How to Succeed in Online Trading
If you have heard that online trading can make you rich, you have not heard wrongly. You can make tons of money from online business if you know how to go about it. Forex trading is one of the most outstanding trading methods today available online and it has proved to be a lifesaver for money, helping them to drop their 9 to 5 jobs and taking it up full time. This can also be your case if you know what to do. We will show you want to do in this write-up.
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Is Forex trading profitable?
As hinted earlier, Forex trading is one of the most outstanding online trading businesses you can take you and make some cool cash. Forex trading is the largest market online today with an asset more than $4 trillion and counting. It is even bigger than the stock market. This high level of liquidity makes it a money spinner for those who know how to make some cool cash from it.
While trading online may be one of the best ways to make money online, it is unfortunate that only about 5% of Forex traders are making money from it consistently. The remaining 95% are either making an inconsistent profit or are making consistent losses. Several factors contribute to your ability to make a consistent profit from Forex trading, and some of those important factors will be discussed below
Who is your broker?
Your choice of broker can make a huge difference between a consistent profit and a consistent loss in Forex trading. Even if you have one of the best Forex trading strategies in the world, you may not make anything tangible from trading online if you pitch your tent with a rogue Forex broker. Some brokers are out there to reap you off and cause you serial losses some brokers are even scammers. The tips below can help you to avoid rogue brokers
Read online reviews: Many of the websites providing reviews about online Forex brokers are merely affiliate marketing websites and they usually get commissions on every member that signs up and funds account through those links you find on the review site. So, be wary of where you read up reviews about these Forex brokers. Before reading reviews about a Forex broker on any particular platform, find out if that platform is reputable or not.
Check for complaints: What do their past and currently registered members have to say about the brokers? This is one of the features to determine how reliable or otherwise the broker is. If the reviews are bad, you need no other indication to tell you that the broker is a rogue and you must steer clear of such.
Check for the ease of deposit and withdrawal: Before pitching your tent with that broker, you may want to find out if the broker offers numerous methods of deposit and if the amount deposited will appear on your trading platform instantly.
Also, you want to find out about the ease of withdrawal and if they process the withdrawal very fast. Have any of their clients ever complained about the inability to withdraw? Had there been any complaint about money disappearing from trading accounts? Had there been any complaint about the refusal of the broker to pay? Had any of their clients ever complained about accounts being suspended or restricted for no meaningful reason? It is in your best interest to steer clear of the broker if you ever come by such complaints.
What is the minimum deposit: Before you open a real trading account with any of the online Forex brokers, find out about their minimum deposit. You should go for those that allow small minimum deposit as you can use this to test run their services without exposing yourself to too much risk
Do they permit demo trading: One other thing to consider before registering with a Forex broker is the issue of demo account? Some Forex brokers do not support a practice account for registered members; some other Forex brokers provide a practice account, but will not give you an access to same until you have deposited money into your real trading account with them. You are better off with those brokers that give you unhindered access to a practice account even before you open a real account.
Our pick of reliable Forex brokers
We have carried out our own research and have come up with a list of verified, regulated Forex brokers where you can trade Forex online with complete peace of mind. Some of these reliable brokers are highlighted below:
- A Investments
The common features of the brokers
The Forex trading brokers listed above have certain common features, which are highlighted below:
- They all give a bonus to registered traders after their first deposit
- They permit trading in various currencies, like dollars and even rand
- They are all built on cutting-edge technology
- They provide consistent and reliable customer care service
- They give unfettered access to a demo account
- Deposit and withdrawal are processed fast and can be done via several means
How do I start forex trading in South Africa?
All you have to do is to create or register an account with a Forex broker. After registering your details, you will be able to start buying and selling currencies. Creating a forex trading account usually takes about five minutes.
Who owns Forex and where is it located?
Forex is not owned by anyone. Forex is an interbank market. This simply means transactions are performed between two parties which are the seller and buyer. Forex will always be there, as long as the current banking system exists. Also, FX is not located in a specific country; it’s just something that exists around the world.
What are the Forex market working hours?
Forex trading market is open from 22:00 GMT Sunday (opening of Australia trading session) till 22:00 GMT Friday (closing of USA trading session).
What is margin on Forex trading?
Money you have in your banker account is called Margin. The margin helps you to secure your open position. To keep your position open, different brokers demand certain amount of margin from you as a trader.
What are the “short” and “long” positions?
Short position – is a selling position. This means that the position would be in profit if the price decreases, while Long position – means a buying position. This position would be in profit if the price increases.
What is the best Forex strategy?
There are few trading online strategies that some people use to limit the losses and increase the profit. However, you must come up with your own trading online strategy if you want to make profit. Specific strategy can be good for a specific time and for a certain currency.
How much money can I start online trading with?
Well, some FX brokers require you to have at least $1 but usually, the minimum amount different from $50 to $200 000 and more.
Do I install trading software on my computer?
If you don’t want to install software is also fine. You can just trade using a web-based trading platform. You can login into your account and start trading. However, some people prefer to install a trading software on their computer and start trading.
Which brokers have web-based trading alternative?
Brokers that have web-based trading options include Easy Forex, eToro, Oanda, and Interactive Brokers just to name a few.
Can I lose more than I invest in Forex?
Usually you can’t lose. The broker will never let you lose more than funds available on your trading account. When the balance approaches zero (0), the broker will close your losing position. The loss that is large than the trader’s deposit is a straight loss of the Forex broker. The broker must prevent such loss.