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How To Start Forex Trading As A Beginner

There’s huge money to make from forex trading. I want to reveal this business to you in a way you can understand it, different from what you maybe hearing about forex trading. Even if you don’t like the idea of Forex trading, but if you want to make more money this year, give me few minutes of your time to explain this to you.

I want to believe I’m talking to Beginners. Those with little or no knowledge of Forex. Even if you know about Forex trading but not an expert, you should also be reading this now.

However, if you think you know too much about Forex, then you don’t have to continue reading, unless for pleasure or to amuse yourself the way I’m going to lay down the hard nuts of Forex trading in a way a novice would understand.

Understanding Forex Trading

Firstly, let me start by explaining what Forex is and how it’s been traded. Forex simply means foreign exchange. One product that is only traded this way is money. Yes, Forex trading is about exchanging money. I will explain better.

Money is supposed to be a medium of exchange. Which means, you exchange goods and services for money. For example, if ‘A’ has a product or a service that ‘B’ needs, ‘A’ can demand for a certain amount of money in exchange for his product or service. That’s what money is normally used for, as a medium of exchange.

But when we talk about forex trading, it means that money is both the product or service and also the medium of exchange. That means you are buying one money with another money.

For example, when you go to the bank or ‘black’ market in Nigeria to exchange either Naira for Dollars, or Dollars for Naira, you are simply engaged in Forex trading. You are either the buyer or the seller, depending on which currency you are exchanging. That’s means if you have ever changed money before, you are a Forex trader.

So, to understand Forex trading, it means you are either buying or selling one currency for another. That’s the simple definition of Forex trading. It’s so simple to understand. That also means it’s so simple to trade, but wait till I give you more information.

The Forex Market

The forex market is a huge 6 trillion dollars daily transaction. Unlike the Aboki that sells dollars in your neighborhood, international Forex trading actually follows certain rules and that includes having a defined market where Forex is traded.

The closest thing to it is the Stock Market. In fact, Forex and stocks are closely related in the way they are traded but they are different commodities. If you understand the stock market you are more likely to understand the forex market.

Well, if you are a village person like me, you are probably aware of village markets. Some markets trades only on certain days, while some trades daily, depending on what is being sold in the market,

The forex market only trades Forex. That means people transact in this market for the purpose of exchanging one currency with another. However, the forex market is only allowed to trade for 5 out of the 7 days of the week. Yes, from Monday’s to Friday’s, the forex market is open for business. It doesn’t trade on Saturday’s and sunday’s. Don’t ask me why because I don’t know.

Investment Risks In Forex Trading

Forex trading is an Investment. Investments has their own risks propensities. If you are trading yourself, you have to guard against loses. Since it’s a trade business, there’s possibility of buying high and selling low, since the market prices are mostly determined by external factors beyond your control.

Inasmuch as you should ensure you are current with world news and happenings within the market, it cannot fully protect you against losses. One of the best ways traders minimize their risk exposure is by trading against minimal profit positions.

The less profit they pursue with each trade the lower their risk per trade. That way you mitigate against heavy losses and also ensure profitability from little gains. But, as a beginner this might seem complex at first. That’s why learning Forex business is more important than the profit you hope to make from it.

Who Should Trade Forex

One of the questions people ask is, can I trade Forex? Yes you can. Anyone is qualified to trade Forex. It’s not only the Aboki that should be involved in Forex trading. You too can get involved. In fact, you may have trading forex without knowing it, if you have ever exchanged dollars for naira or exchanged naira for dollars.

But, I don’t mean you should go to one street corner and start trading forex. Although there is nothing wrong with that, but there’s a better way to trade Forex than the way the Aboki is doing it.

What You Need To Trade Forex

As a beginner trader, the process is simplified for you. The setup process is no longer cumbersome. With just a smartphone and internet connection you start trading forex from anywhere you are in the world.

However, you will also need funds to trade with. Some forex trading apps allow you to start trading with as low as $10. Some even give you free money to start trading. While these options are good for a beginner, they also have their own risks and limitations.

Even though that seemed a wise investment decision, it limits profit taking. Remember, your returns is based on a fraction of the capital invested. So, if the capital is little, the profit will also be little.

Where You Should Trade Forex

Unlike the Aboki that trades around the neighborhood, you will be trading directly on the forex market, connected through the internet from your smartphone. And this is made possible by several Forex brokers who have Developed mobile apps that gives ordinary people access to the forex market with ease.

There are several platforms to trade in Forex Market. I will give you a list of some of the most popular ones:

  • Omegapro
  • IQ Option
  • Grand Trade
  • Expert Option
  • Olymp Trade
  • XTrend

How You Should Trade Forex

Before you can begin trading forex, you will need to undergo some training. Each app or platform has its own way of trading. As a beginner you should learn first before you invest your money.

