Where to learn forex trading in port harcourt
The international broker in a statement said the Port Harcourt office will give more traders access to free, field-leading education. They will provide a hub of support for those looking to expand their knowledge and those looking to improve that all-important trading strategy. We are delighted to announce this new venture as we strive to bring education to traders in the Africa region, as well as across the world.
At the beginning of the year, it was awarded the FCA licence, allowing it to cast its net to key economic regions further afield. Built on the firm belief that a successful trader is an educated trader, the brand ensures its traders stand out from the crowd by giving them access to industry-leading educational resources and events. Training centers, alongside carefully cultivated educational events, provide a space for traders to advance their techniques and compare strategies with other like-minded investors.
FXTM host a myriad of popular educational events in Nigeria, as well as across the world, and with the new centre is expected to provide a welcoming hub for traders to enjoy more world-class seminars and workshops.
Tuesday, March 30, Send Share Share on Facebook Tweet this. Related Posts. All transactions in the forex market are based on the purchase of one currency for the sale of another currency. It is really important to understand what currency pairs, and how they work before you can start trading Forex. The opportunities to make profits are higher. As you may have noticed that these are the crosses of all the major currencies excluding US Dollar.
As a beginner Forex Trader, you need to stick to major pairs only as it offers high liquidity and predictable market movements. While trading forex, you would come across these common terms. We will be explaining all the important terms here. This price is the quote by the broker. It is the last decimal in the price. For Example: In the quote 1. At this price, you can sell base currency in the pair. This price is shown on the left side in the quote ticker by the Broker. At this price, you can buy the base currency mentioned in the pair.
It is shown on the right side of the quote ticker by the Broker. Forex trading can now be done by anyone in Nigeria, anytime, from home or anywhere through the internet. You need to signup with a Forex broker. We will tell you exactly who to choose. In order to trade forex, you need to find a broker.
Methodology
We have compiled the list of best forex brokers for Nigerian traders. ForexTime is the best broker for Forex trading in Nigeria. Start with Demo Accounts: Never start trading directly on a live account if you are a beginner as your real money will be at risk. Once you have found the forex broker of your choice, you can then open an account with that broker to start trading or demo account to learn. This account will enable you to place your trades in the interbank market at the live currency prices.
Once the verification is complete, you will need to make a deposit to fund your live account. These funds will be used to place live trades at the real market prices.
Background
The long position implies that you are buying a currency pair and are betting on it to rise in value in the future. For ex. Buy order in forex is similar to buying an equity stock. You buy the currency at a low price, and once it reaches a higher value, you can then sell off the currency, thus making your profit.
The short position can be taken when you believe the price of the currency will fall in the upcoming period. You can place a sell order when the currency is at a higher price and then when the value falls significantly, you can buy it back at lower price, thus realizing your profit. Profit or Loss?
Forex Trading Training: How to Get the Best in Nigeria
Depending on the movement of the currency pair that you were trading, you will either be profitable or make a loss once you close the trade. You will make a loss in this case. There are many different strategies that are followed by successful forex traders. But most of them fall into 2 categories which are 'Technical Analysis' and 'Fundamental Analysis'. Technical Analysis involves the study of charts patterns, currency trends etc. While the fundamental analysis is mainly related to trading based on the news events like GDP, Job data etc.
FXTM Expands Operations, Open New Centre in Port Harcourt
Most technical forex trading strategies involve some level of study and analyse of the chart or trend patterns of the currencies before making an actual trade. Good thing is that almost all brokers around the world now offer MT4 or MT5, which are excellent platforms for sound technical analysis. Only based on your strategy, you can make actually get the best returns in the future. We call the high the resistance. Once the price crosses the previous high to achieve a higher high, there is a huge chance that the old high will become the new low in a trending market.
The low is now called the support. If you are a new investor, it is a good strategy to begin trend trading with one of these pairs. This is because these pairs are very liquid and have stable volatility.
Technical Analyst offering knowledge in crypto currency, both online and off-line
Since these currencies are stable, they will help you in managing your risk initially. It is always a good strategy, to begin with, a USD pair because of stability. There are various other pairings available which do not include the USD. Day trading is not strategy per se, it is more of a trading routine. In this strategy, you place your trades, and close them within the same day or within a hour window and book your profits or loss. You can realise profits quicker in this strategy, although the amounts might be smaller.
This is a very common strategy followed by a wide variety of small investors. Another strategy is known as scalping. This strategy is based on opening a position for a short time and closing it to make a small profit. These strategies can be a great way to book profits quickly. If you are ready to start Forex trading then you may have doubts on which broker should you choose to trade online. On the positive side , forex trading has the potential to bring good income if you trade with a working strategy.
And you don't even need very high capital to start. On the downside , one bad trade without proper money management can be disastrous, or trading with real money without practising on demo. These are just the few risks. How you can manage these risks? Be cautious, have a fully tested trading strategy on demo and use good risk management to be successful at forex trading. At Forextrading.
NG our ultimate aim is to help you choose the best broker for your trading needs. NG is an Investment Comparison website with an aim to help Investors in Nigeria find the best forex brokers.
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