forex education australia

Forex Education Australia

Forex trading in Australia starts with Forex Education.

There are a number of advantages of forex trading including low transaction costs, a 24-hour market, and the ability to use leverage to boost your position.

At the same time, all these benefits are of little use, if you don’t have the proper forex education. Understand, the entry position of forex can often make it seem like anyone can engage in forex trading.

While this is more or less true, it is only the educated trader that can actually make a profit.

Of course, since there isn’t a university for forex, many new traders might feel confused about how to learn to trade forex. Well, there are, in fact, quite a few avenues to select from. So, without any further ado, here is what you need to know about forex education:

Forex Trading Education in Australia

The first question that most would-be traders have regarding this form of trading is, “what is forex and how does it work?” So, let’s start at the very beginning and define this form of trading. Simply, forex trading is the buying and selling of currency.

Now, when it comes to forex, the value of one currency is determined against another. It is how the value of the currencies are established. This is why you will find that traders buy and sell currency pairs. So, when buying and selling currencies, this is what it will look like:

Value = base currency/quote currency

An example would be AUD/CAD = 0.95 (one Australian dollar is equal to 0.95 Canadian dollars)

How Trading Works

The next part of the question involves how this trading actually takes place. Well, in this case, the first thing to understand is that the forex market is an international one. As such, there isn’t a central marketplace but rather transactions taking place across computer networks. These transactions are known as electronic over-the-counter transactions.

The benefit of such a network is that there are few limits on the trades. You will find that they take place across most time zones, twenty-four hours a day. Forex trades can also be placed for five and half days of the week as well.

What You Need to Begin Forex Trading

The next question that the hopeful trader will ask is “how do I get into forex trading?” Unfortunately, the answer to this particular query isn’t quite as clear cut as many potential traders might hope. Although technically, what you need to start trading is capital and a broker, these aren’t going to help you get far. Check out our Australian Forex Brokers page.

Without the right knowledge to back you up, you can essentially end up losing all your money. So, before you place your first trade, you need to put in the work and actually learn about forex trading.

Where to Learn About Forex

As mentioned, most people are confused about where they can learn about forex trading. Fortunately, you can glean everything you need to know without leaving the comfort of your home. There are a number of forex education websites that give you information regarding every aspect of trading.

As you can imagine, though, not all these sources are equally good. To be on the safe side, you need to be careful about just where you get your information from. There are two ways to do this – stick with educational websites or look for a good broker.

The first avenue is fairly common as there are plenty of financial-related websites around. The issue here, of course, is that the information can be quite disjointed. You also have to do a fair amount of searching to find what you need.

Related:

If you want to learn forex trading step by step, the best thing to do is find a good broker. The top forex brokers have plenty of educational resources for you to look through. Best of all, these are often organised in the form of e-books or tutorials. As such, they are easier to go through and understand.

Naturally, the next query you will have is “what is the best forex broker for beginners?” Since there are so many brokers to select from, it is best if you stick with well-reputed platforms like etoro. Not only are the interfaces simple enough for novices, but this broker also has lots of educational resources. You will find there is a Training Academy that you can join as well as plenty of webinars.

What to Learn About Forex Trading

Now, forex trading is a lot more complex than many people imagine. So, there are quite a few topics you will need to delve into before you are ready to start trading. Nevertheless, here are some of the key points you need to understand:

  • Know How to Manage Capital: if you want to be a successful trader, you need to know how to manage your money. One of the first things you should learn is how to calculate the right amount of money to place on any trade. Also, know how much capital to retain in your account to avoid too many losses.
  • Understand Trading Spread: the difference between a currency’s ask and bid price is known as the spread. Of course, with forex, you need to take into account how two currencies will perform against one another. Therefore, you should always have an understanding of the current and future spread.
  • Calculate Possible Profit: on this note, you should have some idea of what your possible profit should be. It is important that you carefully select your currency pairs so that when you do so, there is a high chance of you making a profit at a later date.
  • Take Risk Into Account: as with any form of trading, there is always a certain level of risk associated with forex. While this shouldn’t discourage you from trading, it does help to consider this risk when placing your trade. This way, you will be able to limit just how much you lose in any situation.
  • Use Leverage Wisely: forex brokers offer leverage which, in turn, lets you buy a lot more currency than you typically could. While this certainly does provide you with an advantage, it could also set you up for disaster if the trade goes badly and you can’t cover the leverage. Fortunately, you can avoid such a scenario by staying well within your means.

These are the top things you need to know about forex education. Once you have mastered the most important factors, you will discover that it is a lot easier to be a successful forex trader.

admiral-markets australia

Admiral Markets Australia

Some users asked us: Is Admiral Markets available in Australia?

With so many brokers to choose from, it can be quite daunting to determine just which brokerage will serve you best. Well, in your search for a great broker, you really should consider Admiral Markets Australia.

They are reliable, maintain consistent standards, and have plenty of features that cater to a wide variety of traders. To see just what it is that this broker has to offer you, keep reading.

