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Training 1,000 Youth In Digital Finance For Free
The financial market globally has seen one of the most dramatic changes in regards to the insurgence of technology over the past decade after the last financial depression in 2009. The global market is currently seen to have opened up to digitalisation, thus opening up to everybody to play fair as compared to in the 70’s when it was just governments and big financial institutions which could indulge in it. The adaptation of these new innovation and technologies on the market has not been very smooth as governments all over the world are still adjusting to the pros and cons of these developments. The African economy is suffering the most as it’s struggling to keep up with these innovations due to lack of proper systems to back these technologies and support such innovations. It is paramount to emphasize that the next decade would have the world running on robotics and automations, making human labour force a thing of the past. Banks in Africa are fast moving onto the online banking systems, applications that are removing the need for customers presence at banking halls. The digital economy has become the new norm and at a disadvantage to the Labour force. FOREX Trading, a non starter for most Government undoubtedly stands out to be a growing interest in the African financial economy currently. As a digital financial instrument, the sector possess enormous amount of career and financial opportunities. The African youth is gradually gearing towards an alternative career path looking at the unemployment situations in the region. Appropriately, 15% of the 1.26billion population of Africans is said to be engaged in the digital financial market, a current report by Forbes indicated Africa’s adoption of bitcoin (cryptocurrency) is the highest globally with Nigeria leading the chart, an intriguing data that needs further survey. Ghana’s Security and Exchange commission and the Bank of Ghana have acknowledged the importance of these digital innovations especially the blockchain technology . An article released by Bank of Ghana indicated its interest in the blockchain technology and its preparedness to adopt the technology to improve the nation’s payment systems. They also buttressed this point by promising to make currency trading their priority. Ghana currently is among the African countries with plans of introducing a digital e-coin to back it fiat currency CEDI to stability and to properly compete on the global market, a step in a right direction. As the country’s economy is opening up to new innovations, there is the need for the Labour force to meet this opportunity with the relevant technical know how and preparedness in the digital financial market. It is in this light that the WOMEN IN FOREX GHANA, a team of financial market trading experts and analysts is collaborating with other Forex brands such as Lolyfx, African financial Traders organisation and Geldex Invest to put together educational conferences and trainings to introduce 1,000 youth in online trading : The trainings are going to be done across the regions, the 1st training session commences in February dubbed: LOVE IN THE MARKET SERIES. This is a 2day lecture with a charity ball that targets to donate to 3 charity organisations namely: Maternalright Ghana, Menarche-Pad a girl project, Coverme worldwide. Geldex Invest, and indigenous brokerage firm located in Accra that is pioneering the use of the local currency Cedi is the main sponsor of this training. Women in Forex Ghana with these collaborations aims at raising professional online traders and transparency standards on the financial market. The organisation hopes this serves as the beginning of great impact on our unemployment situation and encouragement for upcoming/enthusiastic financial experts to work prudently The overall objective of this project aligns with the goals of the United nation’s Sustainable development Goals(SDGs):Education,employment, empowerment, poverty eradication etc. The financial market globally has shifted from the traditional commerce to ecommerce and it’s about time that our education follow suit. We have no other choice but to change our money Game
Why consider forex trading as your next investment move
A hard reality of our current situation is that at the time of writing this article, if you did a dollar conversion of your salary in Ghana as of January 2022, it’s safe to say you’ve been hit with a 50% salary cut, if not more; and it won’t stop there. Troubled? You should be. If you’re reading this article, you’re most likely particularly interested in Online Forex Trading, or are simply like many looking for an alternative investment. As the world teeters on the brink of economic catastrophe, with economists anticipating another global economic recession a little over 10 years after we came out of one, institutional investors, businesses, households and everyday people are frantically searching for alternative investments. Forex investment has a lot to offer all kinds of traders, from beginners to professional traders; and in this article Geldex explores the five most compelling reasons why you must consider Online Forex Trading as your next investment move. Global Economic Hedge With Global economic activity experiencing a broad-based and sharper-than-expected slowdown, inflation has been higher than expected in the aftermath of lingering effects from the COVID-19 pandemic, Russia’s invasion of Ukraine, the rising cost of living, and tightening financial situations. These are all weighing heavily, especially in the face of global growth being projected to slow from 6.0% in 2021 to 2.7% in 2023 – a record low since 2001. This comes with attendant inflation – forecast to rise from 4.7% in 2021 to 8.8% by the end of 2022. The IMF has warned: “The worst is yet to come, and for many people 2023 will feel like a recession”. As Ghana engages in Debt Restructuring with the International Monetary Fund, government securities, including Treasury bills and bonds – previously regarded as an all-safe, risk-free investments – are most likely to lose a large aspect of that safety and protection from risk. Now more than ever, in the present economic situation Forex Investment has become an absolute necessity to guard against financial shocks, missing out on high-potential opportunities, and to hedge against inflation. The currency market allows you to invest in Forex by trading currencies based on how you perceive their relative values will change over a period of time. Depending on which direction you believe a particular currency is headed, you can speculate or project both ways; either long or short. After having gained enough experience, you can allocate your risk across the currencies of several countries; allowing you to profit from changing global macroeconomic conditions. A level playing field Online Forex Trading was previously reserved for multi-national corporations, banks, financial institutions, and very wealthy investors. With prevalence of the Internet and technological advancements, Forex trading companies and proprietary currency trading platforms, this investment opportunity is now open to everyone willing to invest. The same technologies that have made online forex trading possible are the same ones that have made information freely available. In addition, unlike other capital markets, the news that drives currency prices is available to everyone on a real-time basis. Unlike stocks, bonds and even commodities which can many times be influenced by proprietary information held by insiders and key stakeholders of those assets, control of the currency market is much less centralized – and thus far less influenced by insider information, if ever. This aspect of online forex trading makes it one of the most transparent markets for trading. Knowledge is indeed power, and today’s information technology provides it in abundance. The speed at which technological advancements have ensured news travels across the globe means that someone investing in Forex can monitor their open positions from anywhere on the globe, and can react just as swiftly as a professional trading from the very centre of it in New York, London or Tokyo. Resources previously available only to large financial institutions are now open to all who may be interested in Forex investment. This means you can do your own analysis of events that influence a country’s economic health and actual monetary flow, which are the elements driving and impacting currency valuations. Thus, the online forex trading market cannot be controlled by one person or a few individuals and institutions. Considering how incredibly complex the online forex market can be, coupled with the myriad of influences (both macro and micro) they are subject to, everyday people investing in Forex are now better-positioned than they have ever been to take advantage of information and use it to manage their capital profitably. Volatility In simple terms, volatility refers to the price fluctuations of assets. It measures the difference between the opening and closing prices over a period of time. When looking to invest, many people tend to gravitate toward more stable options – such as the Real estate market, which is largely viewed as a solid investment market. But who says volatility has to be a bad thing? In actual fact, when a market moves frequently it creates an avenue for many opportunities to make strong gains within a relatively short period of time. Warren Buffet was once quoted as saying: “Look at market fluctuations (volatility) as a friend, rather than an enemy”. The volatility of currencies is influenced by a number of factors, including but not limited to: The economic stability of a particular country Global economic happenings as a whole Political news, events and policies (e.g., interest rate fluctuations, currency revaluations, political upheavals, trading sanctions, monetary policy changes, trade deficits, tax changes, import restrictions, etc.) Trade deals, etc. On any given day, Forex markets can move between 50-100 pips on a major currency pairing, allowing investors to cash-in on poor-performing assets or seize upon potential opportunities that present themselves. Regulation Forex Market regulations refer to the rules, laws and guidelines that Forex Trading Companies or brokers operating within the Online FX Trading space must abide by. They extend to the continuous oversight and enforcement of these rules. Forex Investment is well regulated by several bodies across the globe – including CYSEC (Cyprus Securities and ...
