Forex Trading continued – Page 2

The forex markets are open 24 hours a day and close only between Friday and Sunday afternoons EST (New York) time. Most trading activity, however, is when two or more major exchanges – New York, London, Zurich, Hong Kong, Tokyo or Sydney, are open. To see how these opening times overlap in relation to your own time zone, you can download a table here. There is a lot of other useful information on other topics of interest too for our members.

An example of a forex 'trade' – in layman's terms

Let’s say the current EUR/USD buy price is 1.2620 (1 EUR = 1.2620 USD). You buy 1 lot of EUR because your analysis reveals that the rate will rise (meaning the value of the euro will go up in relation to the dollar). After 15 minutes the sell price has risen to 1.2640. You can stay in the trade for as long as you like, but if you 'close your position' (selling euros and buying back dollars), then your 20 pip gain equates to a profit of around $200 and this would be paid back into your trading account, together with the 1% margin (guarantee) required for the trade. On a standard account this is $1000 per 100,000 unit lot. With a 'mini' account amounts are divided by 10, so 20 pips would be $20 and the guarantee required $100.

Why might forex trading be of interest to you?

If you are currently resident, planning on retiring in, or making your base in a foreign country, you should be able to use the internet (even via your mobile phone) without being affected by regulations and controls on foreign workers. In the case of forex (currency trading), transactions are made overseas, but deposits and funding can be made using your 'home' or offshore bank account. An ATM card makes it easy to withdraw cash anywhere. Trading forex in Asia is quite feasible and could be tax-free too.

Forex trading advantages and benefits

 

And on the "other side of the coin"...

So how and where do you start to learn to trade for profit?

 

If you're serious about becoming a successful foreign currency trader, then take a professional forex course. The money invested will be recouped rather than lost in addition to unnecessary trading losses that will inevitably occur if you start trading without the correct knowledge and techniques. It's also important to understand risk management and the psychology of trading.

 

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Updated Oct 2017

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