KUALA LUMPUR, Aug 21 — The modern world offers countless opportunities for financial independence. All boundaries are being erased and more and more people make money online.
There are plenty of ways to do so, and trading Forex is one of the most popular ones.
Financial markets might seem a bit overwhelming at first. But the second you learn the ropes of how Forex works and how the news and other economic indicators affect the market, you’ll not only start making money, you can also master the art of trading.
Here, we take a closer look at Forex.
Forex in a nutshell
Forex is a global currency market that allows millions of people to trade simultaneously. Traders from all over the world try to forecast how the currency rate will change, and the currencies always come in pairs like EUR/USD, GBP/USD.
Forex traders generally predict the price direction and difference and either buy or sell the currency.
The difference is expressed in "pips," it is usually the change in the last decimal point. For example, if the EUR/USD exchange rate is 1.18538, the smallest change would be $0.0001. In a nutshell, you’ll need to foretell how the US dollar price will change against the euro.
The process goes something like this: you choose the asset (e.g. EUR/USD), decide on the amount of your trade (e.g.US$10), predict the price movement (up or down) and open the trade. Your profit depends on how correct your forecast was.
This is just the general workflow of any trader. Of course, when you start trading, you’ll discover a whole new world of financial markets.
For instance, there are different time frames during which you can trade. Depending on their personalities and trading strategies, traders can choose long-term trading (open trades for months or even a year), medium-term (open trades for several days), and short-term trading (open trades for several minutes/hour).
You’ll also be able to master different trading strategies, learn how different economic data affect the market, and carry out technical analysis to increase your profit.
There is a lot to learn in the world of trading. To make your journey easier and more comfortable, you’ll need a reliable investment platform that will provide all the support you need to become a successful trader.
A good example of such platform is Olymp Trade company, chosen by 20 million customers around the world.
Reliable investment platform
The company has developed a state-of-the-art online platform, providing a simple and enjoyable Forex trading experience.
The interface is clean and simple so nothing will distract you from opening positions and getting profit. In the platform you will see the assets you trade, the live chart, a set of useful indicators, and historical data of your trades.
Olymp Trade offers a free demo account so that traders can learn and practise for as long as they want before trading Forex with real money. The other advantage is that, when you decide to switch to the real account, you will only need US$10 (RM41.03) to start trading.
Apart from the convenient platform and a small minimum deposit, Olymp Trade guarantees transparency. The company is a member of the International Financial Commission, which means the clients’ deposits are insured.
The other sign of reliability is the rating and number of downloads of Olymp Trade app in Google Play. The app has been downloaded over 10,000,000 times and the average rating is 4.1 out of five stars.
The company’s official statistics say that more than 30,000 people are trading daily on the platform. Over the last month the company paid over US$7,969,557 (approximately RM32,704,700) to its traders. The company supports a variety of payment systems: Visa, MasterCard, Neteller, Skrill and many others.
To get a demo account and start trading Forex you’ll only need a laptop or a mobile phone with internet connection. When you’ve done learning and practising, you can switch to the real account and start making money. Olymp Trade will make your trading experience comfortable and safe.
Losses will never exceed deposits
Trading Forex is a high-risk activity, so defining the proper strategy first is crucial, as well as making sure you are never trading with more money than you can afford to lose. Besides, here are some helpful tools on the Olymp Trade platform that facilitate the process greatly.
Even though the trading volumes begin from US$1 (RM4.10), traders are offered a “Multiplier” tool, increasing your investment and profit potential several-fold — up to 200 times.
The “Multiplier” accelerates losses as well, but the platform has convenient stop-orders: “Take Profit” and “Stop Loss” whereby you can preset the desired amounts and limit your risk.
But even if you do not use them, your potential losses will never exceed the invested amount. This is realised via a “Stop Out” feature, which automatically prevents further trading in case your deposit drops to zero.
What is more, Olymp Trade offers trading Forex with no spread, meaning you will not have to deal with a bid-ask difference, only one price per each asset. Commissions are charged for opening a position and for taking it over to the next day. Deposits and withdrawals will be totally commission-free for the trader.
Register in a few simple steps and earn on the fluctuations of world currencies with Olymp Trade!
* This article is brought to you by Olymp Trade.