Three public universities to benefit from FX trading programme
The Founder of Women in Forex (FX) Trading-Ghana, Gifty Annor Sika, has indicated that under the ‘Elevate Ghana Forex Project’ the University of Ghana, University of Cape Coast (UCC) and Valley View University have been selected to benefit from a free forex trading programme this year. The training programme is aimed at introducing the students to the FX trade, equipping them with basic skills and developing their interest in this very lucrative niche market which could serve as a side-job for them even while in school. According to her, FX trading is quite a complex space that requires some level of education and intelligence to manoeuvre. Therefore, tertiary students are better-positioned to comprehend the process and learn the trade faster; hence the decision to involve them. In addition, she emphasised that this year the Elevate Project – which has an objective of training more than 1,000 youth across the country – has selected these three universities as well as three other regions, Volta, Eastern and Northern, as beneficiaries. “The Elevate Ghana Forex Project’s main objectives are aligned with the Sustainable Development Goals (SDGs), and this year as we seek to reduce the inequality gap we are training 1,000 youth across three regions and three universities, as well as some national service personnel. Basically, our idea is to teach, create value and give back to charity,” she said. The Elevate project is the first-ever forex trade training exercise put together in this country to demystify myths about the forex market and digital finance sector as a whole. It also aims at bringing to hand the enormous career and financial opportunities the sector bestows. Touching on the FX market’s worth and opportunities, she said: “The forex market is very liquid and is currently the most liquid financial sector in the world. Last year, it had US$1.26quadrillion revenue and in daily volumes it had US$1.6trillion. If the whole Ghana decided to trade in the FX market, all things being equal everyone would earn US$2,000 daily. “This is how much liquid the trade is, and it is an advantage for the unemployed graduates. Sometimes, people come into this space and because they want quick money they do not learn the trade well – and so end up losing their money to fraudsters and then complain that FX is a scam.” She made these remarks at the inaugural ‘Love in the market’ charity ball and dinner, organised by Forex GH in collaboration with LolyFX and Blooming Trading Limited to raise funds for charity projects. The proceeds will be donated to three charity organisations – Maternal Right Ghana, Menarche Pad a Girl Project, and Coverme Worldwide. Speaking as the guest of honour, Mayor, Capital Garden City of Belmopan Belize, Central America, Her Worship Mayor Sheron Palacio, commended the organizers for having women empowerment at heart, adding that she is very excited to see Accra appoint a female mayor for the first time. “I always say that Africa is my home and any time I come to Africa I feel at home. I am calling on all Africans around the world to make the effort to always visit home and help in development of the continent. Women and girls in Africa need empowerment to unearth their talent and do great things,” she said. Furthermore, she touched on her upcoming conference – the ‘She for She Champions World Summit’ – which aims at bridging the gender equality gap, in line with the Sustainable Development Goals (SDG-five). ding (digital finance) programme this year under the Elevate Ghana Forex Project. The beneficiary universities are the University of Ghana (UG), University of Cape Coast (UCC) and Valley View University (VVU). It seeks to train 1,000 youth in digital finance from these tertiary institutions and three other identified regions The training, an initiative of Women in Forex (FX) Trading Ghana, is aimed at introducing students to forex trade, equip them with the basic skills and develop their interest in the market which could serve as a part-time job for them while in school. The charity ball The Founder of the Women in Forex Trading Ghana, Ms Gifty Annor Sika, made this known at a charity ball and dinner held in Accra last Sunday. The event was organised by Forex Ghana, in collaboration with LolyFX and Blooming Trading Limited, to raise funds for charity projects The proceeds are expected to be donated to three charity organisations which consist of Maternal Right Ghana, Menarche Pad a Girl Project, and Coverme Worldwide Ms Sika said digital finance was quite a complex space that required some level of education and intelligence to manoeuvre. As a result, she said tertiary students were better positioned to comprehend the process and learn the trade faster, hence the decision to involve them She noted that this year, the Elevate Project which had an objective of training more than 1,000 youth across the country, had selected those three universities as well as three other regions -Volta, Eastern and Northern as beneficiaries. “The project’s main objectives are aligned with the Sustainable Development Goals (SDGs) and this year as we seek to reduce the inequality gap, we are training 1,000 youth across three regions and three universities as well as some national service personnel. Basically, our idea is to teach, create value and give back to charity,” she said. The project The project aims to bring to bear the enormous career and financial opportunities the sector bestows. “The forex market is very liquid and is currently the most liquid financial sector in the world. Last year, it had $1.26 quadrillion revenue and in daily volumes it had $1.6 trillion. If the whole of Ghana decides to trade in the digital market, all things being equal everyone will earn $2,000 daily, she said. “This is how much liquid the trade is and it is an advantage for the unemployed graduates. Sometimes, people come into this space and because they want quick money, they do not learn the trade well and end up losing ...
1,000 Youth to train in digital finance
Three public and private universities have been selected to benefit from a free forex trading (digital finance) programme this year under the Elevate Ghana Forex Project. The beneficiary universities are the University of Ghana (UG), University of Cape Coast (UCC) and Valley View University (VVU). It seeks to train 1,000 youth in digital finance from these tertiary institutions and three other identified regions The training, an initiative of Women in Forex (FX) Trading Ghana, is aimed at introducing students to forex trade, equip them with the basic skills and develop their interest in the market which could serve as a part-time job for them while in school. The charity ball The Founder of the Women in Forex Trading Ghana, Ms Gifty Annor Sika, made this known at a charity ball and dinner held in Accra last Sunday. The event was organised by Forex Ghana, in collaboration with LolyFX and Blooming Trading Limited, to raise funds for charity projects The proceeds are expected to be donated to three charity organisations which consist of Maternal Right Ghana, Menarche Pad a Girl Project, and Coverme Worldwide Ms Sika said digital finance was quite a complex space that required some level of education and intelligence to manoeuvre. As a result, she said tertiary students were better positioned to comprehend the process and learn the trade faster, hence the decision to involve them She noted that this year, the Elevate Project which had an objective of training more than 1,000 youth across the country, had selected those three universities as well as three other regions -Volta, Eastern and Northern as beneficiaries. “The project’s main objectives are aligned with the Sustainable Development Goals (SDGs) and this year as we seek to reduce the inequality gap, we are training 1,000 youth across three regions and three universities as well as some national service personnel. Basically, our idea is to teach, create value and give back to charity,” she said. The project The project aims to bring to bear the enormous career and financial opportunities the sector bestows. “The forex market is very liquid and is currently the most liquid financial sector in the world. Last year, it had $1.26 quadrillion revenue and in daily volumes it had $1.6 trillion. If the whole of Ghana decides to trade in the digital market, all things being equal everyone will earn $2,000 daily, she said. “This is how much liquid the trade is and it is an advantage for the unemployed graduates. Sometimes, people come into this space and because they want quick money, they do not learn the trade well and end up losing their money to fraudsters and then complain that digital finance is a scam.” Women empowerment The Mayor of Capital Garden City of Belmopan Belize in Central America, Sheron Palacio, who was the guest of honour at the event, commended the organisers for supporting women. She said she was also excited to see Accra appoint a female mayor for the first time.
