The transaction costs typically in Singapore is 25 bucks. And this is still not taking into consideration the spread on the trade that I've paid. What I'm trying to say is that when you trade stocks with a small account and you're buying a small number of shares, fixed transaction costs will eat into a huge percentage of your returns. Please log in again. The login page will open in a new tab. After logging in you can close it and return to this page. Forex trading is simply the trading of one currency for another. In order to get Malaysian ringgit, I need to sell my Singapore dollars for Malaysian ringgit.
This is one form of Forex trading. Corporations Banks and corporations have a close working relationship.
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Let's say I'm Toyota, I manufacture cars. But the thing is that my car spare parts are not found in Japan. I may have to go to countries like India to source for these spare parts. So, what I'll do is that I will sell my own country currency, Japanese yen for the Indian rupee. Retail Traders Retail traders are like me and you who speculate in the Forex market to earn a profit. Let me share with you how it all works this ecosystem… You can see that the central banks are the largest, followed by major banks like Deutsche, Goldman, JP Morgan, and whatsoever.
On top of it, they also have connections to market makers and ECN brokers. This is how the ecosystem work. Banks would communicate with your own retail brokers, commercial companies or investment funds.
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It does not mean that they will dabble in all three categories for the banks. May or may not depend on how your broker established their trading system. Further down the food chain is where you have your retail market makers, the brokers, the ECNs. They put hedge funds and commercial companies at the same level.
Last but not least is retail traders who trade the FX market. The market is open 24 hours a day, 5 days a week and despite different time zones, trading can occur at any given time, from anywhere. Before Nigerian traders can participate in Forex Trading, there are a few steps to take before executing that first trade. The first is a basic understanding of the common terms that are used in Forex Trading, these are:. After understanding some of the basic terms, Nigerian traders will need to develop a trading plan that represents a guideline according to which they will trade, keeping certain factors in mind.
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These factors include:. There are numerous brokers that cater for a variety of traders depending on trading styles, trading needs, preferences, and several other factors. But despite this, there are several factors to consider when evaluating brokers, these are:. Choosing the right broker may be tedious as Nigerian traders will have to compare several, narrowing their list down to a few followed by in-depth comparison.
Brokers facilitate the execution of trades by offering trading platforms that are either provided by third-parties, or by the broker itself through the provision of a proprietary in-house trading platform. Trading activities cannot be conducted in a random and chaotic manner as this will lead to inconsistency and undisciplined trading that may lead to the incurrence of substantial losses. Nigerian traders need to research and evaluate different trading strategies which they can apply to their trading activities.
Instead of jumping between various strategies, it is imperative that Nigerian traders identify a trading strategy and spend time getting to know it back to front, and eventually adapting it by using technical indicators and other tools to suit their needs even more proficiently. And with good reason. Over 3 decades ago Raghee cracked the code for finding the strongest trends. How does she consistently catch the strongest trends? With her step-by-step trend following formula and her proprietary tools. Consistent results like that are almost unheard of.
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