Forex trading companies in ghana accra

Place an order for your 1st trade. Ghana Forex Trading Strategies The next step is to develop a profitable trading strategy to improve your odds of trading successfully. Your choice of strategy can depend on how experienced you are, your personality and how much time you have to devote to trading.

Here are several popular strategies that have yielded positive results for some forex traders: Scalping: traders using this strategy aim to profit from very short term market fluctuations. They quickly enter and exit the market to capture a few pips each time. Day trading: cay traders use a variety of strategies but generally close out all positions by the end of each trading session. This allows them to avoid the additional risk involved in taking positions overnight. Trend trading: trend traders take a long view of the forex market looking primarily to follow extended directional movements called trends so they often take overnight positions.

They aim to profit by establishing positions that follow the trend and closing out those positions when the trend ends. News trading: news traders aim to profit from the notable volatility seen immediately after the release of major economic or geopolitical news. Swing trading: swing traders typically use momentum indicators to buy when the market is low and sell when it is high.

Since this strategy lacks time constraints, swing traders sometimes take positions overnight. The next step will be to verify your details for the trading account to be activated. The platform allows you to trade up to 50 forex currency pairs, as well as numerous financial instruments. To start trading on the platform you have to register for an account. Upon signing up for an account you can access the eToro proprietary trading platform on the web and features its own mobile application.

Furthermore, it charges zero commission on trading. You can trade over 50 currency pairs using any of the 12 trading platforms. To begin trading on HotForex, you must register for a trading account. HotForex offers six types of trading accounts that cater to different types of clients.

Furthermore, the forex broker does not charge any fees for deposits. Founded in the platform offers both ECN and standard accounts as well as an impressive knowledge base. The platform offers a wide range of trading instruments and multiple currency pairs.

To register on the platform you will have to input your personal details. Forex trading has become a popular and alternative investment vehicle for many Ghanian citizens. According to reports, there is an increasing number of Ghanian traders on international forex platforms, trading in portfolios worth millions of US dollars or the equivalent in other foreign countries.

The bulk of the trading is done by individuals with most trades occurring on international platforms since none exist in Ghana. Presently, there is no regulatory framework or legislation that covers forex trading in Ghana, and therefore, traders can only participate in the foreign markets using forex brokers that are domiciled abroad. However, the Securities and Exchange Commission SEC with consent from the Bank of Ghana, came up with a new initiative that would legalise foreign exchange trading on local platforms in The new initiative would all enable institutions to be licensed as dedicated forex market traders, and trade in forex using domestic forex platforms.

The SEC predicts the new initiative will ultimately help to strengthen the cedi by keeping the foreign exchange, that traders in Ghana were trading on foreign markets, within the country.

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