How to make money from Forex in Ghana

If you are in Ghana and looking for passive income through an online source, trading in forex markets is a viable tool that allows you to make money online.

Currency trading, also known as forex trading or more commonly, forex trading, refers to the buying and selling of international currency pairs. As with any business activity, the goal of forex trading is also to make a profit, mainly by exchanging one currency for another with the expectation that prices will change in favor of one against another.

Currently, the fastest growing sector of the online forex market is made up of people. Other important sectors include securities traders 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 foreign exchange market does not need a physical location to operate, but through 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 days a week in different time zones and financial centers. What makes this possible is the overlap in the negotiation times of the main sessions; hence the best way to make money online, working from home.

Factors that make the Forex market bigger include the fact that it is the most liquid market; has easy access all day; and a low cost to participate and invest. In addition, it can come out even faster when you take a step and experience setbacks, which are occurrences that occur with each exchange.

Here are some tips to help you make money online from home in Ghana:

  1. Find the Forex broker

One cannot overemphasize the importance of trading with a more reliable and trustworthy forex broker. When you aim to make money online through forex trading, look for an authorized and regulated broker in various jurisdictions and offer good customer service.

You should also find a broker who follows industry rules and has a history of good business practice. It is important to make sure that your broker complies with the regulatory framework designed to preserve the integrity of the forex market. It will also be to your advantage to find a broker that offers super-tight competitive spreads like Geldex.

Geldex Invest is authorized and regulated by the major financial regulators for international brokerage firms. Geldex also has the technology to ensure up-to-date market integration platforms and systems for customers, as well as strong order fulfillment; Ultra low latency and minimal slippage thanks to our advanced technology customized and created for purpose and dedicated servers. Additional features that make Geldex the best are:

  • Autonomous physical presence in Ghana
  • Simple account opening and verification procedure
  • Local currency financing (GH ¢)
  • Deposits and withdrawals via mobile money and local banks
  • Negative balance protection
  • Exceptional customer service (assigned a personal account manager)
  • Great promotions and bonuses for you

2. Learn the basics of forex trading and understand the market

Like any business to make money, the Forex market has its own unique features and it is essential to learn the basics of trading. For forex trading, this ranges from acquiring knowledge of operating terminology to becoming familiar with the geopolitical and economic factors that affect the currencies in which you choose to trade online. To make money with forex trading, here are some of the terminologies you need to improve your knowledge of:

  • Currency pairs: It is important to note that currencies are always traded in pairs (e.g. EUR / USD; GBP / JPY; EUR / AUD; NZD / JPY, etc.) Exotic pairs and pairs. The EUR / USD remains one of the most traded pairs in the foreign exchange markets, and for beginners, we strongly recommend that you trade in the major currencies that have the most liquidity and the narrowest spreads, such as the USD and the EUR. Indeed, narrow or tight spreads translate into limited exposure to losses.
  • PIP (percentage point): refers to the smallest unit of currency price movement. If you look closely, you will understand that currency pairs are always quoted to 4 decimal places. One pip is therefore equal to 0.0001. In some rare cases, such as the USD / JPY pair, however, one pip equals 0.01
  • Base Currency and Quotation Currency: The currency that appears on the left side of the currency pair is the base currency, while the currency or counter appears on the right side of the currency pair. Therefore, in our EUR / USD example, the EUR is the base currency, while the USD is the quoted currency.
  • Supply and demand price: The supply price is the purchase price of a base currency, while the supply price is the selling price of the base currency. In practical terms, it is the price at which a forex trader wants to sell a currency pair, and a Ask price is the price at which a forex trader will buy a currency pair. Example EURUSD BID: 1.1500 ASK: 1.1502 Bid price is always lower than Ask price
  • Spread: simply refers to the difference between the Bid and Ask price. When you buy a currency pair, you are in practical terms, buying the base currency and selling the counter / quote currency. The opposite applies when you sell a pair of currencies. Simply put, the difference between the amount you need to buy a specific currency and the amount you receive when you sell it is what is known as a spread.
  • Lots: trading currencies are made in lots, there are 3 types of lot sizes, depending on the units; Micro Lot (1,000 units), Mini Lot (10,000 units) and Standard Lot (100,000 units).
  • Fundamental and technical analysis: the ability to read and analyze the market, is a critical aspect to make money online trading in the forex market. While fundamental analysis refers to keeping in touch with news and updates from economies whose currencies are trading to determine the likely impact of a particular situation on the value of a currency, technical analysis refers to its ability to read and interpret price charts. trends, to allow you to make informed or informed speculations about currency price movements. Geldex also helps you in this regard by providing you with market analysis from our team of market experts.

Educational resources are especially important for beginners. If you are new to trading, you will find very useful material on our website. As you grow as a forex trader, you will find certain tools that will be part of your daily journey, including fundamental analysis, trading strategies, and risk management.

In addition to the above, studying the foreign exchange market must always be a work in progress, and one must be prepared to adapt to changing market conditions and major world events. It is also important to develop a sound trading plan that will help you evaluate your options based on your investment goals and risk tolerance.

For more information on forex trading, go to the Education Academy on our website The ultimate goal of our Forex Institute is to improve your knowledge of forex trading and how the forex market works, helping you to improve your trading style and developing a trading strategy that best suits you.

3. Practice on a demo account

Most of the major credible trading platforms will offer you the opportunity to practice on a demo account, without spending any money. It is always a good idea to take advantage of this platform, so that you do not lose money incessantly while you are in the learning curve. This allows you to learn from your mistakes, not to repeat them in a live account. Geldex offers you the opportunity to practice what you are learning from our Forex Institute in a demo account specially designed to give you a live account experience.

4. Become a partner / IB with Geldex

When you register as an introductory intermediary or partner with Geldex, you can get high discounts or commissions. As the number of merchants referred to on our platform increases, so does the commission you earn.

If you are an existing trader with Geldex Invest, you can add a flow of passive income to your earnings this way.

In conclusion, when it comes to make money trading forex online in ghanaWhether you are an experienced trader or a completely new entrant, the critical factors to help you achieve financial success are: finding the best possible Forex broker, educating yourself, testing a strategy that suits you, and sound risk management practices.

As an investor, you need to remember your place in the forex market and the learning curve; approaching forex trading with common sense and a practical mindset. Forex markets can move unexpectedly, and one strategy you can adopt is to start small, learn as you go, and gradually gain momentum to make huge profits online.

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