(Forex Trading photo from forexmarketmentors.com)
Updated! new schedule: April 21,2012 (2-4pm)
WHEN IN MANILA and looking for investment options, you may want to try trading the FOREX Market. I am an online forex trader myself and I am happy to share some tips on FOREX TRADING and how to get started on Online Forex Trading here in the Philippines.
WHAT IS FOREX TRADING?
Forex is known as foreign exchange market, currency market or fx trading. In a nutshell, it is simply where one currency is traded for another.
HOW TO MAKE MONEY OUT OF FOREX TRADING:
Similar to stock market, the aim of forex trading is to exchange one currency for another in the expectation that the price will change, so that the currency you bought will increase in value compared to the one you sold.
ADVANTAGES OF FOREX SPOT TRADING FROM STOCKS MARKET:
- Exchange rate fluctuations are typically caused by actual monetary flows as well as expectation on global macro-economic and micro-economic conditions.
- Important news that concerns currency fluctuations are most likely to be released worldwide at the same time, giving foreign exchange market little or no inside information.
- FOREX is an interbank, over-the-counter (OTC) market which means there is no single universal exchange for specific currency pair.
- The FOREX market is open 24 hours per day throughout the week between individuals with Forex brokers, brokers with banks, and banks with banks. If the European session is ended, the Asian session or US session will start, so all world currencies can be continually in trade. This gives opportunities for Forex traders to react to news when it breaks. Other investments such as stocks wait for the market to open.
- FOREX market is hard to manipulate since it is one of the largest markets in the world. Average daily international forex trading volume was $4.0 trillion in April 2010 according to the BIS triennial report.
- Some Forex brokers give up to 1:400 leverage, meaning trading $1 can be equivalent to trading $400.
- There are lots of online Forex brokers available. This makes the competition very competitive. Competition stimulates better service, promos, and good rates.
- You can open a forex account for as little as one dollar.
(Forex Trading photo from fxmarkt.com)
WHAT TO LOOK FOR IN A FOREX BROKER:
There are a lot of online brokers available for FOREX TRADING. Just google the term “forex brokers” and see how many they are. Don’t get intimidated by this, just make sure you follow these simple reminders on how to choose the right Forex broker.
1. Low Spreads/ Transaction Cost
The spread is like the forex broker’s fee in forex trading. It is best to deal with brokers with the lowest spread. Be aware that some forex brokers have a variable spread that changes with market conditions (ex. Breaking news).
2. Low Minimum Lot Size
Currencies in Forex Trading are traded in Lots. A Standard lot size is 100,000 units. A Mini lot size is 10,000 units. A Micro lot size is 1000 units. The unit refers to the base currency being traded. For example, with EUR/USD, the base currency is the one on the right or the US dollar. To trade 1 standard lot of EUR/USD, $100,000 is needed. For beginners, trading micro lots is recommended. The smaller the lot size being traded, the lower the profits, but of course, lower losses, too.
3. Fast Order Execution
In FOREX TRADING, prices of currencies fluctuate every second. It is necessary that your forex broker fill you in with the best possible price for your orders. A forex broker that has a fast order execution is definitely an advantage especially in volatile markets.
4. Extensive Technical Tools
Different forex brokers have different forex trading platforms. Included in their platform are their technical tools like the Fibonacci, moving average, stochastic, etc. Having an easy to use indicator technical tool would greatly help a forex trader.
5. Adjustable Leverage
A good forex broker will offer you the ability to change your leverage as needed. A forex broker that forces you to use high leverage is probably trying to help you lose your money. There will be times when more leverage is appropriate and times when less is appropriate. You should be able to call your forex broker and have your leverage changed any time that you need it to be.
Checking the credibility of a forex broker is one of the most important steps. There are regulatory agencies all over the world that separate the trustworthy from the fraudulent.
