News | June 25, 2021, 9:29 AM | The content is supplied by a Guest author
Around 5.3 trillion dollars are traded every day in the forex market, making it the most liquid and active financial market in the entire world. As a matter of fact, the daily trading volume is usually around 53 times higher than the NYSE, which goes to show its truly incredible size.
One of the reasons for its widespread popularity is its ease of use and low barriers to entry. Unlike the stock market, the forex market is open 24 hours a day, five days a week. You can trade anytime you want, and you don’t need a large sum of money to get started.
However, one of the significant roadblocks to becoming a trader is acquiring the necessary skills and expertise to beat the market and earn a steady income. It’s for this reason that many people turn to forex signal services to find new trading opportunities.
Forex signals essentially tackle the most difficult challenge that traders are faced with: consistently identifying the right trading opportunities at the right time. In short, a forex signal service offers trading suggestions or recommendations on a certain financial asset that must be implemented at a specific price and time.
These signals can assist you in improving your trading performance, regardless of your level of trading expertise or experience. In many ways, they are a form of copy trading, as those who follow them do not have to bring any prior trading knowledge to the table. Instead, they rely on the acumen and the accuracy of the signal provider. As a result, just about anybody can follow forex signals as long as they have a brokerage account, access to the signals, and the capital to trade.
The benefits of following forex signals
Before we go any further, it’s crucial to note that forex signals are only as good as the source from which they’re obtained. Unfortunately, many providers exaggerate their results to deceive others into believing they have a better trading accuracy than they actually do.
For this reason, you should always conduct due diligence on the signal provider to ensure that you always receive high-quality information that will help you profit from your trades. With that in mind, here are some of the main advantages of utilizing reputable forex signals providers like FXLeaders.
They save time
Following signals allows us to focus on other things rather than staring at our computer screens for hours at a time, examining the ever-shifting quotes in the market. Many people who wish to invest money in the market don’t have the time to actively search for trading opportunities. Forex signals solve this problem.
You don’t need to learn complicated technical analysis. For those who wish to trade independently, you must first learn how to conduct proper technical analysis to successfully formulate your trade ideas. Of course, this is far easier said than done, and the learning curve is rather steep, especially for those that do not have any prior knowledge of financial markets.
For beginners, following a credible signal provider removes the necessity of learning how to conduct your analysis. This also drastically reduces the risk to your capital as you will almost certainly make mistakes when you first begin your solo trading journey.
You can follow experts who have much more experience than you Did you know that an estimated 90% of forex traders lose money and end up quitting? This is predominantly caused by a lack of knowledge and experience, an inability to manage risk, attempting to time the bottoms and tops of market trends, and failing to implement a consistent strategy.
Following forex signals removes all of these issues as you can sit back, relax, and tail the recommendations of the signal provider. In doing so you will likely gain access to many trades that are based on a systematic strategy that relies on several complex technical indicators – something that would take a beginner trader many years to learn.
Lastly, contrary to popular belief, trading signals are not only utilized by novice traders. Many seasoned traders incorporate signals in their day-to-day trading routine because they assist them in managing their emotions. They also highlight potential trade setups that they might otherwise have missed.
For many people, forex signals offer a pragmatic solution for those who do not want to invest a lot of time into mastering a new skill and gaining the expertise required to conquer the markets and bring home a consistent profit. A trusted, reputable signal provider takes all of the hard work out of trading the forex markets, which means that you can focus your attention on other areas while still growing your capital.
However, as we alluded to earlier, the success of your trades is largely dependent on your ability to conduct adequate due diligence and find a provider that has a proven track record over significant sample size. In general, you should always be mindful of red flags, such as:
● Traders who provide vague signals (no exit or stop loss)
● No real money track record
● Overinflated stats (such as reports of a 70%+ win rate)
● Promises of guaranteed returns
Furthermore, (if possible) you should still attempt to validate the trades using your own analysis. Of course, this all depends on your skill level and the time you are willing to invest, but the more primary research you conduct for each position you open, the more likely you will find long-term success.
This author could be anybody, but he/she is not a member of TradingBeasts.com staff and opinions in the article are solely of the guest writer and do not reflect views of theTradingBeasts.com operator. Readers should do their own research if they want to take any action based on the information in this article.
Naabiae Nenu-B is a Medical Health Student and an SEO Specialist dedicated to flushing the web off fake news and scam scandals.
He aims at being "Africa's Best Leak and Review Blogger" and that's the unwavering stand of Xycinews Media.
Hedera momentum is building, and with Elon Musk’s mention of #hashledger at the B-word event, it appears like the Hbarians’ celebration is just getting started. Elon Musk was referring to Hedera, as confirmed by a tweet from a founding member of the HBAR community.
