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Trading Complex Financial Products – A Beginner’s Guide
For many who want to start trading more online, whether novice or somewhat competent, the task could seem somewhat daunting, and success therein only guaranteed for Wallstreet-level pros.
That’s certainly not the case, though. Becoming a savvy trader is an attainable goal. Granted, forex, stocks, futures or contracts for difference (CFDs) are each, in their own right, complex financial products – the trading of them requires a modicum of competence and specialised knowledge. But you don’t need to pursue degrees, spend hours studying market behaviour, or sell your soul for the opportunity to see the future.
QuickTrade, in partnership with the illustrious Stock Market College, brings you quality online trading education. With our detailed courses and seminars, you can gain a better understanding of what it means to get better results in the markets and achieve your financial goals.
Let’s talk here on forex trading in South Africa, and how to get started with QuickTrade.
Trading Forex in South Africa – Let’s Get Started
Since the moment humanity found the value in a bartering system, iterations of an exchange market have been with us. The forex market, though, is a relatively modern concept, where global currencies are trading against each other, based on demand and circulation.
Now, however, the concept is even more lucrative. Thanks to the advent of the internet and our all-permeating infrastructural capabilities in connectivity, the global village that is online trading is now a retail market, too, rich with possibilities for the discerning individual trader.
But trading currencies can still be quite risky. Here’s how to get started:
Know your Forex Chops
Successful forex trading comes with its own level of specialised knowledge – the leverage ratio for forex trading is higher than other equity trading, for example, and not to mention the fact that the drivers for currency price movement are different. Do all you can to learn the nuances and behaviours of the forex trading space.
Set up a Brokerage Account
To be more specific, it’s best for beginners to set up a micro forex trading account with low capital requirements, simply to lessen the risk as you cut your teeth and become more comfortable with trading forex.
At QuickTrade, we have our own – MetaTrader 5. A slick, multi-asset platform that allows trading in all equities. With it, you get comprehensive price analysis, trading apps and copy trading.
Strategise all the way to the Bank
Your money is not an asset to be whimsical with. Strategies for your foray into exchanges must be devised, so that you know you’ve effectively come up with the soundest trading plan.
Some of these strategies include:
Scalp trades are positions held fleetingly – for minutes, even seconds, at most. They rely on price swings, and trades are supposed to be quick, cumulative and small – adding up to a good amount at the end of the day.
These are short trades that are usually bought, and then liquidated, on the same day. Like scalp trades, they rely on incremental growth in that time.
These are positions held for what could be week, but definitely longer than a day. They don’t need to be monitored as closely or as often as scalp and day trades. For success, swing trades need to be entered into with a competent knowledge of global economic and political developments.
The longest type of trade, currency is held for months to years. A good fundamental knowledge of analysis skills is needed here, to be able to articulate the basis for this kind of trade.
Embrace Derivatives like Contract for Difference (CFD)
In the dynamic world of forex trading, derivatives like a contract for difference (CFD), can often put one in a more beneficial position on-market. Trading CFDs in South Africa enables the trader to make decisions on the possible movement of prices for currencies, without having to own the underlying asset.
These are just some of the intricate subtleties of forex trading in South Africa. If you’re looking to dabble in this exciting, dynamic online trading world – one that’s rife with profitability and possibility in equal measure – look to QuickTrade, via Stock Market College, to give you the knowledge to be a master in your own right.
Invest in knowledge now and start trading today – click here to start your journey.