Connect with us

Business

How to Start investing in Forex Trading and what I need to get started

forex trading

In 2022, more people are aware of forex trading than ever before. Meme stocks along with lockdowns meant that many new retail investors joined the hunt to grow their wealth. Whilst some begin with forex trading, many turn to it once they realize it’s way more liquid than other markets – trading doesn’t close for the day when you get home from work.

However, forex is also a volatile market, so it’s important to be prepared. Here are a few tips on how to get started.

Choosing a Strategy

Before we can decide on what to trade and where to trade it, a general strategic approach should be set out. Even if it isn’t yet refined, it’s important to know whether you will be day trading, scalping, or holding your investments for much longer periods. This will help decide from the list of forex brokers to use – the one which suits your strategy.

It’s also important to decide on whether you will be using technical analysis or fundamental analysis – or both. This will help refine what you need to study, as well as help to get to grips with the most relevant tools. From here, it’s all about researching and learning. Forex trading is risky, so we should have a full understanding of the basics before jumping in.

Choosing a Broker

Once we know roughly how we are going to go about trading the currency, we can decide on a broker. Brokers offer many advantages and disadvantages over each other. Whilst one may have fantastic charting capabilities and a small commission, the other may specialize in economic trading signals and no overnight fees. Clearly, the former may be suited more to a day trader whilst the latter a trader that holds for a long time, using fundamental analysis.

It’s also important to ensure the broker is licensed, regulated, and safe. It’s possible to approve of brokers using reviews, and then we can get to the fun stuff – comparing tools, functionality, and promotional offers.

Given that you’re a beginner, it’s better to opt for a cheaper broker with no inactivity fees. You likely do not need the powerful functionality that is accompanied by expensive programs. In fact, it may be wise to opt for a forex broker that has demo account capability, so the strategy can be tested out without risking real money.

Once settling on a broker, it’s highly recommended to spend a few hours just browsing the platform and watching tutorials. You’re much more prone to mistakes, or missing good bits of information if you jump into trading on an unfamiliar platform. There will almost certainly be a plethora of tutorials online on the platform, and they should also cater to the context of your trading methodology.

Track Results and Refine Strategy

It’s important to track your results (preferably from the demo account) and set some fixed rules around exposure. For example, to never hold a position that is more than 10% of your account balance.

It’s unlikely to sustain a profitable strategy in the long run at first. The strategy will need tweaking and refining constantly until results improve. If you are using algorithmic trading, then it may be wise to backtest the strategy too, potentially using the broker you’re using.

It’s also important to not settle on a strategy and stop learning. There will be more indicators, more points of data that we can use, but it’s important to understand their relevance. We may blend fairly novel indicators with more traditional ones to produce a unique strategy for us, but this all takes time.

Remove Emotions from the Equation

A hugely important aspect of trading is controlling our emotions. Trading is meant to be a purely rational game – mostly revolving around numbers – and so any emotion that interferes is likely to our determinant. For example, refraining from chasing losses is an important change in our risk-taking mentality that can be difficult to control.

There are many ways to control this, but we must build worst-case scenarios into our strategy. We must know what to do when everything is going wrong or to have the rule to stick by that stops us from making rash mistakes. Reading and understanding these psychological biases is important to help mitigate them, but it’s also important to create rules and strategies to actively defend against them.

CFDs

CFDs are a way to leverage our exposure in the market given a smaller amount of starting capital. This can mean a bigger reward, but inevitably a bigger risk too. Much of the stock market is derivative trading, so it’s not wise to ignore it entirely. However, CFDs should be traded with great caution and not until you have a more refined understanding of forex trading.

CFDs will likely amplify your current trading record, be it wins or losses, but it’s important to ensure that one week of successful trading has convinced you that the strategy is bullet-proof.

Business

PepsiCo Reduces Revenue Projections As North American Snacks And Key International Markets Underperform.

Pepsi

(VOR News) – In the third quarter of this year, Pepsi’s net income was $2.93 billion, which is equivalent to $2.13 per share. This was attributed to the company.

