Trading on PrTrend as a Beginner
Forex broker Power Trend (or PrTrend) is one of the relatively new brokers on the international arena. As a result, they haven’t been properly explored yet, and not only is it hard to trust this broker, but you’ll also have to learn it before starting to genuinely trade here. There are a lot of possibilities to study, but it’s not necessary.
In case Power Trend official site intrigued you or you just somehow ended up here without a clue of what’s really to do, there are easy ways of earning money without having to spend a lot or study a lot. That’s what’s so beneficial about this platform.
It’s even more beneficial for beginners or inexperienced traders – even though you’ll have to spend some time learning to trade on the Forex broker PrTrend, it’s still much faster than what other brokers demand.
The broker
PrTrend official site has a complicated story. The company was set up in Russia in the 90s, and it wasn’t until 2013 that they started providing brokerage services. The Power Trend website has only become active recently. Not a lot of known about them, but they seem to be regulated – all the documentation is in open access.
They seem to be trustworthy, at any rate – even if there aren’t many PrTrend rezensions in the Internet at this point. Some that exist claim that PrTrend’s cheating, but that isn’t proven yet – at least according to Power Trend reviews.
It’s still unknown whether Power Trend is a scam or not, however – due to lack of information.
How to start off
As always, the journey starts with the registration. PrTrend login field is pretty straightforward – you’ll only have to submit the contact data at first, such as e-mail, phone number, as well as your name. After you sign in PrTrend, you’ll need to validate the account by providing personal documents to verify your identity.
It doesn’t take too long to get a Power Trend login and verify the account. With this out of the way, you’ll be able to kick off. Not before depositing some money into your account, however.
Depositing and trading
In this stage, you’ll be able to start trading and using the better sides of PrTrend website to earn money. First of all – deposit some money onto your account. The minimal amount is $500 – that’s the sum you’ll have to accumulate to open up the first account type.
You can fund your account in three ways:
- Transfer from your bank account
- Transfer from your card
- Physical deposit at the desk in the bank
You don’t need to deposit $500, however, because the first deposit onto your Power Trend account is always rewarded with the bonus of 30% of deposit’s worth. That means you can start trading by transferring as little as $385 – the rest of your necessary $500 will be allocated as a bonus.
Forex
Trading in Forex may be quite rewarding if you can grasp a moment and follow the news. It’s much simpler than trying to get cash trading in stock or commodities, because these assets are far less predictable. Be wary, though, that if your investment fails, you’ll have to deposit more money and that kind of defeats the point of not spending a lot.
Now, PT has several account types, but they don’t give you anything you’ll be very skillful with, as a beginner. The starting option of ‘Mini’ account with a minimal deposit of $500 gives you everything you need. The only type of asset they deprive you of at this stage is indices, and they are advanced level.
To trade in Forex, you’ll have to keep one eye on the economic calendar or the news. The former is pretty much a condensed form of the latter, but the news can be used to navigate better in the world of trading and be informed of all the development. This approach is called trading news. Works well for the beginners in some forms.
The economic calendar basically tells you what’s happening in the world. It’s the collection of events that can affect the world currencies. When something happens (or is bound to happen), the specialists over at PrTrend analyze it and in time produce expectations. It includes volatility and the projected change.
Keeping one eye on these events is a good place to start, because they are usually close to the truth. However, you might want to fact check these things and look at these events from the point of common sense and logic.
Then, consider following this instruction for the time being:
- Commit a small portion of your balance to buying currencies when they are projected to rise, and then sell them at peak. Even if it falls below your buying price, you won’t lose much. Stick to the more popular and stable currencies, because the others are more volatile and the spreads are way bigger on them.
- Leave another portion in reserve, without committing it to any position.
- Commit a third portion (proportions up to you) to one of the more stable currencies to invest long-term. This’ll act as a diversification measure against volatility, as a savings bank and a long-term project bound to reap benefits in the long run. Swiss Franc is one of such less orthodox and stable currencies.
What’s the purpose of this? Any starting trader needs practice and experience. By doing this you’ll be able to gain experience and some gains before grasping the essence of trading and trading higher stakes.
This’ll also ensure you’ll have some money left even if the plan fails of if you get scammed by Power Trend (not likely, as Power Trend’s cheating hasn’t been proven yet).
Why choose Power Trend?
Power Trend website is a great learning base, for several reasons. Not only does this broker have a variety of different assets and several analytic tools, but they also process your operations very fast and charge next to no commissions. Instead, they prefer spreads, and these are negligible on the popular Forex pairs.
What’s more, they are still rather new and try to impress the new arrivals. That’s why their service is still very quick, they respond almost immediately to questions and requests, including the withdrawal and deposit requests, as well as verifications processes.
Last but not least, you can trust them. There haven’t been any major PrTrend reviews yet, but even if Power Trend were scammers, they wouldn’t risk alienating people right from the start, when their enterprise haven’t had time to even develop and gain momentum yet. There aren’t many proven occasions of people being scammed by PrTrend, either.
At the moment, you can trust them, but then – the Power Trend rezensions will tell whether PrTrend’s scam or not.