This year, the Nigerian economy has received a heavy blow, and recovery will be painful. COVID-19 has disrupted the system, and falling oil prices exacerbate the damage. As traditional employment fails, consumers turn to alternative ways of earning a living. Online trading is a viable opportunity for anyone who can learn and persevere. Thanks to modern trading apps, the largest financial market is a tap away.
Would you like to make money from home, or anywhere you want? With Forex, this is now possible. Every day, the global foreign exchange sees volumes reaching US$6 trillion. This is how much institutions and individuals buy and sell. Unlike freelancers, you do not need to search for clients. You are your own boss, and profit depends on your skills and acumen. So, how can access be acquired?
What Forex Brokers Do
You cannot trade without the middleman. Forex brokerage firms act as the go-between. They connect clients to the global currency market. In addition, they provide the necessary software and educational materials. Their support centres work around the clock.
A registered funded forex trading account is your marketplace pass. A practice account (aka demo account) allows you to learn in a riskless environment. So, what should you do to get a login and password?
Both demo and live accounts are registered online. All you need to do is fill out a basic form on the brokerage site and upload a few documents if you want to trade live. The process takes a few minutes, and the credentials land in your inbox shortly. Enter your login and password on the platform, and start using it! Live Forex accounts have different subtypes depending on the broker.
Reliable brokerages provide advanced software tools for free. ForexTime, a regulated international broker, allows you to download MetaTrader 4 and MetaTrader 5 from their official website. These are top platforms and apps for Forex trading. Here is what they are capable of.
Overview of Trading Software
A trading terminal is a primary requisite for Forex trades. Top solutions are powerful and versatile, compatible with different desktop and mobile devices. For example, MT4 is available in the form of software, a mobile app, and a web-based platform which works in any browser.
A trading terminal facilitates every stage of trading, from initial market analysis to execution. These systems are packed with price charts, newsfeeds, and other handy features. They are used by both technical and fundamental traders.
The first group of users needs technical indicators like moving averages and price charts with adjustable time frames to identify patterns. Fundamental traders, on the other hand, focus on news about consequential events.
Currency rates are affected by both political and economic factors. In order to foresee price change, you may look at changes in both realms. Trading terminals have economic calendars and news feeds that condense all momentous data.
Local Regulation Issues
The currency market of Nigeria is notorious for its lack of regulation. Unfortunately, we are yet to see any legal framework for trading. Traders need to be extra careful, as Forex scams are quite common.
It is advisable to choose regulated brokers which operate in many countries. Global brands are authorized by credible organizations. They offer a wide range of instruments, 24-hour support, and powerful tools. Although home-grown companies exist, they may disappoint you.
Always Start With Demo
Demo trading is a must for any Forex beginner. Do not rush into the live market, as it puts your capital at stake. The more you learn – the better your skills and performance in real conditions. It is tempting to start placing trades straight away. Remember, without meticulous preparation, you are destined to lose. Forex is a form of investment, and like any investment, it is not risk-free.
Fortunately, traders may limit their risks through careful strategizing. A practice account is exactly what you need to develop a solid strategy. Take your time and learn at your own pace. Demo accounts do not expire, so there is really no rush.
Pay close attention to features aimed at reducing risks. These are stop loss and take profit. These parameters must be set for every position, so you can exit at a desirable price. As the market can get wayward, your balance may disappear in a flash. Take all possible precautions.
Do you not think that demos are just for rookies? As traders gain experience, they add more instruments to their portfolios to lift profits and limit risks. Whenever you explore an unfamiliar asset or try new strategies, a practice account is indispensable. It is a priceless opportunity. Train without financial risks and achieve more!