Launching the ‘Charity Ball’
Women in Forex Ghana in partnership with Geldex Invest, Lolyfx and Blooming Trading Limited, has launched an ‘Elevate Ghana Charity Ball’ programme as part of its initiative to train over ten thousand (10,000) youths in digital finance by 2030 and to raise funds for other charity programmes. In the intervening time, the President of Women in Forex Trading Ghana, Ms Gifty Annor Sika Asantewah, disclosed that the training will introduce students across three selected tertiary institutions in the country to forex trade, equip them with the basic skills and develop their interest in the market which could serve as a part-time job for them while in school. Three public and private universities have been selected to benefit from the free forex trading (digital finance) programme this year under the Elevate Ghana Forex Project. The beneficiary universities include: the University of Ghana (UG), University of Cape Coast (UCC) and Valley View University (VVU). One thousand students (1,000) are expected to be trained in this year from these tertiary institutions and three other identified regions namely: Volta, Eastern and Northern. The Youths to Take Advantage of the Industry “The forex market is very liquid and is currently the most liquid financial sector in the world. Last year, it had $1.26 quadrillion revenue and in daily volumes it had $1.6 trillion. If the whole of Ghana decides to trade in the digital market, all things being equal, everyone will earn $2,000 daily. “This is how much liquid the trade is and it is an advantage for the unemployed graduates. Sometimes, people come into this space and because they want quick money, they do not learn the trade well and end up losing their money to fraudsters and then complain that digital finance is a scam.” – Ms Gifty Annor Sika Ms Gifty Annor Sika averred that Forex trading is extremely tough and needs great mental qualities such as patience, discipline, perseverance, to name a few to be consistently profitable. As such, she noted that the Elevate Ghana Forex Project will offer great trading tools that will help the participating youth to improve their trading knowledge to become better traders. As a result, she opined that “tertiary students are better positioned to comprehend the process and learn the trade faster, hence the decision to involve them.” The Forex guru explained that the participants will be taught to master over 3 emotions namely: Fear, Greed and Hope. She emphasized that these skills can only be mastered through years of experience trading in market for years in all conditions and learning from the experienced traders. She thus, indicated that experienced traders and experts will be engaged to train the participants. Ms Annor Asantewah noted that the proceeds from the programme will be donated to three charity organisations which consist of Maternal Right Ghana, Menarche Pad a Girl Project, and Coverme Worldwide. The Mayor of Capital Garden City of Belmopan Belize in Central America, Sheron Palacio, who was the guest of honour at the event, commended the organisers for supporting women empowerment.
WIF targets $5,000 for deprived communities
By Julius K. SATSI, Accra The Women in Forex (WIF) Ghana with its partners have expressed optimism towards raising US$ 5,000 to support the needy in deprived communities through its Elevate Ghana Forex project. The fund, raised through benevolent individuals, will help train 1,000 youth in Forex through the “Elevate Ghana Forex” project and support the needy in deprived communities across the country. The Elevate Ghana Forex project is the initiative of the WIF Ghana to educate young people in forex trading and help alleviate unemployment and poverty. The Founder and President of WIF Ghana, Madam Annor-Sika Asantewah disclosed this during the maiden charity ball held in Accra at the weekend. She said the fund, which is expected to be generated from February to September, would be disbursed through a project and two non-governmental organisations (NGOs) to help the deprived communities She said the funds raised would be disbursed through Menarche-Pad a Girl project to help alleviate menstrual poverty – a situation where girls practice poor hygiene during menstruation. The two NGOs include Cover Me Worldwide to help children gain skills in reading ability and Maternal Right Ghana to help women and children during child delivery. Madam Asantewah urged benevolent individuals to donate towards the fund, which would help most youth out of employment through free forex trading for the 1,000 youths, targeted in three universities across the country – University of Cape Coast, Valley View University and the University of Ghana. She said the organisation intends to send the “Elevate Ghana Forex” project to the Volta, Northern, and Eastern regions. She said calls had come to extend to the Ahafo region, which it would consider in subsequent years since the project is an annual one. The Mayor of Belmopan in Belize, Central America, Her Worship Mayor Sheran Palacio, who graced the occasion, urged Ghanaians not to abandon trades and traditions of the older generation in the quest to go after modernity. She said Ghanaians and Africans must not relent on tilling the soil as it hungers to give humanity its produce As the first female Mayor in her country, she advised young females to take education seriously because it has the power to transform their lives, opening them to the numerous opportunities that exist. The Chief Executive of Loly Fx, Ms Ruth Ofori said: “forex trading is not for the faint-hearted” but was quick to add that it is the aim of the Elevate Ghana Forex project to help the youth to gain a fundamental understanding of the forex market. Ms Ofori, who is a Forex facilitator with the project said, many Ghanaians are now getting to know and appreciate the dynamics of forex trading, unlike previous years. She said: “People are broadening their horizon on forex trading and trying to know what it entails and how they can go about to make some money.”
Concerns Over Inflation and Other Economic Indicators Impacting the Ghana Stock Market
A Financial Advisor to Geldex Invest, Ms Gifty Annor-Sika Asantewah, has bemoaned the slow start of performance of the Ghana Stock Exchange in 2022, noting that the rising level of inflation, depreciation of the cedi and other economic indicators are badly affecting the performance of the Ghana Stock Market. According to the analyst, the stock market has gone through some challenges in recent years but managed to bounce back last year. However, she observed that 2022 has not started as predicted, which can “partly be blamed on the pandemic and declining confidence of investors.” “Many markets are under distress due to the pending pandemic that slowed investment. As such, that may be just one of the reasons why trading activities declined in the first few months of 2022… That being said, the Ghana Stock and investment terrain for past few years has gone through some dramatic scrutiny that has left some investors overwhelmed with low market confidence and trust.” – Annor-Sika Asantewah Miss Annor-Sika however, explained the reason why some major stocks such as: Fan Milk LTD, MTN Ghana and others that performed brilliantly last year, 2021, are now struggling this new year 2022. “Investors are more likely to purchase or trade stocks if they feel or are convinced the stocks or the market instrument will increase in value in the future. Currently, few stocks such as, SIC Insurance Company PLC and others are doing relatively well, while others like MTN Ghana, Fan Milk Limited, Unilever and some banking stocks are not doing well…Looking at the statistics, foreign investors holdings on equities market dipped. The Ghana Stock Exchange’s report on fund managers holdings for February showed that foreign investors contributed 82.0% of equity market trades as of end of February 2022 in comparison to 86.6% for the same period in 2021. Concerns over inflation, depreciation of the cedi, high interest rates, and other economic indicators is gradually driving foreign investors away from the Ghanaian stock market. These indicators affect how money is spent by investors. They [investors] are making certain ‘safer’ investments a more attractive alternatives to stocks.” – Annor-Sika Asantewah Slow Level of Technology in GSE The financial advisor expressed worry over the slow level of technology being adopted by the Ghana Stock Exchange. She noted that the Ghanaian equities market is behind when it comes to technological advancement. “The impact of disruptive technology on capital markets is as significant as fire was to the cavemen. In fact, technological progress in capital markets offer investors the opportunities to boost flexibility, scale efficiencies and reduce complexity in how the market operates. It is time that leaders in the industry embrace new-age technologies which are further going to transform the Ghanaian capital markets ecosystem in the upcoming years. Stock markets are embracing new technologies and innovations. Many are shifting from the conservative stock market trading to digitalization which the Ghana stock exchange is yet to embrace. I hope that the market expands to other innovative instruments beyond just stocks, shares and bonds to attract more traders and investors.” – Annor-Sika Asantewah Miss Annor-Sika observed that investors are gradually changing tastes in regards to trading activities, types of stocks to indulge and how it should be done. She thus, predicted that the performance of the Ghanaian stock market might further plummet in the coming weeks and months. “Frankly, the performance of the Ghanaian bourse might worsen due to the uncertainties facing our monetary and fiscal policies this year coupled with increment in taxes. Unfortunately, the cedi is on a downward spiral and thus, eroding investors confidence.” – Annor-Sika Asantewah Miss Annor-Sika moreover, sided with Bloomberg Africa’s prediction that the invasion of Ukraine by Russia is likely to further hurt Africa’s coronavirus ravaged and fragile economies through fiscal constraints, weaker investment flows and higher costs. The pronounced challenge, she noted, will have implications on inflation in the country. Meanwhile, the Ghana Statistical Service (GSS) announced that inflation has accelerated to 15.7% in February 2022 compared to 13.9% in January.
