How to trade forex online ?
February 22, 2020Forex 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 DETAIL
Product: Forex for Beginner
Price: $22.49
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 DETAIL
Product: Forex For Beginner
Price: $4.99
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 DETAIL
Product: Forex Trading 2020
Price: $13.08
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
Conclusion
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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Thanks for reading this article, if you have any doubts, questions, or discussions, please drop your comments below.
I just started out with Forex since we are all on a indefinite lock down so i thought i would be best i use my time to what would benefit me instead….For the past few days Forex has been kind of hard for me as the terminologies and other stuffs took me sometime to understand anyway with what you have given out i think it would come to me.
That is very very great Feji ben that you have experience in Forex trading. If you have just started or newbie trading you should more focus in function of platform and learn trading with plan or if you want to meet the professional trader you join the Trend Profiteer for earn more experience
Hello there, I have been longing to start-up forex as I like it is a very conducive way to make cash online without stress but know how to manoeuvre is the very big question…Thanks for sharing this awesome article i know it would help a lot of help to the pubic as it ahs helped persons like me…
Regards,
David.
That’s right, trading Forex is the easily trading online to make money online, but more discipline to apply and practice to achieve the target and plan.
Great to know you who have the experience in trading and share your idea is the best to help the people who do not understand in this business.
lately forex trading had become something everyone would be interested in. I think I meed to grab a copy of these books so I can get a better understanding of it. Just a month ago I had one guy who claimed to be a professional and experienced and he lost about $500 bucks of my money. Since them I’ve been planning on getting started on my own and lose money on my own and I think this article has shed some light and one of the books or 2 will make it better.
Yes, Trading Forex is based on how you equip the knowledge and apply in the market. Forex is type of a business but you need some people who have success experience in trading to consult. The losses because we do not treat it as business. Most traders treat Forex as a gamble. Success traders trade with plan and practice the discipline to achieve the plan. If you think you need more help in trading please joint the Trend Profiteer for getting more experience and success with Forex
I have heard of Forex. I do not know much about it. I would need to do more research until I understood how it all works. Perhaps the books you suggest would be a good place for me to start doing my research. I would need a good first book to read, to gain an understanding of the very basics.
Yes, Forex as the type of business, but you need the practice until you comfort with it because most people lose in the Forex trading. To be success you need to do as professional, knowledge, skill, and practice to be influential. There 2 way in trading: If you apply the procedure of trading you will gain, If you are not apply you will be lost.
To be success you should:
1- Develop your knowledge in trading
2-Create trading plan
3-Practice, practice, and practice DEMO account until you familiar and like profession
4-Discipline, discipline, and more discipline to follow the plan.
5-Should have professional consultant to help.
Be remind that Forex is a business not gamble, thus should treat it as you are running a business.
If you need more safe in trading you should meet the professional team for advise please join with Trend Profiteer for earning great experience
Hi Sean, That’s nice lesson learn!
Thanks for your sharing, The book that you recommend is the good book that the new traders can read it before they invest in Forex trading.
Hi Fxkhmer, You are also the spacializing on Forex? Even the name tell us about your skill in Forex. If you have any ideas need to share please.
Thanks so much!