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Forex Trading in Gambia • Forex Strategies • Benzinga

In 2015, the Gambian dalasi experienced a huge loss of value against major currencies. In an attempt to maintain control of the currency, the government stepped in to limit forex shipments and set a fixed exchange rate. These policies achieved the exact opposite effect, and financial authorities soon reversed course. Since 2016, Gambia’s economy has…

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In 2015, the Gambian dalasi experienced a huge loss of value against major currencies. In an attempt to maintain control of the currency, the government stepped in to limit forex shipments and set a fixed exchange rate. These policies achieved the exact opposite effect, and financial authorities soon reversed course. Since 2016, Gambia’s economy has improved under loosened forex rules and market determination of the dalasi exchange rate.

Source: Best Exchange Rates

Gambia’s financial policies have sheltered it from the ire of the European Union (EU), which drew back much of its support to Gambia because of West Africa’s increasing nationalism. The real gross domestic product (GDP) of Gambia is expected to increase 5.1% by 2021, led by financial policy and the opening of the Trans-Gambia Bridge. The retail forex market is an option for Gambians looking to participate in the country’s improving global prospects.

Get Started with Forex in Gambia

To get yourself started trading forex in Gambia, use the following tips.

  1. Get online. Accessing the retail forex market is all about accessing the Internet. If you have a stable, fast connection, you give yourself an advantage when trading.
  2. Get a broker. Any offshore forex broker should be regulated through the Central Bank of Gambia or another major authority. Verify this before committing to any broker. If you choose to do business with a broker outside of the central bank’s perview, it is recommended to choose a broker regulated through a major international financial authority.
  3. Open a forex account. Your chosen broker will guide you through the process of opening your brokerage account. Connecting your account is necessary to perform transactions quickly and provide a basis to trade on margin.
  4. Fund yourself. The money you trade with may come from a debit card, a check, the bank account you just connected or selected fintech apps.
  5. Get a trading platform. Choose between the platform your broker provides or a reputable third party interface like MetaTrader.
  6. Trade. After testing the platform with a demo account, you can begin to trade the market with real money.

Gambia Forex Trading Strategies

Attribution: Gain.gm

Now that you are properly set up to trade forex, here are some trading strategies to get you started: 

  • Breakout trading. A breakout is when a price breaks above a range’s resistance level or below a range support level — or breaks beyond the lines of many chart patterns, such as triangles, head and shoulders, double tops/bottoms, channels and more. Traders hope that the trend has enough strength to continue in the same direction for big profits.
  • Return to the mean. If a currency price does not break out, it has a higher probability of returning to its “mean” or average price over that range. Investors can trade in a way that profits from the difference in the current price and the mean price, which may include going long or short the currency pair.
  • Retracement. Day traders who focus on high frequency strategies may take advantage of retracements, or small pullbacks that occur within a directional trend.
  • Reversal. Reversal traders wait for trading indicators to tell them that a price is too high or too low and will reverse itself.
  • Carry tradin.: Buying currencies allows you to collect an interest rate payment just like holding money in a bank. Different currencies have different interest rates. Carry trading means that you profit from the difference in those rates — you are generally long the higher interest rate currency and short the lower interest rate currency in a carry trade.

Forex Trading Example in Gambia

If USD/GMD is trading at 0.0190/0.0210 and you think the exchange rate will rise, you buy into your preferred currency. The margin rate of this currency pair is 6.77%. This entitles you to purchase D1,000,000 with $1,354 in your brokerage account.

The USD/GMD price is trading at 0.0240/0.0260 after 3 hours. If you sell, your profit is (D1,000,000*0.0240)-(D1,000,000*0.0210) or $3,000 on a 30-point move.

Making Money with Forex in Gambia 

Chart with support and resistance levels

After you choose the strategies that work best with your personality, you can move into day to day tactics. Here are just a few of the tools you can use to maximize your profits. 

  • Shorting currency pairs. Shorting involves selling a currency pair first then buying it back later at a cheaper rate.
  • Contracts for difference (CFDs). Trading CFDs lets you trade currency pairs without owning any currency. CFD brokers can also give traders access to leverage.
  • Binary options. Binary options give a trader only 2 possible outcomes — yes or no. The amount of money on the line is a fixed amount, and the amount you lose if wrong is fixed — but there could be a reference to fixed profits if you’re correct. 

Best Online Forex Brokers in Gambia 

Vet your list of forex brokers thoroughly. Check their feature sets and how they are regulated before committing your funds and personal information.

Forex Terminology

Learning the language of the forex market reduces your chances of error and improves your chances of success. Here are some of the important basics that will help you:

  • Pip. A “percentage in point”often pegged to U.S. $0.0001, also known as a “basis unit.”
  • Lot size. The standardized amount of currency you sell or buy, with a standard size of 100,000 base currency units.
  • Orders. The overall strategy describing how the investor enters or exits a trade in forex.
  • Calls. A contract between a buyer and seller that gives the right but not the obligation to purchase a certain amount of 1 currency against another at a given exchange rate at some point in the future.

