HOW TO TRADE FOREX ONLINE?
are going to elaborate the cons and pros of how to trade Forex online,
most people confuse trading online as an investment form, trading online
is not investment and it is a leverage product that carries a
substantial risk of loss up to the money you have deposited or
transferred. Trading Forex online may make you great and also it may
break you repeatedly, so it is not always suitable for every trader or
everyone. However most registered Forex brokers always warn people not
to trade with what they cannot afford to lose.
What is online Forex trading?
Forex trading is an online foreign exchange of currencies where there
is no physical contact but everything is done through the networking of
computers. What is exactly meant by this statement? You open a Forex
trading account with the registered Forex broker that you have met
online, not in town or in any office. Your objective means that you are
going to trade currencies using the following devices:
- Smart phones
Forex trading is very flexible and is the most exciting market where
people enjoy the exchange of currencies; they can buy and sell any
currency they like over time.
What is the reason for online Forex trading?
people engage themselves in an online Forex trading with one reason
which is trading currencies to make profit; with this action they will
be trading one currency against the other, they are always being exposed
on trading both the majors and minor currencies and other different
markets. Currencies are always traded in pairs, there are four
currencies that dominate the market and are called majors , they are
traded against the USD, they always say Dollar is king and it controls
the whole world, the major currencies are ( EUR/USD ) , (GPB/USD) ,
(CHF/USD) , (JPY/USD) . The major currencies are very liquid and that’s
why traders prefer trading them to make profit.
How to open an online Forex trading account?
is very easy to open an online Forex trading account; it can only take
you few minutes. There are companies that are willing to formulate all
transactions for you and are known as Forex brokers, they are the middle
man whom you will use, they will give you permission to use their Forex
online program, and they benefit from the spreads every time you open a
trade in your account. On your registration process they will ask you
to complete a form, the form will be having questions like your personal
details including your banking details as the method of funding your
online account, on completing the form you will then be given your user
name and password. Every time you want to access your account you will
use these credentials to login.
How to fund your online Forex trading account?
most cases you are the one who will be directing your Forex broker to
put your money in your trading account, in fact as soon as you give the
command to debit your bank account then your Forex trading account will
be credited with immediate effect, you will be able to trade any
currencies you may like to trade including trading the cross currencies.
You will always manage all this transaction online or via the phone,
and all funding will reflect to your online Forex trading account.
How to withdraw money from your online Forex trading account?
very same method you used to deposit or fund your online account is the
same method you will use to withdraw funds, you will always be given
these options to your trading account and you will have a complete
control of your funds movements.
Can I make money with online trading?
trading needs a great patient if you want to make money, with lot of
patient you can build your account very slow until you accumulate the
amount you need, but this has to be done with caution especial if you
will be using leverages. Leverages may help you make huge amounts with
small deposited funds and also it may finish your deposited funds very
When can I trade?
Forex market is open 24 hours, it does not sleep, meaning you can take
advantage trading day and night, however on weekends is closed.
Forex trading may be a quick way to create your fortune and also it may
be a quick way to take what you have in your pocket. It is advisable to
get more knowledge before you start trading, lot of study will bring
perfection to your trading’s, you will have a lot of understand
especially since there is money involved,