₦airaland Forum

Abstract：Many traders today would like to be successful in the forex market but not all have developed a good trading plan to guide all their trading activities. Creating a Trading Plan has remained the major secret of successful South African traders today. A trading plan is a systematic guide that points to the trader the best time for trading, entry and exit points, and dangerous moments to stay away from the moments. It further shows him the pairs to trade and those to avoid daily in the market.

　　By: Chime Amara

　　What is a trading plan？

　　A trading plan is a systematic guide that points to the trader the best time for trading, entry and exit points, and dangerous moments to stay away from the moments. It further shows him the pairs to trade and those to avoid daily in the market. The trading plan acts as a consultant and super guide for the forex trader; showing him the best trades to give him the greatest profits and the risky ones to avoid.

　　What is a trading plan？

　　A trading plan is a systematic guide that points to the trader the best time for trading, entry and exit points, and dangerous moments to stay away from the moments. It further shows him the pairs to trade and those to avoid daily in the market. The trading plan acts as a consultant and super guide for the forex trader; showing him the best trades to give him the greatest profits and the risky ones to avoid.

　　Importance of creating a trading plan

　　The importance of having a trading plan for every trader who desires to be successful cannot be over-emphasized. The following are the basic importance of creating a trading plan:

　　A. It helps to control the trader's emotions: One of the major reasons why traders lose money in the forex market today is trading with emotions. This induces one to jump into the market at odd times. With a proper trading plan put in place; the trader can control his emotions and avoid rushing the market.

　　B. It disciplines the trader: Often trading plan acts like a disciplinarian to the trader showing him the number of trades to take and the suitable lot size to use. Trading Plan in this regard is seen as a consultant for each trade.

　　C. It saves the trader from excessive loss: Adhering to a good trading plan here the trader to avoid excessive loss. Thus it indicates the stop loss to choose from and the possible take profit target for each trade.

　　D. Trading Plan indicates the best pairs to trade: Of course, not all pairs can be traded at once. The trading Plan shows the best pairs to choose and those to place on the trader's watchlist against future entries.

　　E. Trading Plan highlights the best days for trading: Not all days are best for trading, especially days when the trader has no insight into the market trend. A trading plan helps the trader to stay away from trading when he is not sure of the market trend.

Abstract：Forex is often transacted in lots, which are effectively the number of currency units you will buy or sell. A "lot" is a unit of measurement for the quantity of a transaction.

　　Forex is often transacted in lots, which are effectively the number of currency units you will buy or sell.

　　A “lot” is a unit of measurement for the quantity of a transaction.

　　When you make orders lot on your trading platform, they are put in lots of a certain size.

　　It's similar to an egg carton (or egg box in British English). When you go shopping for eggs, you normally buy a carton (or box). One carton contains 12 eggs.

　　The typical lot size is 100,000 units of cash, but there are now mini, micro, and nano lot sizes of 10,000, 1,000, and 100 units.

LOTNUMBER OF UNITSStandard100,000Mini10,000Micro1,000Nano100

　　Some brokers display the quantity in “lots,” while others display the actual currency units.

　　As you may know, the change in the value of one currency compared to another is measured in “pips,” which is a very, very small proportion of the value of a unit of money.

　　To profit from this minute shift in value, you must trade big amounts of a specific currency to notice any significant profit or loss.

　　Assume we'll be using a standard lot size of 100,000 units. We'll recalculate some instances now to see how it affects the pip value. At an exchange rate of 119.80, USD/JPY is equal to (.01 / 119.80) x 100,000 = $8.34 per pip. At an exchange rate of 1.4555, USD/CHF is equal to (.0001 / 1.4555) x 100,000 = $6.87 per pip.

　　The calculation is slightly different when the US dollar is not listed first.

　　· EUR/USD @ 1.1930 exchange rate: (.0001 / 1.1930) X 100,000 = 8.38 x 1.1930 = $9.99734 rounded up to $10 per pip

　　· GBP/USD at 1.8040: (.0001 / 1.8040) x 100,000 = 5.54 x 1.8040 = 9.99416 rounded up will be $10 per pip.

　　The following are samples of pip values for EUR/USD and USD/JPY based on lot size.

PAIRCLOSE PRICEPIP VALUE PER:UnitStandard lotMini lotMicro lotNano lotEUR/USDAny$0.0001$10$1$0.1$0.01USD/JPY1 USD = 80 JPY$0.000125$12.5$1.25$0.125$0.0125

　　Your broker may use a different method for determining pip values relative to lot size, but they will be able to tell you what the pip value is for the currency you are trading at the time.

　　In other words, they perform all of the math for you!

　　Depending on the currency you are trading, the pip value will change as the market changes.

　　

　　What the heck is leverage？

　　You might be wondering how a little investor like yourself can trade such enormous sums of money.

　　Consider your broker to be a bank that lends you $100,000 to buy currencies.

　　All the bank requires is a $1,000 good faith deposit, which it will hold for you but not necessarily keep.

　　Isn't it too good to be true？ This is how leveraged forex trading works.

　　The amount of leverage you utilise will be determined by your broker and your level of comfort.

　　A deposit, commonly known as “margin,” is usually required by the broker.

　　You will be able to trade once you have deposited your funds. The margin required per position (lot) traded will also be specified by the broker.

　　For example, if the permissible leverage is 100:1 (or 1% of the position required), and you wish to trade a $100,000 position but only have $5,000 in your account.

　　No issue, your broker will set aside $1,000 as a deposit and let you to “borrow” the remainder.

　　Of course, any losses or gains will be withdrawn or added to your account's remaining cash amount.

　　The minimum security (margin) for each lot will differ amongst brokers.

　　In the preceding case, the broker demanded a 1% margin. This means that for every $100,000 exchanged, the broker will require $1,000 as a position deposit.

　　Assume you want to purchase one ordinary lot (100,000) of USD/JPY. If your account is permitted 100:1 leverage, you must put up $1,000 in margin.

　　The $1,000 is a deposit, not a cost.

