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Australia Forex Trading 2018 Guide
What Is Forex Trading?
Foreign exchange trading (Forex trading) is trading on the worldwide currency markets. Over AUD $6 trillion is traded each day on forex markets with one currency exchanged for another by currency traders. A forex deal can be a currency exchange at a bank or an airport foreign exchange teller but forex trading also involves using leverage.
How To Trade Forex
To trade currency markets there is the requirement to select a forex broker and associated forex trading platform to suit their needs. Traders then select the currency pairing they want to trade such as the AUD/USD where the rate display indicates the number of Australian Dollars one US dollar can purchase. Traders can purchase USD and if the value of that currency rises against the AUD they make a profit after closing the order. If the Australia dollar rises in the same transaction they will lose money. The amount needed to start trading forex depends on the foreign exchange broker and can start at $100.
The three elements needed when trading forex are:
The forex broker
The forex trading platform
A solid forex trading strategy
How to open a forex trading account
Most individuals new to forex trading will open a trial forex trading account which requires no funds and limited personal information. This provides a risk free environment to try currency trading. A trial account can be upgraded to a live account or a new live account can be opened. This requires detailed personal information (required to avoid money laundering) and funding of the account which varied by forex broker.
It’s worth reviewing the funding options and minimum deposit requirement to make sure the forex broker suits your preferences. The forex broker will provide you a forex trading platform which will either require a download to your PC/Mac, a download of an app or a web-based environment.
Which forex trading platform is the best?
When currency trading there are three forex trading platforms options to view charts, news and make trades. These are the:
MetaTrader Trading Platforms
cTrader Trading Platforms
Propriety Trading Platform
cTrader Trading Platforms
Propriety Trading Platform
