IN DUBAI COMPLETE GUIDE FOR DUBAI CITY

One of the most adopted business either primary or secondary in Middle East most predominantly in Dubai is the online Forex currency trading. Anyone with sufficient funds can start currency trading however it is preferred that he / she starts with small value ranging from 1000 AED to 4000 AED and slowly starts investing with increase in knowledge and experice with respect to online forex currency trade market.  There are institutions as well that provide the basic knowledge and certification to learn foreign currency trading in Dubai, most of them are located in K.V (knowledge village) and DIFC (Dubai international financial center).

The basic thing to keep in mind before stepping into online forex currency trading within Dubai / UAE is

1. Know the difference between other business markets (such as stock and oil) and Forex market as its completely different and runs / operates in a different eco system
2. If you are stepping into Forex market independence of broker then there is no such thing as commissions. During online Forex currency trading, FX companies go for bid-ask spread.
3. After paying some certain fees, everything goes into your account. Individual can make direct profit and loss in FX currency market in Dubai
4. Know the basic terms used in Online FX software such as PIP (percentage in point)
5. Forex Currency trading is completely on paper/ speculative. All currency trading are just entries recorded in centralized database on which profit / loss can be made
   
6. Forex market is always done with pairs i.e. trade in one to the other. There are total seven online trading currency pairs (first four are also referred as majors). Some of them are below
   1. Euro to Dollar
   2. Dollar to Yen
   3. British Pound to Dollar
   4. Dollar to Swiss Frank
7. Basic terms that will help individuals doing Online Forex currency trading in Dubai are as follows
   1. Sterling and Cable are common names for GBP
   2. Greenback or buck alternative names for United States Dollar ($)
   3. Kiwi and Aussie for their respective country currency I.e New Zealand and Australia
   4. Loonie for Canadian dollar

Tags: Forex Trading Dubai

This entry was posted on Sunday, October 23rd, 2011 at 10:11 pm and is filed under Business in Dubai. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.