　　When you close your trade, you get it back.

　　The broker demands the deposit since there is a danger of losing money on the position while the deal is open!

　　Assuming that this USD/JPY transaction is the only one active in your account, you must keep your account's equity (the absolute worth of your trading account) at least $1,000 at all times in order to keep the trade open.

　　If the USD/JPY falls and your trading losses reduce your account equity to less than $1,000, the broker's algorithm will immediately close out your transaction to prevent future losses.

　　This is a safeguard that prevents your account balance from becoming negative.

　　Understanding margin trading is so vital that we have devoted a whole section to it later in the School.

　　If you don't want to blow up your account, this is a must-read!

　　Now, let's go on...

　　How the heck do I calculate profit and loss？

　　So, now that you understand how to determine pip value and leverage, let's have a look at how you compute profit or loss.

　　Let's exchange Swiss francs for US dollars.

　　· The rate you've been given is 1.4525 / 1.4530. Because you are purchasing US dollars, you will be working with the “ASK” price of 1.4530, which is the rate at which traders are willing to sell.

　　· So you purchase one normal lot (100,000 pieces) at 1.4530.

　　· After a few hours, the price has moved to 1.4550, and you decide to exit your deal.

　　· The new USD/CHF quote is 1.4550 / 1.4555. Because you first bought to begin the deal, you must now sell to close the trade, hence you must accept the “BID” price of 1.4550. The price at which dealers are willing to buy.

　　· The difference between 1.4530 and 1.4550 is.0020, or 20 basis points.

　　· Using the previous method, we now have (.0001/1.4550) times 100,000 = $6.87 per pip x 20 pips = $137.40.

　　

　　Bid/Ask Spread

　　Remember that whether you enter or quit a transaction, you are susceptible to the bid/ask spread.

　　When purchasing a currency, the offer or ASK price will be used.

　　You will utilise the BID price when selling.

　　Following that, we'll offer you a rundown of the most recent forex jargon you've picked up!

Abstract：Although Forex trading is regulated in South Africa, it is still possible for traders to take advantage with WikiFX of busy times in the market to make a profit.

　　Overview

　　The Forex or foreign exchange wikifx market is an international financial market where traders exchange different currencies in the hopes that they will make a profit from the trade.

　　There are also South African traders who trade in this international market and although these traders need to adhere to the regulations set out by the Financial Sector Conduct Authority (FSCA), they can still take advantage of busy times in the Forex market to leverage high returns. Not forgetting some of the other advantages that are associated with Forex trading.

　　What is the Forex market？

　　The Forex market is an international liquid financial market where foreign currencies are exchanged. This is one of the largest financial markets in the world, with about R100 trillion worth of trades made daily.

　　In this market, traders from all around the world buy and sell different currencies in the hopes of making a profit from these trades. Since the prices of currencies change and fluctuate over time, traders who trade in the Forex market take advantage of the times when these prices are particularly volatile in order to sell currencies for a higher price than they were purchased for.

　　What is Forex trading and how does it work in South Africa？

　　Forex trading is legal in South Africa and is regulated by the FSCA to protect the industry and ensure healthy competition in the market. Forex trading is used by different individuals and groups like financial institutions and investment banks as a form of investment.

　　In South Africa, the only way for individuals who want to trade on the Forex market to access this market is through a Forex broker. This Forex broker will provide the trader with access to the market and any software and information needed in order to exchange different currencies on the Forex market.

　　Forex traders in South Africa do have basic principles to follow, and there are times when the market is more active than others. Many traders get into this dynamic and busy field for the advantages that Forex trading may offer.

　　Specifics of Forex trading in South Africa

　　Although Forex trading in South Africa is regulated by the FSCA, there are other countries around the world where the regulations are much stricter. This regulation may leave some gaps in terms of protection for traders when it comes to the Forex industry.

　　For instance, Forex brokers do not have to offer their clients negative balance protection, which means that it is possible for Forex traders to lose more money on the market than they have in their accounts.

　　FSCA registered Forex brokers also need to keep their clients funds separate from their business operating costs, and will need to apply for an Over-the-Counter Derivative Provider (ODP) licence. This licence should protect clients from inefficient trades and business operations.

　　It is also possible for traders to make use of Rand (ZAR) trading accounts, which can help to avoid unnecessary conversions between currencies when trades are made.

　　South African Forex trading sessions

　　Since the Forex market is open all around the world, the market is technically open 24 hours a day throughout the week. However, traders have the highest chances of making a profit when the market is busy. As a result, there are four main trading sessions throughout the day when the market is the busiest, that traders should be aware of.

　　These sessions in South African times and which markets they correspond with can be summarised as follows:

Trading sessionTime (in South African Standard time)Sydney11 PM to 7 AMTokyo1 AM to 9 AMLondon9 AM to 6 PMNew York2 PM to 10 PM

　　The advantages of Forex trading

　　While many traders start Forex trading as a way to make an extra income or gain financial freedom, there are also many other advantages to successful Forex trading. Some of these advantages include:

　　All you need to access the market is a broker and the internet

　　The 24/5 market times

　　You only need a small amount of money to start out with leverage trading

　　Traders have the opportunity to short sell

　　You do not need much money to get started in trading

　　Final thoughts

　　Different currencies from around the world are exchanged on the Forex market.

　　South African traders are among those with hopes of exchanging one currency for another during busy times in the market, to make a profit and secure some of the other benefits of Forex trading.

Abstract：You may have heard the terms "pips", "points", "pipettes" and "lots". Now I will explain what it is and how to calculate its value.

　　Arithmetic operations are performed here. only a little

　　You may have heard the terms “pips”, “points”, forex  “pipettes” and “lots”. Now I will explain what it is and how to calculate its value.

　　Please take the time to study this material as it is very important for any Forex investor to understand. Dont think about buying or selling until you are familiar with pip values and profit and loss calculations.

