Forex trading for dummies in south africa
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ForexTime is the best broker for Forex trading in Nigeria. Start with Demo Accounts: Never start trading directly on a live account if you are a beginner as your real money will be at risk. Once you have found the forex broker of your choice, you can then open an account with that broker to start trading or demo account to learn. This account will enable you to place your trades in the interbank market at the live currency prices. Once the verification is complete, you will need to make a deposit to fund your live account. These funds will be used to place live trades at the real market prices.
The long position implies that you are buying a currency pair and are betting on it to rise in value in the future. For ex. Buy order in forex is similar to buying an equity stock. You buy the currency at a low price, and once it reaches a higher value, you can then sell off the currency, thus making your profit.
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The short position can be taken when you believe the price of the currency will fall in the upcoming period. You can place a sell order when the currency is at a higher price and then when the value falls significantly, you can buy it back at lower price, thus realizing your profit.
Profit or Loss? Depending on the movement of the currency pair that you were trading, you will either be profitable or make a loss once you close the trade. You will make a loss in this case. There are many different strategies that are followed by successful forex traders.
For South African Investors, forex trading is a legal & regulated way to invest in the forex market. Read our complete guide for beginners. When it comes to the financial market trading, what comes to mind is the stocks and commodities. When it comes to currency trading, the guaranteed way to.
But most of them fall into 2 categories which are 'Technical Analysis' and 'Fundamental Analysis'. Technical Analysis involves the study of charts patterns, currency trends etc. While the fundamental analysis is mainly related to trading based on the news events like GDP, Job data etc. Most technical forex trading strategies involve some level of study and analyse of the chart or trend patterns of the currencies before making an actual trade.
Good thing is that almost all brokers around the world now offer MT4 or MT5, which are excellent platforms for sound technical analysis. Only based on your strategy, you can make actually get the best returns in the future. We call the high the resistance.
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Once the price crosses the previous high to achieve a higher high, there is a huge chance that the old high will become the new low in a trending market. The low is now called the support. If you are a new investor, it is a good strategy to begin trend trading with one of these pairs. This is because these pairs are very liquid and have stable volatility. Since these currencies are stable, they will help you in managing your risk initially. It is always a good strategy, to begin with, a USD pair because of stability. There are various other pairings available which do not include the USD.
Day trading is not strategy per se, it is more of a trading routine. In this strategy, you place your trades, and close them within the same day or within a hour window and book your profits or loss. You can realise profits quicker in this strategy, although the amounts might be smaller. This is a very common strategy followed by a wide variety of small investors.
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Another strategy is known as scalping. This strategy is based on opening a position for a short time and closing it to make a small profit. These strategies can be a great way to book profits quickly. If you are ready to start Forex trading then you may have doubts on which broker should you choose to trade online.
On the positive side , forex trading has the potential to bring good income if you trade with a working strategy. And you don't even need very high capital to start. On the downside , one bad trade without proper money management can be disastrous, or trading with real money without practising on demo. These are just the few risks.
How you can manage these risks? Be cautious, have a fully tested trading strategy on demo and use good risk management to be successful at forex trading. At Forextrading. NG our ultimate aim is to help you choose the best broker for your trading needs.
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Don't have time right now? And unfortunately, you cannot control these factors. Start Trading Forex: Once your account is open, you can download the broker's trading platform. You would be surprised how many traders fall prey to this trap and are amazed and heartbroken when the market only presses further against the direction of their original trade. As per some reports there are , forex traders in South Africa. There are several trading strategies you can use when it comes to forex trading.
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When the currency buyers outnumber the sellers, prices rise. And when the sellers are a lot the price falls. If you want to become a successful FX trader, make sure that you are willing to spend more time researching, learning about the basics of Forex, read Trader for Dummies books and guides. One of the best ways to become a good Forex trader is to know the role of a professional trader.
You also need to know the instruments on which you place your orders, and trading platform. Some brokers offer free forex trading lessons for beginners PDFs, and real life experience with demo accounts. These are some of the basis of Forex Trading for dummies and remember to manage your transactions on your demo account as if they were in your live account. A minimum deposit of US Dollars is recommended because your account balance will decide how much leverage you can use. The more Forex pairs you trade, the more capital you need to maintain the margin needed to open Forex trades.
Three main criteria are; number of Forex pairs you want to trade, your leverage and number of lots per trade. You can trade any of the above assets. Some forex traders like to trade Forex while others prefer stock indices. Make sure you test different trading products to see which ones make you gain capital.