Forex is simply foreign exchange trading or currency trading. It involves a global market, is extremely liquid, with a huge daily trading volume. So what makes women good traders and why should they consider forex trading as the ultimate side business? Women are better at saying no, sticking to strategy, more level-headed in a crisis and less stubborn – important traits for forex trading. However women trying a hand at forex must understand it is not for the faint of heart or the inexperienced trader. Learning forex is quite easy yet involving and thereafter you can practice your knowledge on live demos available from brokerage firms online. I am aware there are quite a number of forex traders in Kenya with few of them willing to teach the tricks of the trade. The good news is, with as little as Kshs 90,000, you can learn the basics plus ins and outs of Forex Trading for a period of one and a half months. Interested parties can contact Remote Forex trading Africa through their Facebook page @ https ://www.facebook.com/remotedaytradingafrica/ for training or brokerage trading. That said, six things give forex trading some unique advantages after you’ve learned the ropes.
It’s A 24-hour Market
Unlike in the stock exchange, there is no waiting for the opening bell. From the Monday morning opening in Australia to the afternoon close in New York, the forex market never sleeps. You can comfortably make cash as a stay at home mom, a mom in business or working mom because you choose when you want to trade: morning, noon, night, during lunch or before you leave for the office. Awesome, right!
Low Cost of Trading
The cost per transaction in forex is less than a tenth of the cost of your average stock trade, this represents a huge saving. Of course, this depends on your leverage. Leverage gives the trader the ability to make nice profits, and at the same time keep risk capital to a minimum.
There Are No Hidden Fees
Expect no clearing fees, no exchange fees, no government fees or brokerage fees. Most retail brokers are compensated for their services through something called the bid/ask spread.
Once you learn forex you can practice trading on a demo account – a FREE account offered by online forex brokers before you take on the live trading account and risk playing with real money. Demo accounts also come with real-time forex news and charting services.
You have the power to determine profits and stop the losses
Only you can determine at exactly which price you would like to enter a trade and at exactly which price you would like to exit a trade, and these prices are sure. What you do is place a stop-loss order, an order you place that instructs your broker to exit your trade if the price ever drops to a certain level. If your trade ever reaches the stop sign it immediately stops and exits so you can protect your money.
Forex Trading Enjoys High Liquidity.
The online forex market is so huge making it an extremely liquid venture. The advantage therefore is the ability to immediately buy and sell at will because there will usually be someone in the market willing to take the other side of your trade. You are never “trapped” in a trade. What’s more, you can pre-set your online trading platform to automatically close your position once you reach your desired profit level (a limit order), and/or close a trade if a trade is going against you (a stop loss order).
Affordable Capital Startup
You don’t need millions of shillings to begin trading. Surprised? Well, online traders offer “mini” and “macro” trading accounts , some with minimum account deposits of $100 ( which is the minimum accepted by most brokers). Please note that the amount of startup capital will also affect the income. It is better to start with a good amount (at least $1,500 for micro and $10,000 for macro) so you are not disappointed by the profits produced and time put into the trading process.