　　What is a pip？

　　A “point” is a unit of measure used to describe the difference in value between two currencies. If EUR/USD increases from 1.1050 to 1.1051, a USD 1,0001 increase in value equals 1 pip. The pip is the last decimal point in the price quote. Most pairs are accurate to four decimal places, with rare exceptions, such as Japanese yen pairs (accurate to two decimal places). For example, EUR/USD is 0.0001 and USD/JPY is 0.01.

　　What is a pipette？

　　There are forex brokers that display currency pairs with a precision of “5 and 3” rather than “4 and 2” to decimal places. They often mean a fountain pipe known as a “dot” or “pipette”.

　　If the concept of “pip” does not cause enough confusion for novice Forex traders, consider the following: A “pip”, “pipette” or “decimal point” is equivalent to “tenths of a point”.

　　For example, if the GBP/USD exchange rate increases from 1.30542 to 1.30543, an increase of 0.00001 USD equals ONE PIPETTE.

　　On the trading platform, fractions are expressed as:

　　On buy and sell platforms, a number representing a tenth of a pip usually appears to be the correct of the two larger numbers. Here is a point “map” to help you find a way to learn points.

　　 How to calculate pip value

　　Each currency has its own relative value, so you need to calculate the pip value for that currency pair. The following example uses quotation marks with four decimal places. To make the calculation easier to understand, we display the exchange rate as a percentage (for example, at 1.2500, the EUR/USD exchange rate is expressed as “1 Euro/1.2500 USD”). Example #1: CAD/USD = 1.0200

　　Multiply USD 1 to CAD 1.0200 (or USD 1 / CAD 1.0200) (the change in the value of the opposite currency) by the exchange rate factor. Same as pip value (default currency)

　　[0.0001CAD] Multiply [1 USD / 1.0200CAD]

　　or [(0.0001 CAD) / (1.0200 CAD)] × 1 USD = 0.00009804 USD per exchange unit.

　　If 10,000 units were sold in USD/CAD, a single tube fume hood with internal replacement filling could be a fume hood for $0.99 (10,000 units x $0.00009804 per unit). The value of each pip is called “roughly” because it fluctuates with the trading rate.

　　Example # 2: GBP / JPY = 123.00

　　Here's another example. This time there is a currency pair in which the Japanese Yen is used as the counter currency. It is worth noting that these currency pairs only provide two decimal places to represent a one-pip difference in value (most other currencies have four decimal places). There will be 1 point move in this situation. 01 yen

　　(the change in the value of the counterparty currency) multiplied by the exchange rate factor gives the value in pip (in the base currency).

　　[0.01 JPY] x [1 GBP / 123.00 JPY]

　　or [(0.01 JPY) / (123.00 JPY)] £ 1 x £ 1 = £ 0.0000813.

　　So, if you trade 10,000 units of GBP/JPY, each pip change is £0.813.

　　How to find the value of pip in the currency of your trading account

　　When calculating the pip price for a function, the last query it provides is “How much foreign currency is displayed in my Selling and Buying accounts？”

　　After all, this is a global market and not everyone is on the same Forex now. Therefore, the pip commission must be converted into the currency in which our account is traded. This is probably the most accurate estimate. Multiply or divide the “Setup Fee per Pip” by your foreign currency account and the conversion fee method for that foreign currency. If the “discovered value of pips” foreign exchange is similar to the bottom of the foreign exchange within the replacement fee estimate:

　　Using the GBP/JPY example above, let's convert a published GBP 813 pip price to a USD pip price with the option to use the 1.5590 GBP/USD conversion price ratio. If the foreign currency you want to convert is the relative currency of the conversion rate, you need to divide the “determined pip value” by the appropriate exchange rate factor.

　　£1/$1.5590 = £0.813 per pip

　　or $1.2674 x ($1.5590) per [(£0.813) / (£1)] step.

　　As a result, for every 1.0 pips shift in GBP/JPY, the value of 10,000 positions changes by approximately $1.27. If the currency you want to convert is the base currency of the exchange rate, multiply the “found pip value” by the exchange rate factor. Using the previous USD/CAD example, we want to calculate the pip value of $98 in New Zealand dollars. We use 7900 as the exchange rate factor.

　　Multiply by $0.98 per pip (1 NZD / $0.7900)

　　or [($0.98) / ($0.7900)] 1 NZD × 1 NZD = 1.2405 NZD in one step.

　　In the example above, the value of a 10,000 unit position changes by approximately NZ$1.24 per 0001 USD/CAD pips. Even if you're a math genius right now—at least when it comes to score values—you might close your eyes and think, “Do I really have to calculate all of this？”

　　The answer is an adamant NO. Almost all forex brokers do all this automatically, but it's always helpful to understand how they do it. If your broker doesn't, don't worry. Our pip value calculator can help! Aren't we fantastic？ We'll talk about how this seemingly small amount can be increased in the next lesson.

Abstract：Markets.com, a comprehensively developed trading platform, has introduced its VIP services to traders as well as investors according to WikiFX. On Markets.com, the CFD Trading section provides users with complete control over expert analysis with world-class trading tools and empowering features.

　　Markets.com, a comprehensively wikifx developed trading platform, has introduced its VIP services to traders as well as investors. On Markets.com, the CFD Trading section provides users with complete control over expert analysis with world-class trading tools and empowering features.

　　CFDs are an important financial instrument and a popular method among investors in the Forex market. CFD trading is a form of derivative trading, priced based on the volatility of an underlying asset.

　　 Research and Education

　　Markets.com is one of the trading platforms providing great research tools, including charting; recommendations, and a high-quality news flow.

　　They also provide trading ideas. These recommendations clearly state whether to buy or sell the asset in question and also include target prices. Users can also find stock recommendations from analysts. These are experts from top-tier banks such as JP Morgan, Goldman Sachs, Merrill Lynch, etc. We liked that they are ranked based on their past forecasting performance.

　　There's an Insider Traders Sentiment section where users can see how insiders - such as company management or other stakeholders, traded the stock in question.

　　In the Hedge Fund Sentiment section, users can see how leading fund managers have adjusted their positions over the previous quarter.

