How to Make money doing Forex Trading

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Posted by Felix on Wednesday July 6, 2011 14:6:51:

With Online Forex Trading, you can actually make quite a lot of money from the internet.
There are a couple of people doing Forex trading in Kenya and it is not that much of a hard job as what it basically involves in making profit by buying and selling international currencies on your computer system.

What really is Forex Trading?
Well Forex trading literally means Foreign Currency exchange and it is the exchange of one currency. When you are involved in trading forex, you are basically exchanging one currency over the other and when you either buy or sell, it always involves Two currencies which is called a currency pair. An example of a currency pair is EUR/USD. It is a highly volatie currency as prices keep going up an down in high frequencies. This is because in Europe, the major currency is the Euro while in the USD is more of a global currency and the bulk of forex traders and institutions are based in Europe.

What you will need to start trading Forex in Kenya
- Training: You need to know the basics of how to trade
- A forex account: Most brokers offer these for free. Try Marketiva
- A trading software
- A domiciliiary account or Liberty reserve if you want to do live trading.

How much can I make from Forex Trading?
There is really no limit to the amount of money to be made from forex trading and you can even borrow money from your broker in order to trade larger lots. If you start with something like $100, you can still make some profit from it which can be a much as $10 a day if your position is favourable else you could also lose $10 a day. There are a lot of people who make as much as $100 a day just from an initial investment of $1000 and you still get to withdraw your $1000 after closing a profitable trade. So think of price appreciations going as high as 10 - 20 points on a pair like the EUR/USD and with $10,00 trade

How do I really trade Forex in Kenya?
Well since this this topi is about how to, I think I should talk a bit about this.
Let's say you have $100 and you want to use Marketiva of your broker's leverage of 100:1 for every fund your invest, you can trade as much as $10,000 worth of currencies.
Say you buy EU at 1.4000 and exit target is set at 1.4010 if price appreciates, you stand to make 0.001*10,000 = $10 if it goes in that direction.
If you keep repeating these tactics when you are sure that prices will rise, then you will most likely be making profit from forex

Note: Always set an exit stop loss in order to minimize your losses assuming the trade goes bad. Decide how much you are willing to lose before entering a position and this will keep you long in the business


Get Started with Forex Trading
- Simple Open an account with Marketiva today
- Download Streamster
- Log in with your username and password
- Practice with your virtual funds
- Get tips on trading from sites like Babypips.com and read resources at Marketiva here: http://www.marketiva.com/index.ncre?page=re-introduction



Comments:
Re: How to Make money doing Forex Trading Reply by davis on Saturday October 27, 2012 at 19:18:26:

What is the minimum amount i can start with on forex trading



Re: How to Make money doing Forex Trading Reply by Felix Okoli on Saturday October 27, 2012 at 19:18:26:

You don't really need any money to start trading. You can try out demo first before going live. With live, you can start trading with $50 or $100 although $1000 would be ideal.


Re: How to Make money doing Forex Trading Reply by daniel on Thursday November 8, 2012 at 8:11:15:

how do i get the money if i want to withdraw..is it through the bank,western union or how?




Re: How to Make money doing Forex Trading Reply by Felix Okoli on Thursday November 8, 2012 at 8:11:15:

Withdrawals from most fores brokers is simply through the same methods deposit were made in the first place. You can make deposits or withdrawals by bank wire, Paypal or Liberty reserve.


Re: How to Make money doing Forex Trading Reply by benjamin ochola on Friday December 14, 2012 at 17:49:52:

how does liberty reserve work in kenya



Re: How to Make money doing Forex Trading Reply by Benjamin ochola on Monday December 24, 2012 at 19:9:5:

Share out your strategies in forex im. A newbie and facing some challenges



Re: How to Make money doing Forex Trading Reply by Francis on Thursday January 10, 2013 at 14:16:24:

The trading currencies appears in pairs,how do i know the pair to trade with?



Re: How to Make money doing Forex Trading Reply by Felix Okoli on Thursday January 10, 2013 at 14:16:24:

When you trade forex, you are actually trading two currencies all the time so it depends on you. Hot moving pairs include EU, GU, EJ, AU and so on.


Re: How to Make money doing Forex Trading Reply by mary gatehi on Monday January 21, 2013 at 8:18:5:

where r u in nairobi



Re: How to Make money doing Forex Trading Reply by silas korir on Wednesday January 23, 2013 at 14:28:33:

it is somehow technical to deal in forex. pls. i need some training



Re: How to Make money doing Forex Trading Reply by Ben kiplagat on Wednesday February 13, 2013 at 15:40:44:

How about security?are there any security threats with this forex trading?



Re: How to Make money doing Forex Trading Reply by Felix Okoli on Wednesday February 13, 2013 at 15:40:44:

What kind of security threats are you talking about? Computer based or forex based? I don't understand


Re: How to Make money doing Forex Trading Reply by halifax on Sunday October 13, 2013 at 1:22:58:

1.Which platform and account will i need for live trading?
2.what are pips?
3.Please address the issue on security both computer based and Forex based.
4.how i will identify a genuine broker?