As I'm trying to improve my currency trading skills, I never considered trading commodities like gold and silver. But since Harborx has been running those ads about trading gold, it got me thinking... Funnily, trading gold is in a way the same thing as trading currency pairs as commodities are traded in relation to the USD. But still, it seems like a whole different universe to learn. As a beginner, I found this article about trading gold very interesting. Hope you guys will enjoy it, too.
I've been quiet for a while, but it's all the same here: working, trading, learning, and... gift shopping! I've gone into my crazy Xmas mode, since this is my favorite time of the year! love-love-love, and looking forward to my winter break next week between the Xmas and New Year's. Can't wait to spend time with friends and family, and to catch up on my reading and (hopefully) writing. Lots of thoughts to share, but, sadly, not enough time, so catch up soon.
Harborx: Changing the Face of Forex Trading, One Smartphone at a Time
When it got its CySec license in 2014, Harborx wasn’t different from other forex brokers, of whom there are many registered on the Mediterranean island of Cyprus. Two years later, the company is changing the face of forex trading as it has switched to its proprietary fully-mobile trading solution in February 2016.
It is no secret that the world is going mobile, with the overwhelming numbers of users and businesses from different industries increasingly relying on mobile solutions for their day-to-day digital operations. Yet, forex trading has remained relatively conservative in the move, in spite of more and more brokers introducing their mobile apps.
In 2016, Harborx went ahead to pave its own way by becoming the world’s first mobile-only trading solution. While the change wasn’t for everyone, a high percentage of the firm’s clients moved over from web-based to the iOS platform as it was launched in February 2016. With the introduction of its Android solution in October, Harborx is quickly expanding its fully mobile client base, bringing forex trading to those who never considered joining the bandwagon.
We sat down with Harborx Managing Director Wissam Sabbahto discuss what makes Harborx unique, and who is the target client for this (what some could say strange) mobile product in one of the most misunderstood industries in the world: forex trading.
-Going from a traditional desktop trading solution to a brand new mobile app in a day — that was a bold move. What motivated this business decision?
-It definitely was a bold move, but such moves are the ones that get noticed and eventually lead to establishing a quality product with a solid client base. At Harborx, we didn’t want to provide the same services as dozens of other firms, so we went for something entirely different, something that could be accessible to a more diverse audience.
-So who is your audience?
-Everyone! Just like a buzzed-about mobile game can be popular with people from different generations and walks of life, so is our app. Harborx offers simplified forex trading, and while some of our clients have background in forex trading, others don’t. They approach it as a fun game they can play on their smartphone here and there throughout the day. People spend lots of time and money playing popular games we all have in our phones. Harborx is an alternative that lets you make money instead.
-Can you actually make money on the app and get them into your bank account?
-Yes, and this is what our clients do! Harborx users can place a withdrawal request as soon as they make their first USD100 in profits, and we see it happen all the time. We see our clients double and triple their account balances. That’s not to say it’s easy, and traders have to be persistent and willing to learn, but that’s part of the fun. And this is where the growth happens.
-In Harborx, deposits start at only $50. This is ridiculously low for forex. Do professional traders take you seriously?
-Professional traders, who understand the market, know what can be done with any amount, be it 50 US Dollars or 50,000 US Dollars. Many enjoy unwinding after a long day with literally tiny amounts and simple trades. Coming from a finance background myself, I can say that I get the same kick from ‘smaller’ trades on the app as I did from bigger amounts and ‘professional’ platforms back in the day. When you do not trade millions (that usually belong to someone else), you can relax, kick back and have fun.
What’s more, we should remember that while 1,000 or even 5,000 US Dollars may seem like a low amount for professional traders, this figure is very high for amateurs. And, as a general fx trading rule goes, one should never invest an amount higher than what they are prepared to lose. At Harborx, we keep deposit requirements low, so a beginner can start with as little as 50 US Dollars.
-How can an absolute beginner start trading forex?
-They can, easily: all it takes is downloading our free app and following a simple registration process. We assume that everyone has some understanding of currency exchange: people shop online, they travel, exchange some cash for trips abroad and so on. As many countries’ economies depend on world’s major currencies, exchange rates and market situation often make it to world’s top news. It means that understanding forex market is a lot easier than stock market, not to mention some other financial instruments.
-So what does the first day on the app look like?
When users come to the app, they get a small welcome bonus, enough to place a few trades. The easiest way to start is by following Harborx Stars, our star traders, who provide what is known in the industry as forex signals. This is also a good way to learn as users see how market moves and how their trades perform. Of course, there’s an option to trade independently. The app includes basic charts that illustrate movement of the currency pairs, which is popular with beginners and professional traders alike.
What makes Harborx unique is the opportunity to learn and make money on the smartphone, as opposed to wasting money and time on the phone: this is what we call #SmartNotSilly. We believe that any time you have can be your #TradingTime, after all, the market is open Monday through Friday. As a team, we see Harborx app as an important step towards democratization of forex trading. We are genuinely excited to help clients change their perception of forex trading and help take the industry of currency trading mobile.