HBAR is a cutting-edge technology that is being used by businesses all around the world. Hedera has grown to become one of the largest crypto networks in the world. As additional transactions are added to the network, the speed of transaction verifications rises, but it remains entirely undetected. It’s big and has a lot of uses, and it’s one of the big players.
Although the HBAR price is currently bearish, the cryptocurrency price began surging at the start of 2021, and the positive trend lasted until mid-March when it reached an all-time high of $0.45. The currency failed to break through the all-time high price in April before entering a bearish trend that has lasted till today even though the asset was seen trading in the green zone in the past week.
Hbar closed the day at $0.17. Hbar is currently trading at $0.16, after a bearish start to the day. In the previous 24 hours, the price of HBAR has risen 2.51%. Currently, Hbar must avoid the key initial support level of $0.15, which is followed by $0.14 and $0.13. The biggest resistance level on the upside is $0.20, followed by $0.25. As long as it retains a critical support level, HBAR will resume its bullish trend.
Since its ATH, the lowest price was $ 0.139984. (cycle low). Since the last cycle low, the highest HBAR price was $ 0.212739. (cycle high).
Crypto-fintech expert and industry veteran Keith Bliss, the president of fintech solutions provider company Capital2Market, believes that Polkadot, the ninth-largest cryptocurrency in the market, may witness significant growth in the next three years.
Keith Bliss: A Veteran in the Industry
Keith has remained associated with the fintech industry since the late nineties. At the beginning of his career, he sold time-order-management systems. The large buy-side asset managers were Bliss’s clients. Gradually he moved on to the dealings of electronic trading systems. These systems created a link between the institutional buy-side players and the sell-side players, facilitating seamless equity transactions for Wall Street.
Bliss has been a witness to the fintech industry’s gradual growth. His experience in the industry makes him optimistic about the evolution of cryptocurrencies and the process of asset tokenization. But his reasons to believe in Polkadot’s potential growth story go far beyond the general hopefulness around the crypto industry.
The Factors Driving Polkadot’s Growth
Keith believes that Polkadot will grow in the imminent future as a competitor to Ethereum. To back his claim, Bliss cites the growing inclination among developers to turn to Polkadot as a foundation for building their platform. But why is it so?
As we know, Ethereum, unlike Bitcoin, is seen more as an enabler of application development than as a store of value. Its smart contracts and other technological benefits have immensely helped DeFi to grow in applicability and usage. Yet, when developers develop something on Ethereum, the additions get coded right onto its blockchain. With a growing number of applications, these coded additions stunt the transaction speed of Ethereum and take a toll on its scalability.
Polkadot solves this problem through its bridges. Polkadot can connect with other blockchains through bridges. Such a bridging system allows developers to work with their applications without building right into Polkadot’s main blockchain. Resultantly, Polkadot retains its scalability. However, Bliss does not believe that these advantages would make Polkadot replace Ethereum, as Ethereum already has a much higher adoption rate and is working on future upgrades. But, Polkadot will emerge as one of the strongest competitors of Ethereum.
Estimating the Future Price of Polkadot
On one hand, Polkadot is a new entrant in reputed exchanges like Coinbase. It also does not have products like Ethereum ETFs or ethereum futures. But, at the same time, it has parachains, independent blockchains that connect to and run off its network. These parachains can attract developers in bulk to turn towards Polkadot as their preferred DeFi application protocol. As the developer pool grows, the Polkadot ecosystem can continue to prove that it’s here for the long term.
The crypto space is experiencing a huge roller coaster ride nowadays and the previous day surge was the phenomenal one. Amid the B-Word Event, the Bitcoin price gained a notable push and the other altcoins also ranged above the levels. Currently, the Ethereum price is all set to propel high with notable gains. However, the second half of 2021 is expected to be more fruitful.
It is a known fact that the crypto market flows with the BTC price and hence a substantial jump could ignite the altcoin market. Currently, the price is attempting hard to break the immediate lower high above $33,000. And later the rally above $35,000 seems to be imminent which could ignite the price to head towards $40,000. The price needs to sustain above these levels and this is when the altcoins could rise more than 80%.
The bitcoin price received some bullish moves from the event. The price was pushed to $32,600 and before it could register new highs, a strong rejection wick hindered the uptrend. Currently, the price is trying to hold above $32,000 and in order to continue with a bullish momentum, the price is required to smash $33,000.
Despite a substantial push, the price still failed to smash the upper trend line and initiated a consolidation. The rectangle box signifies crucial ranges to hold on to in order to propel further. The altcoins like Ethereum(ETH), Cardano(ADA), Stellar(XLM), Polygon (MATIC), XRP, AAVE, etc and many more could record a series of double-digit gains in the coming days.