Forex trading is one of the fastest growing online ventures in Pakistan. Although many people from the major cities like Lahore and Karachi have been trading for a long time, many people from other areas are also starting to trade. In this article we will look at how you can start trading forex from scratch and navigate your way to becoming a pro. There are many professional traders in Pakistan who have been able to successfully trade the market within a few months.
What you Need
To start trading the 1st thing you need is of course a computer with a decent internet connection. I have traded using the evo wingle 3g and found it to be decent enough. PTCL 1mbps connection is also stable enough to trade.
How to Start
I would recommend you learn about forex trading first before actually trading. You should practice on a demo account at least for 3-6 Months before putting in Real money. The problem many Pakistanis have is they want to get rich quickly, however forex trading is not a get rich quick scheme. Any professional trader who has traded the market for sometime will know this very well. You can open a demo trading account here. Forex trading should be taken as any other regular business. Without learning to trade on a demo account you will simply be gambling your money and really like 95% of new traders you also stand to loose your investment. Forex trading is risky and can result in significant losses. You should only trade with money which you are comfortable loosing. It might be risky but as the saying goes, “You have to risk it to get the biscuit.”
When on your demo account there are many resources available online that can help you learn forex trading. You can also learn forex trading in Urdu if you have a problem with English. Make sure you get the basics right first before moving ahead. You should know how to execute trades, read price charts, know pips, leverage, spreads e.t.c Basically you have to get a good grip on forex trading terminology. Our forex trading education section is designed like a syllabus and has everything to get you started.
After a Demo account
If you have been able to trade consistently on a demo account, have got the hang of trading and feel you are ready for a real account, there are a couple of things you will need to sort out if you are in Pakistan. First you have to realise that online forex trading is illegal in Pakistan and you are not allowed to send any money to international brokers. The government of Pakistan was forced to make it illegal after a good percentage of the population failed miserably at trading and incurred great losses. This meant a lot of money moving out of Pakistan. Again I cannot stress the importance of forex trading education enough.
To get around this hurdle you will need a Payoneer prepaid master card. You can apply for one here. After applying for a payoneer master card you can go ahead and open a real account with a broker. We recommend AVA Trade. We have been trading with AVA Trade for a long time. They are amongst the most reputable brokers. You can open an account with AVA Trade using our website or directly at AVA Trade.
You will need to submit a copy of your CNIC and proof of residential address which can be a utility bill like, electricity or telephone.
After your Account is Open
Once your account has been opened, you will need to load your payoneer master card with money. You can then use the payoneer master card to fund your online trading account. If you were to fund your trading account from any other means in Pakistan you will get caught and will be in serious trouble with the authorities. By using the payoneer master card it is guaranteed the authorities cannot find out. Withdrawing your profits is also easy, as they will be transferred to the card and can be withdrawn in cash at any MasterCard branded ATM all over Pakistan.
Lets get Trading
Now that your account is open and you have deposited funds in it you are all set to start trading. If you need help with opening an account or are stuck somewhere, you can always contact us and we will be happy to help you start trading.