During COVID-19 pandemic time the world has experienced huge losses in the financial sector. Lots of people have lost their jobs and business due to long and strict lockdowns. Their savings ended up and they had to live from hand to mouth. In this situation, people started to search for money-making ways other than the traditional and regular jobs.
This hard time gave a burst out to online services which can help in money-making. Forex trading or trading in the currency market is highly adopted in South Africa as a medium of money-making in pandemic time. Although it includes high-risk factors the tough time pushes to take risk of forex trading which may bring huge profit to the trader.
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How Much Forex Traders are in South Africa?
Africa is a huge continent and according to an estimate above one million forex traders are in Africa. It is difficult to tell the exact number of Forex traders in South Africa. It is a trading hub so, definitely, a few hundred thousand forex traders would be in South Africa. And the pandemic time has increased this number as it pushed people to find new ways of earning. The brokers who took the initiative at the early stages definitely have ridden the wave in South Africa. Numerous platforms are available for online forex trading such as http://www.tradeforexinsa.co.za/ the users can sign up here to take a good start.
Why People prefer forex?
Everyone knows that there are lots of ways of money-making as a second source. Nowadays people prefer forex the most, the reason behind is the ease of the process and huge profits in case of a successful trade. It does not include buying any product, share, or commodity. You just have to choose the most favorable currency pair and trade for it. The difference in prices generates your profit. Social lockdowns restricted people to stay all the time at home, so they can keenly observe the market all the time and can make better decisions.
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Simple Steps for Forex Trading
Forex trading is a little bit tricky and can be difficult for newbies if they do not have complete information or are misguided. Its risk factor is increases with inexperienced traders. The whole process of trading can be divided into the following steps for a successful trade.
1. Choose a currency pair
The selection of the currency pairs is significant as the entire forex trading revolves around the exchanging value of the currencies. All forex trading platforms enlist the currency pairs available for trading and users to select their favorite one.
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2. Fully Analyze the Market
In the second step, a complete and deep analysis of the market regarding your chosen currency pair gives the opportunity to make good fortune. All platforms provide suitable guidance about it, so make the best use of it.
3. Consider the available quotes
Seriously consider the available quotes. Currency quotes include the base and quote currency and their buying and selling prices are mentioned along with. The difference between selling and buying prices is the broker fee that facilitates the trade.
4. Select a safe point
One of the most significant steps in forex trading is choosing a safe point. This setting point saves you from complete loss of trade. So, don’t forget to set this point.
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5. Place your trade
Following all the above steps, now you are ready to place your order and initiate your trade. This is what you have to do. Now, wait for the results of your trade.
(Disclaimer: The article is sponsored, and hence promotes some commercial links.)