Forex trading in india
If you're looking for a tutorial on how to start forex trading in India then you have landed on the right page. Make yourself comfortable, because you're in for one hell of a ride!
Forex trading in India has been gaining lots of interest of late, and for good reason. You're about to get most, if not all the answers to your questions answered with regards to forex trading in India.
A few of the topics that will be covered on this page include, but not limited to;
How to open a forex trading account in India
Best forex trading platform/broker for Indians
How to trade forex (and binary options) in India
So, without further ado, let's get started, shall we?
OPen a trading account in india
You'll be glad to know that opening a forex trading account in India is FREE with a platform called IQ Option. On top of that, your new account comes with a $10,000 demo account for you to practice with. Are you viewing this on an Android device, an iPhone, or a laptop/P.C? Please select whichever applies to you below.
RISK WARNING: YOUR CAPITAL MAY BE AT RISK
By now I'm assuming that you have downloaded the platform already. Don't forget to register your new account. It shouldn't take too long. This will become your broker account for your forex and binary trading in India.
OK, once you're all set you should see a screen similar to the following (if you're on a mobile phone).
If you're on a laptop/P.C, then your screen may resemble the following.
Yours might look a lot different to the image above, and may not even display the USD/INR pair. Don't worry about all those lines and dots. We'll get into those in a bit.
Once you have downloaded and registered for your IQ Option account, it's time to start trading. Like most novices, you probably don't know where to start. There's currency trading, stock trading, forex trading (which is the trading of currencies too), and cryptocurrency trading (have you heard of bitcoin yet?). How do you trade these?
Let's get started, shall we? Open up your platform, and look for the Indicators.
If you tap/click on that symbol (circled), you will be presented with a list of indicators. Traders use indicators to help them be more successful in trading, and IQ Option has 15 of these.
Let's go through each of them so that you get better acquainted. Before we get into those, take a look at this short introductory video on trading with IQ Option.
Now, after watching that video, do you think trading just involves guessing which direction a certain asset will end up in 3 or 5 minutes? We all wish it were that simple. Fortunately, the indicators can help us be more successful with our trades. Without further ado, here are some of the popular ones.
This indicator is used by traders to determine the strength of an asset. It consists of three lines; a green red, and yellow one. The yellow line is the ADX, whilst the other two are known as the directional indexes. Visit this page to learn more.
Introduced in 1995 by Bill Williams, the Alligator also has three lines. It is used to determine the direction of the trend. The lines are also known as moving averages, which you shall learn more about.
When it comes to measuring the volatility of an asset, the ATR is your go-to indicator. Learn more about it by clicking here.
The market is also oscillating, going up and down. You need a tool that will warn you when the trend is about to go the other way and the Awesome Oscillator is the indicator that does just that.
This indicator consists of three zones; a green one, a middle colourless one, and a red one. Whenever the price is in the middle zone, it's advisable not to place any trades. However, once it hits the coloured zones, you can expect a trend reversal. Red means the price should start heading back up. Green is the opposite. Learn more about it by visiting this page .
Also consisting of three lines, these bands are used by traders to gauge the volatility of the market. To learn more about how to incorporate Bollinger Bands into your daily trading, click this link.
CCI stands for Commodity Channel Index, and it was developed in the 1970's for use with commodities (like gold and silver). Other traders use it to trade stocks as well. Perhaps you may also be interested in trading gold. Read up on it here.
Remember we said that the market always oscillates? Wouldn't it be great to have an indicator that shows you the reversal points? The Fractal does just this. It was developed by the same man who introduced the Awesome Oscillator.
The Ichimoku Cloud Indicator is mainly used for trading JPY pairs like the USD/JPY or GBP/JPY for instance. It consists of three lines, and a cloud. It measures the strength of a trend, as well as the momentum, and support/resistance of an asset. Have a look at the Ichimoku here.
The KDJ is almost like the Stochastic, but the only difference is that it contains one more line, the J-line, hence the name KDJ .
Pronounced 'Mac-Dee'. this indicator is used to identify the beginning of a new trend. This is important to know for any trader. On this page, you will find a short video that better explains how this indicator works.
The RSI is preferred amongst seasoned traders due to its practicality. Developed by J. Welles Wilder, the RSI helps the trader identify overbought or oversold zones. If this confuses you, you can learn more about the RSI here. Next up is the Parabolic SAR.
Like the Parabolic SAR, the Stochastic is used by traders to help determine whether a trend is ending or not. It's an indicator that measures the momentum of price. Learn how to use the Stochastic now.
By now you must have already downloaded IQ Option and registered for your broker account. This is where all your forex and binary (as well as cryptocurrency) trading will be taking place. If not, you can do so by clicking on the appropriate buttons below. If you use a mobile phone, and you have already registered, you'll then be able to download the IQ Option app for your laptop/P.C. On this is where you'll be able to trade binary options (in india).
Is trading illegal in india ?
The question on the legality of binary options trading in India is on many people's minds. Binary (and forex) trading is legal in India. There was a restriction on certain currency pairs, but you can trade INR pairs (as well as plenty more).
If you haven't yet downloaded the best trading platform for India, you can go ahead and do that now.
RISK WARNING: YOUR CAPITAL MAY BE AT RISK