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Forex Trading in Jamaica • Forex Stategies • Benzinga

Any adult based in Jamaica who wants to trade forex should not have much trouble getting started. Trading forex in Jamaica just requires an account with a reliable online broker and a trading platform to make trades through. For the most successful trades, you’ll need a viable trading strategy with a sound trading plan.

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Any adult based in Jamaica who wants to trade forex should not have much trouble getting started. Trading forex in Jamaica just requires an account with a reliable online broker and a trading platform to make trades through. For the most successful trades, you’ll need a viable trading strategy with a sound trading plan.

Trading forex from Jamaica also has some advantages over trading currencies from more highly regulated jurisdictions like the U.S. or the EU. For example, you can use higher leverage ratios when trading from Jamaica, although that can magnify your losses as well as your profits. Continue reading to learn how to start trading forex from Jamaica.

Get Started with Forex in Jamaica

Many quality international forex brokers offer their services to Jamaican clients. If you’ve never traded currencies before, trading forex from Jamaica can be quite easy. You just need to follow the 6 steps detailed below:

  • Get a reliable internet-connected device like a smartphone, tablet or PC.
  • Find an online forex broker that will accept Jamaican clients.
  • Open a forex trading margin account with that broker. 
  • Deposit funds to your account using a payment method accepted by the broker, such as Skrill, Neteller or WebMoney. Many brokers also accept deposits made via MasterCard, Visa and bank wire transfers. 
  • Obtain access to the broker’s trading platform or one it supports, like MetaTrader.
  • Enter your first trade.

Once you’ve taken those steps, you will have a funded online forex trading account you can use to trade forex from Jamaica. 

Jamaica Forex Trading Strategies

Having a good forex trading strategy can make or break your forex trading account. You can practice using your strategy with a forex demo account that most brokers offer.

Several popular trading strategies you can implement in your account are listed below, although keep in mind that some require more expertise and dedicated time than others. These strategies can help forex traders make money whether trading from Jamaica or elsewhere. 

Scalping: This short-term trading strategy involves quickly entering and exiting the market to take advantage of small exchange rate fluctuations. Scalpers typically aim to capture a few pips of profit on each trade.  

Day trading: This trading strategy involves buying and selling during a trading session, although all positions are closed out before that session ends. This means day traders can avoid the extra risk exposure involved in carrying overnight positions.

News trading: Traders who like to watch economic and geopolitical news might enjoy news trading. This strategy aims to profit from the sharp exchange rate moves often seen right after sensitive economic data or news is released. 

Trend trading: If you like to take a longer-term view on exchange rates, then trend trading might be for you. This strategy involves establishing a position to profit from a prevailing market trend and then closing that position out once the trend finishes. 

Swing trading: Sometimes also called momentum trading, swing trading usually involves making trades based on momentum indicator signals. The overall goal is to buy low then sell high or sell high then buy low. Since this strategy lacks time constraints, swing traders can hold positions for as long as needed to allow the market to move as expected. 

This daily chart for the past year shows how USD/JMD typically trades in a range between 130 and 145 that an astute swing trader could take advantage of. Source: XE.com

Forex Trading Example in Jamaica

Jamaica’s national currency is the Jamaican dollar (JMD) that has the code J$ to distinguish it from other dollar currencies. The Jamaican dollar is divided into 100 smaller units — cents — although the 1, 10 and 25 cent coins were demonetized in February 2018, so the $1 coin is currently the lowest coin denomination in Jamaica. The Bank of Jamaica issues and manages the value of the Jamaican dollar.

A recent quote for the USD/JMD exchange rate was 140.75 Jamaican dollars to 1 U.S. dollar. If your analysis of the market suggests the USD/JMD exchange rate will rise, then you could purchase 100,000 U.S. dollars against the Jamaican dollar today at that 140.75 exchange rate

If the USD/JMD rate then subsequently rallied to 141.75, you would use this calculation to determine your trading profits:

100,000 USD x (141.75-140.75 JMD/USD) = 100,000 JMD

To convert that amount of profit from Jamaican dollars into U.S. dollars, you would need to perform this calculation:

100,000 JMD ÷ 141.75 JMD/USD = 705.47 USD

Alternatively, if the USD/JMD market had instead declined to 139.75, you would have lost this amount:

100,000 USD x (139.75-140.75 JMD/USD) = -100,000 JMD

When converted into U.S. dollars at the USD/JMD exchange rate of 139.75, your loss would be:

-100,000 JMD ÷ 139.75 JMD/USD = -715.56 USD

Making Money with Forex in Jamaica

Trading forex successfully typically requires more than just acting on educated guesses or hunches. Most good traders obtain their market knowledge and develop their views through extensive research and analysis. They also incorporate that information into a profitable trading strategy and have the discipline required to stick to it. 

