Most currency pairs, except Japanese yen pairs, are quoted to four decimal places. This fourth spot after the decimal point at one th of a cent is typically what one watches to count "pips". Every point that place in the quote moves is 1 pip of movement. As mentioned before, all trades are executed using borrowed money. This allows you to take advantage of leverage. This means that you can take advantage of even the smallest movements in currencies by controlling more money in the market than you have in your account.
On the other hand, leverage can significantly increase your losses. Trading foreign exchange with any level of leverage may not be suitable for all investors. Where is the commission in forex trading? Investors who trade stocks, futures or options typically use a broker, who acts as an agent in the transaction.
The broker takes the order to an exchange and attempts to execute it as per the customer's instructions. For providing this service, the broker is paid a commission when the customer buys and sells the tradable instrument. The FX market does not have commissions. Unlike exchange-based markets, FX is a principals-only market. FX firms are dealers, not brokers. This is a critical distinction that all investors must understand. Unlike brokers, dealers assume market risk by serving as a counterparty to the investor's trade.
They do not charge commission; instead, they make their money through the bid-ask spread. In FX, the investor cannot attempt to buy on the bid or sell at the offer like in exchange-based markets. On the other hand, once the price clears the cost of the spread, there are no additional fees or commissions. Every single penny gain is pure profit to the investor.
Do and Don't in Forex Trading Forex trading is generally referred to as an exchange of currencies or what is commonly known as Foreign Exchange. It is not a game of bet like that of balls gaming or pony racing. In no time traders can reap the fruits of good trade by timing their trade wisely. A new forex trader who is all set to begin trading in the market should be ready with a trading plan.
The pillars of successful forex lies with sound knowledge and understanding of the entire Foreign Exchange Trade Lifecycle. In order to give a smooth start to their trade business, one should keep in mind the present monetary market scenario and study the dynamics and conduct basic research related to forex trade. A new trader should always begin his trade at a time when the market shows a progressively growing or down 4. Prior to beginning a currency trade, he should always keep in mind the gain and loss ratio.
Interestingly, being neither a major bank, nor a successful finance company, MMCIS allocated a generous budget for its PR campaign equal to large banks. The broker could afford such expenses as its operation rested on the principle of attracting clients at any cost until the Ponzi scheme brings money to its founders. They just agreed to be filmed for a good award but were unaware that they were helping fraudsters win favor with Russian clients. The company claimed it would raffle off generous prizes — a few posh cars.
Another example of the peculiar marketing is the promo campaign with the title: Have tattoo of MMCIS and receive prize money! The promo was launched in May Most of this money was spent on advertisement which used to be installed everywhere as the company spared no expense. How did they trick? In fact, the money was not used for trading on successful accounts. Like in all Ponzi schemes, the affiliate program was assigned the key part.
Clients invested in 20 the most successful traders at the same time who displayed exceptional trading skills on Forex. Kondakov was also introduced as an efficient trader. In , the company encountered the first trouble.
The media reported on swindlers from Melitopol. So the image of a prosperous financial company was obviously spoilt. No doubt it was a lie to calm down potential clients. Eventually, the fraud collapsed in autumn In August — September , the media reported on numerous cases of delayed repayments to credulous investors by MMCIS, the successful financial company.
The most successful trader drained his account in a public move and announced he would quit the company. Everything was planned in advance. Roman Komysa was claimed to be responsible for such developments. Interestingly, the investigation in Ukraine was surprisingly suspended and Konstantin Kondakov won all trials on his illegal financial activities in Ukraine. Interestingly, the lawsuit against MMCIS has not been launched yet in Russia, though the losses incurred by the scam amount to several million dollars.
MillTrade The MillTrade broker emerged in the financial market in and rapidly gained popularity. No wonder both Ponzi schemes were founded by the same people. Clients received emails from MillTrade on behalf of Kondakov. The company put a stress on a simplified market entry compared to traditional investing in PAMM accounts. In practice, there were neither PAMM accounts nor managing traders. Investors just injected their money into MillTrade and believed that they were investing in the top seven traders.
Photo: Golden seven were promoted on the MillTrade website. So clients were called on to invest their money. The most information in the internet can be found about Erick Nyman compared to the rest of the traders. He has written a lot of Forex-related articles for the Forbes. Citing Roman Komysa, MillTrade was not an affiliate company.
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