Best Way To Understand Forex for Beginners

 Which are the best ways for a beginner to understand forex? Learn about these different methods and how they help newbies in this market.

 

The rise of foreign exchange (forex or FX) trading has been quite dramatic. It has risen from around $1 trillion in the late 90s to over $8 trillion (according to the BIS Triennial Central Bank Survey).

Despite this immense value, much of the global population is still new to the foreign exchange market. This presents an exciting avenue for newbies, but it also presents challenges, given the complexities of online trading.

Thankfully, there are various ways to learn forex trading as a beginner.

Engage in Free Online Resources

The Internet is the first point of contact for first-timers who want to trade forex. Several economic aspects related to currencies may make some assume that university-level education is necessary.

However, forex is more of a discretionary activity. In other words, there is more than one way to skin a cat — even when all traders see the same chart.

Nonetheless, the Internet offers many free websites where you can learn about the currency market. Among these is Babypips, which uses a witty writing style to present all the basics of forex trading and break advanced concepts down in the simplest way possible. Newbies can navigate structured lessons through a free course that offers certification.

Other notable websites include Investopedia and DailyFX. While using a slightly more advanced tone, both resources are as comprehensive as Babypips. Thankfully, these are free platforms that provide excellent material.

Read Books on Trading

Nowadays, reading books is often seen as a forgotten pastime. Luckily, new traders can access many insightful works online related to forex, which have stood the test of time.

Below are some recommended titles to enjoy:

  • Market Wizards: Interviews with the Top Traders (1989) by Jack Schwager: This book covers interviews with famous, high-net-worth traders of the past, from Paul Tudor Jones to Bruce Kovner. While not exclusive to forex, the interviews provide many valuable lessons beginners can apply in the former.

Other newer versions of the Market Wizards series exist with 1992, 2001, and 2020 editions.

  • Trading in the Zone: Master the Market with Confidence, Discipline, and a Winning Attitude’ (2000) by Mark Douglas: As with Jack Schwager’s book, Trading in the Zone is less about forex but a must-read for all traders. Many consider this body of work as a masterpiece in trading psychology.

However, the late Douglas went beyond the latter concept, covering other technical yet interesting topics such as probabilities, financial risk, and market randomness.

  • Day Trading and Swing Trading the Currency Market (2015) by Kathy Lien: Kathy is a relatively young forex trader and author who contributes her high-level analysis to platforms like CNBC and Bloomberg. In its third edition, this book focuses more on trading currencies, covering advanced technical and fundamental analysis.

Join Forums Online

While trading is typically a personal activity, beginners can feed off the knowledge of other experienced traders in dedicated communities. These include Forex Factory, Babypips, Forex Peace Army, and the forex subreddit (r/forex) on Reddit.

One advantage of these discussion boards is that beginners can ask any question and get an excellent response from an existing trader. They are also a place of heated yet eye-opening debates. If you’re lucky, you may gain ‘top secret’ information from a generous, profitable trader or, at the very least, rare tips and tricks.

Use a Demo Account From a Reputable Broker

A demo account is essential for any first-time trader to learn about forex and test their strategies without financial risk. Even experienced participants will switch to this demo account from time to time to make tweaks or simulate a new trading system.

It’s also crucial for beginners to pick a reputable Singapore forex broker during the demo stage. Ultimately, the aim is to transition into a live account. Yet, using the right broker enhances the experience and ensures one receives the best trading conditions.

Get a Copy Trading Account

Even during the learning stage, newbies can earn while they learn by using a copy trading account during the learning stage. Copy trading is a system where you connect your account to an experienced trader whose positions get replicated automatically to your account.

Unfortunately, this avenue does come with a financial commitment. So, it’s not for everyone. Yet, it’s also a way to learn about trading currencies. Copiers can split their funds across many strategy providers. This exposes them to various trading methods and crucial performance metrics like drawdown, gain percentage, and profit factor.

Exploring the Numerous Ways To Learn Forex as a Beginner

The number of forex participants has yet to reach its full potential. This means millions of beginners are eager to engage in the most traded financial market.

Thanks to the Internet, the barrier to entry is low, and you can understand the game from several websites, books, online forums, a demo account, and a copy trading account. So, there is no single best way to learn forex. However, experience and never-ending learning are necessary.

