Forex Trading In Hong Kong | Important Information!
This website will reveal to you how to trade forex in Hong Kong and live like a king from now on.
Although forex is the largest financial market in the world, it is relatively unfamiliar terrain for retail traders. Until the popularization of internet trading a few years ago, FX was primarily the domain of large financial institutions, multinational corporations and secretive hedge funds. But times have changed, and individual investors are hungry for information on this fascinating market.
Forex Trading In Hong Kong
Most importantly, is Forex Trading In Hong Kong legal? This is the most common questions about forex trading in Hong Kong. Forex trading in Hong Kong SAR is regulated by the Securities and Exchanges Commission of HK, while the overall financial system is subject to the oversight of the Monetary Authority of Hong Kong. The SEC licences brokers, enforces regulations, supervises the actions of market operators, and fulfills other educational and oversight-related responsibilities delegated to it by law. So, there you go… YES, it is legal to trade Forex in Hong Kong. Isn’t that a load of worries of your chest?
So you want to make money out of Forex Trading and you don’t know how to start, especially when all information on the net is saturated and bombarded with advertisements from 1,001 Forex Brokers trying hard to attract you to click on their links. But all you need is more information on Forex Trading In Hong Kong.
As is often disclosed, forex trading involves high risk. Knowledge, experience, and emotional control are the prerequisites for success, and each of these three factors requires an investment of time on the front end that beginners often dismiss to their peril. Due diligence and care must be exercised first to select a forex broker that meets your tough list of requirements and also provides ample educational materials and practice trading systems.
Be sure to comparison shop, check back with your local regulator for clarification on safety and soundness, and be sure to check with other traders in your area. Beware of marketing claims that seem to good to be true. You can never be too safe in this area. After your choice, invest the time practice trading on the broker’s demo system to develop your trading strategy, gain valuable market experience, and learn to control your emotions when opening and closing positions.
Choosing a competent forex broker from the many local and foreign choices available is never an easy task. To make your selection process easier, I have compiled the three (3) best Forex Brokers for my Hong Kong friends here.
Just keep in mind;
1. Do trade responsibly.
2. BE responsible for your own trading.
3. Do not trade for someone else i.e. with someone else’s money (because that means unlicensed deposit-taking).
4. Do not ask someone to trade on your behalf (because that means placing a deposit in an unlicensed person or company).
5. Do NOT trade against the Hong Kong Dollar.
6. Do convert your HKD asset to USD (for example) with any Authorized Dealer (i.e. Hong Kong Banks) without fear. And after you receive your new USD asset, you may trade/invest (i.e. place a margin deposit) to your heart’s content.
7. Do NOT convert your HKD asset to USD with unauthorized dealers (you know who they are).
8. Do research for (relatively) reputable offshore brokers.
9. NEVER EVER EVER trade on credit. Always make sure you have backup capital to help you pay day-to-day bills during the losing spells.
Hope that helps.