However, I strongly recommend that your entry into Forex trading should be to explore options of having others trade for you till you have understood trading yourself. That way you can commit your funds to the business while you learn. And you also get to make profit while you are learning.

It’s always better not to risk your investment as a beginner. Although, having others trade for you may not make you the kind of money you can make from the forex market, but it’s better than losing your money in one swoop.

Start As A Forex Investor

As a business consultant, I always advise beginner forex traders to start out first as investors. That way you risk little in the market until you are matured enough to take higher risk in the trades.

Forex investors are those who have the money to trade but gives it instead to more experienced traders to trade on their behalf and share profit with them. So, you will need an experienced investor who will trade for you. I will show you how to find one in one of my concluding sub heading. Make sure you read my concluding part of this post.

Investors in forex market don’t usually trade by themselves. They give their money to professional Forex traders and take small chunk of the daily profit. However, what makes this Option profitable is that you can negotiate a percentage payout from each trade, regardless of gains and losses.

That means the trader can agree to pay you a fixed percentage profit from his trades, whether he gains or not. For example, if he agrees to pay you 10 percent of the amount you invested monthly, assuming you invested $1,000, you will be getting $100 return on your investment monthly.

But let me introduce you to an international Forex trader that will trade for you while you take your percentage profit, not monthly but daily instead.

Omegapro Forex Investment Platform

I would have loved to show you different Forex investment platforms, but considering the risk involved in placing your funds into people you don’t know, and without any guarantee, I’m limited to just telling you only about Omegapro.

I’m bold to say that Omegapro has been tested and is trusted to deliver returns to its Investors. You will also need to make your own research on this before you decide your investment. Here’s my own information about Omegapro.

What Is Omegapro?

Omegapro is a forex broker. It trades on currency pairs, commodities, stocks and indices. It gives investors opportunity to trade more than 200 underlining assists. Omegapro is registered in the U.K. It combines the profitable power of Forex trading, Fintech and MLM to create wealth for its investors in over 100 countries.

How Omegapro Works

Omegapro combines investment in Forex with MLM, using the power of fintech. It gives investors the opportunity to invest in Forex business and also promote the platform in exchange for commission.

For example, if you invest in Omegapro now, you start earning income from your Investment. But you can also earn additional income from anyone you referred to the company and registered them under your downline.

Omegapro pays its members who sponsored or referred investors to them. It’s a one time commission for each person you introduce to the system. However, there’s a one time $29 registration fee, plus the amount you choose to invest in the trade.

The investments ranges from $100, $500, $1,000, $ 5,000, $10,000 and $50,000..

What Omegapro Pays Investors

The company pays investors daily for their investment sum. For example, if you invest $1,000 with Omegapro, it pays around 0.45 percent of the amount daily, which is about 10 percent monthly. But it pays daily because it’s profit is structured on compound interest. Which means even the profit you earn each day will earn its own profit the next day of trade.

Use this compound interest calculator to check your profit on the compound interest of preferred investment amount with Omegapro.

And for the referral, it pays 10 percent of the initial amount of investment the person you referred brought to Omegapro. For example, if your referral invested initial $10,000, Omegapro will pay you 10 percent of $10,000, which is $1,000.

How To Invest With Omegapro

If you are interested in Omegapro Forex investment, I recommend that you first attend one of its training programs. Don’t invest into a business unless you understand it properly.

Omegapro conducts trainings across the country if you prefer a physical training. However, your can Start immediately by joining one of its ZOOM trainings for prospective investors. I recommend you call this number 08139006120 now to book for any of the trainings closer to you.

Conclusion

If you are a beginner in Forex trading, Omegapro Forex investment is the right startup plan for you. As a consultant, I have an investment with Omegapro. And if you want me to help guide you on how I make money from Omegapro, just join the FASTWEB WhatsApp group using this WHATSAPP LINK.

I didn’t want to raise much of your hopes in this article but I can assure you that Forex trading is worth exploring this year, if you really want to make cool income.

God forbid if the pandemic would hit again. This is one investment that is bulletproofed against lockdowns. Forex market was never locked down during the pandemic. Investors where cashing in on their profits. You can join now without much risk whatsoever.

Chinedu David
Chinedu David is a business consultant with experience in oil & gas, hospitality, IT & telecom, consumer products, business strategy, marketing and distribution. He was the telecom editor for SuccessDigest for over a decade. And founded Mystore, one of the indigenous online marketplace in 2013. Drop a comment below and he will respond to your query. He can also be reached via email: nedu@myblog.com.ng or Call/Text/WhatsApp: 07087770518
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