A lot of people join trading for the profits involved while forgetting that optimal trading conditions along with ideal profit making chances are what should govern their trading. Over time the number of people that have commenced trading has increased immensely and that is part of the reason why you should be joining the movement too. Before diving into the reasons why you need to choose forex trading, having the right Forex brokers with ZAR accounts is a crucial step in your journey towards successful trading. You must therefore hire an expert you are comfortable working with and besides has the necessary skills, resources and experience to take your trading to where it needs to be.
Longer trading hours
For five days of the week, you can enjoy trading at whatever time you deem appropriate when trading on forex. Any hour from Sunday at 9.00PM (UK time) to Friday at 10.00PM (UK time) can be considered open hours for forex transactions. The number of people trading in forex is also high from diverse parts of the world; you can also enjoy different forex trading hours that are active on numerous occasions. The opening hours are never the same for all months as there are variations noted in March, April, October and November.
High volatility involved
The volume of currency being traded on forex remains high at any given time. You should therefore predict very diverse price movements of the currencies involved which remain volatile. While the volatility in price of currencies remain dangerous, you stand a chance of making large benefits if you can make the right speculation of the direction that the price takes when it next moves. Since the volatility can also work against you when you make the wrong predictions, it is only right you limit or reduce exposure through using various risk management tools.
Wide range of currency pairs
You no longer need to have multiple accounts on various trading platforms when targeting the diverse currencies in forex trading. You should instead focus on finding a trading platform that allows you to trade in various currencies all at once. When forex trading, there are numerous platform that could help you deal in over 90 different currencies from your regular account. This is always ideal because you can speculate global events and the strength of both major and minor economies.
Trade on weekends
Unlike other trading options, the forex market is not open for traders from Fridays at 10.00PM (UK time) until Sunday 9.00PM (UK time). It is only the retail traders that cannot access the market during these hours however other contributors like banks and other participating institutions can continue trading over the weekend without any breaks. You can therefore expect a gap which results from the closure on Friday and the opening on Sunday after trade has continued for specific participants. To avoid exposing your position to the risk, make sure you close your position or using stop loss orders to manage your risks and losses.