In Nigeria, the word Forex Trading has been ringing bells for some years, but very few people actually know that its largest market and it is the “underlying” real asset that the forwards and futures markets are based upon.
A brief glance at the history of forex trading is important, to enable the Forex traders understand more about the currencies and how its exchange on forex trading platform .
The creation of the gold standard monetary system in 1875 is one of the most important events in the history of the forex market. In July 1944 Bretton Woods system led to the formation of the following: A method of fixed exchange rates; the U.S. dollar replacing the gold standard to become a primary reserve currency; and the creation of three international agencies to oversee economic activity: the International Monetary Fund (IMF), International Bank for Reconstruction and Development, and the General Agreement on Tariffs and Trade (GATT).
Indepth Meaning of Forex Trading
According to available explanations from Wikipedia, foreign exchange market (Forex, FX, or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies.
This market determines the foreign exchange rate. It includes all aspects of buying, selling and exchanging currencies at current or determined prices. In terms of trading volume, it is by far the largest market in the world, followed by the Credit market.
HOW TO START TRADING FOREX
It’s advised that before you proceed to open an account with any forex broker platform, you must do a thorough research, before settling with any of the trading platform, and also learn more about the Market Hours, so you can easily convert the major market trading hours into your own time zone.
- Open Account with Forex Brokers
Go to the website of your desired Forex Brokers and an open account.
Forex Broker or the Forex trading platforms is the medium through which currency is traded online.
- Credit Your Forex Account
Funding your account is one of the criteria for starting live Forex trade, you must fund your account, and this can be done through direct deposit or by using your credit/debit cards.
- Have A Domiciliary Account
You must have a domiciliary account; it is used for cashing or depositing funds into your Forex trading account. This is very important for effective transaction and to enable you make a withdrawal of your profit when there is any. Some use other currency medium like the eCurrencies but at the end, it will still get to domiciliary accounts.
- Fast Internet Connection
You cannot start a live Forex trading without a fast internet connection; you need a very fast and reliable internet connection to be able to trade Forex in Nigeria or elsewhere. Without this, it will be difficult for you to make profit because your internet has to be fast and reliable to enable you take quick actions.
- High Performing Laptop
To be effective, efficient and make cool money from Forex trading you have to have a high performing laptop, because most times, the losses people make is as a result of inefficient trading devices.
The profit you make depends on your trading skills. Yes, people are still making profit in Forex trading in Nigeria and will continue to make profit as long as currency remains in use. In fact, nothing has changed and will probably change forever.
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