So you want to get started trading forex? Here is what forex trading is in its simplest form: you, a trader, anticipates changes in the exchange values of different currency pairs, with the expectation that the value of the currency you purchased will increase against the currency used to purchase—in other words, getting more for less.
Even though forex trading has been around arguably since Babylonian times, modern forex trading began in the early 1970s when the U.S. allowed its currency to float freely in the forex market.
Over the years, forex trading has developed alongside advancement in technology seeing a more prevalent use of automated systems to initiate and exit trades. Needless to say, the integration of technology into forex trading has important advantages, including:
Minimizing Emotions: automating your trading helps you pull the trigger when you need to. This is especially useful if you tend to overtrade — buying and selling at every perceived opportunity.
Preserving Discipline: automated trading ensures discipline is maintained because the trading plan will be followed exactly. In addition, “pilot error” is minimized. For instance, an order to buy 100 shares will not be incorrectly entered as an order to sell 1,000 shares.
Diversified Portfolio: automated trading systems permit the user to trade multiple accounts or various strategies at the same time helping the trader easily diversify their portfolio. This helps spread risk over various instruments.
Interestingly, we are already at the next level of advancement point in the use of technology to trade Forex. One of the disadvantages of electronic forex trading is the risk of tampering with your trades. TigerWit understands that transparency is one of the key factors that people look for when they trade Forex. The platform is based on blockchain technology that ensures all trades are indisputable and can be checked via an online ledger.
TigerWit has also developed a range of different leverage on certain instruments to allow more flexibility for risk management and to fit your trading strategies. These include the following:
Copy Trading Feature
TigerWit offers an innovative Copy Trading feature that allows you to pick a Master Trader that fits your forex trading strategy and has a risk/reward ratio that matches your needs. Once you have selected a Master, you can use the system to automatically follow their trades. In addition, if you become a Master Trader yourself, you earn a commission for each follower you gain.
Webinars and 1-on-1 Tutorials
As a person who is learning forex trading or still developing a trading strategy, TigerWit offers a wide range of educational webinars and personal training sessions with your own account manager.
In addition to all of these, TigerWit also offers training facilities to help support people interested in learning forex trading. Recently TigerWit trained over 840 Nigerians in a two-week financial market trading workshop in Port-Harcourt, and there are plans to have more of these training workshops in different parts of Nigeria.
As you look to make the best of Forex trading, take advantage of TigerWit’s secure blockchain powered platform and get started with a free demo account.