Forex Trading In South Africa
People in South Africa have decided to jump into the band-wagon and start trading forex like else where in the world. Forex trading South Africa is made much easier by the fact that all trading platforms are now online. You simply download the platform and start practicing on the demo.
Forex Trading Demo Account
A demo account is an account which is created in order to help a new trader practice on what looks like a real or live account. When your demo trading account is approved you get allocated a certain some of money from which you can trade.
Forex trading is quickly becoming another best tool to make money online. One of many advantages of trading forex is that you do not need a lot of things to start. What you basically need in order to start just is a computer that is connected to the internet.
What Is It That Is Traded In Forex Trading?
Forex trading is basically to buy and sell currency pairs using an application that gets downloaded into your computer. You can also trade via a broker’s website if you did not download the trading platform.
If you are at any international airport and you are travelling abroad, you usually had to find a currency exchange point at the airport, and then exchange the money you have into the currency of the country you are visiting. Even if you may not be aware but whenever you do this, you have just participated in the forex trading market.
But this is not how forex is traded lately. You do not have to go to the airport or whatsoever. You trade foreign currencies right at your place of choice.
The biggest stock market in the world, which is the New York Stock Exchange, trades a volume of about $22.4 billion each day. Forex is traded daily or even hourly. This means that you can simply enter the market at 10:00, make profit and then exit the market at 11:00. Depending on what you are trading and what your margins are, you could make R100 000 in just an hour.
What Gets Traded In Forex Trading Markets?
The very simple answer to this question is this: money is traded in forex!
Below are some of major currencies that are traded online. We have listed popular ones as they are favourites to many successful traders.
USD United States Dollar Buck
EUR Eurozone Euro Fiber
JPY Japan Yen Yen
GBP Great Britain Pound Cable
CHF Switzerland Franc Swissy
CAD Canada Dollar Loonie
AUD Australia Dollar Aussie
NZD New Zealand Dollar Kiwi
How To Buy And Sell Currency Pair In Forex Trading?
Forex trading means the simultaneous buying of one currency and selling another. Currencies are traded through an online broker or dealer, and are traded in pairs. You do not have to go around looking for a dealer. It is simple a software that gets downloaded.
For example the euro and the U.S. dollar (EUR/USD) or the British pound and the Japanese yen (GBP/JPY). When you are trading in the forex market, you simply buy or sell in currency pairs.
What Are Different Forex Trading Strategies?
There are many ways or approaches people take when they trade forex online. These are simply called forex trading strategies. There are also various products that can be traded in forex. The most popular ones are spot forex, currency futures, currency options, and currency exchange-traded funds (or ETFs).