　　Charting

　　This broker has good charting tools, users can add up to 81 technical indicators.

　　 Newsfeed

　　Users can also find all the relevant news for each asset. It includes a color-coded score for each item, allowing users to see whether the news is positive, neutral, or negative.

　　 Markets.com pros and cons

　　To ensure a trustworthy, all-around portfolio; Markets.com ensures that the tradable products such as stocks, cryptocurrencies are from reliable developers, companies, and organizations.

ProsConsEasy and fast to open an account.Have reputable licenses and experiencesGreat tools for learning and researchLimited product portfolioPlatforms lack some common features

　　Understanding the interest of investors in this field, in this article, there are five main points that make CFD Trading at Markets.com outstanding.

　　 5 Things Users Need To Know About Markets.com

　　Regulation and Security

　　Markets.com is a global brand in the vast forex industry and is operated by Trade Tech Markets. The company is currently headquartered in Umhlanga South Africa.

　　In the international market, Markets.com has made a good impression on customers thanks to its quality and professionalism.

　　Being in business long enough has given Markets.com enough experience to offer the best terms to its clients as well as the know-how to respond to feedback quickly and appropriately.

　　When trading at Markets.com, users can be assured of the credibility and safety of the exchange. With the most qualified staff, suitable to professionally solve any arising problems that customers encounter as well as provide top consulting services when necessary.

　　Products

　　Markets.com offers Forex trading with hundreds of currency pairs to choose from, including major and minor. Currency pairs include AUD/USD, EUR/USD, GBP/USD, NZD/USD, USD/CAD, USD/CHF, and USD/JPY.

　　Markets.com allows users to trade 7 different metals. There are also four energy products to trade, with energy leading the commodity market, or trade one of eight other commodities offered by Markets.com.

　　In addition, users can trade one of 38 stock indices in different regions, or cryptocurrencies including Bitcoin Cash, Bitcoin, Dash, Ethereum, Litecoin, and Ripple. Or trade one of five bond offerings or share CFDs from dozens of countries with thousands of options. Markets.com also supports ETF trading.

　　Trading platforms

　　Markets.com offers the ability to trade through Web Trader or mobile applications. Both are developed in-house. With Web Trader, users don't need to download anything and can access advanced research and trading tools and features. The global marketplace platform is available in English, Spanish, and Arabic.

　　The mobile app is available for both iOS and Android devices and is based on cutting-edge technology. The application is very user-friendly, allowing users to trade on the go with cutting-edge technology. Markets.com also supports trading with MetaTrader 5 (MT5). This would be ideal for those who want a familiar background with a wide range of tools.

　　The platform comes with a lot of benefits for users and includes

　　Customers can top up by credit card, Envoy bank transfer, e-wallets like Neteller, Skrill, and WorldPay without any deposit fees. For deposit amounts higher than $2,500, fees will be refunded.

　　Investors who deposit by any method will withdraw using that method when trading at Markets.com.

　　 Why should users choose Markets.com？

　　In addition, one of the most important factors that play a decisive role in successful CFD trading is choosing a suitable, professional, transparent, and reputable trading platform. Therefore, it is very important to choose a broker that is legal, safe, and experienced.

　　And Markets.com is an exchange that meets all the requirements so that users can safely conduct their CFD transactions. With a variety of trading platforms, account types, capital levels, or investment forms, Markets.com will be the optimal choice for investors.

　　In addition, with the appearance of many active exchanges, in terms of professionalism and reputation, Markets.com is one of the options that investors can consider for transactions.

　　 Summary

　　In our experience, although Markets.com is a very new name in the CFD and FX financial investment market in Vietnam, they are making certain strides and targeting their customers to assert themselves. position positioning. Hopefully, in the future, the floor will release more promotional packages and attractive programs to attract more attention from the community.

　　Excellent charting facilities for easy data analysis and review.

　　Provides an interactive user interface that is easy to use and quick to implement.

　　Offers advanced trading tools such as the previously recommended charting tools and risk management tools that provide stop-loss orders to prevent further losses. A real-time quote is also provided among these many tools.

　　Fees

　　Website: www.Markets.com

　　License: Cysec, ASIC, FSCA

　　Year of establishment: 2006

　　Head office: Sydney, Australia

　　Lever: 1: 300

　　Deposit: Neteller, PayPal, Skrill, Wire Transfer, MasterCard, Visa, Wire Transfer and Paygate

　　Withdrawals: Wire Transfer, Neteller, PayPal, Skrill, Wire Transfer, MasterCard, visa, Wire Transfer and Paygate

　　Products: Currencies, commodities, indices, stocks, bonds, cryptocurrencies, futures

　　Trading software: MT4, MT5, Webtrader

　　Trading desk type: NDD

　　Operating system compatibility: Desktop Platform (Windows), Desktop Platform (Mac), Web Platform

　　Mobile Trading: Android, iOS

Abstract：Be wary of promises that forex trading will help you get rich quick – there’s a lot more to it than you might realise by WikiFX

Forex trading is setting social media ablaze, with many lured in by its promises of making big money with minimal wikifx effort, particularly as a lucrative side hustle. So, whats the deal behind all the hype？ Is it simply a get-rich-quick scheme or is it really possible to start earning megabucks？

Arthur Procopos, Strategic Business Architect at Metropolitan GetUp, believes that it is important to understand what forex trading is, while what it is not.

What is forex trading？

The foreign exchange (forex) market is a global marketplace where foreign currencies are traded, and it is the largest and most liquid market in the world. It is certainly not a scam in itself, but it is becoming increasingly occupied by scammers, for several reasons.

Forex trading is conducted in currency ‘pairs’ (i.e. USD/ZAR), and these currencies increase and decrease in value relative to each other every day. The act of trading involves selling one currency and buying the other, just as with any other stock, says Procopos.

“As an example, lets say the exchange rate between the British Pound and the Rand is 1 to 20 (1:20) at a point in time. If you bought GBP1000 on the forex market at that moment, you would pay ZAR20000. If the exchange rate later fluctuated to 1:21, you would be able to sell GBP1000 for ZAR21000, meaning that you made a profit of R1000.”