This is in stark contrast to net income of $3.09 billion, which is equivalent to $2.24 per share, during the same period in the previous year. The company’s earnings per share were $2.31 when expenses were excluded.

Net sales decreased by 0.6%, totaling $23.32 billion. Organic sales increased by 1.3% during the quarter when the effects of acquisitions, divestitures, and currency changes are excluded.

Pepsi’s beverage sales fell this quarter.

The most recent report indicates that the beverage and food sectors of the organization experienced a 2% decline in volume. Consumers of all income levels are demonstrating a change in their purchasing habits, as indicated by CEOs’ statements from the previous quarter.

Pepsi’s entire volume was adversely affected by the lackluster demand they encountered in North America. An increasing number of Americans are becoming more frugal, reducing the number of snacks they ingest, and reducing the number of times they purchase at convenience stores.

Furthermore, Laguarta observed that the increase in sales was partially attributed to the election that occurred in Mexico during the month of June.

The most significant decrease in volume was experienced by Quaker Foods North America, which was 13%. In December, the company announced its initial recall in response to a potential salmonella infection.

Due to the probability of an illness, the recall was extended in January. Pepsi officially closed a plant that was implicated in the recalls in June, despite the fact that manufacturing had already been halted.

Jamie Caulfield, the Chief Financial Officer of Pepsi and Laguarta, has indicated that the recalls are beginning to have a lessening effect.

Frito-Lay experienced a 1.5% decline in volume in North America. The company has been striving to improve the value it offers to consumers and the accessibility of its snack line, which includes SunChips, Cheetos, and Stacy’s pita chips, in the retail establishments where it is sold.

Despite the fact that the category as a whole has slowed down in comparison to the results of previous years, the level of activity within the division is progressively increasing.

Pepsi executives issued a statement in which they stated that “Salty and savory snacks have underperformed year-to-date after outperforming packaged food categories in previous years.”

Pepsi will spend more on Doritos and Tostitos in the fall and winter before football season.

The company is currently promoting incentive packets for Tostitos and Ruffles, which contain twenty percent more chips than the standard package.

Pepsi is expanding its product line in order to more effectively target individuals who are health-conscious. The business announced its intention to acquire Siete Foods for a total of $1.2 billion approximately one week ago. The restaurant serves Mexican-American cuisine, which is typically modified to meet the dietary needs of a diverse clientele.

The beverage segment of Pepsi in North America experienced a three percent decrease in volume. Despite the fact that the demand for energy drinks, such as Pepsi’s Rockstar, has decreased as a result of consumers visiting convenience stores, the sales of well-known brands such as Gatorade and Pepsi have seen an increase throughout the quarter.

Laguarta expressed his opinion to the analysts during the company’s conference call, asserting, “I am of the opinion that it is a component of the economic cycle that we are currently experiencing, and that it will reverse itself in the future, once consumers feel better.”

Additionally, it has been noted that the food and beverage markets of South Asia, the Middle East, Latin America, and Africa have experienced a decline in sales volume. The company cut its forecast for organic revenue for the entire year on Tuesday due to the business’s second consecutive quarter of lower-than-anticipated sales.

The company’s performance during the quarter was adversely affected by the Quaker Foods North America recalls, the decrease in demand in the United States, and the interruptions that occurred in specific international markets, as per the statements made by Chief Executive Officer Ramon Laguarta.

Pepsi has revised its forecast for organic sales in 2024, shifting from a 4% growth rate to a low single-digit growth rate. The company reiterated its expectation that the core constant currency profitability per share will increase by a minimum of 8% in comparison to the previous year.

The company’s shares declined by less than one percent during premarket trading. The following discrepancies between the company’s report and the projections of Wall Street were identified by LSEG in a survey of analysts:

SOURCE: CNBC

SEE ALSO:

Old National Bank And Infosys Broaden Their Strategic Partnership.

Continue Reading

Business

Old National Bank And Infosys Broaden Their Strategic Partnership.

