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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.

Forex Trading in Jamaica • Forex Stategies • Benzinga

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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.

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Forex Trading Knowledge Questions and Answers

Forex Trading Knowledge Questions and Answers

Forex Trading Knowledge Questions and Answers

What Is A Demo Account?

Demo accounts enable new investors to test their ideas and learn how to use trading technologies without risk. Users can use the demo account to trade with simulated money and see what their returns would be if they traded with real money. Demo accounts are often used in schools and universities to teach investing and compete in trading competitions.

Demo accounts are commonly used by stock traders, currency exchange traders, and commodities dealers, but not by long-term investors. A demo account is less effective since the longer it takes to produce earnings from an investment, the more time it takes away from compounding real money.

 

How Does A Demo Account Work?

Using demo accounts, investors can practice trading on a platform without putting their own money at risk. You will not be exposed to the dangers associated with live trading platforms on a demo account. As a result, you can learn how platforms work without putting your money at danger.

A demo account guarantees that you will not lose money, but it also guarantees that you will not make money. To reduce risk when trading on the real market, traders must learn discipline and establish techniques.

How to Open A Demo Account?

In general, opening a demo trading account is pretty simple. Choose a Broker – Most brokers provide demo trading interfaces to help you become acquainted with the features and create techniques. Choose which broker to use initially.

Registration is necessary, and you must provide your personal information. Name, address, and financial information will be requested. Your identification will almost certainly have to be validated as well.

Once you’ve decided on a broker, you can install MetaTrader4. Once you have decided on a broker, you will require a trading platform. MetaTrader 4 and MetaTrader 5 are the most popular trading platforms.

You will obtain login details after registering with a trading program. You will be able to open an account.

How Long Do Demo Accounts Last?

Traders can use a demo account to test out a program for up to three months before deciding whether to purchase the complete edition. The three-month term is basically offered to guarantee that the prospective buyer has enough information to make them desire to buy.

Why Is It Necessary to Open A Demo Account?

Traders can use a demo account to test out a program for up to three months before deciding whether to purchase the complete edition. The three-month term is basically offered to guarantee that the prospective buyer has enough information to make them desire to buy.

What Are Advantages of A Demo Accounts?

Demo accounts are an excellent method to learn about various trading tactics and software. Paper trading is a lot safer way for a beginner investor to make technical mistakes than real trading. Investors can benefit from the customised trading software provided by each firm.

A demo account lets you to test methods without risking any money, whether you are a novice or an experienced trader. Trading on a demo account allows the trader to test the approach before trading with real money.

Even though many traders begin with equities, commodities and Forex can be profitable. The same strategies, however, may not be applicable in all three asset groups. A demo account allows experienced traders to experiment with several asset classes.

 

The Differences Between Demo & Live Accounts

A forex demo account is distinct from a genuine account in that it is utilised as a training account for traders to practise trading without putting real money at risk. Real accounts, on the other hand, use actual money, and traders put their own money at risk. A demo account enables users to trade with fictitious money in order to imitate the earnings they would receive if they traded with real money. Demo accounts are often used in colleges and institutions to teach investing and compete in trading competitions.

However, studies have shown that even if a person has obtained extensive trading expertise through the use of virtual accounts, things may turn out differently when real money is involved. Because you are not putting anything at risk  is more accessible when dealing with virtual money than when trading with actual money.

Can I have Multiple Forex Demo Accounts?

You may be able to open up to five demo accounts depending on the broker. Some, however, provide up to 19 demo accounts. There is no way to predict how many demo accounts are available at any particular time. All brokers do not limit the number of demo accounts.

If your broker has a demo account limit, you can contact their customer service via email or live chat to request more demo accounts.

There are brokers who will only allow you to open one account of each type per email address.

As a result, you are not able to establish any additional accounts until you give them with another email address or open a new account. Traders do not benefit from this practise because it requires them to spend their resources on opening new accounts rather than allowing them to open as many as they like.

In most circumstances, you won’t need more than five accounts, and depending on your plan, one may enough.

In any case, you should practise on a demo account until you are really proficient.

Is A Demo Trading Account Free?

Demo platforms are usually free. There is no risk of losing money because you will not be dealing with real money. As a result, there are no deposits, withdrawals, or training fees involved.

 

How to Choose Forex Accounts?

Different accounts have different settings. Before you open a trading account, you should answer the following questions:

How much money do you want to put down? You should keep in mind that trading with money you cannot afford to lose is not a good idea.

What is your level of risk tolerance? If you are a cautious trader, you can open a micro account and trade micro-lots. However, if you wish to trade more aggressively, you should open a regular account.

Do you require any specialised equipment? Many forex brokers provide their best trading tools to its professional clients, which may include cutting-edge news analysis or access to a diverse set of indicators.

Once you’ve determined what kind of trader you are, your trading objectives, and your risk tolerance, you’ll be able to choose which account is best for you.

Can I Take Money Out of a Demo Account?

Unfortunately, the answer is no. Demo accounts are only for practise purposes. You do not deposit anything because the account is not funded with real money.

As a result, any profits you would have made would be ineligible for withdrawal.

