the "Sell" button by mistake, when you meant to hit the buy button, you could get lucky if the market immediately goes south so that you profit from your mistake, but if you are not so lucky you will have just entered a position opposite to what you intended.

Mistakes like these can be very costly. Platform mistakes and carelessness can and will cause losses. Practice using the platform before you commit real money to the trade. Liquidity As a scalper, you only want to trade the most liquid markets. Also, depending on the currency pair, certain sessions may be much more liquid than others.

Even though the forex markets are trading for 24 hours a day, the volume is not the same at all times of the day. Thus, when two of the major forex centers are trading, this is usually the best time for liquidity. The Sydney and Tokyo markets are the other major volume drivers. Guaranteed Executions Scalpers need to be sure that their trades will be executed at the levels they intend.

Therefore, be sure to understand the trading terms of your broker. Some brokers might limit their execution guarantees to times when the markets are not moving fast. Others may not provide any form of execution guarantee at all.

Placing an order at a certain level and having it executed a few pips away from where you intended, is called " slippage. Redundancy Redundancy is the practice of insuring yourself against catastrophe. By redundancy in trading jargon, I mean having the ability to enter and exit trades in more than one way. Be sure your internet connection is as fast as possible.

Know what you will do if the internet goes down. Do you have a phone number direct to a dealing desk and how fast can you get through and identify yourself? All these factors become really important when you are in a position and need to get out quickly or make a change.

Choosing a Charting Time Frame In order to execute trades over and over again, you will need to have a system that you can follow almost automatically. Since scalping doesn't give you time for an in-depth analysis, you must have a system that you can use repeatedly with a fair level of confidence. As a scalper, you will need very short-term charts, such as tick charts, or one- or two-minute charts, and perhaps a five-minute chart.

Preparing to Scalp 1. Get a Sense of Direction It is always helpful to trade with the trend, at least if you are a beginner scalper. To discover the trend, set up a weekly and a daily time chart and insert trend lines , Fibonacci levels, and moving averages. These are your "lines in the sand," so to speak, and will represent support and resistance areas. If your charts show the trend to be in an upward bias the prices are sloping from the bottom left of your chart to the top right , then you will want to buy at all the support levels should they be reached.

On the other hand, if the prices are sloping from the top left down to the bottom right of your chart, then look to sell each time the price gets to a resistance level. Depending on the frequency of your trades, different types of charts and moving averages can be utilized to help you determine direction.

Clearly, there is a possibility of a pullback to the trend line somewhere in the vicinity of 1. As a scalper, you can take the short side of this trade as soon as your shorter-term charts confirm an entry signal. The price could be heading back to a target of 1. Prepare Your Trading Charts A forex scalping system can be either manual, where the trader looks for signals and interprets whether to buy or sell; or automated, where the trader "teaches" the software what signals to look for and how to interpret them.

The timely nature of technical analysis makes real-time charts the tool of choice for forex scalpers. Set up a minute and a one-minute chart. Use the minute chart to get a sense of where the market is trading currently, and use the one-minute chart to actually enter and exit your trades.

Be sure to set up your platform so that you can toggle between the time frames. Since there are 5 regions, total amount of winners of weekly forexball contest is equal to 15, which results in incredibly high total prize pool. Each round of Forexball lasts for hours from early Monday to mid-Friday almost each week, so be ready.

Furthermore, since there are no restrictions on how many contest you take part in, Forexball Demo Contest decided to encourage your participation in all of them. Three best monthly performers, which accounts for 4 weekly contest, will receive even more prizes. For these prizes, there is no difference from which region you are, so basically you are competing against traders from all over the world! It is possible to cash out any money you win in ForexBall Contest, but you will have to clear them.

In order to clear your money for cash out, you will have to make trading amount of lots that is 10 times smaller than your winnings. So, if you win 2, USD, you will have to make Lots before you will be able to withdraw your money. Subscribe to receive updates about FX bonuses Be the first one to find out about available Forex trading bonuses that can be trusted Get on the list.

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But what makes it so special? Curious to learn more? Our review will make all things explicit. Start with Forexball now! Forexball review: Description So what is ForexBall? Well, it is an international Forex championship, that is carried out on demo accounts and demo server respectively. This is a competition, which aim is to define the best traders in 5 global regions and also to recognize the highest performing traders of the FX contest in the world ranking.

This means that there is no risk involved, and you will never lose your own money. Besides, the participation is absolutely free of charge. It is good that you generally compete with traders from your region. You are put in the equal conditions, e. In addition, it does not really matter what level of proficiency do you have. EIther you are novice or pro trader, the tournament will identify who can be called the best one.

This competition can bring you not only certain income, but also broaden your knowledge and increase your trading experience. Read full Forexball Demo Contest Review to know what you should count for before going into this contest. Update: Unfortunately, this contest is no longer available.

XM Forex broker allows you to get the best trading conditions since day 1 of your trading! Sign up now and choose your bonus! Also, this contest allows you few opportunities to become the best and win real money prizes. The contest has regional scope, so you do not have to become the best forexball demo contest trader worldwide in order to win. It is enough to get into top 3 from your region in order to get money compensation. So, if you are Asian trader, you will compete with other Asian participants for the trophy of the best trader.

Since there are 5 regions, total amount of winners of weekly forexball contest is equal to 15, which results in incredibly high total prize pool.