Yee Kok Siong is of the view that to get a proper understanding of exchange rates comparison, you need to take the services of a best currency dealer. Choosing the best Currency Dealer Choosing the best currency dealer is quite important when it comes to trading abroad. It is worthwhile pointing that High Street financial institutions do not specialize in exchange rates and therefore charges much bigger fees. And that is where you can get the best out of exchange rates through a currency dealer. The best currency exchange dealers are ones that provide you with a risk management service, fast money transfer, good customer service, extended trading hours and competitive exchange rates. What Affects Exchange Rates Foreign exchange market is widely been regarded as one of the most volatile market of all the financial markets in the world. You need to be extra careful when involved with this market because if that is not the case, it can cost you plenty. You need to step out of the market at the right time. When the fluctuations are too strong and nobody is sure of what is happening, it is an ideal time to once again enter into the market. The compare exchange rates are affected by the fiscal policy and political stability of the country. If the economy of the country is in 'expand' mode, there is a strong possibility that there is going to be jump in the currency value. Conversely, if the economy is not in good shape, currency value is going to decrease. Countries that have stable governments in place enjoy high currency value. Knowledge Base As exchange rate comparison is all about money, you need to have a good knowledge base. Make sure that you read the business page of newspaper on a regular basis. You can also check business websites where experts give their insight regarding the foreign currency exchange. With right kind of knowledge base, you will be able to make decision in a much better way. This can go a long way in ensuring that you get best possible exchange rates. Also read: Yee Kok Siong Tips to Get The Best Foreign Exchange Rates
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Business activities are not confined within territories and it is spread across all corners of the globe. The aspect of business largely affects the progress of the world. Different countries have different currencies and therefore a unifying market is to be made available for determining the values of the currencies with respect to each other. This currency conversion and unifying industry is called the foreign exchange. It is here where buying and selling of share occurs and it is this place which determines the foreign exchange rates. The dealer who trades with foreign currencies should be well aware of the market rates and the strategies. Trillions of dollars are traded each single day and it is one of the biggest industries involving a lot of money. People who travel to different countries should also have an idea of the currency conversion rates. The currencies of their native land cannot be used in a foreign country and so adequate knowledge of the latest exchange rates can prevent you from losing your precious money. For example a person who comes to India from the United States cannot make his deals with the US dollars. Instead he should convert all his money into Indian rupees and should do it with a proper knowledge of the exchange rate as he can get cheated if he is ignorant of it. A number of currency conversion agencies are available today and the ones offering the lowest commission should be traced out and found. This is because while transacting converting large amounts these commissions can account to be a large sum. It is always safe to trade with government agencies in order to avoid fraudulent cases. Currency conversion and trading is a huge business today. Trading can be done at home with the help of advanced Forex software. Read also: National Currency Exchange Rates Could Be The Best Forex Indicator The idea of earning good fortune by trading in currencies has gained immense popularity within a very short span. You will find the same number of Forex trades today as that of people who invest in real estate or other businesses. Actually, the experienced traders opine that it is convenient to trade with currency. All of them hint towards some merits of this trade that are not found in other trades. Thus, if you have not tried your luck in Forex trading yet then the list of merits of this Forex will surely inspire you. Below are some points discussed by Yee Kok Siong a forex investor: You can choose your style When you are trading with currencies, you always have the liberty to choose the trading style that ideally suits you. You can go for day trading if you are looking for daytime trading activities that will give you short term returns. Similarly, you can go for scalping trading if you are interested in getting returns in even shorter terms. Thus, you can be rest assured that no other form of investment gives you such a customized plan. You can choose to trade alone When you invest in property business, you need a broker to find you a good property. Similarly, it is advised to take the help of an agent when you trade in stocks. Nevertheless, when you plan to invest in Forex, you are always free to decide if you will trade alone. If you feel, you can take the help of Forex trading software for assistance. For that, you can choose the automated trading style. However, in case you feel that you need the assistance of a broker, there is always someone available for you. You are wavered from paying hidden costs Almost every sort of investment forces you to pay some hidden costs in the form of agent's commission, exchange fee, clearance fee, governmental charges, brokerage charge, etc. Nevertheless, Forex trading is one of those few trading options where there is no hidden cost at all. Even, majority of the traders who choose to trade through Forex brokers do not need to pay any brokerage charge as such. This is because the brokers are compensated through a system called 'bid ask spread'. You pay nominal transaction cost The transaction cost that you pay for a Forex transaction is extremely nominal. On an average, you have to pay a nominal transaction cost of lower than 0.1% when the market conditions are normal. Sometimes, this transaction cost might go even below this. Also read: Ways to Determine Forex Liquidity by Yee Kok Siong 3D blockchain application platforms are now available. These are projects that are developed by using a cryptocurrency. The program is regulated by the use of different kinds of cryptocurrencies. When you have a small business, it is possible to make very interesting presentations so as to manage projects in a more impressive and efficient manner only by using such programs. This means that you can be in a position to manage different business services or even a store better.