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Webull Super Amazing Promotion- Deposit just $0.01 (1 cent) and receive US$500

Another low-cost online broker is taking the Singapore brokerage trading market by its horns! Webull is a broker dealer registered with the SEC and headquartered in New York. To entice users to try out is zero-fee brokerage services, Webull is offering up to US$500 worth of blue-chip shares as long as a new user funds his/her account. The definition of funding means new user can top up as little as just 1 Singapore cent to get up to US$500 in this super amazing promotion!

Webull’s Amaaaazing Promotion

Here is a step-by-step guide on how to receive free US$500 worth of shares from Webull.

Step 1: Download the Webull mobile app from the Apple/Google Play store or access its desktop version

Step 2: Sign up using this referral link

Step 3: Register and open an account. You can key in your personal details or allow Singpass MyInfo to populate them.

Step 4: Once you have completed your account opening, simply wait for the approval from Webull. It usually takes just 1 business day.

Step 5: Simply fund your account upon account opening via FAST or DDA. Any deposit is fine, even $0.01! Upon successful funding, go to dashboard to redeem your well-deserved rewards.

Simply click “My Rewards” icon to redeem your fractional shares! You will receive 3 blue-chip, fractional shares comprising of either Alphabet, Microsoft, Apple or Tesla. Each of these shares will be worth a minimum of US$10 to a maximum of US$100.

But wait, that’s not all yet.

If your account continues to stay funded for another 30 days, you will receive 2 bonus chances to redeem 2 more free shares. It will stay funded as long as your initial deposit of 1 cent has not been withdrawn. Thereafter, sell the 5 free shares and cash out. That is how you walk away with up to US$500 after just 30 days of doing almost nothing!

Even without the sign-up promotions, Webull is amazing for its ZERO platform fees and commission charges on US Stocks. This is the lowest cost that you can possibly find in the Singapore brokerage scene right now.

It is evident that the “effort-reward” ratio is remarkably high and that is why you should not pass up on this amazing promotion from Webull!

Sign up and fund your Webull account to claim your free shares now!

https://www.webull.com.sg/i/newuser

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Markets are down, time to trade?

2022 has undoubtedly been a tough year for equity markets with global indices such as the S&P 500 down approximately 18% year to date.

A falling market can present interesting situations to different investors, and some would now see the glass as half-full. For instance, they may view cheaper valuations as a safety net that offers a larger margin for error. For investors who are thinking of starting their trading journey now, they can consider exploring with OCBC Securities. A wholly owned subsidiary of OCBC Group, OCBC Securities is a brokerage in Singapore that offers reliable services with transparent upfront fees. Now with their newly revamped iOCBC mobile app that comes packed with a myriad of user-friendly features, an even more seamless investment journey with iOCBC awaits.

Here are 5 new features on iOCBC that can help you spot timely trading opportunities:

1. Intuitive interface throughout the entire trading journey

For those who trade, they will know that every second counts. From the overall look and feel to small thoughtful details, the iOCBC Trade Mobile App is now designed intuitively for traders to trader smoother and faster. To start with, the biometric capabilities allow you to login and submit orders in a flash.

When browsing the markets, their predictive search bar with suggested results can help you to find the security you are looking for quickly, and also show you other similar instruments that are available on the iOCBC platform.

You can then add tickers to your watchlists from various convenient points through the app such as the search results and order ticket. Customise your watchlists to your preferences with collapsible columns to choose what information you want to see upfront or hide, and easily organise your watchlists with the drag-and-drop function.

As a new investor, making your first few trades can be incredibly stressful. With iOCBC, fret not as their trade order form comes with pre-built order validity checks. For newbies, this is very helpful as it will automatically display possible errors upfront by ensuring valid lot size and price range. Seasoned traders will benefit from this as well as it helps to reduce chances of fat-finger errors and also speed up your order placement.

After your orders are placed, tracking them is a breeze as the orders page is cleanly designed with colour coding to easily distinguish between buy and sell orders. Filter your orders by status (active, filled and unsuccessful) and see exactly how each order is filled and at what time with a detailed order log.

2. Gain market insights

The iOCBC mobile app is packed with features to help you spot trading ideas and validate them with your technical analysis. Their professional-grade yet easy-to-use charts powered by TradingView comes with more than 100 Technical Analysis indicators and over 50 smart drawing tools to support you in identifying actionable technical patterns. Investors can also choose to discover new trading ideas effortlessly with iOCBC’s trading tools – Market Statistics, ChartSense and StockReports+. StockReports+ is especially helpful for new investors as reading these reports will help them gain valuable sectoral insights. With in-depth market analysis from industry reports, coupled with charting tools ready at disposal, these could help to elevate trading performances.

