Connect with us

news

Forex Trading in Sudan • Forex Strategies in 2020 Benzinga

Looking to trade currencies in the international forex market from Sudan? You’ll have numerous options thanks to the advent of online forex trading and the subsequent proliferation of online forex brokers catering to retail traders. Local markets are not as open, however, since Sudan ranks only 173rd among the freest economies in the world, according…

Benzinga Money is a reader-supported publication. We may earn a commission when you click on links in this article. Learn more.

Looking to trade currencies in the international forex market from Sudan? You’ll have numerous options thanks to the advent of online forex trading and the subsequent proliferation of online forex brokers catering to retail traders. Local markets are not as open, however, since Sudan ranks only 173rd among the freest economies in the world, according to Heritage.org’s 2020 Index of Economic Freedom. When it comes to fiscal health, Sudan is only ranked 44th out of 47 sub-Saharan African countries — the country has overspending issues so its government debt presents a default risk. 

Corruption has also been an issue historically. The country ranked a rather dismal 172nd out of 180 countries in the 2018 Corruption Perceptions Index by Transparency International. Former President Omar al-Bashir was even indicted in 2019 on money-laundering and corruption charges after a military coup that year removed him from power. 

sudan currency

Middle East Monitor

The Sudanese pound (SDG) is relatively stable versus the U.S. dollar to which it has been pegged since around 1984, although it has fallen notably in value versus the U.S. dollar in a series of devaluation steps seen since early 2018. Forex trading was completely stopped at one point in 2019 after the successful military coup, and the currency lost value it has yet to recover. 

As a result of this decline in value, inflation in Sudan continues to be a problem. The decreased purchasing power of the Sudanese pound tends to reduce private consumption and dissuade foreign investors. Despite this, the country continues to move forward with U.S. trade talks in exchange for a more consistent internal crackdown on terrorist activities. Sudan is also currently taking measures to stabilize its currency.

Get Started with Forex in Sudan

Many top foreign forex brokers offer their services to Sudanese traders that would generally offer considerably greater security for a margin deposit than a local broker could. You can connect to these brokers via the internet and start to trade currencies from Sudan by having these steps.

  1. Secure reliable internet.  To take part in online forex trading, you will need a reliable internet connection. You are more likely to find this in larger cities such as Omdurman or Khartoum.
  2. Choose a regulated foreign broker.  Many well-regulated foreign brokers offer their services to residents of Sudan. Make sure the broker you choose is regulated through a well-known authority such as the UK’s Financial Conduct Authority (FCA) or the Australian Securities and Investments Commission (ASIC).
  3. Open a trading account.  Most online brokers have several account types that differ with respect to their initial deposit requirements and the trading perks provided. Choose the account type that makes sense for you and apply for it on the broker’s website.  
  4. Fund your trading account.  Online brokers generally allow you to fund your trading account with a bank wire transfer or debit card so that you can trade on margin. Many also let you use electronic payment services like Skrill or Paypal to fund an account. You can start with small deposits and test your ability to make withdrawals from your account before you fully fund it to make sure that you can efficiently move money where you need it to be.
  5. Get a latency-free trading platform.  You will probably need a trading platform supported by your broker that provides an intuitive connection to the forex market and some analytical functions without adding any lag to your trade executions.
  6. Begin your 1st trade.  Test every aspect of your online trading setup before putting real money on the line. You can also trade in a demo account first to practice using your broker’s platform and make sure your chosen trading strategy can be profitable. 

Sudan Forex Trading Strategies

Having a suitable trading environment is the first thing you’ll need to start operating in the forex market. The next goal is a successful trading strategy. Many traders trade forex profitably using one or more of these trading strategy types.

The Day Trader

Day traders generally enter and exit all positions within a single trading session to avoid the extra risk involved in holding positions overnight. You should probably avoid day trading from Sudan unless you have a stable internet connection with enough bandwidth to do the analysis you require and let you get out of a position whenever you feel the need to. If you day trade, you will be competing with experienced professional traders with very sophisticated setups and inside knowledge of large order flows, so you may find yourself at a disadvantage. 

