Foreign exchange or Forex is a market where currencies are traded. Currencies have a profound impact on the lives and businesses of people around the world. However it is not an easy game to trade the forex market without proper education. To get the best results, formal education, training and market knowledge are some of the essential factors to be considered.
Professional training and normal education
These are two of the most essential prerequisites to becoming a successful forex trader in Nigeria. The good thing about this market is that there are tens of thousands of professionals online. They not only guide new traders but also develop courses.
There are many professional forex training websites which make sure that rookies are trained to be professionals. Most of the courses are free but paid ones are recommended to get a greater market insight.
Before purchasing any course go for the related testimonials to see what other have to say about it. It also helps to have significant formal education so that learning new concepts is not a problem for you.
Getting started – education choices
Bachelor’s degree with majors in accounting, business, finance and economics will hit the target spot on. You can always go for the advance levels as Bachelor’s is just the minimum educational requirement.
In some states license is required to trade the forex market so just contact the chamber of commerce for better guidance. Develop some key skills to increase your chances of success. Learn to be disciplined. Most importantly, learn to set aside personal emotions and be prepared to take bold decisions.
From where to start
Prices as well as the forex market are extremely volatile and there is always a risk of losing money. Bear in mind that investing real capital is never recommended when you start. Start the process is choosing experienced broker with a high rate of success.
It will help you in creating a safe trading ambiance by protecting your investment. Secondly use a demo account to before capital is invested. It will give the real process analysis and will help you to decide whether or not this market is for you. Micro account can also be used.
These accounts allow trading with as small as $10. Before you start investing real capital always invest the money which you can afford to lose. Beware of double or nothing strategy before making large initial deposit. In forex trading this comes sooner rather than later and leads to complete business annihilation. There is a huge chance of losing your initial deposit as all traders do.
It is an experience worth gaining. Purchase a well-equipped trading platform which is a software giving you complete profit and loss report at the day end.
In forex market technicality is the key to success. Correct use of financial indicators will allow you to boost profits. Gain more and more information about the market by reading online and offline stuff. Stay away from scams as there is no guarantee in forex trade. Any scheme or company providing any sort of guarantee is a rip-off.
Consider formal education and training
Certification is one of the most important aspects of forex trading. There is a likelihood of huge profit margins and fewer losses if a reputed course covering the real time market concepts is taken.
Consider the course that is regulated, supported and taken by a reputed financial organization. In the United States following are some of the regulatory authorities that monitor the forex markets as well as the related certifications:
- Security and Exchange Commission
- Board Of Trade
- Mercantile Exchange
- National Futures Association
- Futures Industry Association
- Commodity Futures Trading Association
- Financial Industry Regulatory Authority
Read Also: 3 Steps to Make Money in Forex online
Free books, articles and forums are also a great way to learn about trading on the Forex market.