So cool! I have never actually won anything in contests and so on, but this promo weirdly gets me excited. I really want to win the trip to Maldives with Harborx. Officially joined!
I'm still in the beginning of my forex journey, but thought I should share a selection of my favorite forex websites and stuff I read. The list varies from time to time, but these pages have been among my most clicked bookmarks fir a while:
BabyPips - this one doesn't need introducing actually - great online forex trading school.
Coursera: Introduction to Financial Markets course - I love, love, love Coursera; this is a great way to take top-notch classes for free, without ever leaving your home. I'm not really after tests and certificates, but I listen to a lot of lectures on Coursera, this course on financial markets included. Such a smart substitute for TV!!!!
Harborx Blog - there are lots of forex blogs out there, and this one is among those that I frequent. They cover basic forex info, provide daily market updates and other useful info. As I mentioned a few days ago, I've been toying with Harborx iOS app for a while, so full review is coming soon. But as far as the blog is concerned, I do recommend Harborx if you are a forex geek in the making, like myself.
Finance Magnates - good source for financial news, including forex. They tend to be heavy on corporate (and I guess paid) coverage, but it's a good website to read.
Forex.Info - nice market analysis, and a good website overall.
The list will definitely grow and be updated. There's more to it, but my lunch break is nearly over, so gotta run. Have a great day, folks!
It's Monday, so markets are open again! yay! although, frankly speaking, it's not like I trade much - seriously trade, I mean.
I've been doing more of learning and education stuff, doing lots of reading on Baby Pips - this website rocks!!! Also, I recently found Harborx, a mobile trading app. Here's their website: https://harborx.com/ The cool thing about it, that it's a game-like platform of its own, so no MT4 required. You don't have to trade big, I started last week, and most of my trades are like 0.1 lots. They provide 'recommendations', which is like 'signal trading' - which is interesting to follow, but at this stage I'm more interested in the trades I place myself.
Harborx is great if you want to explore the stop loss orders, to get a feel of how far you can go. A few things are a bit confusing, at least to me, but I've spent most of the morning on the app today, and still trying to decide what I think about it. I've traded through my 'welcome bonus' (50$ if you register with Facebook), some trades winning, others losing. I might make a small deposit to be able to place more trades, and then to withdraw the money just to go through the whole cycle. I'll keep sharing my experience of Harborx, as well as other platforms that I come across in my forex journey :).
Have a good week peeps!
Besides following key financial news and currency rates, there is another important component to the success of a forex trader. It lies in the psychology of a trader, and the ability to make the most of how human mind works. While the basic rules for a forex trader are‘Don’t panic’and‘Never invest more than you can afford to lose’, there’s a bit more to know about trader’s psychology.
Many forex trading textbooks recommend that every trader starts with a trading plan. While having a trading plan and sticking to it is crucial for professional forex traders,Harborxmakes things easier for beginners. You can start little without any trading plan and simply follow Harborx Stars for your first positions. Yet, whenever you decide to dive into bigger trading amounts and more advanced strategies, it will be beneficial for you to understand what a trading plan is.
What is a Forex Trading Plan?
A trading plan is a systematic trading method, a strategy, set by an individual trader in order to evaluate assets, return and risk. Thus, a trading plan includes a trader’s strategy, risk management, money management and trading rules.
A trading plan is is basically a guideline that the trader himself has created in order to follow those rules by discipline so that he can achieve his trading targets.Whatever the emotions the trader may be overcome with, this person cannot deviate from the rules, raw trading and strategy rules must be followed every single day in every single trade in order to have successful trading results. The importance of a trading plan is that it lets you know if the trades are in the right direction or not. As renowned fund managers state, “the trading plan you use is not as important as having a trading plan.”
The Forex Trading Plan Should Work With Your Personality
A trading plan should fit your the personality. If you do not feel comfortable following your own plan you would most likely fail. You do not have to challenge yourself, just make yourself comfortable and you would see that you would trade with less stress and more confidence, which usually leads to profitable trading. Be sure to readthis post about most common trading strategies to see which one is right for you. For example, if you cannot sleep with big trades open, then long-term trading strategies wouldn’t be the best choice for you.
Recently there is a new science called “Behavioral Finance”. Those scientists are trying to identify the behavior of investors and traders and see behind the market efficiency theory. In economics, we assume that traders are rational human beings who do not act irrationally and always control themselves. Behavioral finance focused on studying traders’ psychology and identifying several syndromes that are far from “efficiency” and “rationality”. An example is the tendency of humans to go with the flow and the insecurity they feel while standing alone against the crowd.
For example, imagine yourself going long on EUR/USD, you are really happy for your trade since it qualifies all requirements of your trading plan and is profitable at the moment. Then suddenly you see that all of your friends are short on EUR/USD and they all deride you because “you are so stupid for going long”. Would you feel a bit uncomfortable? Perhaps you would even close your trade and follow theirs? That is an everyday example of behavioral finance and the irrationality of human beings. Your psychology plays a huge role in your trades, be careful so that you can choose a trading plan on which you would feel comfortable enough to stand alone against the crowd, as well as trade in a way you’re comfortable with.
