Forex trading is becoming more and more popular in the UAE, best demonstrated by the opening of the Online Trading Academy of Dubai in 2005. The region used to mainly be all about oil and commodities, but as the area experienced a financial boom, the likes of currency exchanges have become more commonplace. It doesn’t look like slowing down anytime soon either. With a lot more competition and interest in the forex market in Abu Dhabi and the UAE as a whole, following these tips will help you stay ahead of the game.
Enrolling in a forex trading course can be the fast-track way to get to grips with the market and develop a thorough understanding of how it works. For beginners this should be essential for learning about the basics such as margins, how leverage works, types of order, analysis and tools to use.
More experienced traders can still benefit from a forex trading course too. As long as they are lead by expert traders, new tips and tricks can be picked up. There are online options if you wish to learn from home or while working around a full-time job or register for one at your nearest training centre.
Choosing the right forex trading strategy to suit you is essential. There are three main types:
- Short-term: The likes of scalping involve opening and closing trades within minutes, taking advantage of small price movements
- Medium-term: Swing trading and other day-trading strategies ensure that all positions are closed by the end of the day.
- Long-term: Position trading is a good example of long-term trades, with trades made based on different macroeconomic analysis and factors, positions can be open for days, weeks and even months.
Many new traders will stick with the least risky strategies, often medium-term ones at first. So, it can be worth trying out an alternative strategy to stay ahead of the game.
The Right Broker
Choosing the best broker for forex trading is something that’s worth investing plenty of time and research into. There are a lot available, with more popping up in Abu Dhabi all the time, seemingly offering the same service. However, there are various beneficial features to look out for to find the best option, including any charting and analysis software, the platform, commissions, account options and whether there’s a demo available to practise on.
These can all help you get ahead in the blossoming Abu Dhabi and wider forex market to hopefully achieve trading success.