The worldwide currency markets simply facilitate the exchange of currencies from one to another, and although sovereign governments and major international banks are the prime players in this market, individuals can also participate as retail investors by utilizing the services of an online forex trader, also alternatively known as a dealer or broker; these online traders give the retail forex investor access to the currency markets and a platform from which to execute their trades by providing their clients with online forex trading accounts. While more exotic currencies abound, the vast majority of forex trades are executed between a handful of major currencies, which are always traded in pairs. If you want to get started trading forex online, you’ll need to establish a relationship with one of these online forex brokers. Look for a foreign exchange broker that offers you different types and levels of accounts, such as micro accounts (which require the smallest initial deposits), mini accounts (which require a sum somewhat higher than a micro account, but still, a sum that’s manageable and within reason), a standard account or even a Muslim account, and pay close attention to the amounts of leverage that are available at each level of account status. Being a successful online forex trader also requires at least a minimal level of analytical skills so that you can identify the optimal points at which to fix your take profit and stop loss orders. This book is for under graduate students which will be published by University of the South Pacific Book Centre.
If you’re not put off by the technical side of things, you can also maximize your chances of forex trading success by utilizing charting methodologies to spot trends and trade at optimal performance levels. Since this book is meant for students we would be grateful if you let us use this image without any charges or Fees.
We are striving to be the leading provider of foreign exchange services and one of the most recognized and trusted names in the industry. Because of the sheer size of the forex market, which in terms of liquidity is far and away the world’s largest trading market, it’s natural that access to the currency markets for retail traders is readily available through utilizing the services of an online forex broker. First of all, look for a forex broker who offers you the chance to practice your trading skills by trading virtually in an online demo account. Indeed, gains and losses can come swiftly when trading forex, and as an online forex trader, you’ll need to be certain that you always stay on top of your positions in order to minimize your risk. In actuality, there are so many such online firms available that any retail investor wishing to get involved in forex can easily become an independent online forex trader.
Further, and also unlike when trading stocks, online forex brokers offer their clients a high degree of leverage, such that even with the smallest investment of own capital, a skilled online forex trader can begin to quickly realize significant forex trading profits: when taking advantage of generous leverage, gains are generated even when a currency pair changes in value in an amount as small as one pip (a “pip” is the smallest increment in currency trading). The experience you can gain by trading in such practice accounts is invaluable and indeed, you should trade virtually in this manner for as long as you possibly can before staking your activities with real money. Always being certain that you close your positions before you leave your screen for the day is one simple yet effective method of mitigating your forex trading risk, as is practicing sound money management techniques, such as never investing more than 5% of your account balance in any one trade. If, in addition to this, you make a point of withdrawing your initial investment from your forex account once you’ve made sufficient profit to cover your starting deposit amount, then you’ll only need to make withdrawals of profits at regular intervals, keeping just enough in your account to cover your positions at any one time, to have eliminated much of your risk through the implementation of simple and logical money management strategies. If you can stay focused and disciplined in addition, keeping your emotions in check, then you’ve got what it takes to trade forex online successfully.
Further, most online forex trading firms do not impose commissions or brokerage fees but rather, make their profits off of the spread between the buy and ask prices paid by their retail clients, thus, there are few, if any, unexpected costs eating into your online forex trading profits. If necessary, you can open more than one such account with more than one foreign exchange broker so that you can be certain that you have gained sufficient practice not only to sharpen your skills, but also, and equally importantly, to recognize the pitfalls of trading which you should avoid.
Make sure you’ve picked the right online forex broker, open your account, and start participating in the world’s largest trading community.
It’s obvious that there are a number of attractive reasons to get started trading forex online. Utilizing multiple accounts for this purpose is also a good way to get a feel for different brokers and the unique aspects of their platforms, with a view toward identifying which ones are the most suitable for you, or are the best fit, from both the technical (the interface, the user-friendliness of the software, the ease of account access and the like) as well as from the personal standpoint (the effectiveness of the firm’s customer service and problem resolution procedures). Recognize which firm seems to be best-suited for you as you test your trading skills on your way to beginning your real trading activities.
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