Aftermath Of Russia-Ukraine War On Africa’s Economy
Trademap, the WTO’s international trade database estimated that Africa imports seven times more goods from Russia than it exports to the African continent. In 2020 alone, Africa imported $12.4billion worth of goods from Russia as compared to the $1.6billion worth of goods bought from them. With this, it is evident that a striking trade deficit of more than $10 billion already exist, toppling with the insurgence of the ongoing war, poses a bigger threat to the emerging African Economy. Even though Russia holds only 2.4% of the Africa’s market share against 19.6% for China- the continent’s largest trade partner – the effect is going to be enormous as the continent depends solely mostly on importation. Africa depends on Russia for the importation of cereal which amounts to 30% of overall cereal imports, especially wheat which alone accounts for about 95% of cereals imported into the continent. Africa buys mineral fuels such as coal, oil products, gas from Russia and these account for 18.3% of the total imports. Overall, volumes of goods traded stood at $14.8billion as at 2020. There has already been a decline in trades between 2019 and 2020 due to Covid-19 which has affected global trade immensely. Data indicate that between Africa and the rest of the world, trade fell by 14% to $900 billion in 2020. With Russia as a major producer of commodities such as oil, gas, wheat, and aluminium, the sanctions against them and market concerns about the War’s disruption on supply chain, have definitely caused commodity prices to soar. First pronounced effect will be the surge in global commodity prices, particularly for oil, gas and wheat, Georgieva Dietz said. Brent crude has whipsawed to all-time high in the last 12months to $110/bl, signaling an over 80% price jump Heightened energy prices will be felt most severely in transport and utility cost including gas, electricity and other fuel like kerosene, indicated by Renaissance Capital bank of Moscow. The disruption of the supply chain as earlier mentioned coupled with sanctions against Russia will drive commodity prices high and inflation will sky rocket. This will hit households spending, investment and also raise the risk of social unrest. Surging commodity prices will also create winners and losers across Africa and the world. African countries most vulnerable to the War are those that import huge shares of cereal like Kenya, Nigeria, Tanzania, South Africa, and Egypt. Meanwhile in the area of energy, Africa’s importers like Ghana and Nigeria will feel the heat more due to their over dependence on the fuel importation from Russia, as the giant of the world’s largest exporter has been hit by various sanctions and faces a potential embargo. On the winning side, Nigeria is likely to benefit from the war as a commodity exporter as the supply constraint commodity price boom that began in 2021 will last longer, according to Renaissance Capital bank of Moscow. Major impacts on Africa As an Emerging economy, fuel tend to be the biggest import for the African Economy, so a price increase has a material effect on import bill, and by implication, the trade balance and current accounts. The war stands to cause a flare up in Africa’s debt. One of the key things noted is the backlog of lighter external financing conditions causing grave concerns about debt positions across Africa. Ghana is not at immediate risk of default as the country has not got much debt payable in the next few years. In a vote at the U.N. General assembly condemning Russia’s invasion, 28 African countries (51%) voted in favour, 17 abstained (31%) one voted against and 8 Countries were absent. This indicates the war will have diplomatic ramification on the continent. The war will tend to reinforce the trend and will imply pressure for Africa countries to choose sides The continent remains scarred by cold war segregation and will be a terrain where super powers play out their rivalries as seen with the recent resurgence of Moscow in Africa as Prof. Carlos Lopez of the University of Cape Town and the UN Economy Commission for Africa (UNECA) said. Reports on March 2nd also indicated that the war may disrupt the completion of a major steel project in Nigeria – the $8billion Ajaokuta steel plant – that has already been subjected to delays for 40years. While it’s still early days, the domino effect of the Russian War will no doubt trickle down to the African Economy, worsening the already struggling economies.
E-levy to Temporarily Cause Disruptions in the Stock Market- Analyst Predicts
Gifty Annor-Sika Asantewah, a financial analyst and advisor to Geldex Invest, has predicted that the eventual roll out of the e-levy will have surging consequences on the Ghana Stock Exchange (GSE) in the short run. According to the analyst, many local investors got caught in a bears trap at Ghana Stock Market since the government started the implementation of the e-levy, noting that investors should gear up for more bearish run, especially this week and the subsequent ones. “The announcement of the e-levy saw a bearish run in the telecommunication stocks, particularly MTN Ghana stocks few months back as investors sentiments dampened. Now if you watch the market, there is a surge in market activity as a result of the implementation of the electronic levy… In the interim, the stock market will suffer the more as investor will rush to avoid more liabilities by liquidating stock assets. “MoMo users are running to Mobile money operators and banks to cash out moneys to avoid exorbitant charges on transactions. This is definitely causing a panic and the telecom sector stocks will continue to go down till further notice.” Globally, all economies are fiercely pushing to find their feet in the digital ecosystem to broaden their technological and digital horizons to keep up with the ever-changing demands on products and services and in all aspects of the government and corporate world. -Gifty Annor-Sika Asantewah Miss Annor-Sika observed that though the e-levy did not have immediate impact on the nation’s biggest telecommunication stocksMTN Ghana, it might nosedive this week. “It is a bit surprising that the telecommunication sector stocks, particularly MTN stocks showed some unusual resilience in the first three days after implementation of the e-levy by recording no change in share prices. However, the increased in the trading activity means that it might be actually winding up for a big fall in the coming days. You can see that the MTN shares is currently priced at GH¢1.00. I am pretty sure it will fall below the 1 cedi mark in the coming days.” -Gifty Annor-Sika Asantewah The Cause of the Unusual Resilience of MTN Stocks The financial advisor to Geldex Invest, moreover, attributed the unusual resilience to the fact that because the issue of the e-levy was going on for months and weeks before it was finally implemented, investors were prepared and made decisions on what to do with their shares long before the implementation finally kicked in. “Another reason for the MTN Ghana shares not going down immediately after the implementation may be due to the long periods of the e-levy impasse. Most investors may actually took decision on their investment long ago. If you remember, MTN before the budget was read was doing well. It was one of the fastest growing stocks with share price of around GH¢1.80. But since the budget reading and the subsequent announcement of the electronic levy, MTN sector stocks plummeted to the current 1 cedi it finds itself. It is no coincidence that it lost over 70 pesewas in that short period. Profit taking Investors may have taken their profit long ago.” -Gifty Annor-Sika Asantewah Total Volume and Value to Decline Ms Annor-Sika added that the E-levy will cause a decline in the total volume and value of transactions since Ghanaians are not in favor of the tax. “Definitely, the total transactions will definitely go down. It is no coincidence that the revenue target from the e-levy was revised downward. Government knows this will happen.” Though the analyst was of the view that taxation forms a major part in government revenue mobilization, she stated that government should have listened to Ghanaians in this regard and look elsewhere to raise revenues. “Taxation is a legitimate way to enhance an economy, but the current rise in standard of living against stagnating wages and widening brackets of low income earners and downsizing makes the timing very problematic. “Auditor general revealed that $340million was lost to financial mismanagement, corruption, etc. Government should have looked at sealing those loopholes and other means of raising revenue.” -Gifty Annor-Sika Asantewah
Digital Finance and the Foreign Exchange Trading Industry: A Boom or A Doom To The African Economy?