Since making money trading forex generally requires having a consistently profitable strategy that you can adhere to, you should be prepared to take the time to perform the detailed research and testing needed to formulate a profitable trading strategy. Most good strategies incorporate objective trading criteria, as well as some form of risk/reward analysis and well-established money management techniques. 

Remember, too, that many strategies can work well for a while, but they might not do as well once market conditions change, so be sure to backtest your strategy over a wide range of market environments. 

Best Online Forex Brokers in Jamaica

Although online brokers generally do not have offices in Jamaica, various forex brokers based outside of Jamaica accept clients from the county.  For example, international brokers like eToro, AvaTrade, Alpari, FXPro and XM have been known to accept clients from Jamaica. If you meet a certain broker’s requirements, you can often open an account using the Skrill or Neteller online payment services to add funds to your margin trading account. 

Account Minimum

100 of your selected base currency

Pairs Offered

80+

Account Minimum

100 of your selected base currency

Pairs Offered

80+

1 Minute Review

FOREX.com is a one-stop-shop for forex traders. With a massive range of tradable currencies, low account minimums and an impressive trading platform, FOREX.com is an excellent choice for brokers searching for a home base for their currency trading. New traders and seasoned veterans alike will love FOREX.com’s extensive education and research center that provides free, informative forex trading courses at multiple skill levels. While FOREX.com is impressive, remember that it isn’t a standard broker. You can’t invest in the stock or bond market through your FOREX.com and you cannot open an account with tax advantages. The confusing pricing and margin structures may also be overwhelming for new forex traders.

Best For
  • MetaTrader 4 users
  • Beginner forex traders
  • Active forex traders
Pros
  • Impressive, easy-to-navigate platform
  • Wide range of education and research tools
  • Access to over 80 currencies to buy and sell
  • Leverage available up to 50:1
Cons
  • Cannot buy and sell other securities (like stocks and bonds)
  • Confusing margin requirements that vary by currency
  • Limited customer support options
  • Cannot open an IRA or other retirement account
Account Minimum

$50 USD

Pairs Offered

47

Account Minimum

$50 USD

Pairs Offered

47

1 Minute Review

Though Australian and British traders might know eToro for its easy stock and mobile trading, the broker is now expanding into the United States with cryptocurrency trading. U.S. traders can begin buying and selling both major cryptocurrencies (like Bitcoin and Ethereum) as well as smaller names (like Tron Coin and Stellar Lumens).

eToro offers traders the opportunity to invest their assets into premade portfolios or cryptocurrencies, similar to services offered by robo-advisors through traditional brokers. Though eToro isn’t a one-stop-shop for everything an investor needs, its easy-to-use platform and low spreads is a great way to enter the cryptocurrency market.

Best For
  • International Forex/CFD Traders
  • New cryptocurrency traders looking for an easy-to-use platform
  • Traders who want to buy and sell cryptocurrencies on-the-go
Pros
  • Simple platform that is easy to master
  • CopyTrader feature that allows new traders to copy the same strategies used by professionals
  • Virtual dummy account that gives you $100,000 to practice trades
Cons
  • U.S. traders currently limited to cryptocurrencies
  • Only 15 major coins available to trade
Account Minimum

100 EURO

Pairs Offered

50+

Account Minimum

100 EURO

Pairs Offered

50+

1 Minute Review

A fully regulated broker with a presence in Europe, South Africa, the Middle East, British Virgin Islands, Australia and Japan, Avatrade deals with mainly forex and CFDs on stocks, commodities, indexes, forex, cryptocurrencies, etc. This brokerage is headquartered in Dublin, Ireland and began offering its services in 2006. It offers multiple trading platforms and earns mainly through spreads.

