The global pandemic has accelerated the evolution of work and education. Today, remote methods are in the highest demand ever. Humanity is faced with challenges of unparalleled proportions. With conventional day jobs vanishing, internet-based alternatives are lifesavers. Forex trading is a feasible way to make money via a laptop, tablet or even smartphone. Through global brokers, it is easily accessible in South Africa.
If you are thinking of becoming a trader, here is everything you need to get started. A demo account is the starting point. It is your unlimited (and free!) access to the company’s digital simulator. Hone your skills and explore the trading software with no financial risk. Demo trading is a prerequisite for success in global markets.
How People Become Traders
Traders are their own bosses. They turn knowledge into a monetary gain in one or several markets. Trading is based on well-timed buying and selling. You buy low and sell high — this logic applies to all instruments. Unlike old-school investors, traders do not buy a currency or stock and hold onto it for months — they capitalize on short-term changes in the respective prices.
The term ‘forex traders’ mainly refers to individuals who make money online. This occupation does not require a PhD or even a bachelor’s degree in finance or economics. Education is available online free of charge. Even YouTube has dozens of channels hosted by Forex experts. Qualifications are thus unimportant. What truly matters is your willingness to achieve financial freedom.
How Demo Accounts Work
Traders work in special digital environments, such as the MetaTrader 4 system. The terminal comes in three forms: desktop software, web-based platform, and mobile app. In order for it to work, you need the right credentials. Head to the official Forextime website and fill in the basic contact form — your login and password will be emailed immediately, so you may get started.
Once you access your Forex trading demo account, the system will simulate the current market conditions, and you will have a virtual balance to work with. Users can explore the features they will use in real trading. Practice analyzing the charts, opening positions and executing trades. Training has no time constraints, which is essential. There is no rush.
Sources of Learning Material
The broker has a voluminous archive of articles and tutorials. Begin by learning about market fundamentals. Discover the most popular strategies and apply them to demo positions. Decide if you are into fundamentals or technical analysis. The content from the broker will help you tick these boxes.
Consider other sources as well. Forex is the largest global market, so the principles are universal whatever the platform. Retail trading has existed since the 1990s, and the Internet is a treasure trove of information. Read books and articles, watch YouTube tutorials from fx gurus. Apply any theoretical knowledge you acquire to your demo trades. Actions like setting Stop Loss must become automatic.
When Should I Switch to Live?
Risk is an inherent element of trading. While your skills are crucial, the same is true for the market dynamics. Currency rates are affected by miscellaneous drivers, from interest rates of central banks to oil prices to military strife. Foreseeing them is not always easy. Take your time. Do not put your capital at stake until you have confidence in your abilities.
Traders have multiple helpful tools at their disposal. They can hedge risks and automate the entire process. Through copy trading, you may even delegate decisions to a seasoned expert. Forex robots may also do the job (partly or entirely) for you. Risks may be minimized, but never eliminated completely. This is why education and sufficient demo training are so important.
Why Choose FXTM
Forex trading is wildly popular. In South Africa, there is no shortage of brokers, both foreign and home-grown. After all, the country has the largest volumes of Forex trades on the continent! As a global brand, FXTM has undeniable advantages.
First, it is a trusted operator with a large clientele: since 2011, it has served over 2 million people worldwide. The company has garnered an impressive collection of industry awards. It is officially licensed and regulated in multiple jurisdictions. Traders have access to cutting-edge software and VPS, so nothing interrupts successful trades. Finally, responsive support and efficient payment systems guarantee you a smooth sailing.