Absa forex exchange rates

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Thank you for your patience in this regard. Related Articles Is bitcoin mining the new forex scam? I run an online share trading platform and I don’t consider myself a forex trader. Brett Duncan, the head of retail equities at Standard Bank.

He says that the marketing of forex trading as a way to get rich quickly is misleading. Foreign exchange as an asset class is important because it is the most liquid and largest market, and is how money is transferred around the world. Forex trading can also be used as part of a trading strategy where your portfolio may be overexposed to one currency and you wish to diversify, or if you believe that a currency will devalue due to political or economic events. The concept of forex trading as an investment strategy within itself has to do with the ability to gear one’s position to become one where a small movement in the currency can result in a large gain. Say, for example, you have R10 000 and want to take a position that the rand will depreciate against the dollar.

74 will buy you R10 370. On a one-to-one basis, if you bought the actual currency, that would give you a profit of R370, but, with gearing, you buy exposure to the movement of the currency, not the actual currency. As you are only buying exposure to the currency, the broker can offer you a leveraged position where, for example, your R10 000 gives you R100 000 worth of exposure. In this example, your rand exposure increases from R100 000 to R103 700m so your profit is R3 700. If the rand suddenly strengthens to R12. In this scenario, the gearing was 10 times the amount, but the higher the gearing, the easier it is to lose money. 3 million in just 30 days.

This is the type of headline that has given forex trading its mythical status as an opportunity to get rich. Jacobsohn acknowledged that, if he had been investing his own money, he would not have taken the gearing and risk that he did during the simulated trade. As Simon Brown of online financial education site justonelap. It’s the most liquid market in the world and the best traders in the world gravitate to forex, so you need to beat the best. You need to invest a few years and education.

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