3. Manage your portfolio like a professional!

How would one know how well he/she is doing without keeping score? Not to worry, an investor’s portfolio is updated in real-time for timely monitoring as part of holistic portfolio management on the iOCBC mobile app. Amazingly, various types of corporate action events including stock splits, dividends and rights issues are tracked so that the average cost of holdings, realised profit and losses will be adjusted accordingly.

4. Know the fees you pay upfront

Whilst you might have heard of other brokerages having hidden fees that customers may not be aware of, you will be glad to know that OCBC Securities has always been upfront about the fees that it charges to investors. With something as critical as your trading portfolio, you would want to know what you need to pay for and trade with peace of mind.

5. A reliable and secure platform

Lastly, OCBC Securities is a wholly owned subsidiary of OCBC Group, and OCBC Bank is consistently ranked among the World’s Top 50 Safest Banks by Global Finance! OCBC Securities offers reliable, secure end-to-end encryption trading and custodises your foreign shares with a renowned global service provider. With more than 35 years of experience in the industry, OCBC Securities has always been a brokerage that priorities their customers’ needs. Customers of OCBC Securities are provided with a dedicated Trading Representative to guide and assist them on their queries and even discuss market ideas. For beginners, this means you will have someone to handhold you to start your trading journey.

Apply for an iOCBC trading account today to get started!

The article is published by MoneyDigest and does not represent OCBC Securities Private Limited (“OSPL”)’s view on the matters mentioned. All views or information expressed or provided in this article belong to and are that of the writers and are for information purposes only. They do not take into account the specific objectives, financial situation or particular needs of any particular person. You should not make any decisions without independently verifying or assessing the contents. No representation or warranty whatsoever (including without limitation any representation or warranty as to the accuracy, usefulness, adequacy, timeliness or completeness) in respect of any information (including without limitation any statement, figures, opinion, view or estimate) provided herein is given by OSPL and it should not be relied upon as such. OSPL does not undertake an obligation to update the information or to correct any inaccuracy that may become apparent at a later time. OSPL shall not be responsible for any loss or damage howsoever arising, directly or indirectly, as a result of any person acting on any information provided herein.

Trading in capital markets products and borrowing to finance the trading transactions (including, but not limited to leveraged trading or gearing) can be very risky, and you may lose all or more than the amount invested or deposited. Where necessary, please seek advice from an independent financial adviser regarding the suitability of any trade or capital markets product taking into account your investment objectives, financial situation or particular needs before making a commitment to trade or purchase the capital markets product. In the event that you choose not to seek advice from a financial adviser, you should consider whether the capital markets product is suitable for you. You should consider carefully and exercise caution in making any trading decision whether or not you have received advice from any financial adviser.

 

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How Traders Can Improve Their Investment Returns On The moomoo Platform

Traders are always on the lookout for that little factor that will help improve their competitive edge. That is because they trade in high frequency, and may even take on leverage to help upsize their positions. Full-time traders who trade for a living might want to take note – moomoo trading app is the perfect online platform to take your game to the next level.

moomoo is a one-stop investment platform powered by FUTU. In Singapore, products and services on moomoo are offered by Futu Singapore Pte. Ltd. a brokerage and custodian licensed and regulated by the MAS. Here’s how traders can potentially improve their investment returns on the moomoo platform at every step in their investment journeys.

Step 1: Investment Opportunities

At the beginning of a traders’ typical journey, they could already be overwhelmed by the myriad of investment opportunities in the market. Ignoring the market noise and finding a winning investment is akin to finding a needle in the haystack. Here is how moomoo app can help in several ways:

  • Heat Map

moomoo’s Heat Map directly show the ups and downs of each sector in the market through the block size and colour depth. From one image, it gives a quick overview of the lay of the market for that trading day.

  • Star Institutions

There is a saying that “if you can’t beat them, join them”. With the Star Institutions page on the moomoo app, you will very quickly obtain high-value information such as:

  • List of stocks by star institutions such as Warren Buffet, Soros Holdings, Temasek Holdings etc
  • The historical trend of holdings, and the daily transaction information of individual stocks

With the Star Institutions, you will identify the investment targets of star institutions and be able to ride the trend powerfully.