Investing in a Growing Economy

Gambia is becoming a bigger player in West Africa. Learning the market and setting yourself up in it safely puts you ahead of the curve and at a distinct advantage when investing.

Alongside learning the market and your chosen interface, accessing a reputable stream of real time information is essential for forex success. Start with our guide to forex trading in Gambia.

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Statements about Cryptocurrency

Statements about Cryptocurrency

Cryptocurrencies are in a bubble and regulators could burst this at a whim.

  • Eight years after the introduction of Bitcoin, there are now over 900 cryptocurrencies and their prices are at all-time highs.
  • Richard Schiller categorizes bubbles as an underlying story driving the market forward, as opposed to the fundamentals of the assets. Cryptocurrencies are riding on a narrative of economic empowerment and freedom.
  • Despite the widespread attention that cryptocurrency receive, many of the actors involved in the market are not fully informed. Debate tends to turn to hype and naive investors are buying crypto-assets without fully understanding what they are.
  • Banks spend 73% of the market capitalization of Bitcoin each year on regulatory compliance. Crypto-assets are currently unregulated and free of these restrictions. As such, the market has thrived but also developed some bad habits.
  • Regulators cannot necessarily shut down cryptocurrencies, but they can restrict liquidity into them from fiat currencies and hamper their growth. The global derivatives market, for example, is worth $1.2 quadrillion, dwarfing Bitcoin’s $100 billion market cap.

Statements about Cryptocurrency

Market manipulations in crypto markets are undermining their credibility.

  • Due to low liquidity, no regulation, and a lack of clear understanding of the markets, pump and dumps are widespread in crypto markets. This is where a speculator can artificially sell while concurrently buying their own currency, wait for the market to rise, and then dump their holdings.
  • Frontrunning is also a common occurrence in ICOs, where early investors—who are used to show initial faith in the enterprise—buy discounted tokens before immediately selling them on.

As with historic bubbles, scams are exploiting naive investors.

ICOs can have the characteristics of vaporware. Entrepreneurs are raising hundred of millions of dollars purely on concepts. Money is being raised from investors who do not truly understand the technical concepts being proposed to them, let alone whether they are feasible.

  • The actual asset structures of ICOs are not only complex but also new forms of assets in their own right. This further confuses investors, which is compounded by the “FOMO” mentality of rushing into investments and following the crowd.
  • The use of celebrities to promote ICOs further demonstrates the use of manipulative marketing techniques used to cajole immature investors into participating in ICOs.
  • The current ICO craze is reminiscent of the South Sea Bubble of the 18th century, a speculatory period that involved crazed investment into enterprises in the New World. Once one of the highest valued companies of all time, the South Sea Company’s bubble burst and the company disappeared almost as quickly as it appeared.

Blockchains are still not proven technology, and more work is required.

  • Blockchains are still new concepts and their technology has not yet been proven on a consumer-wide scale. Attention should be focused on developing this, not speculating on short-termist projects.
  • The security of blockchains is a concept that most investors in crypto-assets do not understand. The onus is on them to protect their assets, which, on the basis of the amount of thefts and frauds in the space, is not being done properly.

There are some solutions to these issues.

  • A less polarized mentality of “us against the world” is needed; this could be enforced by the promotion of self-regulatory standards. These could also help to highlight the bad actors in the ecosystem.
  • More development is required into the underlying technology of blockchains. In the long run, this would be far more valuable than ICO moon-shot projects.
  • Awareness and discussion needs to be promoted. Conferences should present balanced debates from both sides of the crypto-view and more emphasis should be placed on educating investors instead of soliciting their investments.

Originally Published here at https://www.toptal.com

Statements about Cryptocurrency

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CMStrader Signals provider, the number 1 signal provider 4 years in a row

CMStrader Signals provider, the number 1 signal provider 4 years in a row.

CMStrader, the number 1 signal provider 4 years in a row, is now offering free signals to new clients!  Reliable trading tools are fundamental part of successful trading.

cmstrader for the Best Trading Signals

cmstrader for the Best Trading Signals

 

CMStrader’s signals success rate is estimated in 91% this should be enough to take a look and decide for yourself. since this is their biggest feature and drives this broker towards success, it is opretty afe to say that they do their utmost to provide you with quality forex signals.

This broker also entered the cryptocurrency market and offers several cryptocurrencies.  in short they act on the market and engage their clients directly.

when you start trading at CMSTrader, you can choose from a extended list of currencies, indices, commodities, gold and oil.