According to Foresight Africa Series 2019, Africa contributed an annual revenue of $1.2billion to the capital market. This amount, in comparison to the global capital market revenue contribution, is abysmal. Despite the meager capital market contribution, Africa continues to dominate the world as the continent has the most youthful population in the world, the report says. The youthful population presents important opportunities for businesses in an environment of slow global growth. Africa has seen a paradigm shift in the frontier of business operations for the past few years, especially in 2020 during the pandemic Brouhaha. The continent is creating an entirely new developmental path harnessing the potentials of its resources and people, a report from World Bank Group highlighted. Most economies in the Sub-Saharan region swiftly gravitated toward digitalization, a dramatic push from traditional commerce to e-commerce, especially in the financial sector. Globally, all economies are fiercely pushing to find their feet in the digital ecosystem to broaden their technological and digital horizons to keep up with the ever-changing demands on products and services and in all aspects of the government and corporate world. Almost 45% of Africans are with smartphones and are on social media yet 85% of the population of 1.216 billion Africans don’t have any idea of what the digital finance industry and online trading is all about. Reports indicates that 85% of economies are adopting digital currency usage and blockchain technology. African countries like Ghana and Nigeria are frontiers in the digital currency movement. On the macroeconomic front, digital currency strengthens the control of governments over its currency, facilitates easy cross-border trading transactions, and enhances the formulation of macro and micro economical policies. Banks are fast drifting towards online banking operations, the digital economy has become the new order, and humans at this point are disadvantaged. It’s paramount to emphasize that robotics and automatic engineering are taking over human labour in the next few years looking at the fast adaptation of technologies the world over The big question is why are African governments shying away from the biggest financial industry in the world (foreign exchange market/online trading)? The Business and Financial Times in their 1st March 2022 report headlined “Regulatory dilemma makes bank of Ghana resolute against cryptocurrencies “, a statement that needs probing as it said a lot about the development of a country’s capital market. The digital finance industry mostly dominated by the foreign exchange market (online trading) is a non-starter in most African countries. Africa has been tagged as a lucrative destination for foreign investment. A report from forex suggests that even though the whole continent is dealing with economic challenges, growth has been quick and substantial. Could this be due to a lack of robust regulation framework, lack of technological know-how, or just conservative bias and fear of change? The Forex Industry released a report stating that the forex market in 2021 is worth $2.409quadrillion with 7.6trillion volumes of daily transactions. Experts say Africa represents the most exciting growth opportunity for international forex brokers. Brokerage firm such as Geldex Invest is leading the way by massively impacting lives through financial literacy training programmes across the regions in spite of the limitations in the region. Central banks intervene in the foreign exchange market in order to achieve a variety of overall economic objectives such as controlling inflation, maintaining competitiveness, or maintaining financial stability. The precise objectives of policy depend on factors including the stage of a country’s development, the degree of financial market development and integration, and a country’s overall vulnerability to shock. The dynamic of the foreign currency market and deals are quite intriguing as the market dwells on the volatility of securities and Financial instruments and is inherent in some measure of risk. Yet the market also presents interesting risk-return paradoxes that can make any economy profitable indicated by Leonard Oniriuba(Bank of Risk Management in Development Economies 2016). Although the broader market has experienced a variety of unexpected negative effects due to the COVID-19 pandemic and the Russian Ukraine war, the forex market has remained relatively unscathed. In fact, the volumes of trading increased due to the volatility the pandemic brought on. The increased volatility globally brought a huge amount of opportunities to forex traders. Banks of international settlement survey 2020 indicated the global gross domestic product (GDP) in 2019 amounted to roughly $142 trillion -meaning turnover of the forex market is almost 17 times larger. The forex trading market dwarfs even the largest stock exchanges in the world for example the National Association of Securities Dealers (NASDAQ) which has a daily volume averaging around $200 billion. Over 170 currencies and thousands of stocks, indices, derivatives, etc are traded online on the global forex market. Some forecasts such as IMARC group predicts a compound annual growth rate of 6% in the next 5years globally Africa is emerging as the new frontier for forex /online trading. With over 41 currencies spread across 51 countries, the continent broad retail and spot forex trading has enormous potential. Per the Bank of international settlement survey in 2019 on foreign exchange and over a counter market report, South Africa’s forex daily volume was $2.21billion with a total turnover for all forex instruments standing at $21billion. Nigeria’s daily volume stood at $314million whiles Kenya’s daily volume stood at 192.66million, thus making South Africa’s rand rank top of the traded currencies in Africa and 18th globally. Reports indicated that the retail forex and online market in South Africa rand rocketed from $14billion tog $21billion between 2013 and 2016 and this was attributed to impressive stands and liberal political views on forex matters. Unfortunately, the online trading and the blockchain technology industry is met with hostility in Africa as it throws governments of their control due to lack of proper fundamental grounding in the capital market. A robust regulatory and strict licensing regime with massive technical know-how is required to tap into this trillion-dollar industry which currently possesses the ability to save Africa from drowning in unemployment and ...
Digital finance, forex trade industry a boom or doom to the African economy?
