Are you thinking of entering into forex trading? Before making an investment decision, you need to know the whys and hows of this highly volatile market.
Why Trade Forex?
Forex trading, also called fx trading, currency trading or foreign exchange trading, is used by millions of traders worldwide to make a fortune every day. As the relation between two currencies changes constantly, based on the economic and political environment, traders make money by trading currency pairs in the forex market. With a daily trade amount of around $4 trillion (as estimated by the Bank of International Settlements in 2010), high leverage and 24x7 live trading ability, the forex market has the rare distinction of being the largest financial market in the world.
How to Trade Forex?
Forex trading is a high returns and high risk investment. As it offers significant leverage, a user can enter into high gain positions, even with very little money in his trading account. While this practice allows traders to gain big profits, it also exposes them to high risks. Thus, you should learn about the standard procedure to trade forex before entering the market.
Choose a broker: The first step to trade forex is to choose a forex broker. You need a forex broker to open a trading account and to use an electronic platform for trading in the market. While choosing a forex broker, make sure it is certified by financial authorities. ACM Gold is authorized and regulated by the Financial Services Commission of Mauritius. It is an authorized financial services provider by the Financial Services Board of South Africa. For further information click here.
Sign up for a trading account: Forex brokers offer multiple accounts based on different needs of the trading groups. These accounts, generally, differ on the basis of minimum deposit, leverage and customer support. To begin with, open a demo forex trading account. A demo account allows you to learn the nuances of fx trading in the real environment without exposing you to financial risks. To open a demo account with ACM Gold, sign up here.
Trading platform: A trading platform is an interface that allows you to trade in the forex market. MetaTrader4 is one of the most preferred trading platforms in the world. It has web-based, downloadable and mobile versions of the platform. Alternatively, you can opt for proprietary trading platforms of the forex broker. ACM Gold allows you to choose from MetaTrader 4, ACM Gold CFD and ACM Platinum platforms. To know more about ACM Gold trading platform, click here.
To make profits, you need to learn about the basics of the forex market. Learn about forex terms from the ACM Gold glossary. Follow ACM Gold tweets to remain updated with the market.
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