Seems simple, doesnt it？ Not so, says Procopos. “Bear in mind that trading is conducted online, which means that all transactions occur through computer networks, between one trader and another, rather than via a centralised exchange. Given its decentralised nature, forex trading is an easy way for unethical online traders to take the money of unsuspecting individuals, because it has low entry requirements, explains Procopos. ”This means that you can start trading with very little money, and so it is easy for these traders to show some evidence that they are actively trading.

Another reason that forex trading is susceptible to scammers is the matter of ‘leverage’. What is leverage？ One law site explains: “This is basically a loan by the broker to the trader allowing the trader to trade at a margin. A typical margin ratio will be around 50:1, 100:1 or 200:1 depending on the amount of currency being traded. At 100:1 the trader only needs to put up £1000 to cover a £100,000 trade. The reason brokers provide such high leverage is because currency fluctuations in the forex market are not usually more than 1% during any trading. However, even with small fluctuations, high leverage attracts inexperienced traders who may think the Forex market is a get rich quick market.”

Leverage can be a double-edged sword. Its up to you as an individual to decide how you want to engage it, depending on your appetite for risk.

How to spot a forex scam

While it's possible to make money in forex, its important to be able to identify a scam, says Procopos. He cites a couple of red flags that you need to be on the lookout for:

The trader or broker approaches you first. It is illegal for them to approach you – you need to reach out to them, which indicates an interest to trade, and consent to being contacted

The independent trader or brokerage is based off-shore and cannot provide you with their FSP license (or you cant find the FSP license on their website)

You cannot seem to track down a human being at the brokerage

They request large amounts of money from you, and cannot seem to provide any live trading data

They make claims of outrageous returns or advertise unreasonably high win rates

As a benchmark, Procopos says that if up to 60% of your trades are profitable, you are considered to be successful. Be wary of those who promise significantly higher returns than this.

How to make forex trading work for you

While legitimate opportunities exist and trading can make you money, it takes a great deal of time and effort if you want to do it yourself. There are professional registered platforms and qualified, experienced brokers who will be able to assist you, says Procopos.

“Without experience, the reality is that most of your trades will be losses. You can lose more money than you had to begin with,” he adds.

For those interested in trading, Procopos says there are several things to keep in mind:

Engage an expert: Legislation passed recently made it mandatory for derivative brokers to obtain licences to trade forex, and potential clients are advised to look for traders that hold over-the-counter derivatives products (ODP) licence.

It is easy to conduct due diligence to ensure that you are dealing with a professional, registered trader or trading company – just ask them for their name, FSP and ODP license number or FAIS registration.

Secondly, and as a South African, it is advisable to trade only on a forex platform that is rooted in the country and has Financial Sector Conduct Authority (FSCA) ODP approval.

He concludes that if something looks too good to be true, it generally is. “The danger is that many people are using their pension or savings to trade, seeing this as an easy way out and losing their money in the process. Make sure you know all the facts before you lose money, in the hopes of gaining more.”

Abstract：The Federal Reserve System is the central banking system of the United States of America. It was created on  wikifx December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics led to the desire for central control of the monetary system in order to alleviate financial crises. 

The Federal Reserve System is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics led to the desire for central control of the monetary system in order to alleviate financial crises.

The Fed manages inflation, regulates the national banking system, stabilizes financial markets, protects consumers, and more. In its effort to address the current inflation crisis or situations, The Board announced plans to raise interest rates a quarter-point in the first hike since 2018. New York Times Dealbook editor Stephen Gandel and Kroll Institute global chief economist Megan Greene join CBS News' Lana Zak and Enrique Acevedo with their insights on the breaking news.

It is obvious to observe that High inflation isnt going away. In fact, prices are going up at their fastest rate. Controlling inflation is one of the main tasks of the Federal Reserve. The February CPI inflation data serves as yet another reminder that the Fed has more than enough reasons to start raising interest rates and tightening monetary policy

“I think the Fed will raise rates three to four times this year,” said Larry Adam, chief investment officer at Raymond James. “By the end of the year, inflation growth could be on a clear downward path and so the five-to-seven hikes that people are talking about wouldnt be needed.”

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Abstract：Forex trading is the simultaneous buying of one currency and selling another. Currencies are traded through a “forex broker” or “CFD provider” and are traded in pairs. Currencies are quoted in relation to another currency.

　　Forex trading is the simultaneous buying of one currency and selling another.

　　Currencies are traded through a “forex broker” or “CFD provider” and are traded in pairs. Currencies are quoted in relation to another currency.

　　For example, the euro and the U.S. dollar (EUR/USD) or the British pound and the Japanese yen (GBP/JPY).

　　When you trade in the forex market, you buy or sell in currency pairs.

　　Imagine each currency pair constantly in a “tug of war” with each currency on its own side of the rope.

　　An exchange rate is the relative price of two currencies from two wikifx different countries.

　　Exchange rates fluctuate based on which currency is stronger at the moment.

　　There are three categories of currency pairs:

　　00001. The “majors”

　　00002. The “crosses”

　　00003. The “exotics”

　　The major currency pairs always include the U.S. dollar.

　　Cross-currency pairs do NOT include the U.S. dollar. Crosses that involve any of the major currencies are also known as “ minors”.

　　Exotic currency pairs consist of one major currency and one currency from an emerging market (EM).

　　Major Currency Pairs

　　The currency pairs listed below are considered the “majors.”

　　These pairs all contain the U.S. dollar (USD) on one side and are the most frequently traded.

　　While there are EIGHT major currencies, there are only SEVEN major currency pairs.

　　Compared to the crosses and exotics, price moves more frequently with the majors, which provides more trading opportunities.