Africa has seen a paradigm shift in the fronts of business operations in the past few years, especially in 2020 at the peak of the COVID-19 pandemic brouhaha. The African continent is creating an entirely new developmental path harnessing the potential of its resources and people, as highlighted by the World Bank Group report. Most economies in the Sub-Saharan region swiftly gravitated toward digitalization, especially in the financial sector. Globally, all economies are fiercely pushing to find their stands in the digital ecosystem to broaden their technological and digital horizons to keep up with the ever-changing demands on products and services and in all aspects of the government and corporate world. The digital economy thrives on technology or smart gadgets but whilst it is estimated that almost 45 percent of Africans are with smartphones and on social media, unfortunately, about 85 percent of the population of about a 1.216billion Africans have no knowledge of what the digital finance industry and online trading are all about. Africa has been tagged as a lucrative destination for foreign investment even though as a whole the continent is dealing with economic challenges; growth has been quick and substantial. It is emerging as a new frontier for forex /online trading. Per the Bank of International Settlement survey in 2019 on foreign exchange and the counter market report, South Africa’s forex daily volume was US$2.21billion with a total turnover for all forex instruments standing at US$21billion. Nigeria’s daily volume stood at $314 US million whiles Kenya’s daily volume stood at US$192.66million thus making South Africa’s rand rank top of the traded currencies in Africa and 18th globally. Reports indicated that the retail forex and online market in South Africa have high rocketed from $14billion to $21billion between 2013 and 2016 and this was attributed to impressive stands and liberal political views on forex matters. Unfortunately, the online trading and the blockchain technology industry are met with hostility in Africa as it throws governments out of their control due to a lack of proper fundamental grounding in the capital market. A robust regulatory and strict licensing regime with massive technical know-how is required to tap into this trillion-dollar industry which currently possesses the ability to save Africa from drowning in unemployment and cyber criminality. Why are African Governments shying away from Foreign Exchange Market/Online Trading? There is a big question that needs to be answered. Which is ‘why are African governments shying away from the biggest financial industry in the world (foreign exchange market/online trading)? The Business and Financial Times in publication on March 1, 2022, headlined ‘Regulatory Dilemma Makes Bank of Ghana Resolute Against Cryptocurrencies’, is a statement that needs probing as it said a lot about the development of the country’s capital market./p> The digital finance industry mostly dominated by the foreign exchange market (online trading) has been considered a nonstarter in most African countries. Could this be due to a lack of robust regulation framework, lack of technological know-how, or just conservative bias and fear of change? The Forex Suggest released a report stating that the forex market in 2021 is worth US$2.409quadrillion with 7.6 trillion volumes of daily transactions. Experts say Africa represents the most exciting growth opportunity for international forex brokers. Thank goodness for brokerage firms such as Geldex Invest and the likes operating in other African countries to massively impact financial literacy training across the regions despite the limitations in the region The central banks must innovate and move faster to find their feet in providing regulatory frameworks that will help the continent tap into this huge financial stream whilst it still flowing seamlessly Central banks intervene in the foreign exchange market to achieve a variety of overall economic objectives such as controlling inflation, maintaining competitiveness, or maintaining financial stability As Leonard Oniriuba, Bank of Risk Management in Development Economies 2016, rightly put it, the dynamics of the foreign currency market and deals are quite intriguing as the market dwells on the volatility of securities and financial instruments and is inherent in some measure of risk. Yet the market also presents interesting risk-return paradoxes that can make any economy profitable. What the Future Holds for African Economies Reports indicate that 85 percent of economies are adopting digital currency and blockchain technology. African countries like Ghana and Nigeria are frontiers in the digital currency movement. Banks are fast drifting towards online banking operations, the digital economy has become the new order and human involvement is at this point at a disadvantage It’s paramount to emphasize that robotics and automatic engineering are taking over human Labour in the next few years looking at the fast adaptation of technologies the world over Although the broader market has experienced a variety of unexpected negative effects due to the COVID-19 pandemic and the Russian Ukraine war, the forex market has remained relatively unscathed. The volumes of trading increased due to the volatility the pandemic brought on. The increased volatility globally brought a huge number of opportunities to forex traders. The Bank of international settlement survey 2020 indicated that the global gross domestic product (GDP) in 2019 amounted to roughly US$142 trillion -meaning the turnover of the forex market is almost 17 times larger The forex trading market dwarfs even the largest stock exchanges in the world for example the National Association of Securities Dealers (NASDAQ) which has a daily volume averaging around US$200billion. Over 170 currencies and thousands of stocks, indices, derivatives, etc are traded online on the global forex market. Some forecasts such as the IMARC group predict a compound annual growth rate of six percent in the next five years globally. Can we now say a great financial breakthrough found Africa in rather unsettling circumstances? Article by: Gifty Annor-Sika Asantewah, Financial consultant-Geldex lnvest.
How to Make Money From Forex Trading in Ghana
If you’re in Ghana, and are looking to earn passive income through an online source, trading the forex markets is a viable tool to enable you to make money online. Forex Trading, also known as FX trading or more commonly, currency trading, refers to the buying and selling of international currency pairs. As with any trading activity, the aim of Forex trading is also to make a profit, mainly by exchanging one currency for another with the expectation that the prices will alter in favour of one against the other. Currently, the fastest growing sector of the online FX market comprises individuals. Other major sectors include Securities dealers and large commercial banks (collectively referred to as the interbank market), smaller banks, hedge funds, and multinational corporations. Unlike other financial or capital markets, the forex market does not need a physical location to operate from, but rather via an electronic network of corporations, banks and individuals engaged in trading one currency for another. This makes it possible and convenient for forex markets to operate 24 hours a-day, five day a week across different time zones and financial centres. What makes this possible is the overlap in trading times of major sessions; hence the best way to make money online, working from home. The factors that contribute to the Forex market being the largest include the facts that it’s the most liquid market; has easy round-the-clock access; and low cost to partake and invest in. In addition, you can exit even more quickly when you take a plunge, and experience set-backs, which are occurrences that come with every trade. Below are pointers to help you earn money online from home in Ghana: 1. Find the right Forex Broker The importance of trading with a most trusted and reliable forex broker cannot be overemphasized. As you set out to earn money online through forex trading, look for a broker who is licensed and regulated in multiple jurisdictions, and offer good customer support. You should also find a broker who follows the rules of the industry, and has a track record of good trading practices. It’s important to ensure that your broker complies with the regulatory framework intended to preserve the integrity of the forex market. It’ll also be in your advantage to find a broker that offers competitive super-tight spreads like Geldex. Geldex Invest is licensed and regulated by the most leading financial regulatory authorities for international brokerage firms. Geldex also has the technology to ensure up-to-date platforms and market integration systems for clients, as well as strong order execution; ultra-low latency and minimal slippage courtesy of our customized, built-for-purpose advanced technology and dedicated servers. Additional features that make Geldex the best are: – Autonomous physical presence in Ghana – Easy Account Opening and Verification Procedure – Funding In Local Currency (GH¢) – Deposits And Withdrawals Through Mobile Money & Local Banks – Negative Balance Protection – Exceptional Customer Support (You’re Assigned a Personal Account Manager) – Great Promotions and Bonuses for You 2. Learn the basics of Forex Trading & Understand the Market Like any money-making venture there is, the Forex market has its own unique characteristics, and it is essential to learn the basics of the trade. For Forex trading, this ranges from acquiring knowledge of the operative terminologies to familiarizing yourself with the geo-political and economic factors affecting the currencies you choose to trade online in. In order to earn money from forex trading, the following are a few of the terminologies, you need to enhance your knowledge of: – Currency Pairs: It’s important to note that currencies are always traded in pairs (e.g., EUR/USD; GBP/JPY; EUR/AUD; NZD/JPY, etc.), and are further categorised into 3 major types- Major Pairs, Minor Pairs, and Exotic Pairs. The EUR/USD remains one of the most traded pairs in the forex markets, and for beginners, we highly recommend that you trade in major currency pairs which hold higher liquidity and narrower spreads such as the USD and the EUR. In effect, narrow or tight spreads translate into limited loss exposure for you. – PIP (Percentage in Point): This refers to the smallest unit of currency price movement. If you take a good look, you’ll realise currency pairs are always quoted with 4 decimal places. A pip is thus equal to 0.0001. In some rare cases, like with the USD/JPY pair, however, a pip is equal to 0.01 – Base Currency and Quote Currency: The currency featured on the left side of the currency pair is the base currency, whereas the quote or counter currency is featured on the right side of the currency pair. Hence, in our EUR/USD example, the EUR is the base currency, while the USD is the Quote currency. Bid and Ask Price: The Bid price is the buying price of a base currency, while the Ask price is the price for selling the Base currency. In practical terms, it is the price at which a Forex Trader wants to sell a currency pair for, and an Ask price is the price at which a Forex Trader will buy a currency pair at. Example EURUSD BID: 1.1500 ASK: 1.1502 The Bid price is always lower than the Ask price Spread: This simply refers to the difference between the Bid and Ask price. When you buy a currency pair, you’re in practical terms, buying the base currency and selling the counter/quote currency. The reverse applies when you sell a currency pair. Put more simply, the difference between the amount you need when buying a specific currency, and the amount you receive when selling it, is what is known as the spread. – Lots: Trading currencies takes place in Lots, with there being 3 types of lot sizes, based on the units; Micro Lot (1,000 units), Mini Lot (10,000 units), and Standard Lot (100,000units). – Fundamental and Technical Analysis: the skill to read and analyse the market, is a critical aspect of earning money online by trading the forex market. Whereas fundamental analysis ...
