Business & Investment

3 Steps to Make Money in Forex online

Several trading platforms offer information and analysis to the forex online. Today, new applications are developed by these sites for you to buy and sell foreign currency from around the world as well as professional traders. But it is important to bear in mind that the ‘forex is like poker.’ ‘ You can win big as you can lose everything. So how should we go about it to make gains in forex online?

What is Forex?

Forex is the exchange currency market globally. Exchange rates fluctuate, moving round the clock from Monday to Friday. Online Forex is the largest financial market in the world. On it has been the largest trade volume: several billion (all currencies) are traded on it every day. To facilitate online trading, forex displays current currency pair. For example, for the euro:

  • EUR / USD (United states dollars = US currency)
  • EUR / GBP (Great Britain Pound = English currency)
  • EUR / JPY (Japan Yen = yen)
  • EUR / CAD (Canadian dollar = Canadian currency)
  • EUR / AUD (Australian dollar Australian currency =)

Forex is regulated in France by the AMF and the French Prudential Control Authority. There are platforms that are permitted and some not.

Step 1: register for free on a trading site

To start, you need to select from the available platforms, one on which you plan to do your operations and create a virtual account. When this choice, it is helpful to check the list of unauthorized brokers by the Financial Market Authority (AMF) and the Prudential Control Authority (ACP) not to engage in a ” one-night ‘ . We must also inform in advance the forex operation system.

Step 2: fund the account

Most sites recommend a minimum setting of 100 or 150 euros in general. But it is possible to bet less (50 euros) or more. Upon registration, a counselor is responsible to call you to explain the operation of a trading platform and arrange courses to help you monitor currency fluctuations and the best moments of a bet.

Step 3: Follow the exchanges

It is here that all happens. You have to be constantly attentive to developments and changes in currency to know when to buy and when to sell for profit. In the same way that you can make money, you can also lose all your bet. This is the principle of forex. The platforms offer demo accounts (E-Toro) to help you familiarize yourself with the forex universe. The buying and selling activities are done like on a real platform.

Moreover, there are a few sites function ‘copy traders” (Binary.com) for beginners who still want to maximize their gain. This feature allows you to copy your activities the best traders of the platform to follow them in their moments of exchange they choose every time. This is a safer way to gain this financial market.

Important: Read: 7 Practical Ways to Avoid Losing Money Unnecessarily

So you can invest on traders of your choice at specific times or cease to copy one or more at any time when your investment and your earnings generated.

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Ifiokobong Ibanga is the founder of InfoGuideNIgeria.com. InfoGuide Nigeria is a team of Resource Persons and Consultants led by Ifiokobong Ibanga. Page maintained by Ifiokobong Ibanga. If you need a personal assistance on this topic, kindly contact us.

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