Jonathan was looking for the right opportunity to earn extra money after working hours, while making sure he had enough spare time for his family.
What is Currency Trading?
Currency trading is simply exchanging one country’s currency with another country’s currency.
If you've ever travelled to
another country, you usually had to exchange your home currency into the currency of the country you are visiting.
When you do this, you've essentially participated in the forex market!
He found the perfect fit in currency trading. Currency trading proved to be both enjoyable and profitable.
Here are some reasons why Jonathan decided to trade currencies:
- Instant Profit
When terminating your trade any profit or loss is realised instantly in your account.
- 24 hours a Day Trading
Forex offers the ability to trade throughout the night from Monday to Friday
- Profit from a Falling Price
If you believe a currency pair will drop in price you can open a sell trade and make gains from a falling market.
- Competitive Spreads
Forex is the most popular market for online traders. This makes pricing among forex companies very competitive.
Forex trades off margin where the online trade company will request a percentage or margin factor of the overall value of the trade.
- Easy and Straightforward
Forex (CFDs) are relatively easy to learn and much less complicated to trade than options or warrants.
According to Jonathan, finding the right platform is the key to owning a successful portfolio. Read below a list of Jonathan’s top ten tools to look for in a trading platform.
- Easy to Use Platform
Look for trading software that is simple, secure, and easy to master.
- 24/7 Support
It is important to have accessible support at all times.
- 1-on-1 Training
As a beginner trader, it is essential to have a personal coach, who will provide guidance on how to use the trading platform read market trends and offer you personalized analysis of your trading strategy.
- Educational Tools
Choose a platform provider that provides plenty of information about the assets that you are trading and the trading conditions. Search for updated market information, daily charts, EBooks and other educational tools.
- Demo Account
Practice before making real trades.
- Fully Licensed and Regulated Broker
Choose a licensed broker, with a withdrawal review. Research forums and reviews before depositing money.
- No Commissions – Fixed Spreads
Look for competitive trading conditions. Different brokers offer different terms, search for the best leverage and lowest commissions.
Trade with bonuses; look for brokers that offer loyalty bonuses and other promotions.
- Wide selection of trading instruments
Trade all the popular CFD’s such as Google, Facebook, Twitter etc.
- Trade with Leverage
With leverage you invest a small amount of capital and take a larger position in the market.
Disclaimer: This announcement should not be considered as a suggestion to buy or sell securities of any kind, or as an offer of services to customers in countries under whose jurisdiction such offers are not permitted. The use of the broker's website is at the sole risk and judgment of the customer. Trading leveraged financial products such as Forex or CFDs carry a high level of risk, and may not be suitable for all investors as it may result in substantial or complete loss of the invested capital. Please ensure you fully understand the risks involved. Independent advice should be sought if necessary.