Facts to know about the most successful traders in Africa
Like most great things in life, there are truly few shortcuts to become successful in forex trading. But learning from someone who has the knowledge and expertise in advanced forex trading, definitely gives you a lot of leverage to succeed in advanced online currency trading. If you have started trading forex in Ghana only recently and want to ensure you do it right, then you have stumbled on the right article. One of the principles for achieving success in any area, is following those who have achieved success where you seek to, and in this article, we will share some facts and characteristics of the most successful forex traders in Africa, and hope you can imbibe them as well. Many of these characteristics are key traits that the most successful forex traders have used to master the market and generate consistent profits month in and month out. The Forex market is an ever-changing entity, where each day presents us with different and unique scenarios for trading the market. Therefore, to trade successfully, it’s important to understand that the forex market is fluid and very dynamic, and the question many ask when they begin this journey is what characteristics or attributes are needed to enable them stand a good chance at becoming successful and profitable independent forex traders There is no single formula that all successful forex traders use to ensure profitability on the forex market. Trading is both Art and Science, and the idea that success comes overnight could not be farther from the truth. It takes time to learn the ins and outs, manage your risk and refine your skills and yourself as a trader. That is how the best traders in Ghana and the world over, have done it 1- Begin with a plan in hand You have probably heard the saying “failing to plan, is planning to fail”. Your trading plan doesn’t need to be complicated; you can start by including basic guidelines like – Your Entry and Exit Level Triggers – Position Size – Stop Loss – Take Profit The most successful forex traders in Africa treat advanced online currency trading as a business; complete with plans, daily routines, schedules and obligations. Before you trade, it’s important to recognize the value of good preparation. Most successful businesses always begin their business journey with a good business plan; a formal statement revealing the goal of the business and the guidelines to reach those goals, without which achieving those goals will be difficult. The same applies to the business of advanced forex trading. Successful traders adhere to a set of guidelines to help them execute consistently profitable trades that will help them reach their income goals. This will prevent you from making decisions on a whim. Remember the saying “plan your trade, and trade your plan”. 2- Having Realistic Expectations Some traders may show off their rewards from forex trading, but won’t tell you about the years of effort they put in before they found success. The fact is that, like any other profession, becoming a successful forex trader takes time. The best Forex Traders in Ghana know that forex trading is not a get-rich-quick scheme. While some may see it as a sprint, the most successful forex traders in Africa see it as a marathon, with small rewards accumulating as the race goes on; not with the goal of becoming a millionaire overnight. Trading with high expectations of how fast you will make money is a bad start for any trader. Although the market can make some huge moves than you anticipate sometimes, you should not expect to invest $250 in your trading account, and make $1,000 each trade. If your goal is to double your money every day, it sounds great but it’s not realistic. A realistic goal must be attainable; within your current capabilities. The best realistic goals are short-term goals; make your first goal a small one, and then continue to increase your them as you experience success. The most successful traders stay flexible with their Take Profits, sometimes settling for less, if indicators show that’s all they can take out of the market at that moment. 3- Being Analytical Having an analytical mind is one of the most important facts about the best traders. This means being able to figure out some simple math quickly, understanding percentages, and calculating things like Risk: Reward ratios. The good news is that it can be learned if you don’t already have this. And once you have learned it, and practised it for some time, you are well on your way to becoming one of the most successful traders in Africa, and the world. Being analytical of the market also behoves on you to be analytical of your own performance. You can do this by keeping a record of your trades. At the end of each month, quarter or year, your trading account will most likely be in one of three main categories: your trades either made a profit over the period; were roughly break-even; or lost money. Irrespective of the category you fall into, keeping and reviewing a track record of your trades, is key to building on your strengths and working on your weaknesses. The best Forex traders in Ghana have used this to improve their performance and become successful. 4- Being Disciplined and Patient Discipline is crucial when you’re trading Forex. Our definition of discipline when it comes to advanced online forex trading is to determine your exit strategy even before you enter the trade. Discipline is also the ability to “pull the trigger” when your system indicates to do so. The market gives you infinite opportunities to trade and once you decide which position you’re taking, you should enter your stop loss and take profit orders. This also reflects the ability to be patient until your system triggers an action point. Good online traders are disciplined and patient, and trade as professionals. Becoming a successful forex trader requires strong discipline, and it ...
