How to start forex trading blogger.com To Start Forex Trading For Beginners —–Follow my telegram for private webinarshttpstmej. Nairaland Forum Nairaland General Business ABC Of All You Need To Know To Start Trading Forex 59 Views Learn And Start Trading Forex And Crypto ABC Transport Boss Frank Nneji Gifts Two Buses To His Employees How To Start Trading Cryptocurrencies As A Newbie 23/08/ · Top 10 Beginner Forex Trading Platforms blogger.com Has The Best Forex Platforms For Beginner Traders. blogger.com is a global Forex and CFD market maker broker Plus Platform Has The Best CFD Products For Beginners. Plus is a CFD provider that offers its proprietary trading Pepperstone Estimated Reading Time: 10 mins 08/04/ · Best Forex Broker For A Beginner - Investment - Nairaland. Best Forex Broker For A Beginner by Leonardemma1 (m): pm On Apr 08, List of best brokers for beginners. Re: Best Forex Broker For A Beginner by Frankfuse: pm On Apr 08,
7 Best Forex Brokers for Beginners in - blogger.com
Chances are that you have become obsessed with Forex trading, especially going into the year as people come up with smart ways to multiply their income. Open a Forex Trading Account with a regulated broker! Get up to Forex trading has become one of the most popular trading markets in Nairaland and over the world. It has far eclipsed trading in stocksoptions and many other trading vehicles.
Its popularity is due to both its simplicity and the fact that it has now been made available to retail traders. That means traders just like you can have access to this over-the-counter market. This has been made possible by way of online trading platforms and online brokers just like AvaTrade.
Online Forex trading allows traders to open positions for themselves and trade on an intraday basis, forex trading platforms for beginners nairaland. Open and close a position the very same day. If a trader decides to roll forex trading platforms for beginners nairaland trades over to the next day, he will pay a fee called a rollover.
There is always a market open throughout the working week. We start with the Asian session and then move on to the US session, followed by the European Sessions. Markets are closed on the weekend though unless you decide to trade cryptocurrencies. Generally, forex trading platforms for beginners nairaland, the cost restrictions that formerly applied to traders, are no longer a barrier.
Apart from this, forex trading platforms for beginners nairaland, the only charge you will pay is called the spread. This represents the difference between the BID and ASK price.
This is the price the broker gives you for buying or selling an asset. The difference between the two prices is the spread and it is quoted in pips.
At the time of writing, 1 euro was worth 1. If the BID price is 1. This is a 3 pip spread and this is in effect the transaction cost you will pay the broker for the service they provide.
Enjoy the benefits of an internationally regulated broker! Start today with a huge welcome bonus. Opening a real trading account at AvaTrade is as simple as it gets.
It is a 3-step process and forex trading platforms for beginners nairaland takes a minute to complete. In order to trade the Forex in Nairaland, you will also need an online trading platform to conduct your trading activities with. The EUR value is quoted against the current price of the US dollar. If the EUR price rises against the dollar, then the dollar price is sinking. The reverse is also true. Quite simply, your goal is to BUY this pair low and SELL high ideally for a profit, although sometimes losses occur.
You can also SELL low and then BUY high this is called shorting the currency pair. Many factors will move this price, these include geopolitical events, fundamental news events, data releases like inflation and consumer data and even speeches by Presidents and members of the Fed.
Understanding Forex quotes is one of the cornerstones of Forex trading. The first currency in the quote is known as the base currency, while the second currency is known as the counter currency. In our examples above, for the first quote, the euro is the base currency while the USD is the counter currency. For the second example quote, the USD is the base currency, while the Yen is the counter currency. The relative value of the currencies depicted in a Forex quote is based on the amount of counter currency to one unit of the base currency.
Nowadays, Forex can be traded on online trading platforms such as those provided by AvaTrade. Forex quotes on these platforms are typically quoted with two prices. It should be noted that the Ask price will always be higher compared to the Bid price. So what is the difference between the Ask price and Bid Price? The Ask price is the price forex trading platforms for beginners nairaland a broker or bank is willing to exchange the base currency forex trading platforms for beginners nairaland the counter currency.
In other words, you need to pay 1. On the other hand, the Bid price is the price which a broker is willing to purchase the euro for.
With reference to our example above, the broker will offer you 1. As for the difference between the Ask and Bid price, this is known as the spread. For our example, the spread is five pips 1.
This spread is the margin which brokers earn when transacting Forex trades on your behalf. Usually, the spread is lower when a currency pair is frequently traded, forex trading platforms for beginners nairaland.
Less frequently traded pairs or exotic pairs as they are often known will have a higher spread. Often, you will find that the spreads depicted on most online trading platforms are variable. This means they will fluctuate depending on market conditions. Generally, spreads are lower when liquidity is high and higher when the liquidity is low. The objective of all Forex traders is to maximise profitability and minimise losses. In order to do that, it is necessary to take into consideration pips and lot sizes.
