How do I start Trading Forex?

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How to Trade Forex in South Africa. How do I start Trading Forex? Trading currencies on the foreign exchange market can be a thrilling online business and a great source of income if done properly. The forex market trades about $5.4 trillion per day, while the securities market trades about $22.4 billion per day. You can trade forex in South Africa in multiple ways.

ALSO READ: Can you get rich by Trading Forex?

How to Trade Forex

Below are the basic FX Trading steps you need to follow:

STEP 1: Learning Forex Trading Basic Terminology

STEP 2: Read Forex Quotes

STEP 3: Decide What Currency You Want to Buy and Sell

STEP 4: Choose the Right Broker

STEP 5: Open An Account

STEP 6: Starting Trading Forex

How to Trade Forex
How to Trade Forex / image: fbsmy.com

How to Start Trading Forex in South Africa

Before you get started with “How do I start Trading Forex”, you need to read about trending Forex news and understand the risks associated with currency trading. You can do so by visiting Google Trends and type in “Forex” and search.

Making money by trading Forex is simple. In the forex market you buy or sell currencies. Read this guide to learn more about how forex works.

There are also many useful sites where you will learn how to start Trading Forex with just easy steps.

Understand Basic Forex Terminology

List of the basic Forex terminologies you must be familiar with:

  • Base Currency
  • Quote Currency
  • Exchange Rate
  • Long Position
  • Short Position
  • Bid Price
  • Ask Price
  • Spread
  • Pip
  • Leverage

Is forex trading legal in South Africa?

It is legal to trade Forex in South Africa as long as you declare your income tax and abide by financial laws that prevent money laundering in South Africa.

According to tradeforexsa.co.za, the South African Reserve Bank control international monetary exchange overseeing outgoing cash-flow from the country. In South Africa, there are many forex brokers that are regulated by The Financial Sector Conduct Authority (FSCA). This is the financial markets conduct regulator of South Africa.

How do I Start Trading Forex? Now you know how to begin Forex trading and making your first Trade.

ALSO READ: Why people lose money in the Forex market?

Image Courtesy: colorlib.com

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