Step 2: Analysis

A key product feature of moomoo app is the availability of Short-Sell Data. Users can view the daily short selling data and ratio of US and HK stocks, as well as the current open positions. To access Short-Sell Data, simply go to Analysis under the individual stock page.

Short-Sell Data is critical in assisting traders to identify long and short sentiments to form an outlook of a specific stock. This will ensure that traders stay with the trend, or at least understand the size of the opponent if they choose to take a contrarian position.

Step 3: Executing The Trade

The time has finally come for the trader to execute their trades. On the moomoo trading platform, users can be assured of efficient trading execution of their strategies to maximise profits.

Desktop users can fully customise their trading windows for a multi-monitor experience and leverage on more than 89 types of drawing tools and indicators. Furthermore, trades are executed as fast as 0.037 seconds and at very competitive pricing.

In addition, users can leverage on moomoo’s AI Monitor function to automatically monitor changes in each market and all stocks of their choice. This will allow them to stay updated on stock fluctuations, increase in trading volumes and seize fleeting investment opportunities.

Sign Up via moomoo App Now for your FUTU SG securities account!

Finally, who can say NO to Welcome Rewards valued at around S$2,000? Here are the steps (not cumulative) to ensure new users receive the Welcome Rewards from moomoo powered by FUTU:

  1. Register for a moomoo ID
  2. Successfully open a FUTU SG Securities
  3. Make a First Deposit of at least S$2,700 and above & immediately you will receive an Apple (AAPL) share and S$40 stock cash coupon, promotion ending on 30 November 2021, 0959 SGT.
  4. Transfer in some shares into the platform and depending on your shares values, you will be rewarded with more Apple (AAPL) shares or even the latest iPhone 13 (limited redemption)!

More terms and conditions of the Welcome Rewards can be found here. Download and sign up for moomoo app using this link today to give yourself a further cutting edge as a trader.

 

 

 

 

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Get a free Apple share worth around S$200 from now till 30 Sep 21

Get rewards of up to S$288 in value! Sounds too good to be true? Read on. 

Moomoo by moomoo Inc. is a stock trading platform that has launched in Singapore in March 2021 and have been offering attractive sign-up offers to expand their customer base. moomoo Inc. the company behind the trading app is a subsidiary of Futu Holdings Limited, a company listed in NASDAQ (NASDAQ:FUTU) and backed by Tencent.

In Singapore, investment products available through the moomoo App are offered by to Futu Singapore Pte. Ltd. (“Futu SG”), a wholly-owned subsidiary of Futu Holdings Limited. Futu SG is a broker-dealer and custodian licensed by the Monetary Authority of Singapore, (License No. CMS101000).

From now till 30 September, they are giving away a free Apple Share to new customers who sign up during this period. As of 17 Sep, the share is worth 147.47 USD or around S$200 in value.

In addition, they are also giving you a S$88 cash coupon can be exchanged for cash in the moomoo app.

That is a total of S$288 in value we are talking about – and they are free once you complete the requirements.

Here’s how to redeem your free share

  1. Sign up for an account here and deposit a minimum of S$2,700, US$2,000 or HK$16,000 within 30 days of account approval. You will need to download the moomoo Trading App.
  2. Trade 5 times on any market and any product.

The free Apple share (AAPL) will be allocated to you automatically once you completed Step 2.

Tip: According to some users, you can easily complete Step 2 by buying and selling a non-volatile stock in the US market. That would make 2 trades. Do it 3 times to complete Step 2. Why US? Because you can buy a single share which sometimes cost you less than $10.

Other benefits of trading on the moomoo app

Investors can enjoy commission-free trades for 6 months plus free access to Market Data for US and SG stock exchanges. T&Cs apply.

If you are planning to start trading in stocks, this is a good start because you can enjoy unlimited commission-free trades in the US, HK & SG markets.

In addition, you also get free real-time quotes and market data for US, SG and China A share markets.

* T&Cs apply. Subject to price fluctuation. 

Money Digest receives monetary and other forms of compensation from Affiliates for various advertising, sponsorships (such as sponsored posts or sponsored stories within our editorial content), insertion orders, commercial messaging, and other promotional campaigns that we feature on our website.

 

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