CURRENCY PAIRCOUNTRIESFX GEEK SPEAKEUR/USDEurozone / United States“euro dollar”USD/JPYUnited States / Japan“dollar yen”GBP/USDUnited Kingdom / United States“pound dollar”USD/CHFUnited States/ Switzerland“dollar swissy”USD/CADUnited States / Canada“dollar loonie”AUD/USDAustralia / United States“aussie dollar”NZD/USDNew Zealand / United States“kiwi dollar”

　　The majors are the most liquid in the world.

　　Liquidity is used to describe the level of activity in the financial market.

　　In forex, its based on the number of active traders buying and selling a specific currency pair and the volume being traded.

　　The more frequently traded something is the higher its liquidity.

　　For example, more people trade the EUR/USD currency pair and at higher volumes than the AUD/USD currency pair.

　　This means that EUR/USD is more liquid than AUD/USD.

　　Major Cross-Currency Pairs or Minor Currency Pairs

　　Currency pairs that incluide any two of the major currencieare except the U.S. dollar are known as cross-currency pairs or simply as the “crosses.”

　　Major crosses are also known as “minors.”

　　While not as frequently traded as the majors, the crosses are still pretty liquid and still provide plenty of trading opportunities.

　　Don't confuse minor currency pairs with the seven major currency pairs, all of which include the U. S. dollar against one of the six other most liquid urrencies in the world.

　　The most actively traded crosses are derived from the three major non-USD currencies: EUR, JPY, and GBP.

　　Euro Crosses

CURRENCY PAIRCOUNTRIESFX GEEK SPEAKEUR/CHFEurozone / Switzerland“euro swissy”EUR/GBPEurozone / United Kingdom“euro pound”EUR/CADEurozone / Canada“euro loonie”EUR/AUDEurozone / Australia“euro aussie”EUR/NZDEurozone / New Zealand“euro kiwi”EUR/SEKEurozone / Sweden“euro stockie”EUR/NOKEurozone / Norway“euro nockie”

　　

　　Yen Crosses

CURRENCY PAIRCOUNTRIESFX GEEK SPEAKEUR/JPYEurozone / Japan“euro yen” or “yuppy”GBP/JPYUnited Kingdom / Japan“pound yen” or “guppy”CHF/JPYSwitzerland / Japan“swissy yen”CAD/JPYCanada / Japan“loonie yen”AUD/JPYAustralia / Japan“aussie yen”NZD/JPYNew Zealand / Japan“kiwi yen”

　　

　　Pound Crosses

PAIRCOUNTRIESFX GEEK SPEAKGBP/CHFUnited Kingdom / Switzerland“pound swissy”GBP/AUDUnited Kingdom / Australia“pound aussie”GBP/CADUnited Kingdom / Canada“pound loonie”GBP/NZDUnited Kingdom / New Zealand“pound kiwi”

　　

　　Other Crosses

PAIRCOUNTRIESFX GEEK SPEAKAUD/CHFAustralia / Switzerland“aussie swissy”AUD/CADAustralia / Canada“aussie loonie”AUD/NZDAustralia / New Zealand“aussie kiwi”CAD/CHFCanada / Switzerland“loonie swissy”NZD/CHFNew Zealand / Switzerland“kiwi swissy”NZD/CADNew Zealand / Canada“kiwi loonie”

　　

　　Exotic Currency Pairs

　　No, exotic pairs are not exotic belly dancers who happen to be twins.

　　An exotic currecy is a currency from countries with developing or emerging markets.

　　Exotic currency pairs are made up of one major currency paired with the currency of an emerging economy, such as Brazil, Mexico, Chile, Turkey, or Hungary.

　　Basically, an exotic currency pair includes one major currency alongside an exotic currency.

　　The chart below contains a few examples of exotic currency pairs.

　　Wanna take a shot at guessing what those other currency symbols stand for？

　　Depending on your forex broker, you may see the following exotic currency pairs so its good to know what they are.

　　Keep in mind that these pairs arent as heavily traded as the “majors” or “crosses,” so the transaction costs associated with trading these pairs are usually bigger.

CURRENCY PAIRCOUNTRIESFX GEEK SPEAKUSD/BRLUnited States / Brazil“dollar real”USD/HKDUnited States / Hong KongUSD/SARUnited States / Saudi Arabia“dollar riyal”USD/SGDUnited States / Singapore“dollar sing”USD/ZARUnited States / South Africa“dollar rand”USD/THBUnited States / Thailand“dollar baht”USD/MXNUnited States / Mexico“dollar mex”USD/RUBUnited States / Russia“dollar ruble” or “Barney”USD/PLNUnited States / Poland“dollar zloty”USD/CLPUnited States/ Chile

　　Its not unusual to see spreads that are two or three times bigger than that of EUR/USD or USD/JPY.

　　Due to the overall lower degree of liquidity, exotic currency pairs tend to be far more sensitive to economic and geopolitical events.

　　For example, a political scandal or unexpected election results can cause an exotic pairs exchange rate to swing violently.

　　So if you want to trade exotics currency pairs, remember to factor this in your decision.

　　For those of y‘all who are really mesmerized by exotics, here’s a more comprehensive list.

CURRENCY CODECOUNTRYCURRENCY CODECOUNTRYAEDUAE DirhamARSArgentinean PesoAFNAfghanistan AfghaniGELGeorgian LariMYRMalaysian RinggitAMDArmenian DramGYDGuyanese DollarMZNMozambique new MeticalAWGAruban FlorinIDRIndonesian RupiahOMROmani RialAZNAzerbaijan New ManatIQDIraqi DinarQARQatari RialBHDBahraini DinarIRRIranian RialSLLSierra Leone LeoneBWPBotswana PulaJODJordanian DinarTJSTajikistani SomoniBYRBelarusian RubleKGSKyrgyzstani SomTMTTurkmenistan new ManatCDFCongolese FrancLBPLebanese PoundTZSTanzanian SchillingDZDAlgerian DinarLRDLiberian DollarUZSUzbekistan SomEGPEgyptian PoundMADMoroccan DirhamWSTSamoan TalaEEKEstonian KroonMNTMongolian TugrikMWKMalawi KwachaETBEthiopian BirrTHBThai BahtTRYNew Turkish LiraZARSouth African RandZWDZimbabwe DollarBRLBrazilian RealCLPChilean PesoCNYChinese Yuan RenminbiCZKCzech KorunaHKDHong Kong DollarHUFHungarian ForintILSIsraeli ShekelINRIndian RupeeISKIcelandic KronaKRWSouth Korean WonKWDKuwaiti DinarMXNMexican PesoPHPPhilippine PesoPKRPakistani RupeePLNPolish ZlotyRUBRussian RubleSARSaudi Arabian RiyalSGDSingaporean DollarTWDTaiwanese Dollar

　　DID YOU KNOW？ There are 180 legal currencies in the world, as recognized by the United Nations. Thats a lot of potential currency pairs! Unfortunately, not all of them are readable. Forex brokers tend to offer traders up to 70 currency pairs.

