When we think about transportation in the nineteenth century, we’re overcome by affectionate nostalgia. Images of the well-known horse and buggy appear in our minds, and we yearn for a time when society was simple and organic. Still, the old ways of getting around had their drawbacks. Horses produced plenty of mess that needed to be cleaned from the roads; buggy wheels ground deep ruts into the ground that became muddy in wet weather; and vehicles could only move around at about two horsepower.
In a similar way, the old methods of financial trading may seem quaint in our view, but that doesn’t mean they were better. For instance, the reliance on brokers to make deals happen left traders exposed to their manipulation and double-dealing. In addition, costs were higher, error was commoner, and trades were slower.
The traditional open outcry style of trading on the stock market floor, which got going in the seventeenth century, started meeting its end in the 1980s when modern technology was applied to financial trading. At first, this meant your ability to trade depended on possessing a desktop a computer with a telephone line. In our times, you only need a smartphone that connects to the internet. But today’s online trading platforms do many other excellent things besides connecting you to the markets.
Stop a minute with us because we’d like to tell you about the features offered on the iFOREX online trading platform, which was developed over many years of consultation with professional traders.
CFD Trading
iFOREX is a CFD trading brokerage, established in 1996 – now considered “the old days” of online trading. Since that time, iFOREX have steadily been enhancing the quality of their platform to meet the needs of clients in the best possible way. One thing that hasn’t changed, though, is the nature of CFD trading.
Opening a CFD deal does not entail purchasing a security in any way. Rather, it means you are establishing a deal with your brokerage that’s focused on the security’s price movements. When prices follow your predictions – whether in climbing bullishly or lagging bearishly – this signifies your deal has met with success and your trading account will be credited accordingly. The ability to go short on any security you want is one of the benefits traders prize in CFD trading.
The second benefit is called leverage. This is the power to magnify you deal size exponentially, and, with it, your potential earnings. To take an example: If you believed oil prices were going to surge in the near future, you’d probably want to open a buy deal on them. Normally, your ability to earn from the deal would be restricted by your account balance, which we’ll put at $1,800. In the event that you opened such a deal with your entire balance, and then found that oil prices rose by 2%, your earnings would equal $36 (2% of $1,800).
But, if you supercharged your deal with leverage of 400:1, it would grow to the size of $720,000 (400 times $1,800). Then, the same 2% jump in prices would yield you a lot more than $36 – to be precise, it would be $14,400 (2% of $720,000). This isn’t too shabby at all, considering you only laid down $1,800 for the deal! Be coolheaded and cautious when using leverage because it can also multiply your losses when prices go against you.
The processes of opening and closing deals are streamlined and simplified with iFOREX. Firstly, choose your instrument, after which you’ll receive a deal slip. Then decide whether you want it to be a “buy” or “sell” deal. Select the deal size, together with any specific order types like stop loss or take profit, and then leverage. Click “Deal” and your deal will go live. When you decide it’s time to close your deal, click on “Close Deal”.
The iFOREX Platform
Now for the special features iFOREX offers its clients in order to orient them effectively to the markets. For a start, there are literally hundreds of financial instruments available on the iFOREX platform to choose from, spanning all asset classes from shares to commodities to cryptocurrencies. Once your deal is open, you’ll receive live rates for your instrument directly on your phone. Having reliable price data is a crucial aspect of any online trading.
Besides this, you’ll get trading signals to alert you of market opportunities when they crop up. Tap into iFOREX’s daily market analysis to stay abreast of dominant economic trends, and utilize the app’s specialized trading sentiment tool to gauge the feelings of other traders on your instrument of interest. Check out which major announcements and meetings in the economic world look set to spark price volatility by opening up iFOREX’s economic calendar.
Make live charts for your instrument to track key price trends, and plot technical indicators directly on your charts to generate powerful trading signals. Perhaps you’re not yet familiar with these technological tools? Not a problem at all. iFOREX is a community that’s steeped in the culture of education. Open up one of the articles, PDF guides, or video tutorials on the app to learn trading concepts succinctly and pleasantly. Finally, enhance your trading strategy to a new level by interacting with a real trading coach, one-on-one.
Wrapping Things Up
Pay a visit the iFOREX website to find out more and, if you end up with any unaddressed questions, for instance about the different account types available, contact a friendly member of the iFOREX staff by phone, email, or chat. Contact details can be found on the site. iFOREX prides itself on its attentive customer support and would love to hear from you in any of over 20 languages.
