Online Forex trading in Ghana - Tips to Make Money in Ghana

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Posted by Felix Okoli on Thursday May 3, 2012 17:20:54:

From the comfort of your room of office, you can make a lot of clean money by just trading forex. Online fx is one of the fastest ways of making money from the internet and a lot of Ghanaians are getting on the trend and if you are interested, you need to understand how it works first.

What is forex trading really?
It involves buying and selling global currencies. Currencies such as the euro, usd, yen, pounds and others get exchanged regularly on a daily basis. People buy, sell and hold onto currencies for various reasons.

According to the economist theory for holding money, we are told that people hold money for 3 main reasons:

- Transactionary motives
- Precautionary motives
- Speculative motives

What does online fx require
- Internet connection
- Forex trading account
- Training
- Funding

A business traveller may buy some euro when travelling to Europe just for the sake of being able to have some funds to spend. A family man may also hold some money at home or in his bank's ATM for emergency or precautionary motives such as his child's health issues. Forex traders tend to hold onto money for speculative motives and by this I mean for profit sake. They switch between currencies only when they are hopeful or certain it will best profit them. So forex traders tend to hold onto a currency that gives the best profit.

How online forex traders make money
Assuming you as a forex trader have $1000 in your account and from your analysis of the market, you find out that the US economy is not doing well either due to a jobs or inflation report, you decide to sell the dollar and buy about 700 euros at $1.3 per unit at a total cost of $910. Now since the dollar is weakening, the euro will most likely rise since it is a paired currency and the price may move to $1.4 to one euro. This means that more dollars would be required to buy the euro. This means that I took the right decision and gained $0.1 per unit and for 700 units of euro which I bought, I would have gained $0.1 *700 = $70 making my total capital now to be $1070. So traders tend to make profit when they make a right move and the market grows their capital. They are no real guarantees for success but forex traders tend to succeed if they are able to analyse the market well and have more gains than losses for their every move.

How to start trading forex in Ghana
- Sign up for a free forex account with your online broker
- Download the trading platform
- Log in and demo trade
- Add or withdraw funds with Liberty reserve or bank wire
- When ready, go live trading

Tools that can help you be a better forex trader
- Economic calendar eg. forexfactory.com or forexpros.com/economic-calendar/
- Understanding Forex indicators
- Charts

Comments:

Re: Online Forex trading in Ghana Reply by nsresh on Sunday September 2, 2012 at 10:41:35:

i want to trade in ghana cdi how can i go abt it

Re: Online Forex trading in Ghana Reply by godfred on Wednesday October 2, 2013 at 22:48:42:

How can I start trading only in Ghana cdis

Re: Online Forex trading in Ghana Reply by Michael BORKOR on Sunday January 19, 2014 at 12:23:43:

I want forix broker in Ghana to trade for me