　　Aside from the three main categories of currency pairs, there are other “groups” of currencies that are thrown around in the FX world which you should be aware of.

　　G10 Currencies

　　The G10 currencies are ten of the most heavily traded currencies in the world, which are also ten of the worlds most liquid currencies.

　　Traders regularly buy and sell them in an open market with minimal impact on their own international exchange rates.

COUNTRYCURRENCY NAMECURRENCY CODEUnited StatesdollarUSDEuropean UnioneuroEURUnited KingdompoundGBPJapanyenJPYAustraliadollarAUDNew ZealanddollarNZDCanadadollarCADSwitzerlandfrancCHFNorwaykroneNOKSwedenkronaSEKDenmarkkroneDKK

　　

　　The Scandies

　　Scandinavia is a subregion in Northern Europe, with strong historical, cultural, and linguistic ties.

　　The term “Scandinavia” in local usage covers the three kingdoms of Denmark, Norway, and Sweden.

　　Together, their currencies are known as the “Scandies”.

　　Back in the day, Denmark and Sweden established the Scandinavian Monetary Union to merge their currencies to a gold standard. Norway joined later.

　　This meant that these countries now had one currency, with the same monetary value, with the exception that each of these countries minted their own coins.

　　But then World War I happened, and the gold standard was abandoned and the Scandinavian Monetary Union disbanded. These countries decided to keep the currency, even if the values were separate from one another. And this remains the state of things.

　　If you notice their currency names, they all look similar. Thats because the word “krone or krona” literally means “crown”, and the differences in spelling of the name represent the differences between the North Germanic languages.

　　Crown currencies. What a cool name huh？

　　I dont know about you, but saying “Hook me up with some crowns yo.” sounds way cooler than “Hook me up with some dollahs yo.”

COUNTRYCURRENCY NAMECURRENCY CODEDenmarkkroneDKKSwedenkronaSEKNorwaykroneNOK

　　SEK and NOK also have cool nicknames, “Stockie” and “Nokie”.

　　So when paired with the U.S. dollar, USD/SEK is read “dollar stockie” and USD/NOK is read “dollar nockie”.

　　CEE Currencies

　　“CEE” stands for Central and Eastern Europe.

　　Central and Eastern Europe is a term encompassing the countries in Central Europe, the Baltics, Eastern Europe, and Southeast Europe (the Balkans), usually meaning former communist states from the Eastern Bloc (Warsaw Pact) in Europe.

　　Central and Eastern European Countries (CEECs) is an OECD term for the group of countries comprising Albania, Bulgaria, Croatia, the Czech Republic, Hungary, Poland, Romania, the Slovak Republic, Slovenia, and the three Baltic States: Estonia, Latvia, and Lithuania.

　　Regarding the FX market, there are four main CEE currencies to be aware of.

COUNTRYCURRENCY NAMECURRENCY CODEHungaryforintHUFCzech RepublickorunaCZKPolandzlotyPLNRomanialeuRON

　　

　　BRIICS

　　BRIICS is the acronym coined for the association of six major emerging national economies: Brazil, Russia, India, Indonesia, China, and South Africa.

　　Originally the first four were grouped as “BRIC” (or “the BRICs”). BRICs was a term created by Goldman Sachs to name todays new high-growth emerging economies.

　　BRIICS is the term created by the OECD, when it added Indonesia and South Africa.

COUNTRYCURRENCY NAMECURRENCY CODEBrazilrealBRLRussiarubleRUBIndiarupeeINRIndonesiarupiahIDRChinayuanCNYSouth AfricarandZAR

　　

　　Summary

　　Whew! That was a lot of information on currencies but you just raised your FX IQ points!

　　Let‘s summarize what you’ve learned in a series of questions:

　　What is a currency pair in forex？

　　A currency pair is a pairing of currencies where the value of one is relative to the other. For example, GBP/USD is the value of the British pound relative to the U.S. dollar.

　　What are the major currency pairs？

　　Major currency pairs (“majors”) are those that include the U.S. dollar and the most frequently traded. There are seven of them: EUR/USD, USD/JPY, GBP/USD, USD/CAD, USD/CHF, AUD/USD, and NZD/USD.

　　What are the currency crosses？

　　Currency crosses (“crosses”) are the more frequently traded currencies that do NOT include the U.S. dollar in their pairing. Crosses include EUR/GBP, EUR/CAD, GBP/JPY, EUR/CHF, EUR/JPY, etc.

　　How many currency pairs exist？

　　There are HUNDREDS of currency pairs in existence but not all can be traded in the FX market. The United Nations currently recognizes 180 currencies. If you were to pair each currency up with another, its a lot.

Abstract：WikiFX is the only that helps traders with full details and information of over 33,000 brokers for free. WikiFX also helps forex traders who have been scammed by brokers. With WikiFX there will be chance to get your money back if you have your full transaction evidence.


　　WikiFX is the only that helps traders with full details and information of over 33,000 brokers for free.

　　Hi our valuable clients, we want to inform you that there's a latest educational update on WikiFX website, and it will soon be implemented and provided on the application for easy use.

