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Which trading platforms are the best for inexperienced traders?

by , 03 June 2016
Which trading platforms are the best for inexperienced traders?
I thought you may be interested in these recent trading questions I received on our www.investorsclub.co.za

Remember, I'm always here to help, when you have a question.

• Do you recommend we adjust our stop losses?
• Who are the best brokers?
• How much money do you need to start with Forex trading?
• Could you verify my analysis of the GBP/USD chart?

Q: Do you recommend we adjust our trading stop losses?


I follow one of your trading services.

In the past week I have increased my buying power and have watched the profits climb.

 
Eventually I started to adjust my stop/losses in order to secure the profits and for some reason I felt it should not have been done.
 
Do you recommend the adjusting of stop/losses or do we leave everything as is and wait to get maximum benefit?

 
A: We can't tell you what to do as it's your money and your portfolio...
 
We only tell you how we trade our systems, according to a track record we've been following for the last decade. That said with our premium services we do reccomend stop losses along with our trade ideas. If you want to follow our trade ideas to the letter, follow our suggested stop losses too.
 
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Q: Who are the best brokers?

 
Can you recommend a very good broker to manage all my trades?

A: Click here to see a list of our recommended brokers

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Q: How much money do you need to start Forex trading?

 
I realize that the amount would vary for each individual trade. But you should take into account that some people need to budget for participating in Forex trading.
 
It would be foolish to use a large amount money you can't really afford.
 
Would you kindly give an indication!


A: With Forex, you can start with anything really.
 
You could start with a demo account (Oanda.com) where you can try out trading using paper money.
 
Or you can open an account with a broker and deposit just... Read on here

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Q: What trading platforms would you recommend for inexperienced traders?


What other South African online trading platforms would you recommend for inexperienced investors?         
 
A: Whether you're inexperienced or advanced, you should always look out for the most user-friendly trading platforms.
 
They should all have the following:
1. An easy to use charting platform
2. A portfolio and loss summary of your open and closed trades
3. A trading box that will allow you to calculate how much money you need to put into a trade. This should also have a take profit and stop loss functionality.
 
Note: The next question is NOT at a beginner level, but this shows the levels Timon is willing to help you with your trading.

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Here’s an intermediate question from an active Forex trader:
 

Q: Hi Timon, Could you verify my chart analysis of the GBP/USD chart?


The chart pattern suggests an upward movement, however I’m not sure what the probability is.



A. This is an excellent question...
 
I can tell you've attended a Forex seminar...
 
The probability I say is a medium probability because of the following:

1. The market is prevailing through a sideways trend, but the price is starting to trickle up
2. There is a small pennant formation with the breakout to the upside.
3. The overall trend is still recovering from a large down trend...
4. The MACD indicator is making higher lows, however, hasn't crossed bullish signal line yet
 
Take a look here for a more detailed analysis… Click here for Timon’s chart analysis
 
If you have any trading questions that will help you achieve even greater trading success, log onto the www.investorsclub.co.za … It’s free and ready for you right now!

"Wisdom yields Wealth" 
 
Timon Rossolimos
Head Trader, FSPInvest.co.za

PS: Have you joined our Trading Tips Facebook group yet? Click below to connect with our community on SA's favourite social network.
 
 



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