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Finding the perfect trading method in the Forex market

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It is necessary for all of us to work with some of the most necessary settings of the trades. There will have to be some kind of better setting for the trades though. We will all have to work with some kind of control. In fact, the whole setups for the trades will have to be on the right side of the business. It is necessary for all of the traders to come clean with some simple management of the money. From the investment to the closing of the trades, there will have to be some kind of handling system for all of the trades.

We are talking about the right kind of lots and leverage for the orders. Then the stop-loss and take-profit will have to be sorted out too. All of them will be poor for the trades if we cannot decide on the right things for the most legitimate setting of the business. All of the performance will have to come with something right and the most proper handling over all of the trades will have to come out. Think in the right way for all kind of business management over all of the trades.

Use demo trading to get ideas

For the right kind of setting of the trading method, all of us will have to think about the system. It is necessary for all of us to think in the most proper ways for the right kind of setting. First though, there will have to be some kind of experience taken in the system. We are talking about the demo trading system to be used for proper learning. All of the traders will have to use it for the best possible learning about the most proper performance in the business. Take all kinds of action in the business for some quality management over all of your trades. Then think in the correct way for the best possible management over all of the trades. One thing we can say is that it is simple to think about a proper trading method. Just choose either the swing or the position trading method for your business.

Back-test your trading strategy

Once you find a simple trading method, never jump in the real market of trading. Just like pro traders in Hong Kong, you need to back-test your trading strategy. Becoming a successful trader in the Forex trading industry is a very challenging task. You have to keep pace with the market dynamics and execute the trade with proper logic. To do so, you must have a balanced trading system. So work hard to create a simple trading strategy which will help you to find great trades in the higher time frame.

Take some time to get good

It is necessary for all of the traders to come with the most legitimate performance. The most proper setting will have to be there with the right kind of trading performance. The traders will have to think in the best possible ways for some of the most legitimate setting. We will have to take some note on the right kind of analysis as well as money management. Things like that will have to get the most care from you. Take all of the ideas into consideration to use proper things like moving average and true lines for the correct kind of analysis. Then use some simple calculations for the money management of the trades. Then all of the trades will come out good and decent for the right kind of performance.

Safety is a good concern

It is necessary for all of the traders to work with the most legitimate setting of the trades. Without having an idea, we cannot do well for the most proper performance. All of the trades will have to get it., safety precautions in the business of trading.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Naira

Naira Hits Eight-Month High at 1,120/$ Amidst Central Bank Reforms

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New Naira Notes

The Nigerian Naira has surged to an eight-month high of 1,120 against the US dollar on the parallel market, commonly referred to as the black market.

This significant appreciation comes on the heels of a series of foreign exchange (FX) reforms initiated by the Central Bank of Nigeria (CBN), which have effectively unlocked dollar liquidity within the economy.

According to data compiled from online platforms and street traders, the current exchange rate reflects a gain of 62.95% for the Naira against the dollar compared to its level of 1,825 per dollar in February 2024.

Market sentiment suggests that the recent strengthening of the Naira can be attributed to a subdued demand for the US dollar, coupled with ample liquidity in the market, particularly during the holiday period.

Despite a decline in external reserves, Nigeria’s currency strengthened to 1,230.61 per dollar on the official FX market before the holidays.

The recent uptick in the Naira’s value follows the CBN’s decision to review the exchange rate for Bureau De Change (BDC) Operators to 1,101 per dollar from 1,251 per dollar.

Also, the CBN announced plans to sell $15.88 million to 1,588 eligible BDCs, further bolstering dollar liquidity in the market.

The CBN’s proactive approach to FX management, including the resolution of foreign exchange backlogs amounting to US$7 billion, has instilled confidence among investors and market participants.

Furthermore, the apex bank’s commitment to implementing reforms aimed at enhancing transparency and efficiency in the FX market has yielded positive results.

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Forex

Zimbabwe’s Gold-Backed Currency Surges 0.2% Against US Dollar

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Zimbabwe’s newly introduced gold-backed currency, known as ZiG, surged by 0.2% against the US dollar on its second day of trading.

This development has sparked both cautious optimism and renewed concerns about the nation’s financial stability.

The Reserve Bank of Zimbabwe reported that the exchange rate for ZiG strengthened to 13.53 per US dollar, compared to its initial rate of 13.56 per dollar on its debut trading day.

The slight but significant uptick in value comes as a welcome sign for Zimbabwean authorities who have been striving to establish a functional local currency amid persistent economic challenges.

The ZiG currency, introduced as the country’s sixth attempt to stabilize its monetary system, is backed by 2,522 kilograms of gold and approximately $100 million in foreign currency reserves held by the central bank.

This gold backing is seen as a crucial step to restore confidence in Zimbabwe’s currency after years of hyperinflation and currency instability.

Despite the positive momentum witnessed in the currency market, the transition to ZiG has not been without its hurdles. Banks, retailers, and utilities across the nation have been grappling with the logistical challenges of adopting the new currency, leading to disruptions in commerce nationwide.

Many businesses are still in the process of updating their systems to accommodate ZiG transactions, causing delays and confusion in payment processing.

The Zimbabwean government has set a deadline of April 12 for businesses to fully transition their electronic systems to ZiG.

However, reports indicate that only a third of the financial institutions linked to the national payments platform have been able to process ZiG payments effectively, highlighting the ongoing challenges facing the currency transition.

While the surge in ZiG’s value against the US dollar offers a glimmer of hope for Zimbabwe’s economic prospects, experts caution that sustained stability will depend on factors beyond short-term fluctuations.

Market confidence, effective monetary policies, and structural reforms will all play crucial roles in determining the long-term viability of the ZiG currency and the broader economic recovery efforts in Zimbabwe.

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Naira

Dollar to Naira Black Market Today, April 9th, 2024

As of April 9th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,200 NGN in the black market, also referred to as the parallel market or Aboki fx.

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New Naira notes

As of April 9th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,200 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,240 and sell it at N1,230 on Monday, April 9th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate improved when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

How Much is Dollar to Naira Today in the Black Market?

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.

Black Market Dollar to Naira Exchange Rate

  • Buying Rate: N1,200
  • Selling Rate: N1,190

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