FOREIGN EXCHANGE IN INDIA

THE POPULARITY OF FOREIGN EXCHANGE IN INDIA

The Foreign Exchange in India is growing very rapidly. This tendency is mainly connected with the fact that the annual turnover of the market in India is $400 billion. According to recent data the average monthly turnover in the sector of Forex India is $174.4 billion.

The main participants in the Forex India are buyers, sellers, market mediators and the Monetary Authority in India. The major centre of Foreign Exchange in India is Mumbai, the commercial capital of the state. Among other forex centers are such major cities as Kolkata, New Delhi, Bangalore, etc.. Foreign Exchange Dealers Association together with Reserve Bank of India and Brokerage companies are designated to regulate Foreign Exchange in India. The most popular currency pair Indians are used to trade with is USDINR. Unfortunately, IFC markets does not provide its traders with this currency pair, instead you will be given an opportunity to trade with the most widely known EURUSD/USDCHF/SURGBP and much more.

Nowadays, more and more Indians are trying their luck in this fluctuating sphere and for thousands of them Fx market has served as a very effective instrument to become a successful trader.

FOREX ANALYSIS METHODS

FOREIGN EXCHANGE IN INDIA: ANALYSIS METHODS

As Forex trading is a business based not only on your professional knowledge and experience but also on luck, no one can guarantee that the position you opened would always work in your favor. Taking into consideration the fact that Foreign exchange in India is gradually becoming more and more popular, I would provide you with some very important Forex analysis methods. Three types of Forex market analysis

 - fundamental, technical and sentiment are distinguished to foresee in what direction the financial market would move. To decide which of them is the best one will be a wrong approach. If you want to become a consistent trader of Forex in India, you will need to use the unity of all three analysis methods.

Fundamental analysis

Fundamental analysis is based on economic, financial and political issues. The capacity to do a fundamental analysis requires regular following of the news. In theory it is enough to use only this analysis type, still in practice fundamental analysis is usually combined with the technical one.

Technical analysis    

Technical analysis is the examination of the previous price movements, the objective of which is to forecast the future price movements. Like weather forecast, technical analysis is somewhat indefinite, based on predictions. It uses a variety of charts that show the price over time.

Sentiment analysis

The word “sentiment” itself refers to that this analysis type is based on trading psychology. Its theory is the following: if the crowd is leaning in one direction, the sentiment analyst does not join the masses and acts contrary to the trends.

MAJOR THINGS YOU NEED TO KNOW

MAJOR THINGS YOU NEED TO KNOW 

BEFORE BECOMING A FOREX TRADER

  

FOREX IN INDIA: THINGS YOU NEED TO KNOW BEFORE BECOMING A FOREX TRADER

It has become very usual to hear that “Forex in India has become very popular, but it is risky to trade in this market, as you’ll have many losses.” Never mind! Losses are not the Forex fault, but losses are natural for those traders, who do not follow simple rules in Forex that are the keys to the success in the Foreign Exchange market.

The worry may be related to the simple evidence: Foreign Exchange in India is quite new. People are not familiar with simple rules that should be followed to. The more you follow the rules, the less the losses will be!

 Define your risk tolerance carefully

From the very beginning accept that Forex trading is a risky business and be ready for some failures. Remember that the loss is something you can gain experience from. Besides, after suffering losses, you begin to understand what your faults are and make attempts to improve your trading strategy.

Choose the brokerage company carefully

The result highly depends on the brokerage company with which you trade.  You act in accordance with the terms and conditions, set by it. So, be maximally careful to make a right choice. There might be people with conceptions such as “Foreign exchange in India is developing, so the Forex brokerage company should be Indian.” In reality, this is a misleading opinion, as there are many trustful Fx brokerage companies. Remember that your success partially depends on the brokerage company.

Focus on a single currency pair

The world of currency trading is deep and complicated. In order not to get confused in the variety of currencies, you should better focus on a single currency pair, the one which is more familiar to you. Beginning to trade with the currency of your nation can be a great idea. IFC Markets does not have any currency pair with rupee: some people may think that this is a negative point, but in reality it is a positive one, because it is better to start with one of the widely traded currency pairs, e.g. EUR/USD.

