How Forex Trading Works ? In times past, only the big boys with big monies could trade Forex. As a result, Forex trading profit was limited to only banks and big financial institutions in South Africa and elsewhere. The capital required to trade Forex in times past was just too huge that ordinary people on the street could not venture into it.
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Things have changed today, however. Virtually everybody in South Africa can now trade Forex since you may not need more than $500 to open a Forex trading account. In fact, some brokers do not charge more than $250 as a minimum deposit on their trading platforms. It may also surprise you that some brokers only ask for as low as $10 as a minimum deposit to start trading Forex! Furthermore, you can deposit money into your trading account in Rand.
Learn before you start trading
Forex trading is not a scam as some may want you to believe. You can make a lot of money from it if you understand how it operates. Your forex trading profit can also be consistent if you take time to learn before you start trading. You can try any of the free sources of information on the internet to learn how to trade here in South Africa. Also, you can register with reliable outlets that are offering Forex trading courses for a fee. Whichever method you adopt, nothing changes the fact that you must learn about Forex trading if you want to trade successfully.
Register with a broker
You can only trade Forex on a Forex trading platform. You do not have to register with a Forex broker to access a trading platform, especially if you only want to “demo trade”; demo trading means practicing on how to trade using virtual money while being exposed to the same market condition like someone who is into “real trading.” Real trading involves trading with real money. You will need to register a trading account with a broker before you can start real trading.
Develop a trading strategy
You need a good trading strategy to make consistent forex trading profit. You can choose any of the trading strategies available for free on the internet or develop your own trading strategy, which is only possible if you have adequate knowledge about Forex trading.
However, you must back-test and demo-trade your preferred trading strategy before you start using it for real trading. “Demo-trading” and “back-testing” can help you to access the reliability and accuracy of your trading strategy. You can make more forex trading profit if your strategy has a high degree of accuracy. After testing the strategy, you can forward it to other professionals to help access it before you start trading with it.