How to trade forex online ?February 22, 2020
Forex is the one of some potential online business in the world. Most people have the concept that forex is the part of game. Especially in among the developing countries. That why today I would like to write this article for our reader to understand about the forex trading and make more clear how to trade forex online and the pro and con in trading forex.
What is the forex ?
The word “Forex” is an acronym for Foreign Exchange. It is the market where people exchange one currency of one country for another country’s currency.
How to trade forex online?
In order to trade forex online your must screen the qualified forex broker entry that eligible and recognized by the local and international authorities, granted the derivative broker license to run their operation in the derivative business.
For example, currently, in Cambodia there are mostly 30 derivative brokers that get the broker license such as SKY PRECIOUS METALS CO., LTD (SKY) and so on. The SKY has been fully received the Derivative Broker (DB) license from Securities and Exchange Commission of Cambodia (SECC). On the other hand, for processing trade, SKY must joint with the derivative operator in Cambodia was called the Central Counter Party (CCP). The CCP have main platform from their inter nation partner for providing to the DB like SKY to operate or bring this system direct to the retail client. Without this platform clients can not access to the forex trading systems.
There are variety of platforms for trading forex, some brokers used the Brower Platform is the Website Login, and other used App Platform such as the MetaQuote series platform include MT3, MT4, and MT5.
The Books of Forex Trading
In order to development more knowledge of trading forex, you can order the forex trading books from online store such as:
–FOREX TRADING: The Basics Explained in Simple Terms (Forex, Forex for Beginners, Make Money Online, Currency Trading, Foreign Exchange, Trading Strategies, Day Trading)
This book is for those of you who are just starting to consider trading Forex but don’t know where to start, given the abundance of information on the internet. It is a good first book to read, to gain an understanding of the very basics. As an added Bonus, Jim offers one of his Trading Systems, as well as the indicators without any further on-costs.
Check out his YouTube vids, chat with him on Facebook – he’s an approachable guy who is passionate about trading. Here Is an outline of what is included:
- What is Forex?
- Advantages of Trading Forex
- When the Forex market is open
- Forex pairs
- Where we trade Forex
- Choosing a Broker
- Important information for US based traders
- Lot size and equivalent pip value
- Information on risk
- News and fundamental analysis
- Technical analysis
- Risk-reward ratio
- Types of orders
- How many pips is enough
- Trading psychology
- Day trading or longer term trading?
- Keeping a journal or diary
Product: Forex for Beginner
Cheapest Place to Buy: Amazone.com
The book explains everything, from the pure mechanics to the trading methodology that I advocate, and which I have used in all my own trading and investing for over 17 years. Fore For Beginners is also dedicated to all those traders who have asked me to write such an introduction, based on my knowledge and my methodology.
Product: Forex For Beginner
Cheapest Place to Buy: Amazone.com
– Forex Trading 2020: Beginner’s Guide. Secrets, Strategies and the Psychology of the Trader to Earn $10,000 per Month in no Time, Manage the Risk and your Money. Includes: Futures and Cryptocurrency
Here’s a preview of what you’ll discover within the pages of this book:
- What forex trading is and how it works in a way that’s easy for even a complete newbie to understand.
- The secret trading strategies that consistently earn me over $10,000 every month and bring in a profit of over $100,000 a year
- The powerful hidden strategies I used to manage risks and skyrocket his profits regardless of market conditions.
- How to start day trading forex right away and conquer your emotions even if your have no previous experience of the markets
- The best strategies to trade futures and cryptocurrency, and make consistent profits in 2020.
- And much more
Product: Forex Trading 2020
Cheapest Place to Buy: Amazone.com
Why we trade forex?
The reason in trading forex as below:
- 24 Hour Trading Market: There are available markets for trading in24 hours a day. The market start from Australia in the morning and close at the afternoon in New York Market. You can not wait until the bell announce like the stock market. It is also good for whom want to make money part-time basic because it does not require like we work in the companies or business entities.
- Leverage: Trading in forex market not require your deposit 100% of your investment portfolios because the system provide your the leverage in trading base on the internal policies of the company. For example if your order buy AUS/USD one contract =10,000, your no need use the money 100%. Some platform provide yo with 1% leverage, it means that if your want to buy 100,000 contract your need to have money only 1,000.
- No one can corner the market: Fore market is a huge pool fund market with so many participants and no signal identify even the central banks. That’s why participant can not control the markets prices.
- High liquidity: Due to the most participants in the Fore market, it is also extremely liquid.
- Low Barriers to Entry: Do business like forex, no need too much cost of money if compare to trading with stocks, options or futures, it doesn’t. Online forex brokers offer “mini” and “micro” trading accounts.
Who are participated in the forex trading ?
There are many participants in forex markets are:
- Central banks & Governments: Work as an important role in the makes because central bank corporate with the government, and work with other national central banks and government to create this system. This system provides a big benefit for the banks by charging spread of the prices.
- Commercial and investment banks: Beside the national banks and governments, the Commercial and investment banks also play an important role in the forex market.
- Businesses & Corporations: Most business have relation with forex because they need to do some transactions with international partner or export, and import.
- Speculators: market participants takes advantage of the fluctuations in exchange-rate levels rather than hedging their Foreign exchange risk
Thus before your make decision in investing with Fore, your must understand the basic principle of it first. You can not invest without knowing the concept of forex. We remembers that Investing in Fore is your part of your business, so take an action like your run the business, if not I recommend please does not take your time with it.
In case you need the brokers of Forex trade for consultation, also take more serious on traders’ capacity of the person who take the account for trade forex please let’s us know.
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