Forex, also known as foreign exchange or FX trading, is the conversion of one currency into another. It is one of the most actively traded markets in the world.
A trader may buy a currency today, thinking its value will go up tomorrow and sell it later to try to make profit. This is known as going long.
He may also decide to sell a currency if he thinks its value will go down and buy it back later when it’s cheaper. This is known as going short.
The value of any currency changes frequently and can be affected by many factors including:
1. Interest rates
2. Inflation
3. Supply and demand
4. Political events
5. Natural disasters
Those factors can be evidence guiding trader to make decision. Analytics skill and good insight can help you identify the forex markets more easily.
Trade Forex Australia
If you're looking to trade forex in Australia, there are a few things you need to know.
Firstly, you'll need to find a trading platform that is regulated by the Australian Securities and Investments Commission (ASIC).
What is the ASIC
The Australian Securities and Investments Commission (ASIC) is an independent commission of the Australian Government tasked as the national corporate regulator. ASIC's role is to regulate company and financial services and enforce laws to protect Australian consumers, investors and creditors. ASIC was established on 1 July 1998 following recommendations from the Wallis Inquiry. ASIC's authority and scope are determined by the Australian Securities and Investments Commission Act 2001.
Secondly, you'll need to open a live account with that platform and deposit some money.
Choosing the right company for forex trading：
Prospero Markets Pty Ltd is a professional financial services provider headquartered in Melbourne, Australia, and regulated by the Australian Securities and Investments Commission (AFSL: 423 034). Prospero Markets was founded in 2012, providing Forex trading services to retail and wholesale investors.
Thirdly, you'll need to make sure you have a strong understanding of how Forex trading works.
The Prospero Forex trading team continuously provides CFD market updates, insights, investment resources and educational materials to our clients, helping our CFD clients get a better insight into the investment market to make wise investment decisions. Please note that Prospero does not provide personal financial advice.
Once you finish all the steps, you're ready to start trading Forex in Australia! To do so, simply log in to your account and start placing orders. If you're not sure where to start, we recommend checking out our YouTube channel on how to trade Forex.
Now that you know how to trade Forex in Australia, make sure you check out our blog for more information on Forex trading!
Professional CFD Trading Platform Australia：Prospero Markets
Prospero Markets offers a variety of features and tools to help traders to make the most of their trading experience. The CFD Trading experts from Prospero Markets offer extensive resources to traders to learn more about Forex trading and the CFD Trading platform. Prospero CFD trading experts offer a range of topics and resources including market analysis, trading strategies, and tips for our clients.
MetaTrader 4 allows users to trade in the Forex, Share CFDs (contracts for difference) and derivative futures markets. Apart from providing you with a vast range of tools that will help you analyse the price and place or manage your trades, MT4 also allows the development and application of automated trading techniques.
Forex Australia
The News & Updates page from Prospero offers updates and analysis for Forex traders of all levels of experience. Whether you just start out or are an experienced trader, you will find valuable information and insights on the Forex market. The blog covers a wide range of topics, from technical analysis to fundamental analysis, and provides up-to-date information on the latest news and events affecting the Forex market.
Risk warning: Trading Contracts-For-Difference (CFD) carries significant risk of losing money rapidly due to leverage. You do not own or have any rights to underlying assets. The past performance is not indicative of future performance. It may not be suitable for all investors. Before deciding to trade the products offered by us, you should carefully consider your objectives, financial situation, needs, and level of experience. We recommend that you seek independent professional financial advice and ensure you fully understand the risks involved before trading.