Alternative Approaches To Forex Trading

Forex trading involves the use of currency exchange rate fluctuations to make a profit. The main concept is to buy at a low and sell at a high, hence making a profit as you are selling the currency at a higher rate than you bought it for. Here are some of the methods you can use.

Signals

If you are new to the forex world, it will take a lot of experience and hard work till you can actually make consistent gains. So one of the methods you can use is to subscribe to signal service providers that regularly send you signals on trades which includes take profit levels and stop loss. You will of course have to research on the reputation of such companies before you decide to subscribe to it.

Copy Trading

Another method that you can use is to copy those who are already experienced in online currency trading in Dubai. What this is requires is that you look for traders who are trading on social trading networks and allow others to effectively mirror the trades the pros make on their own account. The capital and size of the trades will all be scaled according to the size of your account vs the size of the trader’s account. Most of these sites allow you to have control of the trades as well, once they are opened, thereby allowing you to change the parameters or close the trade when needed.

Account managers

Similar to the copy trading concept, except that you are getting someone else to manage forex account. The way this works is that you provide your account details, with the capital investment and someone else trades for you, taking a percentage of the profits made from each trade. There is the chance that they may eventually “blow” your account, so you need to check on the policy that is set up regarding this. Make sure you choose a well reputed account manager before giving your account details to them.

Expert Advisors

Expert Advisors are forex software or programs that can be setup on your trading platform to help you make trades. This is very similar to the signal providers however the difference is that the potential trades are spotted by a computer program rather than a human. You can also use these to automatically make the trades for you thereby eliminating the need for your interaction with the trading platform. These Expert Advisors will usually work only during a certain time period or market condition.

Using these methods, you can effectively make money through forex without having to trade yourself.