CMStrader Signals for better Trading

CMSTrader sends trading signals to traders’ accounts when there is an opportunity to buy or sell orders at specific points; an overview of the speculated price or loss ratio is included.

CMStrader Signals the number 1 signal provider among brokers

CMStrader Signals the number 1 signal provider among brokers

The signals are sent directly via SMS to a cellphone for major currencies traded on the stock exchange, foreign goods and precious metals.

In addition, signals can be sent to an e-mail address and or traders can be notified directly over the phone.  This service is available 24/5.

Like with Most proper signal services don’t expect 50 signals a day as simply there are not that many. you will get maybe a few good ones a day on which you could and most of the time should act.

Earn profits with CMStrader Signals in the forex market – the biggest trading scene in the world. Enjoy our unique benefits, trading education, minimum margin and best leverage! Start with a demo account and enter the amazing world of forex with CMStrader.

More about CMStrader Signals & Forex Broker

  • Name :CMSTrader
  • Website :cmstrader.com
  • Established :2013
  • Regulation :FSP
  • Country :United Kingdom
  • U.S. Clients Allowed ?  :No

CMSTrader is a leading investment advisor specializing in personal wealth management and growth and is a somewhat a newcomer to the Forex market.

they started in 2013 and since then have won several awards 2 including one for having best customer service in 2013.

CMSTrader “CMStrader Signals” is authorized under the name of CMS Ventures Limited which is a New Zealand Registered Financial Service Provider (FSP).

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Daily Financial News

Supreme Court Sides With Bits of Gold in Bank Dispute

Supreme Court Sides With Bitcoin Broker “Bits of Gold” in Israeli Bank Dispute

Upon appeal, the Israeli Supreme Court has rejected the closure of Bits of Gold’s banking facilities at Leumi bank, Tel Aviv.

The Israeli cryptocurrency brokerage’s appeal followed a previous ruling against it that has now been set aside by the higher court.

As Israel and many other countries struggle with the accelerated phenomenon of virtual currencies, Leumi Bank recently made the news for being a particularly blunt in its rejection of Bitcoin.

We should of course not be surprised with the banks attitude towards bitcoin or any other cryptocurrency for that matter. keep in mind that the banks become more and more obsolete because of them. Bits of gold versus leumi

They will keep on loosing money which now they make with ridiculous commissions of work that is fully automated. so they will try to see how they are able to make the operation and acquiring cryptos  as hard as possible knowing that they will never be able to stop them.

There is widespread anticipation that the upcoming G20 Summit in March 2018 will produce a global, moderate framework for a regulatory approach. Set against that are persistent hostile stances the world over from banks, asset managers and even governments towards cryptocurrencies.

Now that the countries understand there is money to be made with Taxation in cryptocurrencies they might want to make sure that the banks stay within their lane. 

Apart from the Israeli revenue service opting to tax cryptocurrency assets as “properties” and other more positive developments dating back to mid-2017, Israel remains a strange mix of genteel acceptance alongside wildly opposing voices.

There is thus Hope But no decision

Bits of Gold has fought a David and Goliath battle since their banker decided it wanted to steer clear of all cryptocurrency-related business.

On record as recently telling another bitcoin-related trader that they simply don’t want the business, Leumi Bank’s hard-line stance is accumulating bad press. The second-largest bank in Israel appears as discriminatory when analyzing virtual currency traders and other digital coin businesses.

During 2017, a customer made a bank transfer to the Kraken exchange site for buying bitcoin worth $1000. The bank identified the request, halted it, and started investigating.

The elated CEO of Bits of Gold, Youval Rouach said that “The court’s decision enables us to focus on the growth of the Israeli cryptocurrency community.”

 

The February 26 Supreme Court ruling granted Bits of Gold a temporary injunction against their account closure pending further scrutiny by the bank and other parties. The presiding bench declared that the company had “acted transparently and did not violate any provision of law.”

Calling the bank’s concerns “speculative” and turning an unsympathetic ear to the plaintiff, the ruling does, however, allow for the bank to still close the account on any small technical detail that defies legislation. As a record of a public spat around cryptocurrency’s right to be recognized in many ways, the ruling is seen as a victory for the local cryptocurrency community.

One Small Step Forward

Although not as absolute as nations like China that has opted for draconian bans, Israel is a front line for digital coins’ right not just to exist, but also become assets in the true sense of the word. The Supreme Court noted in its written ruling that Bits of Gold had not made itself guilty of the violation of any standing laws since opening its doors for business.

 

The Bits of Gold v. Leumi Bank case might become something of a test case once the bank applies its mind in scrutinizing the company’s accounts against the backdrop of existing legislation. The outcome will also be informed by sentiment post the G20 Summit due in March as well as other global regulatory trends.

Now that the countries understand there is money to be made with Taxation in cryptocurrencies they might want to make sure that the banks stay within their lane.

This was First Published by coindesk

 

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