The Swing Trader

Swing or momentum trading typically involves watching technical momentum indicators with the goal of profiting from both trends and their corrections. Begin to learn how to swing trade by researching the most popular trading indicators swing traders use and how they can signal market reversals. You should also know how to enter orders and have the discipline to get out of a position when the market reaches your stop loss level. Swing traders can hold overnight positions and they need to filter out trivial intraday volatility to be successful following the more significant market swings.

The Position Trader

Position or trend traders tend to be patient individuals who wait to identify and then follow market trends to their conclusion. They may also do the fundamental research to discover and position themselves to take advantage of market valuation irregularities that should eventually be corrected. They often have a lot of experience studying financial markets. 

The trading frequency of the trend trader is generally considerably lower than that of day traders or swing traders, but the profits are usually bigger on a winning trade that they often protect with trailing stops. Position traders also know how to ignore the short-term exchange rate swings that occur because of news releases and large transactions.

Forex Trading Example in Sudan

Since few, if any, major online brokers offer trading in the SGD, and the USD/SGD exchange rate is also relatively stable outside of its devaluation phases, most traders in Sudan will want to operate in other currency pairs. 

As an example, let’s say that 106.10/15 is the current bid/ask dealing spread at your broker for the U.S. dollar (USD) versus the Japanese yen (JPY) or USD/JPY currency pair. You think the pair’s exchange rate will rise, so you buy a standard lot of $100,000 versus the yen at 106.15. Since your broker allows you to use a leverage ratio of 100:1, you will need to have at least $1,000 deposited in your trading account to collateralize a trade of that size. 

After 10 hours, the bid side from the USD/JPY exchange rate moves up by 20 pips to 106.35, so you decide to close out your entire position at that level. Your profit is (USD100,000 x 0.20) or 20,000 JPY ($188.06). Had the market instead fallen by 20 pips, you would have lost that same amount of yen. 

Making Money with Forex in Sudan

Your overall trading strategy determines how you move in and out of the forex market on a day-to-day basis. Here are some additional terms you may need to know as a forex trader.

  • Going short: You go short a currency pair when you net sell its base currency against its counter currency. You generally go short a currency pair when you think its exchange rate will decline.  
  • CFDs: Contracts for difference (CFDs) are derivative financial instruments that generally have their value determined by that of the spot market for the underlying asset. Traders can use forex CFDs instead of trading the underlying currency pairs. 
  • Binary options: Exotic derivatives where the holder of the binary option pays a fixed premium to get a fixed payout from the seller if a specific market condition is met at or before expiration. 

Best Online Forex Brokers in the Sudan

Sudan has attracted forex brokers from all over the world that will accept its residents as clients. Doing business with a foreign broker really makes the most sense to avoid scams, as long as they are well-regulated in their local jurisdictions and you can readily fund a trading account with them from your available risk capital. Check out the table below of online forex brokers that will take clients from Sudan. 

Forex Terminology

These forex terms are helpful to learn if you want to communicate with other forex market participants. A small mistake in input or a misunderstanding can cost you a substantial amount of money almost instantly.

  • Pip: The minimum exchange rate movement in a particular currency pair. For most pairs, a pip represents a movement of 0.0001 in their exchange rate. 
  • Lot size: A standardized trading amount. At online forex brokers, a standard lot is generally 100,000 base currency units, and many brokers allow trading in mini lots of 10,000 and micro-lots of 1,000 base currency units. 
  • Orders: Instructions given to your broker to execute trades for you. 
  • Calls: Contracts providing their holders with the right, but not the obligation, to buy an asset at a given price (known as the strike price) when or before a certain time frame concludes. Currency options are calls and puts since their underlying asset is an exchange of 2 currencies. 

Is Trading Forex from Sudan Right for You? 

You need to be careful when trading forex from Sudan, but that is actually true everywhere since most retail forex traders lose money. Success as a forex trader generally requires that you perform your due diligence in selecting a reputable and well-regulated online broker with the appropriate rigor.

Most traders also need to keep a close eye on relevant fundamental or technical information as it becomes available to the forex market. Small changes in economic indicators or exchange rate charts can mean a big market opportunity has risen in the forex market for those savvy enough to realize it. Bookmark this website for the information you can use to enhance your success as a forex trader.

Continue Reading
Advertisement

news

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

Continue Reading

news

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).

Continue Reading

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

 

Continue Reading

Trending