23 Jul How to be a Profitable Forex Trader in India | Step-by-Step Guide
Introduction to Professional Forex Trading in India
If you are looking to make a sizeable passive income through the process of forex trading in India, then you have come to the right place as we will take you through how to become a professional forex trader in India. The world of forex trading is only growing in size everyday, and it is important to make your name in the forex industry as so many others have.
The risks may be high, but the rewards of forex trading are even bigger; so if you follow this guide on how to do forex trading properly, then you can actually start making profitable forex trades and do this right away in a safe and secure way.
Whatever your goals in life are, forex trading can help you achieve them because of the lucrative results it offers. If you are unsure about what forex trading is or how to get started, then you’ve come to the ideal place here at Marketpotentials.com
Everyone has to get started somehow, so read on to find out more.
What is Forex Trading | Professional Forex Trader in India
In essence, forex trading is the process in which a financial investor buys and sells pairs of various currencies. This is also known as the process of foreign currency or forex trading. A forex pair is literally just a currency pair. This can consist of various types of currencies around the world. Popular forex pairs to be traded with are currency pairs such as USD/JPY, USD/AUD, USD/CAD, USD/EUR, EUR/JPY and a host of various other currencies.
A forex trader in India can work for any number of firms or financial companies, meaning they have years of experience in doing this, whilst knowing the ins and outs of the market and how it works. The main objective of a forex trader is to buy and eventually sell shares through making profits from the market fluctuating. If you learn the patterns and movements of the market, then this can become more predictable.
Forex Trading Brokers in India | Approved Indian Forex Brokers
It is however important to keep in mind that you should always only trade with approved forex brokerage firms in India. Trading with a regulated and authorised forex broker ensures that your deposits are safe and secure. In addition, you’d also often various other protection such as the availability for a wider variety of trading instruments, as well as the peace of mind knowing that there are systems and law in place to ensure your forex broker in India is in compliance.
For a list of other regulated Indian Forex Brokers, we recommend you check out the table below to choose a broker that suits your geographical location best.
Types of Forex Trading | Forex Trading in India
There are several ways of being a forex trader in India every single day, and we’re going to take you through a few of them:
- Swing Trading – Swing trading is a noticeably short period of time where you buy and hold a currency pair. This usually lasts for a day or two where traders hold on to their forex position and analyse the likely overnight outcomes of these currency pairs.
- Intraday Trading – This is basically a shorter version of swing trading as this is just holding onto a forex pair for hours, possibly even minutes. This is the best way of making money fast however, you must be very observant of the forex market at all time because anything can happen at anytime to your open forex positions.
- Scalping – This isn’t the most popular way to go when you start trading forex as it is the most stressful and involves a fair amount of risk. You hold onto your forex positions for a matter of seconds and usually hold higher amount of forex position by using leverage. If you are planning on doing scalping you need to devise a short-term plan, or you are simply just having a gamble with yourself.
How to be a Professional Forex Trader in India? | Getting Started
In order to be a successful forex trader in India, you do need to invest some time into learning about the forex market and how it works. This is never easy to do as there is so much you need to know; however, it will certainly pay off as knowing how to trade can be such a valuable asset. Anyone can start trading forex, as you don’t need a degree or any qualifications, just some money to invest with and the correct mindset.
You need to find a reliable forex broker to use as well. Depending on what style of trading you plan on doing, you need to find a forex broker that accommodates your way. Forex trading requires an incredible amount of patience and timing, so you need to be aware of this.
In addition, not every trade you do will be a successful one. However if you’re serious about becoming a profitable and successful forex trader in India, these unsuccessful trades are equally as important (if not more important!), because that’s how you will learn from your errors and make yourself a more accomplished trader. Many forex brokers offer pretend money, or use a demo account to help you get started and this is a great thing to do. Start off using this demo account, to get to grips with the forex market before you risk any of your own funds in real-life forex trades.
In addition to forex trading, you may also consider trading cryptocurrencies, trading binary options and other types of instruments that offer some pretty impressive Return of Investment (ROI) over a period of time. Simply click below to get started today!
Top Tips for Forex Trading | Forex Trading in India
Don’t copy what everyone else is doing! To be a successful and profitable forex trader in India, make sure you do your own research before you invest into forex, even if everyone is saying to invest into it. Analyse it yourself and come to your own conclusion based on whether it is worth your money to invest in or not.
- Start with non-volatile forex – This means that you should start trading in forex pairs that are less risky that give you a chance to see how the market works better. Once you have understood this, then you can move onto the next level. The major forex pairs such as USD/JPY, USD/AUD are generally considered as not too volatile as they are amongst the biggest forex pairs worth in the hundreds of billions of dollars traded every single day. As such they generally tend to remain in a predictable band, barring any unexpected changes or developments.
- Don’t panic buy or sell – Doing this can be one of the worst things to do when it comes to forex trading. You do need to remain composed at all times and ensure that you buy and sell when the time is right, not because of worry or anxiousness. This is often easier said than done, and even the best amongst us may slip doing this right, as it involves your emotional self, and sometimes it’s really not easy to make a decision purely based on facts, and not letting your emotions or feelings cloud the decision. Also ensure that you have a sound risk management and stop-loss measures in place when you trade forex.
Now that you have been introduced to the wonderful world of forex trading in India, you can get started right away! There is plenty of information and courses out there that can help you learn what you need to know and get you started in the right way. However they key fact is that you’re going to want to take action to attain the kind of results that would truly set you free,
If you follow these easy, beginners tips to be successful forex trader in India, then you are well on your way to becoming a much more experienced trader, which will allow you to boost your overall income and boost your wealth significantly in no time at all.