Forex Trading Knowledge Questions and Answers

Forex Trading Knowledge Questions and Answers

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AvaTrade introducing 3 new crypto pairs

crypto trading with Avatrade

AvaTrade introducing 3 new crypto pairs – updating 3 others

AvaTrade has yet again improved their cryptocurrency trading offering.

AvaTrade is introducing three new cryptocurrency pairs: NEOUSD, EOSUSD & MIOTAUSD in addition to the 15 crypto assets already on offer.

These new pairs have been available since July 1st, 2019 and provide an excellent opportunity to diversify your clients’ portfolios and increase their exposure to this vibrant 24/7 market.

AssetTypical SpreadLeverageMarginMin Nominal Trade Size
NEOUSD1.5% Over-market2:0150%10
EOSUSD2% Over-market2:0150%10
MIOTAUSD1.5% Over-market2:0150%10

To unify their cryptocurrency instrument labels, They are relabeling their existing Ethereum, Ripple & Litecoin instruments, by replacing the existing instruments with new USD labelled ones:

AssetOld SymbolNew Symbol
RIPPLEXRPXRPUSD
ETHEREUMETHETHUSD
LITECOINLTC_MiniLTCUSD

These new pairs have also been available since July 1st,

The trading conditions for each one is identical to those of the older respective assets they replace.

Effective immediately, new positions are only available on the new pairs.

Avatrade Clients will not be able to open new positions on the old assets, but those already open will remain unaffected until July 29th.

Existing positions on XRP, ETH and Litecoin-mini that remain open on July 29th will be automatically replaced with corresponding positions on the new pairs, , at the same opening price and at no cost to clients.

as any broker that values their clients would do , Avatrade makes sure that the clients will not be affected by the change.

Visit Avatrade NOW

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Neteller Launches Cryptocurrency Exchange Service

Neteller Launches Cryptocurrency Exchange Service

Neteller  one of the most known Digital fiat currency wallet provider , has started allowing its users to buy, sell, and hold cryptocurrencies including BTC, BCH, ETH, ETC, and LTC.

They do this on the large scale with a pilot in 10 countries and soon another 50 countries to join . They understand that if you do this effort it will only succeed if you can do this on a global scale.

Neteller and Cryptocurrencies

Neteller is a service which is operated by Paysafe Financial Services Ltd.,

paysafe

paysafe

founded in 1999, Paysafe Financial Services entered the market with the mission to provide an online alternative to the known traditional payment methods.

Most of the traders aiming us now neteller as one of the companies through which we made our deposits and if we had any profits also our withdrawals. A couple of years ago they left the Forex and Binary industry behind since the charge-back issue became just too expensive.

But as any companies knows, if you do not adept you die. The binary option market is all but dead and the Forex industry has moved also into the directions of the cryptocurrencies. thus, neteller understands that this is where the future is.

So Lasts week they announced that they are now offering a wallet with buy and sell cryptocurrency options.

As of today, Neteller users can buy, hold and sell cryptocurrencies via a recognized cryptocurrency exchange including bitcoin, bitcoin cash, ethereum, ethereum classic and litecoin, purchased using any one of 28 fiat currencies available in the Neteller wallet.

It may not seem so exciting but for many users that love this service it actually is. More and more currencies will be added making them an true exchange in the near future.

Now one is able to fund their neteller account through many different means (Mobile, Epay, Paysafecard, local bank deposits, and bitcoin)

We think that will make the threshold for many people, who would want to buy or sell cryptocurrencies, lower. This in return is a good thing for the overall acceptance of the cryptocurrencies in the mainstream of every day life.

Conditions for buying and selling cryptocurrencies through Neteller

The rates offered are somewhat in the lower middle of the current market making them go for the save route. The average market rates on the major cryptocurrency exchanges differ all in all not that much anyways, as this is not the main reason to choose to buy Bitcoin through Neteller

The minimum cryptocurrency purchase or sale amount is “approximately equal to 10 EUR,” the firm clarified, adding that the maximum amount depends on the transaction limits associated with each account.

When You open an account with Neteller you have to choose your default currency. This is of course for most people in accordance on their geographical locations, people in Britain will go for the pound most Europeans go for the euro and pretty much the rest of the work goes for the US Dollar, thou other currencies are available

The fee is 1.5 percent for purchasing and selling cryptocurrencies from wallets with EUR or USD as the default currency.

The fee rises to 3 percent for wallets with other default currencies.

Neteller  | Why is this a good move for neteller and one that we should expect from other online Payment providers as well ?

At this moment till last week Neteller users can pay, get paid on thousands of sites, and send money around the world through their system.

The company claims to have “millions of point-of-sale, ATM and online locations” for users to withdraw or spend their cash.

Last July 25, Paysafe ( which as you remember is the company that owns Neteller and Skrill)  announced that another digital wallet provider in its group, Skrill ( formerly known as moneybookers), started allowing customers to “instantly buy and sell cryptocurrencies, including bitcoin, bitcoin cash, ether and litecoin, using any one of the 40+ fiat currencies available in the Skrill wallet.”

We could now see that this was like their test run on this concept.

We do not know the numbers that Skrill produced since they offered this service but it must have been encouraging enough for Paysafe to include their flagship brand in this endevour.

We will see where this leads but we are hopeful that this is the next step in global acceptance to the cryptocurrency revolution. Let me know what you think

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