The world is rapidly going digital so is e-trading thus online trading has evolved over time. You can sit in the comfort of your living room and makes millions through online trading of trading with very little or no resources. Learn the basics you need to become a successful online trader which is also referred to as Forex Exchange (FX)
What is e -Trading or online Trading?
Trading Or Online Trading Is trading over the internet. Trading over the internet is not new. It has been on for over thirty years. internet is not new. It now has a high level of penetration. Now everybody sort of has access to the internet. So it is making online trading or e-trading also become very popular. This is different form an online store such as amazon, jumia etc
Types of Items That are traded online or on e-Trading
In the E-trading market, we are trading things like:
- Currencies – examples of currencies traded online are dollars, pounds euros etc
- Commodities – examples of commodities traded online are gold, cocoa, rubber, crude oil, aluminium etc
- Indices – examples are all the major exchanges in the world such as the London exchange, German exchange, New York exchange etc
Are online trading / e-trading commodities / products tangible?
No, it is not in a tangible form its the intangible form. And these indices of this market are all available on our GSM phone right now. Practically anybody can carry out a transaction on them over the internet.
Is e-trading a legitimate business or just for jobless people?
Some people have this notion that E-trading or Online trading is for jobless people, or people looking for shortcuts to cheap wealth, is E-trading a business like any other business?
E-trading is a very real and legit business, just like any business, or any professional in the world or a job. Because you can make little money just like any business off it without having to cheat or scam anybody. And as well as making any money once in a while you can make real money consistently, this is the reason why people build businesses.
For instance, people like Warren Buffett, who is one of the biggest investors in the world is an e-trader. He traded his company, which is one of the biggest companies in the business. All he does is trade the shares in his companies that people invested in and make a profit from it.
Example of online/ e-trading platforms for Africans
- Fidelity
- Ally Invest
- TD Ameritrade
- Interactive Brokers IBKR Pro
- TradeStation
- Zacks Trade
- TD Ameritradel
- E*TRADE
- Charles Schwab
- Firstrade
Four categories or types of e-trading / online Trading Professionals.
Day Trader.
A day trader is somebody, for instance, who round the clock from morning to evening, he sits down, either with his phone or his tablet, or with his laptop, and he’s there with the market today observing the movement and making trading decisions.
Swing Trader
A swing trader is somebody who, for instance, may have a job. So you are not free all day but busy most of the day, this means you can open trading positions today, and then you can leave them open for roughly a week.
Position Traders
These are people that leave their positions or their trades for months.
Investors Trader
These are those who lead the positions for years. They have companies set up for this purpose. They leave their trading on for years. This means no matter who you are, whether you’re a very busy businessman, you have a job or you don’t have a job, you are as big as the richest man in Africa. Everybody has a position to take to use and make money from E-trading or online trading.
How e-trading / online trading works or online trading – Case Scenario
If we check the currency like the pound against the dollar from January this year, 2022, the pound is at a fall, so Pound has been losing against the dollar
If you had sold pounds for dollars at the beginning of the year 2022 now it has dropped 1000 points now, that means if you have been trading at $10 per points movement, that’s $10,000 profit this year alone for pounds.
When you place the trade, you don’t have to sit down with it. No, can be busy with your business or with your job, you place it for the position in the pounds. And as the years go, you’re making money there. Imagine if you did the same on oil, on gold, euro, aluminium, cocoa etc
Tools and requirements for starting an e-trading Business?
E-trading is a profession that anybody can go into, no matter what your qualification is, no matter what your level of knowledge is. And there are three major devices that I think people need to go into E-trading.
- The first one is the basic tool which is the Android phone. I think everybody should have that the basic Android phone or an iOS phone, you know, some say, with the devices, there are apps you can install on your iOS devices. And then if you also go to the next level, you can reach a tablet, you know,
- Android tablets, or the iPad.
- Access to the internet
- And fourthly, your laptop, as long as you have any of these devices, you can use them to create a global financial market.
How to be successful in e-trading / online trading business
There are two main things that people need to succeed in e-trading the number one is education, you need to be properly educated when it comes to the E-trading business. And it’s not just getting educated on a one on one level. You also need to attend some proper pieces of training, where they can show you how this works. Because mentorship is very necessary.
And secondly, you know, all those devices that we told you about earlier, you need to have the right software on them. If you don’t have the right software you can be having difficulty because just like in any business if you don’t have the right tools to do the business, you might be suffering. You need to have the right software. And then you need to have the proper education to succeed when it comes to the E-trading business.
What you need to Learn and know about e-trading and online trading
Well, it’s quite simple. You see if you want to learn to drive a car, for instance, the first thing you do is to go to a driving school, if you want to do a business, you start going for a training on how that business works etc
About trading accounts, / eCommerce accounts and how to get each
- How to buy and how to sell commodities?
- Trading indices, trading, stocks trading etc
- When is the best time to buy and the best time to sell?
- What are the things you will buy and sell at this training?
- And then what are the tools and strategies that top traders in the world use in trading you can learn these from Rally Academy
