You should know this before you start trading currencies: the value of a currency can fluctuate dramatically in a short amount of time. You need to be on the ball all the time to keep an eye on your trades and make sound decisions in the foreign exchange market, which operates nonstop during weekdays. Here’s where a broker’s smartphone app comes in handy. You should be able to switch between different time frames with ease, use various charting tools, and benefit from lightning-fast execution from a top-notch forex trading app.
Limitations on Making a Profit While Using a No-Deposit Forex Bonus
Since the brokers have provided you with “free money,” they have the right to limit your ability to trade with a real account. They aren’t overly burdensome, and they’re there for your own safety as much as anyone else’s.
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Positions with the most activity
There are several No Deposit Bonus brokers that restrict the amount of open positions a novice trader can have. Orders that are currently being processed could fall under this category. When a beginner trader is restricted from opening additional positions, the trading experience can be diminished, especially if the trader is employing a trend-following approach.
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Reduced Leverage
In most cases, a No Deposit Bonus on a real money account will restrict your leverage. Leverage is the practice of borrowing a portion of the capital needed to open a forex position from one’s broker. Foreign exchange trading relies heavily on leverage. When starting off, traders are unable to take on huge positions if leverage is restricted. A new forex broker would have to make many more deals with only the bonus money in the account before making a respectable profit.
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A Time Limit
A No Deposit Bonus will often expire after a set amount of time has passed. You should learn how long you have to trade with the “free money” before you must start using your own funds, since this will increase your chances of making a profit. It often expires after 30-60 days.
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The Use of Expert Advisors
A live account that has been funded with a No Deposit Bonus cannot use Expert Advisors (EAs). Trading with an EA is similar to using a robot to trade Forex. By automating tasks like starting and closing trades and monitoring the forex market using indicators, EAs are a great tool for novice traders.
Starting Trading in South Africa
The first step for anyone interested in trading forex in South Africa is to select a forex broker that is both reputable and authorized to provide forex trading services to citizens of South Africa. The following steps can help you get started trading forex in South Africa once you’ve decided on a regulated forex brokers:
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Launch a real-time account
Select an FSCA-licensed broker, then open a live account by filling out the broker’s website’s application form for a live account.
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Make a Deposit
Most brokers will accept a variety of payment methods; choose the one that best suits your needs. You should never risk more money than you can afford to lose.
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The trading software must be learned
You should familiarise yourself with your broker’s trading platform before making any real-money deals. To practice trading without risking real money, open a demo account on your preferred platform.
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Join the foreign exchange market
You can begin trading with real money once you have utilised the broker’s practice account to become comfortable with its trading interface. After deciding on a trade size, you can go long on a currency by selecting “buy,” or short by pressing “sell.”
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Create a strategy for trading
Building a solid trading strategy is essential to long-term success in the Forex market. Make a plan that will allow you to trade often while still achieving your trading objectives and keeping your losses in check.
Top Mobile Forex Trading Apps
Here, according to Traders Union we have top three recommendations for South African traders:
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Plus500
Their app is user-friendly, and it offers a wide variety of trading options.
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Avatrade
If you’re looking for a broker with a fixed spread, you can use their iOS or Android trading app.
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MT4 App by Hotforex
Hotforex is a great option if you’re looking for a low-cost broker that also supports the Metatrader 4 platform.
Also Read: https://mytravelmagazine.co.uk/australias-online-banks-redefining-the-banking-landscape/