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19.01.2016 Feature Article

Your First Step To Becoming A Forex Trader In Ghana

Your First Step To Becoming A Forex Trader In Ghana
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It is true that anyone can became Forex Trader and take advantage of the world’s most liquidated market with over 5 trillion USD Daily. However like a good Fisherman you need not just to know where the fishes are but also how to fish. Growing up as young boy I was told how my father had an eye for spotting a zone to fish. With a fisherman father he grew up learning all those tricks and his second most cherished skills swimming. He once told me a ‘fisherman who can’t swim is like a fish who hates water”

The life of a fisher man is like that of a Forex Trader learning and acquiring all the needed skills to cash up on your trade. If you are going to invest all your hard earned money into currency trading, then you must as well be ready to learn how to trade or find the needed information to make money. In a technological era everything is possible including learning on your own with a vest resource online. But it is advisable that with all your findings you still get a mentor to walk you through the path of finding gold. It may be very tempting to dive in, but also a sure way to lose all your capital. So what do you need?

First you need a Broker:

The first step to Forex trading is to find a reputable Broker who will not just safe-walk you to the market but offer you good trading conditions. You will want to practice first before going real; this is not like jumping the gun but a right start to know your Broker. Knowing your Broker gives you a real treat to the world of Forex, no frustration on changing spreads, no slippages and all the other stress broker related issues. Make sure to read or find out feedbacks from other people trading and why they are using a particular broker. In Ghana few Brokers exist offering demo accounts or practice accounts this is a sure way to road test before committing real money. It’s true sometimes you don’t get to see the real deal during demo trading but if you look well you will see. I have tried at least three Brokers and one stands out both in demo and live comparing spreads and commission charges. Futurepip has the lowest spread level ever with no commission charges, slippage is not an issue with their platform and regulated too.

Learning the Basics

It’s important to know the basics of every filed and market, will be forex traders must find time to learn the basics. Learn definitions, but more importantly what they really mean and not what someone said or is saying. Things like currency pairs, pips, spreads and all the other basic terms have a lot more to know. Stop loss and take profit is like knowing the traffic light and its signals to a driver. Use a demo account to know all these things, but avoid the temptation of using Real or Live account.

Learn and understand the two forms of Analysis

Analysis in Forex trading it’s a real master key to cashing on this market, like a Fisherman it tells you where to fish, what to use and how to go about it. The fundamental and technical form of analysis should be what every newbie should know before jumping on board a live trade. Well it’s time to go live once you feel comfortable at this point, remember basics is all one need to became a successful trader.

Michael Lamptey
Michael Lamptey, © 2016

The author has 15 publications published on Modern Ghana.Column: MichaelLamptey

Disclaimer: "The views/contents expressed in this article are the sole responsibility of the author(s) and do not necessarily reflect those of Modern Ghana. Modern Ghana will not be responsible or liable for any inaccurate or incorrect statements contained in this article."

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