Best For
  • Beginners
  • Advanced traders
  • Traders looking for a well-diversified portfolio
Pros
  • Controlled by regulatory agencies of multiple countries
  • Choice offered in terms of trading platforms
  • Support available in 14 languages and trading platforms in 20 languages
  • Practice/demo account available for trying out
  • Breadth of trading assets
Cons
  • Does not accept customers from the U.S. as it isn’t regulated in the U.S.
  • Transferring funds to the account may take up to five days; withdrawals could take up to 10 days

Forex Terminology

Professional forex traders have evolved a unique jargon to describe certain aspects of their business. You may benefit from familiarizing yourself with this special terminology before starting to trade. It includes the following common terms: 

  • Lot size: A lot is a standardized trading unit. Standard forex lots have a lot size of 100,000 base currency units, while mini lots consist of 10,000 units and micro-lots consist of 1,000 units.  
  • Pip: This popular acronym stands for “point in percentage” and refers to the smallest exchange rate movement for a particular currency pair.
  • Margin call: If holding your trading positions necessitates an additional margin deposit, your broker may issue a notice or “margin call” for you to add funds to your account. Some online brokers will instead automatically liquidate positions when holding them exceeds your deposited margin.  
  • Orders: These consist of instructions you give your broker to make trades on your behalf. Commonly used forex orders include limit, stop-loss, take profit and market orders.  

Does Trading Forex in Jamaica Make Sense for You?

Those prepared to invest the time and money into developing a profitable trading strategy can stand a chance of becoming successful trading forex on their own. The good news is that you can do that in Jamaica or anywhere else in the world you can trade forex. 

Beginners without a strategy or those who have less time to spend developing one can use a social trading platform and copy the trades of those traders with a good established track record in their own account.  

Remember, the broker you choose to trade with from Jamaica should be strictly overseen by a major financial regulator like the Financial Conduct Authority (FCA). You can select any broker from among those we listed that take Jamaican clients and apply them to open a trading account. 

Hire a Pro: Compare Financial Advisors In Your Area

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Why You Need to Get Onboard With Blockchain!

Why You Need to Get Onboard With Blockchain!

Blockchain tech – so revolutionary in nature that some are calling it the “new internet.” It has applications in just about every industry, and has completely altered the way we think about internet security, the processing of information, and the speed of transactions.

Blockchain is the technology that supports the digital currency  or cryptocurrency called Bitcoin –

however this is not what it is really about as it has a far wider scope of applications and is being commercialized in a growing number of areas.

It has generated much interest in technology circles and beyond, because of the new possibilities it opens up in financial services, the public sector and other areas.

According to sites like BitFortune.net, blockchain tech is definitely worth keeping an eye on due to the myriad of benefits it provides.

Blockchain and Bitcoin are not the same thing – Bitcoin is implemented using blockchain technology, but blockchain technology can be used in contexts much wider than Bitcoin or other cryptocurrencies. so when we are talking about the blockchain we are talking about a combination of a number of technologies, these including:

  • Distributed ledgers.
  • The blockchain data structure.
  • Public key cryptography.
  • Consensus mechanisms.

Part of what makes it so exciting is that it is completely open source. As a result, there are already a number of interesting blockchain apps, and the number is growing daily.

The technology is so secure that it is already being used by DARPA to secure military data. Various governments around the world are working on ways to use the tech to protect their own data.
The tech is tamper-proof, and the data stored within it is permanent. It cannot be erased or altered, and this is what makes it so enticing to those needing more secure networks.

But there is more, folks. (Okay, so that sounds a bit like an infomercial, but the benefits are real nonetheless.) Transactions can speed across the network – taking only as much time as it takes for them to be authorized.

The blockchain cannot be described just as a revolution. It is a tsunami-like phenomenon, slowly advancing and gradually enveloping everything along its way by the force of its progression.

William Mougayar

The system runs without the need for an intermediary, and this reduces the time it takes to execute transactions. This, and the unique way that the tech works, means that costs are significantly reduced as well.

What makes it so revolutionary is that the information is spread across every computer within the network. With Bitcoin, that means the data is securely “backed up” over thousands of computers.

Now, it is unlikely that banks will entrust their data to a public network in the same way, but they have been working on creating networks of their own instead.

The potential savings in terms of cost and time are extensive. If you want to learn more about these savings, check out the infographic below.

 

Why You Need to Get Onboard With Blockchain!


Why You Need to Get Onboard With Blockchain!


Visit bitfortune.net . for more interesting Infographics

Guys did an amazing job and was allowed to share.


 

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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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