It depicts the minimum movement which prices can move in Forex. Most Forex quotes are quoted up to 4 decimal points. Hence a pip in a Forex quote represents 0. Nevertheless, it should be noted that the quote for the Japanese Yen pairs are different as they are typically only quoted up to 2 decimal points. Hence, a pip for Japanese yen pairs is only 0. A trading lot is the amount of the currency that a Forex trader will trade.
The size of each standard lot is equivalent tounits of a currency. Fortunately, due to the availability of leverage, a trader does not have to fork out the full amount in order to trade in a standard lot. Apart from a standard lot, there are other popular lot sizes, such as a mini lot 10, units and micro lot 1, units. Market orders are transactions which are forex trading platforms for beginners nairaland at the current market price.
This can be either an order to purchase or sell a currency pair. The two primary analyses for them to rely on are:. With fundamental analysisa trader will take a macro view of the economic factors that can affect the price of an asset. Some of these factors include the interest rate imposed by the Central bank, political situation, climatic situation, unemployment level, inflation level and the Gross Domestic Product GDP of a country. The primary objective of fundamental analysis is to look at the fair or intrinsic value of an asset.
For a fundamentalist, an asset price will always settle at its intrinsic or fair value in the long term. So, trading opportunities will arise when the price of an asset deviates from its intrinsic value. A technical analyst believes that history will repeat itself and so, he will try to discern patterns in the price movements of an asset that will help to indicate any arising trading opportunities.
As opposed to a fundamental analyst, the technical analyst believes that all the underlying factors of an asset are already reflected in its price.
In other words, price movements are not random but patterned. A technical analyst relies on two key tools to help him makes his determination. They include the following:. Apart from being able to forex trading platforms for beginners nairaland trading opportunities, it is equally important for a Forex trader to be able to manage his capital resources. In fact, this skill is critical for the long-term success of a trader.
Apart from these tools, there are also numerous money management tools which traders can employ in order to help them manage their trading risks better, forex trading platforms for beginners nairaland.
Having good money risk management strategy not only helps to control your trading risks but also helps you to promote capital growth over the medium and long term period. When we talk about trading psychologywe are referring to the mindset of traders when trading the financial markets. Because we are dealing with real money, most people will find it difficult to emotionally detach themselves from it. Invariably, they will let their emotional state influence their trading decisions and usually with negative results.
As human beings, we all experience a range of different emotions during different circumstances. Likewise, during trading, many traders will feel different emotions such as euphoria, fear, greed and overconfidence, forex trading platforms for beginners nairaland. Letting forex trading platforms for beginners nairaland succumb to these emotional states can result in making bad trading decisions such as holding on to a market position despite accumulating losses in that position.
In order to overcome emotional trading, it is critical that you come up with a trading plan and stick to it despite everything else.
Foremost of all, it is important to have the right forex trading platforms for beginners nairaland when beginning your online trading endeavours.
While there are literally thousands of online Forex brokers to choose from on the internet, forex trading platforms for beginners nairaland, the right broker must, however, be able to fulfil certain key criterion. AvaTrade has made their trading platforms easily accessible to traders from all over the world by imposing only a low minimum deposit.
When trading in Forex, we will be dealing with currency pairs where the value of one currency is quoted relative to another currency. Forex currency pairs can be grouped into three groups, Majors, Minors and Exotics. Although it is possible to trade with any type of currency pairs, beginners are always recommended to stick with just majors and minors until their trading skills have improved. On the MT4 trading platform, there three ways to open a market position i.
through the Order WindowChart Trading and One-Click trading. By doing so, a trader hopes to earn a larger profit despite trading with a smaller amount of capital. While leveraging has its upside, it also has a downside.
The Best Forex Brokers I Use - For Small Accounts
, time: 10:1210 Best Forex Trading Platforms For Beginners [Jan ]
07/07/ · Here's a summary of the best forex brokers for beginner forex traders. Plus - Overall winner for beginners and ease of use; IG - Excellent education, most trusted; eToro - Best trading platform for copy trading; AvaTrade - Quality educational resources; CMC Markets - Best web trading platform, excellent education; XTB - Best customer service, great education Download best Forex trading platform. In order to trade the Forex in Nairaland, you will also need an online trading platform to conduct your trading activities with. To download the MT4 Forex trading platform, simply follow the steps described below: Step 1: Click on the MT4 trading platform download link here. Step 2 1) Open Account with a Forex Broker. In order to trade forex, you need to find a CFD broker. There are numerous forex brokers available for Nigerian traders such as Hotforex, Exness, XM Forex, FXTM, blogger.com, FxPro, Oanda etc. We have compiled the list of best forex brokers for Nigerian traders
No comments:
Post a Comment