Why use 3D blockchain? The main reason as to why this kind of programs is created is to make it easier for persons who do not bear any computer science knowledge. This then allows them not to have to using compiling code that can be very laboring and hard. When you have an open secure 3D blockchain application platform, you can achieve so much more even with minimal knowledge. Most of the projects aim at offering community assistance. The projects are aimed to aid different people who don't have adequate financial resources. These are businesses that struggle a lot so as to be able to compete with the main players in the field. The big companies are willing to send as much as they can in things such as advertisements and so on. This means that they can reach a larger audience. For small businesses, they have limited resources and this means that they struggle to achieve any kind of growth that they may desire. Sustaining a field becomes difficult for smaller businesses. This is what the 3D platforms were created. How they work? The 3D blockchain applications allow the users to interact. They can communicate in a direct manner. The users can be able to share different ideas, they can shop, order take outs and play games without having to take off the virtual reality headsets off. This is because all then applications and games within the 3D platform are all compatible. The platform offers a space where the creation of decentralized applications is made possible. This is in relation to shop management and services and they are unlimited. Every user has the freedom to choose a project that interests him. The 3D world allows them to be able to communicate in an easy and a direct manner so as to share all the ideas that you may have without any kinds of hassles. It is possible to shop, play games and place different orders. Benefits to business The 3D blockchain aids business owners who aren't tech savvy and those that don't know too much regarding computer science or even information technology. This makes it very efficient to have the 3D platform that helps them reach a large population of their customers. The main benefit to the business is the fact that they don't need to take too much time as they write projects. There are very few steps that can be followed so as to choose the right template for projects. You can publish and manage your business in no time at all. These platforms have some advanced features including privacy, encrypted messenger, social networking and transaction blocks. Also read: How Can Blockchain Increase Your Profit In Banking? While it is possible to make a profit with forex, it is important to learn about it first. You will be able to do this when you are practicing with a demo account. Use the following tips by Yee Kok Siong a forex investor to give you the advantage in Forex trading. One of the best ways to work the Forex system is to gradually increase your size as you go along. Once you begin to understand Forex, you can opt for a higher account, higher leverage, more money risked per trade, and hopefully begin to earn more money. Remember that Rome wasn't built in a day. But once you build the foundation, you can definitely speed up the process. With the Forex market being gigantic, the rumor mill surrounding it is also enormous. Always make sure you're avoiding the hearsay and rumors surrounding certain currency pairs. Just look at what happens to investors every decade or so when markets collapse. Avoid this fate by sticking with what is tangible and ignoring the rumors. Be careful of getting over confident in your skills. Someone lacking confidence isn't making any money, but at least they aren't losing any. Over confidence can spell disaster for your trading. You are more willing to throw more money after a trade that may end up backfiring on you. If you've just made a bundle, think about taking a day off before resuming trading. If you are new to currency trading, begin by trading in fantasy markets. You can trade forex without risking any money to see how well you do and perfect strategy as well as learning how it works. You can even try out different strategies before risking your real money. Make sure that you familiarize yourself with your forex broker's trading practices to make sure that he is not doing things that might be considered unscrupulous. You can make a lot of profits while working with the correct broker, but choosing the wrong one can make you lose a lot. One thing people tend to do before they fail in their Forex is to make things far more complicated than necessary. When you find a method that works you should continue using that method. Constantly chasing new ideas can create so many conflicts that your Forex becomes a loser. Simple methods are best. Keep a journal of all your forex trading activity. This will help you to look at how you made decisions, whether you've made good ones and whether you've been influenced by external factors. You can learn about yourself and your trading habits and adjust them as you feel