People are aware of trading from many years, currency trading enter into India many years back but people were not that much aware or confident about Currency trading as there will be many other factors be responsible of it like less knowledge about Currency trading, less brokers, less awareness etc.
Era of trading – Earlier, people use to do trade on papers they buy or sell shares on papers only but as trading developed people start trading by using demat accounts where all the documents related to trade is in digital form. You can say that the buying and selling is in digital form.
India forex trading – People start trading in forex maket by forex brokers they gives the platform to their users for trading and build their confidence by guiding them with their expertise experience.
Importance of Demo account – In India forex trading Demo account is equally important as trading live. It’s advisable to start trading in Demo accounts because it’s a platform where beginners learn how to trade in live accounts and for experts these accounts are important as they use this platform for applying their strategic or back test their Strategies.
Other use of India forex trading – For opening a trading account you should have to first need to open trading account but beware of the brokers also. Read all instructions carefully, check the background of the broker, check details of its online, check their official website and when you satisfy with all details open your account with that broker. India forex trading has many other aspects for more information you can refer to our website also.
Time of trading – As market opens 24 x 7 one can trade anytime with respect to their job hours also. Do you know why it’s open for 24 x 7 as it’s broking houses are at New York, London, Singapore, Tokyo. The time zone is also different when the market of Singapore closes the market of New York opens that is the reason behind 24 x 7 trades possible in the forex market.
In India forex trading is illegal in India – Earlier In India, however, forex trading platforms are banned. As you cannot directly do trade in the foreign exchange market, but you can make a trade-in the currency market through the Indian stock exchanges. If we observe it we will understand as it clearly mentions in Foreign Exchange Management Act (FEMA), that binary trading is not allowed. In fact, trading in foreign currencies are allowed as it comes with certain restrictions also.
A trader should know about some points so he/she may place their orders confidently –
Limit order – In real live trading people book profits by taking high risks and in demo trading his orders will be cut to cut. The need of a demo account arises for beginners first but later on people start opting for demo Accounts for checking the features of brokers also.
The right time to shift on live accounts – Once traders will get experience in trading they will get to know that where to place stop-loss, and they learn to control on emotions, better understand the forex chart, learn to hedge etc.
Most importantly one should understand the working of trade signals of forex and working of forex indicators too. One should get great success in trading if he got control over their emotions before start trading.
Conclusion – Use India forex trading account for the learning process and also soon you learn the trading and their patterns you will definitely shift yourself on an advanced version of the same from same brokers. Forex trading is a big chance to earn money but you need to analyzed things properly for good output.