The Six Common Mistakes Forex Traders Make
The Online FX Trading world can be full of unpleasant surprises for those with huge expectations but little preparation. With its low entry barrier, the online foreign exchange market is one of the world’s most accessible Day Trading markets. With the knowledge, a computer or smartphone, a stable internet connection, and a few hundred dollars, you should be able to start Day Trading. However, the relatively easy entry is not a promise of making you a millionaire overnight. Effective online Trading can be a rewarding and exciting venture, but if one isn’t careful, it can also be rather discouraging. Avoiding certain forex trading mistakes, whether you’re new to online FX trading, or have several years of experience, can go a long way to keeping your trades on the right track. The forex mistakes to avoid, discussed in this article, are the reasons many new forex traders do not succeed as much as they would have liked to. Starting Out Without Any Education and A Trading Plan Learning about forex is integral to a trader’s success. Online forex trading must be considered as any other profession if you want to be successful at it. Surgeons, for instance, do not perform heart surgery without a 5–7-year degree in medical school, with core surgical training in a hospital. The most common online forex trading mistake to avoid is believing you can succeed without any trading education or experience. Learning the ins and out of the business, then learning how to read and interpret the charts, is crucial to becoming profitable. Unless you educate yourself, trading will be disastrous for your account. The most efficient way to become a successful online forex trader is to access the experience of successful traders. We discussed this at length in our article, The Importance of Forex Education before Trading Online. Investing in forex trading courses, with a well-established forex trading academy, that will give you the right knowledge about online forex trading, and how the markets work, is indispensable. Geldex Invest offers you a wealth of educational content in a variety of forms: courses (both online and in-person), blogs, and webinars, all geared to helping you master forex trading online. Avoid trading on feelings and whims. Before entering a trade, it’s important to do your homework. Many traders make the mistake of thinking they don’t need a trading plan now, so they will create a trading plan “later on”, or after they start making money, or they can simply “keep it in their heads”. On the contrary to these rationalizations, as a beginner trader especially, you need a trading plan to guide you and solidify your trading strategy. A trading plan outlines your strategy, defining what and when you will trade. It should include what markets you will trade, at what time, as well as the time frames you will use for your analysis and taking trades. Your trading plan should include your risk management strategy, outlining how you will enter and exit trades for both winning and losing trades. Currency pairs are closely linked to national economies and are affected by a number of factors. Since they are traded almost every day of the week, it implies that there is usually something going on that will move the markets. You should be aware of upcoming events that could affect your trade and have the ability to forecast which way these events could swing the markets. The mistake some traders make as they follow events, is not paying attention to what the technical indicators are showing in comparison to the fundamental event analysis. Harboring Unrealistic Expectations A common mistake that online forex traders make is harboring unrealistic expectations. This is also one of the mistakes that beginner traders usually make. This usually results from some unscrupulous trading advertisements, enticing you to become a millionaire overnight by investing just a small amount. Images of “grand” lifestyles, represented by mansions, the latest model vehicles, and travels mostly accompany such advertisements. It is not impossible to make such huge returns on small investments, but at what risk level will one be able to achieve such a feat? The best way to avoid unrealistic expectations is to have a trading plan. If it yields steady results, we advise that you stick to it, as even a relatively small gain can become large with forex leverage. In effect, as your capital grows over time, a position size can be increased to ensure higher returns. As a new investor, the best way to approach investing in trades, as we have indicated in previous articles, is through a measured approach; going for the smaller yet consistent kind of returns that are not overly high-risk. As you gradually become a more experienced trader, you will be able to increase your risk level after some time, enabling you to master online Forex Trading. Risking More Than You Can Afford The practice of taking on excessive risk does not necessarily guarantee excessive returns. A very common forex mistake many traders, especially Beginner traders, make, is failing to understand how Leverage works. Some forex traders make the mistake of not taking their time to familiarize themselves with both Margin and Leverage, and therefore put more capital at risk, than they had originally intended to or planned. Leverage – and its commensurate risk – is a double-edged sword that amplifies the downside as much as it adds to potential gains. The benefits are clear, but the risks are often neglected. When you have a small initial deposit and make a disproportionately big trade based on the leverage you choose, you can experience sizeable losses if the market moves against your position by even just a small amount. A key part of your risk management strategy is to determine how much of your capital you’re willing to risk on each trade. Ideally, day traders should risk not more than 1% of their capital on a single trade. This means that a Stop Loss order will close out your trade ...
Education and Training in Online Trading
If any material, person, or enticing advertisement on the internet has given you the impression of Forex Trading as a “nothing for something” venture, we wish to appeal to you to disabuse yourself of that notion. Before you begin trading forex online, it is important to adapt to how the market operates, as well as other conditions correlated with Forex Trading. Indeed, forex traders can reap highly profitable results. However, that is after a significant amount of time acquiring knowledge, building strategies, and perfecting their trade. In light of that, it is of absolute necessity that beginners who want to trade the forex market invest in forex courses and education. The money spent here is an investment, and combined with your dedication and skills, you will definitely reap the benefits. For long-term advancement, education in online Forex Trading is a beneficial tool that helps you prepare and make informed trading decisions, instead of impulsive emotional decisions that often lead to account failures. It has been proven that as a result of a lack of proper education, a significant number of beginners lose their trading capital. All kinds of online trading academy courses abound on the internet by many “trading gurus” who promise to teach you to make profits within a day or just a few hours, with one or two workshops, seminars, or a short training course, where they’ll usually tell their stories, how much they earn, and how simple it is for you to earn as much; and yet, only a very small fraction of beginners who take these courses actually benefit from them. This is most likely because many of these “Trading gurus” giving these online trading courses themselves may have come out of the lot who must have lost their capital due to lack of proper education and due diligence. Realising they are unable to make money from active trading, they now resort to teaching newbies in an attempt to recover some of their losses. That is why the trading loss statistics for beginners are that bad. In this article, we will discuss why a good comprehensive forex education is a must before trading online, and how self-education can also contribute to making you a successful forex trader. Even if you have some knowledge of Forex Trading, the market is continually evolving, and trading abilities must always be improved upon. Forex Trading, Not a Get-Rich-Quick Scheme If you have ever wondered why certain professions earn more money than others, the answer is quite simple; the amount of money a particular job pays is directly proportional to the time and effort spent in acquiring the skills necessary to perform it, in addition to years of gaining more experience in the said field or area. This is true for every venture or profession in the world, including Forex Trading. In our previous article, we discussed some facts and characteristics of successful forex traders, which includes possessing analytical skills. Sifting through massive forex data in a few minutes, and analysing the data to spot trends and make decisions at break-neck speed, is a critical characteristic of successful forex traders. This is a skill that has to be developed by concentrated efforts and honed by constant practice over time. A good forex training course, be it in-person at a forex trading training institute or an online forex trading academy, should teach you the language of forex; the terminologies used, including Leveraging, Margin Concepts, Bids, and Order Types. In addition to that, you should also learn about fundamental and technical analyses, and lastly, about trading psychology, which involves emotional intelligence, patience, commitment, and discipline. Understanding the Basics It’s impossible to trade without any knowledge of the basics and having in-depth trading knowledge and a trading plan is paramount to a successful online Forex Trading career. Forex education enables the beginner to grasp the basics of online trading. Online FX Trading has its own language, which conveys a lot of information in just a few words, with distinct terminologies like Pip, Lot, Spread, etc. In addition to its terminology, basic calculations, such as deriving a direct quote from an indirect quote, are also included in basic forex education and training courses. It’s up to you, as a beginner or even professional trader, whether you want to learn bits and pieces of possibly confusing and contradictory information over the internet, or at one go, in a streamlined, expert-developed, properly structured, coherent form, as offered to you by the Geldex Forex Training Institute. Here at Geldex, we offer you a wide variety of resources, tailored for each trader’s level, and pride ourselves in the quality and comprehensive nature of materials available to you, put together by our team of forex experts, analysts, and leading professionals in the industry. Fundamental & Technical Analysis Market analysis is an essential part of Online Forex Trading. There is fundamental and technical analysis in trading forex online. Fundamental analysis refers to one’s ability to interpret macro news, which has a huge impact on the forex market, as they are related to specific countries, economies, and by extension, their currencies. When key market players like governments and central banks release data about macro-economic indices such as inflation or unemployment, it causes currencies to move as well. To an uneducated forex trader, such news may bear no particular significance, but to a trader who has gone through training with a good forex education course, such mutually exclusive events could be reason enough to overturn a solid trading strategy. The ability to interpret news reported at the macro level, and to make informed speculation on the possible direction of a currency, is a skill you will acquire by going through forex training. As a forex trader, the times at which such news is reported may be the time to enter or exit the market, as massive volatilities at these times push prices to extreme highs and lows, creating the possibility for traders to make a fortune, given the right action. To be ...