- How does trading work?
- Different ways to trade Forex
- 3 Simple Steps to start trading Forex
How does trading work?
In simple words, trading is about exchanging one currency or any different tradable asset for another with the expectation that the price will change.
Regardless of the asset you chose, the main idea is that the asset you bought will increase in value compared to the one you sold.
Let us assume a company’s share selling price is $23.29, while a buy price is $23.30.
If traders are expecting the price growth, they will buy assets, 1000 shares, for example.
If their prediction is correct, and the share increases $1 in price, reaching $24.30 mark, this $1 difference means $1000 profit for the trade (excluding the commission fee).
In case of the loss-scenario, the price of the asset will be reduced, and the trader will lose the equivalent amount.
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Different ways to trade Forex
The Forex market is enormous so that there are different ways to trade in it.
Spot forex, currency futures, currency options, and currency exchange-traded funds (or ETFs) are amongst them.
The most popular are currency futures and spot forex.
Currency futures were named after the guarantee to buy or sell a certain asset at a specified price on a future date. Futures contracts are standardised and traded on a centralised exchange. This indicates how transparent and well regulated this market is.
In the spot forex market, currencies are traded on the spot, using the current market price. Traders value this market because of its simplicity, liquidity, tight spreads, and round-the-clock operations.
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3 Simple Steps to start trading Forex
Here is the simple step to start trading Forex and Stocks using your smart phones.
Trading Forex or Stocks online through your mobile phones is actually quite simple.
It is almost the same process as using the a computer for trading online.
Here is the simple step that you can follow to start trading through your mobile phone.
1. Choose an Online FX and CFD Broker
You can find the list of online FX and CFD brokers here.
Every broker offers you a solution for trading through mobile phone.
Compare the brokers, check the Bonus Promotions and available financial instruments. Then, open accounts with your favorite brokers.
For the current ranking of online FX & CFD brokers, you can find them in the main page of Hercules Finance.
2. Make a Deposit
Once you have opened an account with a broker, you need to fund your account before start trading.
Online brokers accept deposits from traders with various methods.
You may fund your account via Bank Wire Transfer, Online Wallet, Credit/Debit cards or Cryptocurrency.
3. Install their Trading Platform to your phone
Once your account is funded, then you are good to go.
Download and install the trading platform from Google PlayStore or Apple Store.
Then login to your account using a provided login credentials.
Your account details and funds should be there as long as your broker has already credited the fund.
4. Login and Trade anytime and anywhere
Now you can trade online.
Find the financial instruments you want to trade, analyse the market and then place trades.
Profit and loss results will be reflected to your account automatically and instantly.