What Is Forex?
Forex is the art of making money through trading currencies.
How Can You Trade Forex?
Very easy! You buy and sell currencies online through your personal computer and from the comfort of your home.
What Do You Need To Start Trading Forex?
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Forex Trading Skill And Experience:
You have to have the trading knowledge and experience to start trading forex. Making money through forex trading is easy, but you should learn how to do it, otherwise you will lose. -
Forex Trading Account:
It is like a bank account. You open it, deposit some money in it and you can start buying and selling currencies against each other. To have a forex trading account, you should open an account with a forex broker. -
Forex trading software (platform):
It is a very simple and easy to use software that gives you the currencies' prices and the tools that you need to analyze the currency market and place your orders. When you open a forex trading account with a broker, they provide the trading platform too.Benefits online Forex Trading
Trader/investment manager
With good technical ability, trading on
behalf of investors becomes a lucrative means of living. It could be
trading on account in which profits are shared in a ratio between
investor and trader as agreed. It could also be a situation where the
trader or investment manager gives a fixed or varied return on fund
invested.
Market forecaster & analyst
With good technical ability to study
predict market or price behaviour becomes a hobby which can be turned
into earning potentials by selling signals through subscription
service. It could be a daily, weekly, monthly, quarterly, half year or
annual subscription
Trainer
Though I advise practical and
experienced traders to offer services in this area, rather than demo and
part-time traders. If you are not cut out to offer training, it is a
hard area as some of your audience might be experienced ones. Training
could be online or formal.
Introducing broker
These are like marketing agents or
sub-brokers to major brokerage firms. They offer services on behalf of
the major brokers to clients. They earn commission from the major
brokers and not the clients. I was also once an IB before I moved to
another level.
White label partner
This does not come easy. Requirement may
be experience in terms of years as an IB, evidence of performance,
corporate registration (unlike IB which may be personal) and also a
working website. Deposits in thousands of dollars may also be required
as deposit. Returns here monthly are very lucrative as well.
Country rep/manager
As foreign investments directly or
indirectly are flowing in, opportunities abound to fill these positions
though with proven record.
The above shows that forex trading is
more than just trading as most people think, but to benefit in these
areas mentioned, there is need for knowledge on how the market works. I
believe this is a career still much green to be exploited by teeming
youths and graduates looking for white collar jobs. Finance and other
related career personnel, working, retrenched or retired can also take
up this career. The coast is clear.
Market analysis for Friday July 5, 2013
This forecast should be useful as you
are reading this column this Friday morning of July 3, 2012 and based on
daily analyses if the targets have not been tested.
EUR/AUD (SELL) : Market expected to go short. Exit at 1.3823
AUD/JPY(SELL) : The pair is likely to go short. TP 103.12
EUR/NZD (SELL) : Market expected to go short. TP at 1.6200
GBP/AUD (SELL) : Market expected to go short. TP at 1.6200
GBP/NZD (SELL): Market expected to go short. TP at 1.9012
Let entry points be at trader’s
discretion. This constitutes my view and may or may not be used for
trade decisions. Please money management is strictly advised. Happy
trading