necessary. Be mindful that in the forex market, high leverage accounts can cause you to lose everything if you are not experienced enough to know how to use the advantages wisely. If you do not know how to use it accurately, you are signing up for additional risks that you do not want to take with real money. Something every Forex trader should realize, is that there are no wonder methods or strategies that will get you rich quick. The best way to become a successful Forex trader is to develop a strategy that is not too risky and stick with it over a long period of time. Don't fall for any get rich quick strategies that you may have heard of. You can make a lot of profits when you have taught yourself all you can about forex. The process of educating yourself on forex is an unending one; keep learning so that you can stay abreast of changes and new developments. Stay ahead of the game by reading only the most recent forex news and tips. Also read: Yee Kok Siong Strategies Anyone Should Know When They Enter The Forex Market International trading requires a non time-zone restrictive market and Forex's business schedule reflects that model. Some markets, such as the New York Stock exchange, only operate during certain hours, usually restricting their business to their physical location. However, it can be useful to remember that the Forex market, being an international entity, operates 24 hours a day except for weekends. On weekends they utilize the Greenwich Mean Time to estimate their opening and closing times. You can learn even more about Forex trading as you continue reading. A great tip for forex trading according to Yee Kok Siong is to follow a five step process when building a trading system. First, you should begin with a concept. Second, you should turn this concept into a set of rules. Third, you should view it on the charts. Fourth, you should use a demo to test it. Finally, you should look over the results. One way to be safe on the forex market is to use an automatization of your trades. When a situation is similar to something you have already done in the past, if your outcome was good, just do the same thing again. Don't try something new out of boredom if what you have already done is working for you. To protect the money you invest in the forex market you can use a margin stop. Rather than tracking some feature of the market, the margin stop is tied to your account. You set a certain percentage of your initial capital, and if your total investment portfolio loses that percentage of its value your margin stop order cuts off all trading. This can preserve the core of your investment if your strategy turns sour. A great tip for forex trading is to work smart, not hard. To be successful at trading you need to be able to make the right decisions at the right time. It isn't about how hard you work or how many hours you put in. Be sure to keep the risk-reward ratio in thought before entering any trade. Figure out how much you can afford to lose versus how much you can gain from that particular trade. This will help you recognize if the trade is worth entering into. Stop, Calculate, and then enter if the numbers are in your favor. Have a written plan before beginning to trade. Know what your goals are and what you plan to accomplish with a particular trade. Know the distance between your stop and your entry. How much are you planning to make over the year? These things should be included in your written plan. When using a demo Forex trading system, try your hardest to imagine that the money you are trading with is real. If you do not, you will end up picking up very bad habits that are likely cost you real money when you go to make trades in the actual money market. When working with forex, you must never give up. You must stay prepared, because every trader will have bad luck. What differentiates profitable traders from unprofitable ones is hard work and perseverance. It may seem horrible to go on, but you should stick with it. There is a lot to learn when it comes to trading on Forex and hopefully, this article has helped you to discover some new information. Anybody interested in trading on the Forex, has access to it from Monday to Friday, all hours. In turn, the market is also constantly changing and affecting exchange rates, emphasizing the idea of careful investment, precautionary securities and prudent observation of the market. Continuous change is often a double edged sword, as most investors can't afford to be awake at all hours of the week, shorter financial decisions have to made, and the daily entering and exiting of the market becomes more commonplace. Read also: Make The Right Moves In Forex Trading |
About Mr SiongAn arbitrageur and an investor and in the eyes of banker an HNI. Mr. Siong is a self-motivated entrepreneur who believes that no market is perfect and it is up-to an individual to understand that imperfect gap and business opportunity and make the most out of i Archives
December 2018
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