Infosys

(VOR News) – Old National Bank, a commercial bank with its headquarters in the Midwest, and Infosys, a firm that specializes in information technology, have recently entered into a strategic expansion of their link, which has been in place for the past four years.

This expansion is more likely to take place sooner rather than later, with the likelihood being higher.

For the purpose of making it possible for Old National Bank to make use of the services, solutions, and platforms that are offered by Infosys, the objective of this expansion is to make it possible for the bank to transform its operations and processes through the application of automation and GenAI, as well as to change significant business areas.

This lets the bank leverage Infosys’ services, solutions, and platforms.

Old National Bank Chairman and CEO Jim Ryan said, “At Old National, we are committed to creating exceptional experiences for both our customers and our fellow employees.”

This statement is applicable to Old National Bank. Infosys is carefully managing the business process innovations that it is putting us through, putting a strong emphasis on efficiency and value growth throughout the process to ensure that it is carried out efficiently.

This is a routine occurrence throughout the entire operation. Because of Infosys’ dedication to our development and success, we are incredibly appreciative of the assistance they have provided.

Old National has been receiving assistance from Infosys in the process of updating its digital environment since the year 2020, according to the aforementioned company.

Ever since that time, the company has been providing assistance. The provision of this assistance has been accomplished through the utilization of a model that is not only powerful but also capable of functioning on its own power.

Infosys currently ranks Old National thirty-first out of the top thirty US banks.

This ranking is based on the fact that Old National is the nation’s largest banking corporation.

It is estimated that the total value of the company’s assets is approximately fifty-three billion dollars, while the assets that are currently being managed by the organization are valued at thirty billion dollars.

Dennis Gada, the Executive Vice President and Global Head of Banking and Financial Services, stated that “Old National Bank and Infosys possess a robust cultural and strategic alignment in the development, management, and enhancement of enterprise-scale solutions to transform the bank’s operations and facilitate growth.”

This remark referenced the exceptional cultural and strategic synergy between the two organizations. Dennis Gada is the one who asserted this claim. This was articulated explicitly concerning the exceptional cultural congruence and strategy alignment of the two organizations.

We are pleased to announce that the implementation of Infosys Topaz will substantially expedite the transformation of Old National Bank’s business processes and customer service protocols. We are exceedingly enthusiastic about this matter. We are quite thrilled about this specific component of the scenario.

Medium-sized banks operating regionally will continue to benefit from our substantial expertise in the sector, technology, and operations. This specific market segment of Infosys will persist in benefiting from our extensive experience. This phenomenon will enable this market sector to sustain substantial growth and efficiency benefits.

SOURCE: THBL

SEE ALSO:

American Water, The Largest Water Utility In US, Is Targeted By A Cyberattack

States Sue TikTok, Claiming Its Platform Is Addictive And Harms The Mental Health Of Children

Qantas Airways Apologizes After R-Rated Film Reportedly Airs On Every Screen During Flight

Continue Reading

Business

American Water, The Largest Water Utility In US, Is Targeted By A Cyberattack

water

The largest regulated water and wastewater utility company in the United States stated Monday that it had been the target of a cyberattack, forcing the company to halt invoicing to consumers.

water

American Water, The Largest Water Utility In US, Is Targeted By A Cyberattack

American Water, based in New Jersey and serving over 14 million people in 14 states and 18 military facilities, said it learned of the unauthorized activity on Thursday and quickly took precautions, including shutting down certain systems. The business does not believe the attack had an impact on its facilities or operations and said employees were working “around the clock” to determine the origin and scale of the attack.

water

The corporation stated that it has alerted legal enforcement and is cooperating with them. It also stated that consumers will not be charged late fees while its systems are unavailable.

According to their website, American Water operates over 500 water and wastewater systems in around 1,700 communities across California, Georgia, Hawaii, Illinois, Indiana, Iowa, Kentucky, Maryland, Missouri, New Jersey, Pennsylvania, Tennessee, Virginia, and West Virginia.

SOURCE | AP

Continue Reading

Trending