Case Study: Kish, The WonderKid
How to Make your First Forex Trade Affiliate Swaps x The WonderKid
WonderKid, a highly-skilled trader and popular Affiliate, partnered with us to demonstrate how to trade in the Forex markets. More precisely, how to make your first Forex trade. While it may seem daunting at first glance, it’s easier than you might think. Forex trading on the most popular trading platform MetaTrader is now closer than ever. Demo accounts are available for those that do not feel they are ready for the real deal yet. WonderKid chose OspreyFX as a reliable and trustworthy broker to show you how you can start your own Forex trading journey. Let’s dive right in!!
What is Forex Trading?
Forex trading, also known as currency trading, is the act of buying and selling currencies in pairs. For example, the most popular currency pair, EUR/USD, could be traded by buying the first and selling the second. Or the other way around.
In more detail, when you purchase one of the currencies, you sell the other at the same time. Ideally, your main goal in this market activity is to make a profit by trading currencies.
In the past, forex trading was handled mostly by banks and institutional investors. Today’s market participants, however, are a diverse set of groups, funds, institutions and, of course, retail traders.
The rapid advance of technology has made it possible for you to trade any type of currency from anywhere in the world. All you need to be part of the global forex market is a reliable trading platform with enhanced functionalities like OspreyFX.
Ideally, your main goal in this market activity is to make a profit by trading currencies.
What are the Most Popular Currencies?
The most popular currencies are:
- US Dollar – USD
- Euro – EUR
- Japanese Yen – JPY
- Great British Pound – GBP
- Australian Dollar – AUD
- Canadian Dollar – CAD
- Swiss Franc – CHF
- New Zealand Dollar – NZD
The Benefits of Forex Trading
There are dozens of benefits of Forex trading. When trading in the Forex market, you are bound to experience the thrill of seeing your position move as soon as you open it. This is because currencies are the biggest and most liquid market in the world. Let’s take a deeper dive and explain the benefits:
World’s largest market: Forex is the world’s biggest market with a daily turnover of $6.6 trillion. The sheer size of this market is enough for anyone to participate and take advantage of the multiple opportunities to turn a profit.
Ample liquidity: Forex trading is also the most liquid market out there. That means you can always find a buyer for your sell order or a seller for your buy order. Being in a liquid market is a great place to be because you will experience no issues getting in and out of the market.
Low transaction cost: Opening and closing positions in Forex does not come with high fees. Instead, in most cases, the only fee you pay is the difference between the bid and ask price, also called a ‘spread’. Low costs in currency trading allow you to get in and out of the market often or hold positions for longer time frames.
Use of leverage: A huge benefit to Forex trading is you can use leverage or funds borrowed from your broker that will magnify your potential profits. If done correctly, trading with leverage is a significant boost to your positions. At OspreyFX, you can juice your leverage up to 100:1, meaning you can control a position worth $100 with just $1.
Open 24/5: The Forex market is open all the time during weekdays, even when there are national or international holidays. In other words, you can trade whenever you like and can be sure there will be others to trade with you.
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