by Susan Paige
Also known as foreign exchange, forex is the world’s largest and most liquid market whose retail part was birthed as a result of internet development. The internet allowed traders to carry out online fx trading Australia through various trading platforms. The foreign exchange market opened its doors to retail traders in the late 1990s, it was during this time when the first retail online brokers began their operations. Foreign exchange, as a market has been existing and functioning for decades before retail forex trading but it only allowed institutional clients.
At present, there are trillions of US dollars being traded daily on the forex market with retail clients contributing about 5% of the total volume which is avbout $250 billion in daily turnover. But why is the forex market so large? Well, financial institutions, large multinational trade companies and hedge funds among a plethora of other companies require foreign currencies to run their businesses. With Rakuten fx trading, one currency is bought online for another currency thus creating a reasonable flow of funds. Therefore, the foreign exchange market is the global place for currency trading.
Now that you have some basic understanding on what the foreign exchange market is, take a look at the benefits of trading in the fx market in 2018 and how to become successful at online trading.
The advancement of software and technology in general continue to make our lives much easier. The same is true with online fx trading Australia. Every year, new trading platforms emerge and there are even more regular updates for established forex trading software. Advancement in technology is one of the major reasons why forex is among the most potentially lucrative markets to trade as compared to many other online trading markets.
Since Forex is the most accessible market to trade, plenty of rookie traders are opening accounts on a daily basis. To ensure that this group is of people has the basic knowledge of online forex trading and can learn to trade efficiently, forex brokers are coming up with new learning materials. They supply these materials to newbie traders to enhance their knowledge in trading thus making forex the most beginner-friendly market to trade.
Bonuses and promotions
Due to the leverage they offer, forex brokers are able to create substantial trading volumes. For this reason, it is often quite possible for you to be rewarded with a certain deposit bonus when you open a Rakuten forex trading account. But why is the foreign exchange market the most exciting to trade in? Because aside from bonuses, brokers offer a variety of other incentives as well as promotions.
Social networks are becoming popular each day and since forex is the largest market, it has the largest number of trading networks and forums. Through such networks, you get to experience a whole community of fx traders thus making forex the most social market to trade in. Seeing as how quickly the retail market has developed over the last decade or so, you can easily find plenty of critics, experts, educators, contributors and other members of the community in almost any language.
Even though mastering the craft of forex trading Australia takes time, once you do it, a whole new world of possibilities and opportunities opens up for you. With plenty of practice and experience, you may eventually become an account manager and start getting profits from your trading. Similarly, you can also make extra money through getting commissions from managing accounts.
If you are new to forex trading, don’t make the mistake of thinking of it as an easy money making career as some people do. Foreign exchange trading is actually quite difficult even though it tends to be highly engaging. To become a successful trader you need a robust trading plan, efficient capital management techniques, perseverance, the ability to take risks and continuous learning.