Here is a list of countries with their corresponding regulatory bodies:
* United States: National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC)
* United Kingdom: Financial Services Authority (FSA)
* Australia: Australian Securities and Investment Commission (ASIC)
* Switzerland: Swiss Federal Banking Commission (SFBC)
* Germany: Bundesanstalt für Finanzdienstleistungsaufsicht (BaFIN)
* France: Autorité des Marchés Financiers (AMF)
Check from the commissions above before you send your investment money. You don’t want your money to fly away even before you start your online forex trading.
7. Deposit and Withdrawal
Good Forex Brokers will let you deposit or withdraw your funds and earnings fast and smoothly. Some forex brokers even extend their hand by giving more options like paypal, credit card or western union.
8. Trading Platform
When you start trading forex online, the trading platform will be your best guide. This will be like your cockpit in forex trading. All the controls (charting tools) are there and familiarity to it will be a great advantage. Check for a user-friendly and stable forex trading platform. Some forex brokers even offer free news feed to help the forex traders during breaking news.
9. Customer Service
Don’t assume popular forex brokers have good customer service. It is best to try their service by asking them questions through email, chat or by calling them directly. This will give you the competence of the forex brokers when dealing with trouble shooting which will be critical if something wrong happens to your account.
For a beginner in forex trading, creating a practice account is advisable. A Trial account is free and easy to have. You just need to register your details to the forex broker’s website and download their software. Diving to something you are not familiar with gives great risks and usually ends up in a blown account.
WHERE CAN I LEARN ONLINE FOREX TRADING?
Attending a FOREX TRADING SEMINAR would be the best way to learn online forex trading.
There are only a few credible Forex Trading teachers or Forex Trading mentors here in the Philippines. One of them is Mark So, owner of Businessmaker academy. He is an active online forex trader, practicing what he preaches. On Saturday, March 17, 2012, Mark So will be conducting a SEMINAR on FOREX TRADING, where he will be discussing steps and guides on HOW TO TRADE FOREX.
( Info and photo from: topforexseminars.com)
“MY STUDENTS KNOW HOW TO TRADE THE FOREX MARKET USING JUST 2 CUPS OF WATER. AND I GUARANTEE, IF YOU ATTEND MY FOREX ORIENTATION, YOU WILL TOO!” – Mark So
IMPORTANT THINGS TO BE LEARNED FROM THE FOREX TRADING SEMINAR:
I. The Difference between Businesses and Investments
* The 2 critical ingredients to make money in Businesses and why you can never retire on a business alone
* The 2 critical ingredients to make money in Investments and why you should start now
II. How to trade the Forex Market using a “See-Saw” and “2 Cups of Water”
* Understand what Major Currencies, Floating Currencies, and Privatized Currencies are all about
* Understand why Currency Pairing is the only way to price currencies
* Understand how Currencies are also ruled by the Laws of Physics!
* Understanding the “Zero-Sum” game and how wealth is never destroyed, only transferred.
III. True Horror and Success Stories of Mark’s Students
* What Mark tells them to Not do, but they do anyway
* How and Why you should listen and learn from their mistakes
* The trading results of the 2% Elite and how they did it
* The true measure of success
IV. How to navigate the Forex Trading Platform
* Understanding PIPs — the simplified way of measuring profits / losses in the forex market
* What is the Risk to Reward Ratio and why it matters
* “Short” and “Long” trading explained so you can practice them immediately with your physical money
* Stop-Losses and Limit orders and how to use them for ALL your trades
V. Is Forex Trading for you?
* Facts that will help you make up your own mind
* Know the unparalleled support you can expect from Mark and Forex Club Asia if you decide to pursue forex trading
* The offer very few people can refuse.
FOREX TRADING SEMINAR PHILIPPINES | Learn Online Forex Trading
WHEN: April 21, 2012 (Saturday)
TIME: 2 – 4PM
WHERE: Suite 1503A West Tower, Philippine Stock Exchange Center (Tektite),
Exchange Road, Ortigas Center, Pasig City
Seminar fee: P2500
FOREX TRADING SEMINAR DISCOUNTED FEE: Php 500 (80% OFF if you reserve through the form below)
FOREX TRADING SEMINAR PHILIPPINES: Learn Online Forex Trading
Attend This April 21, 2012
Saturday 2pm – 4PM