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Forex Trading in Sudan • Forex Strategies in 2020 Benzinga

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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.

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.

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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.

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.
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).
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.
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.
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.
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.

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Forex Trading Knowledge Questions and Answers

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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?

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

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AvaTrade introducing 3 new crypto pairs

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.

Asset	Typical Spread	Leverage	Margin	Min Nominal Trade Size
NEOUSD	1.5% Over-market	2:01	50%	10
EOSUSD	2% Over-market	2:01	50%	10
MIOTAUSD	1.5% Over-market	2:01	50%	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:

Asset	Old Symbol	New Symbol
RIPPLE	XRP	XRPUSD
ETHEREUM	ETH	ETHUSD
LITECOIN	LTC_Mini	LTCUSD

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

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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

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