How to get SuperForex’s $50 No Deposit Bonus?
To welcome new traders, SuperForex is giving away 50 USD for free.
It is a “No Deposit Bonus” promotion which you can get the real money to your live trading account without making a deposit at all.
SuperForex’s $50 No Deposit Bonus is suited for traders who want to experience the real trading condition of SuperForex MT4, and for traders who are new to the Forex market.
Follow the simple steps below to get SuperForex’s $50 No Deposit Bonus today.
- Go to SuperForex Official Website
- Open a live trading account
- Submit a copy of your ID and proof of address document
- Log in to SuperForex’s client portal
- Request for $50 No Deposit Bonus
- Get $50 for free and start trading Forex
Use SuperForex’s $50 No Deposit Bonus to start your online Forex trading.
You can also download SuperForex’s MT4 (MetaTrader4) for any devices including PC, Android, iPhone and iPad.
Visit the page here to see the MT4 guide for beginners.
Which FX Currency pair you should trade?
A Forex pair refers to the currencies of the two countries that you select when trading in FX.
For example, when trading “EURUSD”, you buy EUR and sell USD, or you will sell USD and buy EUR.
Currency pairs can be split into two categories, major and minor currency pairs.
Major currency pairs are normally familiar with any countries in terms of economy.
If we divide the major currency pairs into more detailed ones, currency pairs such as “USDJPY”, “EURJPY”, “GBPJPY”, “AUDJPY” etc.
These, except the USDJPY, are called “Cross-JPY” (currency pairs with JPY entanglement).
Secondly, these currency pairs such as “EURUSD”, “GBPUSD” and “AUDUSD” are called “Dollar Straight”.
USDJPY, Cross-JPY and Dollar Straight are major currency pairs as they are traded in the Forex market.
A minor currency pair refers to a combination of a currency such as Turkish lira and South African rand that has high interest rates, but has a high risk of fluctuations in price movements due to low market volume, and the combination of USD and EUR.
Also, there are not many traders who can trade between minor currencies, so they are traded in currency pairs such as USD and EUR.
1. Characteristics of currency pairs based on time
The USD-straight has more trading volume in Europe or New York time than in Tokyo time.
This is a time zone when “EURUSD” and “GBPUSD” often move.
USDJPY and cross-JPY are highly liquid as the JPY is actively traded in the Tokyo market, and it is a time period when these currency pairs move frequently.
Since the USDJPY will be the currency pair with the largest trading volume after “EURUSD”, Forex traders can trade the USDJPY in an advantageous manner during Tokyo market time.
For more information about the time zones, market hours and trading volumes of Forex market, visit the page here.
2. Recommended currency pairs for trading
Since the trading volume of “USDJPY” and “EURUSD” are large internationally, it is possible to carry out transactions with narrow spreads and stable liquidity.
Also, technical analysis using the characteristics of charts makes price movements relatively stable and technical analysis is easy to function, and fundamental analysis dealing with the economy and politics of each country makes it easier to trade because news are easy to collect information these days.
USDJPY and EURUSD are easy to trade using either of the two analyses, so they are the recommended currency pairs for beginners.
3. Recommended currency pairs with high swap points
A swap is a profit due to the difference in interest rates between two countries, and refers to a transaction for the purpose of swapping by combining a low interest rate currency such as the USD and a high interest rate currency such as the Australian dollar, Turkish lira and South African rand.
Since this is popular, there are many brokers handling these currency pairs including SuperForex.
Know the 5 Forex Order Types
As the second step in FX trading, you may want to master the ordering method.
By using various order types as it suits your trading style and the market characteristics, you can aim for more profits efficiently while minimizing the risks of losing.
All the FX trading starts with ordering, so some words may not be understandable, but let’s master firmly.
1. Market order
Let’s take a look at one of the basic ordering methods “Market Order.
Market order is an ordering method that can be used when you want to buy now or sell now.
It is also called a streaming order, but it is an order placed by specifying only “buy” or “sell” without specifying the rate.
2. Limit order
Next, let’s take a look at “Limit orders”.
Limit order is an order method that specifies a rate for the order to be executed.
It is the same whether you buy or sell, but the limit order is basically work like “Buy EURUSD at 1.00 USD”.
Let me give you an example to clarity.
You but EURUSD with a market order when the currency is 1.00 USD per EUR.
Then, in anticipation of the USD depreciating, you place an order to “sell the position for 1.02 USD.”
This “sale for 102 yen” is a limit order.
However, the exchange rate does not always work the way you want.
The USD depreciated to 1.0170 USD, but then the rate could return at anytime, and it seems that the rate is gradually moving in the direction of USd appreciation.
So, let’s say you place an order to “sell when the rate returns to 1.01 USD” to secure the minimum profit.
This order is called a stop order, and it explained below.
3. Stop order
A limit order is placed at a rate that is more favorable than the current rate (a price lower than the current rate if you want to buy EURUSD), but a stop loss order is the otherwise.
If you want to buy a EURUSD, you place a “Limit order” at prices higher than the current rate, and place a “Stop order” at prices lower than the current rate.
Also, just because you placed a limit or stop order does not mean that you will always fill at the specified rate.
It depends on the performance of the systems and servers of each FX broker, but in simple terms, the contract power differs depending on the FX broker.
Therefore, even if you place a limit order at 1.0012 USD, it may be contracted at 1.0011 USD.
The difference between the order price and the contract price is called “slippage”.
Please keep in mind that slippage can occur in any Forex broker, because the market liquidity of each Forex broker is different.
4. OCO order
Let’s see how OCO order can be used in actual transactions.
The current EURUSD rate is 1.00 USD.
But let’s say you have two desires to buy after a little lowering, and to buy after a trend has occurred.
At such times, you can utilize OCO orders. If you place a limit order for 0.99 USD and a stop order for 1.01 USD, you can complete an OCO order with two types of result.
In this case, the 0.99 USD limit order is also called a “contrast order”.
Contrary is an order that you buy in anticipation of future increases, or vice versa, an order that you sell in anticipation of future decreases.
In addition, a buy order for 1.01 USD is called a “contract order”, which refers to a trend-based buying and selling.
Buy with an upward trend and sell with a downward trend.
This ordering order is the order that FX beginners should master first.
5. IFD order
IFD order is a very suitable order method for those who do not have much time to see the trading screen.
An IFD order is an order that can be placed at the same time as a limit order and a settlement order.
For example, you can set to buy when the USDEUR rate is 1.00 USD (limit order) and sell when it reaches 1.01 USD (settlement order).
If you take a position with a market order, you can also use the TAKE Profit point with a limit order and the stop loss order with a stop order.
In fact, many day traders do this a lot.
Even if you are not looking at the market price chart, when the market reachs the specified rate, it will place a new/settlement order, so there are times when profits have increased.
Do you want to learn more about the Forex trading? Visit SuperForex Official Website and sign up to get access to SuperForex’s educational materials for free.