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  1. UNDERSTANDING THE FOREX MARKET -1 Forex is short for foreign exchange, but the actual asset class we are referring to is currencies. Foreign exchange is the act of changing one country's currency into another country's currency for a variety of reasons, usually for tourism or commerce. Due to the fact that business is global, there is a need to transact with other countries in their own particular currency. What Exactly Is Forex Trading? Forex trading can be defined as the online/internet currency exchange trade or the act of simultaneously buying and selling currencies of different countries online using internet trading platforms. Forex stands for Foreign Exchange so Forex Trading simply means Foreign exchange trading or trading on foreign currency by its exchange rate. Since Forex trading involves the disparities in foreign exchange rates, making profit or loss in Forex trade is usually determined by the economic state of different countries at a time. Since the economy of different countries is not static in relation to one another at any point in time, the Forex market is never fixed or stagnant at any point in time as well. It is a volatile market that is constantly changing and are never accurately predicted. This is where the profit or loss is made. If the currency goes up in your favor, you make profit, it goes down against you, you make loss. Understanding the Forex Market To understand the Forex market and be good at it, you have to avail yourself to serious training in Forex trading! You must acquire the technical knowledge required in Forex trading. You must have enough time and willingness to study this ever-changing price market over a period of time and be up to date with the local and foreign news as global trends have a tendency to determine the direction the prices of the currency go, either up or down. To assist you in the learning process, it is important to use a demo account for practice. Almost all the Forex trading platforms have demo accounts where you can practice Forex trading in what looks like real time trading. The demo accounts are loaded with virtual money and in real time mode. The only difference is that you neither make profit nor loss in demo trading. You need to continue to practice with the Forex demo account until you become very proficient. You must be good with the virtual trade before you ever attempt with real money because once you are up with the real money, there is no going back, its either profit or loss. From then on, it becomes investment that must be handled very seriously. Your investment in Forex trading is not something you joke with, you need to be up to date with knowledge and information. You must be into it and do research regularly. How to Get Started With Your Forex Trade Before you proceed to open an account with any Forex Broker, you must understand that not all Forex Brokers are genuine. Make a thorough research before settling with any trading platform with real time investment. I will advise you use the big and established Forex trading platforms only. Open Account with Forex Brokers Go to the website of your desired Forex Brokers and open account. Forex Broker or the Forex trading platforms is the medium through which currency is traded online. Fund Your Forex Account Before you start live Forex trade, you must fund your account. Funding can be done through direct deposit or by using your credit/debit cards. Have a Domiciliary Account This is very important for effective transaction and to enable you make a withdrawal of your profit when there is any. Some use other currency medium like the eCurrencies but at the end, it will still get to Domiciliary accounts. The Domiciliary account is used for cashing or depositing funds into your Forex trading account. Fast Internet Connection You need a very fast and reliable internet connection to be able to trade Forex in Nigeria or elsewhere. Without this, it will be difficult for you to make profit because your internet has to be fast and reliable to enable you take quick actions. High Performing Laptop This is very necessary for efficiency and accurate performance in live market. Do not make the mistake of using a wacky laptop for Forex trading. Most times, the losses people make is as a result of inefficient trading devices. The profit you make depends on your trading skills. Yes, people are still making profit in Forex trading in Nigeria and will continue to make profit as long as currency remain in use.
  2. UNDERSTANDING THE FOREX MARKET -1 Forex is short for foreign exchange, but the actual asset class we are referring to is currencies. Foreign exchange is the act of changing one country's currency into another country's currency for a variety of reasons, usually for tourism or commerce. Due to the fact that business is global, there is a need to transact with other countries in their own particular currency. What Exactly Is Forex Trading? Forex trading can be defined as the online/internet currency exchange trade or the act of simultaneously buying and selling currencies of different countries online using internet trading platforms. Forex stands for Foreign Exchange so; Forex Trading simply means Foreign exchange trading or trading on foreign currency by its exchange rate. Since Forex trading involves the disparities in foreign exchange rates, making profit or loss in Forex trade is usually determined by the economic state of different countries at a time. Since the economy of different countries is not static in relation to one another at any point in time, the Forex market is never fixed or stagnant at any point in time as well. It is a volatile market that is constantly changing and are never accurately predicted. This is where the profit or loss is made. If the currency goes up in your favor, you make profit, it goes down against you, you make loss. Understanding the Forex Market To understand the Forex market and be good at it, you have to avail yourself to serious training in Forex trading! You must acquire the technical knowledge required in Forex trading. You must have enough time and willingness to study this ever-changing price market over a period of time and be up to date with the local and foreign news as global trends have a tendency to determine the direction the prices of the currency go, either up or down. To assist you in the learning process, it is important to use a demo account for practice. Almost all the Forex trading platforms have demo accounts where you can practice Forex trading in what looks like real time trading. The demo accounts are loaded with virtual money and in real time mode. The only difference is that you neither make profit nor loss in demo trading. You need to continue to practice with the Forex demo account until you become very proficient. You must be good with the virtual trade before you ever attempt with real money because once you are up with the real money, there is no going back, its either profit or loss. From then, it becomes investment that must be handled very seriously. Your investment in Forex trading is not something you joke with, you need to be up to date with knowledge and information. You must be into it and do research regularly. How to Get Started With Your Forex Trade Before you proceed to open an account with any Forex Broker, you must understand that not all Forex Brokers are genuine. Make a thorough research before settling with any trading platform with real time investment. I will advise you use the big and established Forex trading platforms only. Open Account with Forex Brokers Go to the website of your desired Forex Brokers and open account. Forex Broker or the Forex trading platforms is the medium through which currency is traded online. Fund Your Forex Account Before you start live Forex trade, you must fund your account. Funding can be done through direct deposit or by using your credit/debit cards. Have a Domiciliary Account This is very important for effective transaction and to enable you make a withdrawal of your profit when there is any. Some use other currency medium like the eCurrencies but at the end, it will still get to Domiciliary accounts. The Domiciliary account is used for cashing or depositing funds into your Forex trading account. Fast Internet Connection You need a very fast and reliable internet connection to be able to trade Forex in Nigeria or elsewhere. Without this, it will be difficult for you to make profit because your internet has to be fast and reliable to enable you take quick actions. High Performing Laptop This is very necessary for efficiency and accurate performance in live market. Do not make the mistake of using a wacky laptop for Forex trading. Most times, the losses people make is as a result of inefficient trading devices. The profit you make depends on your trading skills. Yes, people are still making profit in Forex trading in Nigeria and will continue to make profit as long as currency remain in use. In fact, nothing has changed and will probably change forever.
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