Online Forex Trading still seems a mirage to
many. Many posers come from prospective and active traders too. Here again I
will simply put up most frequently asked questions and proffer answers toeducate many.
Answer: Online forex trading is about buyingand selling of currencies in an over the counter manner. Traders are connected
by a global network of computers through the internet. Trading forex requires
sound knowledge and technical ability. One needs good mentoring.
Question: How much do I need to start with
or invest?
Answer: Knowledge of the business may
really determine this but a minimum of $250 can be invested on micro account.
Over $500 for mini account, $2,000 and more for Standard account while VIP
account can be excess of $50,000. The investment will determine the profit
projection and risk.
Question: Do you organise training, if you
do how regular or which training centres can you recommend?
Answer: Yes I do organise training.
My regular course comes up every three months. The three-month course work
includes practical trading. The course is available in formal class type and
online class. The next regular course comes up in May, registration is
on-going. There are other training centres around which could offer good
training as well.
Question: What are the requirements for
online trading business?
Answer: You must be over 18 years. A
computer system with internet connection, domiciliary account or visa/master
debit or credit cards, means of identification and proof of address are needed.
Question: Which broker’s link can you
recommend opening an account with?
Answer: A liquid and licensed broker is
what to look out for. This is very important. You can try the following links
for your account opening: http://www.fxpulp.com/NG and/or http://instaforex.com/en/index.php?x=FSQM and/or https://direct.fxpro.com/ib/en/usd/237520
Question: Which time frame is the best to
trade with?
Answer: As a trader you may have to choose
a style of trading. This will determine what time frame. But an analysis of all
time frames is good for overall market view. This may give a good market
direction to profit from.
Question: Can I opt out or close my
account if I want to discontinue?
Answer: Yes. All you need is to
request for withdrawal of your funds first and later ask for a closure.
Question: Can I trade fundamentals alone?
Answer: Yes you can stick to fundamentals
alone. We have technical and fundamental trading but it is better to combine
both.
Question: Can you recommend auto trading
software?
Answer: I do not use any. I believe in
taking the praises and blames for my market decisions. But you can still surf
online if you are bent on having one.
Question: Must I sit by the computer all
day to trade?
Answer: No. This is the notion most people
have about online forex trading. With good technical ability you do not need
to.
Question: Is forex trading profitable and
can one live by it?
Answer: Forex trading remains the most
lucrative business but carries an element of risk. Success and failure are
dependent on risk management. Living on Forex trading alone depends on how much
you are investing; this will determine your sustainability.
Question: What is the best time to trade?
Answer: In Nigeria the European and
America sessions may be the best time. That will be between 9.00am to 4.00pm
local time
Question: What best risk management do I
employ in Forex trading?
Answer: With my experience the volume is
the key in relation to your equity. That is the first success key. Others will
depend on your technical ability of determining your stop out targets.
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