On 24 Jun 2016, the British Pound fall to level not seen since 1985 due to the outcome of Brexit talk. I was on a buy on GBPJPY, since the pound had risen above an important market psychological level as at that time and we were certain of a long term buy. The day was a Friday and I was already preparing for my vacation to Mauritius; but about few minutes before I left my hotel room to the airport, the inevitable happens; the result from the Brexit vote hit us so hard that I lose almost 80% of my trading capital. So in this article, I am going to share my experience with you, then introduce you to the best synthetic indices broker and how you can leverage on it to change your financial journey
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Table of Contents
My Experience in the Forex Market
Before getting to discover the best synthetic indices broker, I was trading only currency pairs; for those who knows and understand forex, especially currency pair, you will agree with me that the two vital tools for analyzing currency pairs is technical and fundamental analysis. In analyzing currency pairs, you can use technical analysis to mark your point of interest and exit on the chart, then follow the news and event to understand the fundament analysis, bearing in mind that a sharp turn of event can have an affect on the market.
It took me few years of learning to understand how the market works, I blew few account during the process, but I didn’t give up, because I understand earlier in my forex journey that if I can get to understand the market, I will recover my loses. I did not just understand the market, I made a fortune from the market and I have inspired other people to also understand how the market works.
The Best Synthetic indices Broker
Before discussing the best synthetic indices Broker, let look at what synthetic indices means.
What is Synthetic indices?
Synthetic indices is just like trading currency pair without the fear of any real world event. Which mean, if you understand technical analysis, you can easily trade synthetic indices and make a fortune out of it. In a more explainable terms, they are unique indices that imitate the real world market without any interference of real world event.
Advantage of trading Synthetic Indices
- It’s available 24/7
- It has lower spread as compared to currency pairs
- The market is not affected by real world events
- If you have a good command of market structure, technical analysis and you can master emotions, you can make a fortune from the market.
- You dont need a lot of capital to start trading
What is the best Broker for Synthetic indices.
The best broker for synthetic indices is Deriv. Formerly known as Binary, Deriv is a forex broker with over 22 years experience in the Forex market, and over 2.5 million registered forex traders. They have one of the most reliable customer care support and with a fast deposit/withdrawal method you are sure to enjoy a rewarding trading journey with Deriv.
Don’t be left out, Open a free trading account now by clicking here
How to Leverage on Synthetic Indices to change of financial journey
Trading forex is risky, that is while this section of this article is very important. Before starting the journey in the forex space, ensure that you start with what you are willing to lose. Personally, I advice most traders to start with a demo account , then focus on understanding how the market works before opening a real account.
Starting with a demo account will give you the leverage to use free simulated money from the broker to study, learn and understand the process before investing your money. Here are few steps to get you started.
Step1: Open a demo account by clicking here
Step 2: Enroll on a free platform like babypips to understand the market structure
Step 3: If you have funds, you can enroll for a paid course to understand some basic concept. Note: Forex is a school on his own, you need to invest your time and money to learn and understand the process
Step 4: Develop a strategy based on your knowledge and practice to adjust and perfect your skills
Step 5: Once you are satisfy with step 4, open and fund your real account
Step 6: Learn to manage your emotion and risk, then avoid overtrading.
Trading Forex is risky, you can lose your capital, please apply proper risk management and trade with only what you can afford to lose.