In this article I am going to share some things you need to have at hand in order to get started with online forex trading in Zimbabwe. With this you can even teach your self online forex trading. Before we get in the list of things lets look at whats online forex trading is and if one can make money from online forex trading.
What is online forex trading?
Online Forex Trading or Foreign Exchange trading is a type of financial market where traders buy currencies, stocks, commodities, bonds etc. The main difference between Online Forex Trading and other types of stock markets such as shares, futures, options are that there is no physical exchange taking place. Instead all transactions take place electronically through an electronic network called the Interbank Market which connects banks around the world.
Can one make money with forex trading?
Yes! You can make good profits by learning how to trade on the foreign currency market. In fact it has been proven time and again that people who learn about the basics of trading profitably do very well indeed. However, just because someone makes money doesn’t mean they will continue making money forever. It’s important to understand what causes losses too so that you don’t fall into bad habits.
Here is the list of things you need
1. Online forex trading community
In Zimbabwe there are a number of online community for online forex traders. Being in these groups will help you learn from discussions from others. There are many whatsapp groups, facebook groups https://www.facebook.com/groups/295033704205285/
2. Online Forex Broker
Deriv is one of the well-regulated broker that can be used in Zimbabwe. Because it accepts ecocash and zipit even bond notes as form of payment. I have done a video that covers how to use their deriv dp2p platform. Here is the video below
3. Learn how online forex trading works
Depending with your budget you could use the free resources online to learn or go with paid platforms to learn. This also includes trading in your demo account to test your knowledge. Its important to improve your trading skills. Unlike others who have taken the route of using trading apps.
4.Forex Trading capital
As a forex trader you will need to deposit (real money) funds into your online broker real account and start trading with real money.
5.Internet Connection and trading device
Having worked with a lot of beginner traders and advanced traders in Zimbabwe. most of them over look the idea of owning a computer for their trading activities. You will definitely need good internet connection and a trading device. I use Zol internet in Zimbabwe an it works well for me.
Zimbabwe has been one of the African Country that has seen a huge growth in the number of people who are interested in currency trading. Remember trading is not quick money scheme. Did I miss anything in this article? I would like to hear from you please leave a comment below