Does Admiral Markets Accept Australian Traders?

Yes, Admiral Markets does indeed accept Australian traders. On Admiral Markets you can trade Forex, Cryptocurrencies and CFDs on energies, metals, indices, stocks, bonds.

Admiral Markets Australia Review

One of the ways that this broker is versatile is with the number of instruments that it provides for traders to trade with. The main options here are forex, commodities, and CFDs. With forex, you have the opportunity to trade with up to 40 currency pairs. To add to this, you get to enjoy leverage up to 5000:1 and spreads starting from 0 pips.

With commodities, you get to trade with top-notch assets like gold and WTI oil, ensuring that you stay up to date with global markets as well. Here too, you get leverage up to 500:1 and best of all, you don’t have to pay any commission.

If you are not interested in owning assets but rather trading according to the price movements, then CFDs are the option for you. Admiral Markets lets you choose from quite a few choices including shares, indices, and ETFs. To take a closer look at what assets you can select from, check here:

  • Shares: you can leverage up to 1:20, go long or short with the trade, and can earn dividends.
  • Indices: you can leverage up to 1:500 and when you trade, there is no trade expiration or commission.
  • ETFs: you can leverage up to 1:20, trade in any direction, and earn dividends even though you don’t own the asset.
  • Bonds: you can leverage up to 1:200, go long or short on trades and don’t have to pay commission
  • Cryptocurrency: with this more modern option, you can leverage up to 1:5 and have the freedom to trade in any direction as well.

One downside of Admiral Markets is that it does not have Paypal as payment method.

Broker Trading Platforms

This broker relies heavily on the MetaTrader trading platform. This is good news for all traders as this is a highly renowned platform. Now, this broker takes things up a notch by giving you access to numerous versions of the MetaTrader platform. They are as follows:

MetaTrader4

One of the reasons that MetaTrader4 continues to be a favourite with traders is largely due to its user-friendly layout.

admiral-markets-mt4

This makes it simple for traders of all levels to place trades easily and with little hassle. Another draw is the fact that many of its features are customisable, allowing you to personalise the platform to suit your trading style a little better.

MetaTrader5

MetaTrader5 is also a common preference among traders, particularly those who have a little more experience when it comes to trading. A top benefit with this platform is that it boasts superior charting. As a result, this makes it simpler for practiced traders to determine the market situation and to place better trades. To add to this, there is plenty of free market news and data features as well.

MetaTrader Supreme Edition

MetaTrader Supreme Edition isn’t as well known as the platform versions above. However, it is excellent for professional traders who are in need of more advanced tools. One of the things that set this platform above the others is that its charting capabilities are truly wonderful. So, any trader who relies heavily on charts will be able to use this platform to their advantage. The trading simulator also makes it useful for testing out trading strategies.

MetaTrader WebTrader

This version lets you trade from the browser without the need to download the software. Therefore, it is incredibly easy to trade from virtually any machine, regardless of your operating system. Not to mention, you can still have access to all of the platform’s traditional features.

Admiral Markets Account Types

This broker lets you select from three different account types. Now, the minimum deposit for all of these accounts is $100. However, each of the accounts has been arranged so that it is better suited to different types of traders.

Admiral.Markets

If you prefer using the MetaTrader4 platform but still want access to a large number of instruments, then this is the account for you. Here, you can have an account balance in a number of different currencies. Furthermore, you can select from 31 currency pairs, 5 cryptocurrency CFDs, 5 spot metal CFDs, 3 spot metal energy CFDs, 16 cash index CFDs, 4 index futures CFDs, 64 stock CFSs, and 2 bonds CFDs.

Admiral.Prime

If your main focus is with forex trading, then the Prime account will suit you well. Here, you have access to 44 currency pairs. However, there is some limit regarding how many options you have with currencies when it comes to your account balance. In addition to the currency pairs, you can also trade with 3 spot metal CFDs on MetaTrader4.

Admiral.MT5

This is a good account if you are a slightly more seasoned trader and prefer using MetaTrader5. In addition to getting access to this platform, you also have a multitude of instruments to choose from. These include 36 currency pairs, 32 cryptocurrency CFDs, 5 spot metal CFDs, 3 spot energy CFDs, 7 spot agriculture CFDs, 16 cash index CFDs, 4 index futures CFDs, over 300 ETF CFDs, and over 3000 stock CFDs.

Australian Regulations and Licensing

Admiral Markets holds an Australian Financial Services License which ensures that it has to meet the requirements set forth by that regulatory agency. As a result, you can be quite certain that all the trades and other services offered by this broker are completely legal.

The broker is also externally audited, guaranteeing that the financial features are up to date and legitimate. This reduces the risk of any scams or fraudulent activity.

Finally, the broker relies on segregated client accounts with the National Australia Bank. This allows you to have peace of mind, even if the broker does undergo financial difficulties. The segregated accounts keep your money separate so that you will always have access to the full amount.

These are the top feature to be aware of when dealing with Admiral Markets. When reviewing these elements, you will know that this broker has something to offer all traders.