Welcome back, thank you for being here, if it is your first time reading my post, welcome and I hope you enjoy and hopefully you’ll come visit again. Today it is all about the Forex trading FAQs, the questions I compiled here are from day-to-day questions that I get from real people.
FOREX TRADING FAQs
Q: Do I need thousands of dollars to get started in Forex trading?
A: No Forex market is different, there is a difference between Forex and stock market, some brokers can even allow you to start with as little as $30 (not a good idea though).
Q: I have a full-time job, can I do Forex trading while having a job? I am so scared I won’t have time to trade as sometimes I work shifts and I always hear people saying I will have to be glued to my computer screen all the time to succeed and also I will have to miss sleep, I am really scared as I have seen one image circulating on social media where they showcase 3 beds with other professionals sleeping peacefully at night, but the empty bed is labeled as a Forex trader’s bed, do I have to stay up all night to watch over my trades?
A: No you do not need to do that, not at all, you’ll still have your 8 hour beauty sleep. Forex trading is just like any other business, you can plan your own time at which you prefer to trade, the Forex market consists of 4 sessions, so even when you work shifts you can still find time to trade and sleep, and there are very useful features like Stop loss and Take profit that you can use to set your targets. Only gamblers stay up all night worried about trades, if you trade at night it should be out of choice as I have said that the market comprises of 4 trading sessions, and they all open and close at different times of the day, hence the Forex market is open 24 hours.
Q: Do I need to be connected to the internet the whole time when I have a trade?
A: No, I like this one because I actually left my laptop connected at one time the whole night because I thought it was going to close my trade if I go offline, but no as soon as you place your trade, it remains in the market, you can go off and nothing will happen to your trade if you disconnect from the internet.
Q: I do not have economics background, do I need to? or do I have to be a computer geek to get this business?
A: No you do not need to have any economics background, neither do you need to be a computer geek, but you do need to know how to operate a computer, you could be a qualified journalist and still master the skill with no economics background at all, Forex trading is a practical skill that can be learned by anyone.
Q: Do I need a special USD card to fund my Forex trading account? I am in south Africa and since people who trade talk about dollars a lot, can I use my local bank?
A: Yes definitely you can, most Forex brokers do accept local credit or debit cards.
Q: Do I need to put a notice every time I want to withdraw money to my bank account?
A: No, most brokers take about few hours to complete a withdrawal, no 32 days waiting period, your money is available to you when you need it anytime, make sure you use a reputable broker though, some brokers especially non regulated ones can be a problem when it comes to withdrawing your money, be careful of the broker you choose, for FSB regulated brokers even if they are also internationally regulated.
Q: What if I start my Forex trading with small amount, can I add the funds on the existing account, is that possible?
A: Yes you can add amount at anytime you wish.
Q: Can I have multiple accounts in my name with the same broker, is that possible?
A: Yes it is possible, you can have additional accounts in your name with the same broker, most Forex brokers do allow and I know for sure that my personal Forex broker does.
Q:Can I trade Indices and Commodities on the same platform as I trade currencies?
A: Yes definitely, you can trade Gold, Silver, Ftse100, Dow Jones, Crude oil, ACM Gold offers at mini sizes.
Q: Can I learn everything about Forex trading in just 2 days? I see many places they offer a 2 day course for beginners, how true is that?
A: No, I do not believe it is true, I can assure you that you cannot, I have been trading currencies for few years now and surely I did not learn that in 2 days, learning is an ongoing thing though it never stops.
I hope you have some of your questions answered through this post, the questions here are questions that I usually get in my inbox. Thank you for stopping by and please do visit again and kindly share the post using the share buttons below.