　　WikiFX also helps forex traders who have been scammed by brokers. wikifx With WikiFX there will be chance to get your money back if you have your full transaction evidence.

　　WikiFX has provided well developed educational section in which users can learn how to trade forex free of charge and you can get a trading analysis for free and other trading services.

　　With this new educational update, users can learn everything about forex trading marketing. All what you need to do is to follow WikiFX any time we update it.

　　How can I start learning forex trading in WikiFX？

　　It's very simple and everyone can learn forex trading marketing in WikiFX website.

　　Steps to start learning forex in WikiFX:

　　Step 1 : You need to enter the WikiFX website on your browser, https://www.wikifx.com/en/.

　　Step 2 : You will see a menu, the homepage of WikiFX on top. There are 6 options, Home, Brokers, Vps, Forums, Exposures, News and other function.

　　Step 3 : Click on the News, and then you will see like 6 options, Latest, Original, Industry, Brokers, Forex Encyclopedia and Education. Click on the last one which is the Education and you will find many write ups and update about forex you can scroll down to start reading from the beginning.

　　So those are the simplest step to find how you can learn forex trading in WikiFX.

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　　With those steps if you follow them carefully, you will totally learn some tips and strategies on how you can trade forex without paying single Naira.

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Abstract：VT Markets, based in Sydney, Australia, is a subsidiary of Vantage International Group Limited (VIG) and leverages more than 10 years of experience and expertise in global financial markets to offer easy and transparent market access and help their clients pursue their financial goals.

　　VT Markets, based in Sydney, Australia, is a subsidiary of Vantage International Group Limited (VIG) and leverages more than 10 years of experience and expertise in global financial markets to offer easy and transparent market access and help their clients pursue their financial goals.

　　The Broker, recently is delighted to release their welcoming statement in respect of Won Tien Ching to the company as Regional Business Development Director.

　　The Broker announced the appointment of Won Tien Ching, former Chief Marketing Officer of Singapore at HGNH International Asset Management (HGNH AM) as wikifx the companys Regional Business Development Director today.

　　The newly Regional Business Development Director, Won has over 12 years of experience in the international financial services industry and in his newly appointed role, will support VT Markets achieve their marketing and business goals on a global level. The multi-asset trading services provider is planning to utilize the extensive experience of Mr. Won to progress the companys expansion in different regions.

　　In his recent role at HGNH International Asset Management, Won led the companys Sales and Marketing team for the execution of expansion in the region. wikifx In his new position at VT Markets, Won will focus on introducing high-profile partnerships and business development to cover the whole client lifecycle.

　　In this comment to express his feelings and happiness towards the appointment, wo said:

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　　VT Markets are excited to welcome Mr. Won to the team.

Abstract：Think of buying a currency as buying a share in a particular country, kinda like buying shares in a company. The price of the currency is usually a direct reflection of the market’s opinion on the current and future health of its respective economy. In forex trading, when you buy, Japanese yen, you are basically buying a “share” in the Japanese economy.

　　The simple answer is MONEY. Specifically, currencies.

　　Because you're not buying anything physical, forex trading can be confusing so well use a wikifx simple (but imperfect) analogy to help explain.

　　Think of buying a currency as buying a share in a particular country, kinda like buying shares in a company.

　　The price of the currency is usually a direct reflection of the markets opinion on the current and future health of its respective economy.

　　In forex trading, when you buy, say, the Japanese yen, you are basically buying a “share” in the Japanese economy.

　　You are betting that the Japanese economy is doing well, and will even get better as time goes.

　　Once you sell those “shares” back to the market, hopefully, you will end up with a profit.

　　In general, the exchange rate of a currency versus other currencies is a reflection of the condition of that countrys economy, compared to other economies.

　　By the time you graduate from this School of WikiFX, youll be eager to start working with currencies.

　　Major Currencies

　　While there are potentially lots of currencies you can trade, as a new forex trader, you will probably start trading with the “major currencies”.

　　They‘re called “major currencies” because they’re the most heavily traded currencies and represent some of the worlds largest economies.

　　Forex traders differ on what they consider as “major currencies”.

　　The uptight ones who probably got straight As and followed all the rules as children only consider USD, EUR, JPY, GBP, and CHF as major currencies.

　　Then they label AUD, NZD, and CAD as “commodity currencies”.

　　For us rebels, and to keep things simple, we just consider all eight currencies as the “majors”.

　　Below, we list them by their symbol, country where theyre used, currency name, and cool nicknames.

CODECOUNTRYCURRENCYNICKNAMEUSDUnited StatesDollarBuckEUREurozoneEuroFiberJPYJapanYenYenGBPGreat BritainPoundCableCHFSwitzerlandFrancSwissyCADCanadaDollarLoonieAUDAustraliaDollarAussieNZDNew ZealandDollarKiwi

　　Currency symbols always have three letters, where the first two letters identify the name of the country and the third letter identifies the name of that country‘s currency, usually the first letter of the currency’s name.

　　These three letters are known as ISO 4217 Currency Codes.

　　By 1973, the International Organization for Standardization (ISO) established the three-letter codes for currencies that we use today.

　　Take NZD for instance…

　　NZ stands for New Zealand, while D stands for dollar.

　　Easy enough, right？

　　The currencies included in the chart above are called the “majors” because they are the most widely traded ones.

　　DID YOU KNOW？ The British pound is the world‘s oldest currency that’s still in use, dating back to the 8th century. The newest currency in the world is the South Sudanese pound, made official on July 18, 2011.

　　We‘d also like to let you know that “buck” isn’t the only nickname for USD.

　　Theres also: greenbacks, bones, benjis, benjamins, cheddar, paper, loot, scrilla, cheese, bread, moolah, dead presidents, and cash money.

　　So, if you wanted to say, “I have to go to work now.”

　　Instead, you could say, “Yo, I gotta bounce! Gotta make them benjis son!”

　　FUN FACT: In Peru, a nickname for the U.S. dollar is Dodo, which is a pet name for Jorge (George in Spanish), a reference to the portrait of George Washington on the $1 note？