What is forex?
This is the first question that arises in your mind. Basically , forex stands the foreign exchange market which determines the rate of foreign currencies for any currency. It is a global unit for rate determination of currency. It also includes various aspects such as buying, selling exchanging currencies at current or determined rates.
Some think that forex is not allowed in India and is illegal in India. So, they think Indian brokers may fraud them. It is stated that the RBI does not restrict you from trading in the overseas margin trading segment.
But, there are restrictions that you can’t trade in all types of currencies. Trading in only four currency pairs is legal i.e, US DOLLAR-INR, POUND STERLING- INR, GREAT BRITAIN POUND-INR, EURO-INR.
70trades is the firm that helps you to grow in whichever level of trading you are in? They have categorized the level as beginner, advanced trader, and professional trader.
They provide lessons on trading and stand by us right from the beginning with lessons and investing small amounts and let you make mistakes to gain knowledge. Facing failure is the key to success and guides you in such away.
70trades provides some information on how we can start trading in forex. When you trade-in forex there are few points that should be kept in mind. They are as follows:-
1. Basic Knowledge of Currencies Pair:-
It is very necessary to have the right knowledge of currency pair you can trade-in. Which country does the currency belong to and what is the economy of the country? As we are dedicated to you but you need to know which all currency pairs are legal in India. Stick to government rules and regulations.
2. Kind of Traders Involved:-
Right knowledge of the kind of traders that are involved is very necessary because from it you can judge on what scale is the trading being performed. This is an industry that is dominated by big institutions. This institution consists of foreign exchange banks that invest their capital into foreign currency every day. This is a 24-hour market. This market is the largest in the world as it consists of the world’s big institutions.
3. Selection of Brokers:–
The selection of the right broker is crucial. A broker who can be trusted should be selected for trading activities. In order to trade in this market, you need to create an account with a forex broker. this broker is situated all over the world. You should select a trusted broker as there is no institution governing them. Later, You can create an account by filling out some basic forms.
4. Using of Brokers Platform:-
After you log into the broker’s site, install the broker platform on to your phone or computer. After you open the site you will get a real-time price chart of currencies. You can use the available tools to guide you to make trading decisions.
5. Make an Appropriate Deal:-
This all is far apart from the deal when you make a deal it should analyze the market very well in which you are trading in. When you are sure about trading, fetch up your payment details be it via cheque, credit card or debit card. It is always advised that we should not invest in one concurrency. You can also set up a limit for your order when the market reaches a certain point it should stop.
As every coin has two faces one is positive and the other is negative or vice versa. Same in the case of forex trading there is a positive side as well as the negative side. You can earn a lot in this field provided you have a good experience and most importantly you make a good research on things. As the regulations are not strict other is a strong chance of fraud. Here traders have to trade via brokers. It is a very unstable market where we can face drastic losses at times. Never invest too much at the very initial stage. Increase your investment with an increase in your experience. It is always advised to follow various trading styles.
We at 70trades always stand by you and help you to grow and flourish. We have great reviews and testimonials from clients across the customer. We believe in customer satisfaction and later on our profits.