Begin with small sums. Increase the size of your account through profit, not by greater deposits

           It is advisable to start trading with small sums, using low leverages. Try to increase your account size by profits, not by enlarging your deposit.

Pick the account type and leverage according to your knowledge

If you have a good understanding of trading in general, standard account type is for you, but if you are a newcomer in this world, it’s better to choose the beginner account. As for leverage ratio, in any case it is safer to use low leverage, following the principle “The lower the risk is, the greater the chances are”.

Foreign Exchange in India is a fast developing sphere, which involves more and more people nowadays. The only thing you need to do is to take the right steps in order to reach the goal you have set out from the beginning.



CHOOSING A BROKERAGE COMPANY

CHOOSING A BROKERAGE COMPANY

Forex trading is very attractive but at the same time it can be risky, if you start trading without any help. Forex brokerage companies are the ones that serve this aim, i.e. providing the customers with information and performing all the procedures, necessary to start trading. So, choosing a good brokerage company from the very beginning will, of course, enlarge your chances to earn a greater amount of money. A brokerage company can be easily chosen via a simple internet search. While choosing it you should take into consideration some points. There are some companies which don’t publish their E-mail address, telephone number or don’t have any live support. I would advise you to avoid such companies. Pick up the one which will contain proper information about its trading terms and conditions, as well as publish all means of contact. From my personal experience I can say that IFC markets is one of the best. In its web site you are able to find anything you need, from simple definition of Forex to the detailed description of opening a demo or real account. Besides, if you misunderstand anything, you can contact them easily and be sure that you will get support as soon as possible.

IFC markets has a separate section for Foreign Exchange in India. Indian traders can be sure that all their problems will be instantly solved by just contacting IFC markets:  REGIONAL MARKETING TEAM (INDIA) IFC Markets Corp. Tel: +44 20 7193 1740 Toll-Free: 000 800 100 7390 Email: india@ifcmarkets.com Skype: ifcm_india.

FIRST STEPS

FOREX IN INDIA: FIRST STEPS TO BECOME A TRADER 

Like any other sphere in this life, Forex trading also needs to be closely studied and observed. If you are a newcomer in the world of Forex, opening a real account and trading will be quite risky for you, which may result losses. I have already passed through that complicated way. On my way I have managed to investigate this deep world and putting together all aspects, now I am going to provide you with some valuable practical steps, aiming to lead you to a success. In connection with the rapid expansion of Forex India, I want to be beneficial for my compatriots. So, please, try to maximally follow these instructions and make your way a little bit easier.

Your familiarization with Forex trading is not a difficult issue to depict. You are searching for something in Internet and the word “Forex” appears somewhere on the bottom or in the corner of the screen. Or you are walking in the street and your vision catches the same word. A curiosity arises inside you and the wish to figure out what it is emerges immediately. So, the first thing I would advise you to do for becoming a participant of Forex in India is to search for some useful articles in Internet, regarding Forex trading and to study them, trying to understand all key words. In case of coming across some difficulties in understanding, I can offer you a very effective method. IFC markets provides its customers with live support with the help of which all the questions immediately become clear. Moreover, it has a special section for Forex in India. I assure you that you will be served with maximum care and benevolence.

The following stage should include looking through different brokerage companies, getting familiarized with all the terms and conditions. Searching for Forex India brokerage companies will be a wrong approach. Keep in mind that Forex trading is international and likewise brokers serve everyone worldwide.

After you are sure that you are more or less competent in the main aspects of Forex, then it’s high time for you to open a demo account (demonstration account) with one of the brokerage companies, an account that allows you to trade with unreal money. It will give you an opportunity to practice and to understand the major principle of how to trade in Forex.

After all these steps are taken, you are welcome to the unpredictable world of Forex. Start trading with real money and become a successful trader.