Until recently, the Forex market was a closed market and trading activities were confined to the “big boys” like the banking sector, the multinationals and the hedge funds. However, with new technological advancement, small retail investors now have the opportunity to participate in this lucrative market as well with online Forex trading. So what is online Forex trading? Essentially online Forex trading is the trading of one currency for another through the use of the internet. The Forex market is actually the largest financial market in the world and it is an over the counter (OTC) market. This means that there is no centralized location like the New York Stock Exchange from which trading activities must take place. Because of this unique aspect of the Forex market, with online Forex trading, one can deal in Forex from any place in the world. In addition, with online Forex trading, it is possible to trade in Forex around the clock five days in a week without having to leave the house. Online Forex trading differs very much from the traditional method of transacting financial instruments in the sense that most trading activities are more or less self-service. With a properly equipped computer and internet access, a trader will be able to basically determine what to buy, when to buy and how much to buy with just a click of the mouse. In addition, the speed with which your orders are executed is almost instantaneous as you will be using a trading platform that is provided by the Forex brokerage firm. Apart from the above mentioned, there are also several other advantages with online Forex trading as compared to the traditional brick and mortar way of trading Forex. One of these other advantages is the lower transaction cost that you will incur with your online Forex trading. As online Forex trading is self-determined by the trader himself, the brokerage firm will be able do away with other higher cost services and just concentrate on “volume based” business strategy by lowering their cost to attract more business. And to help their clients determine what a good buy is charting tools are usually provided on the online trading platform for those who engage in online Forex trading. Once analysis of the Forex market is completed with the charting tools, an online Forex trader will also be able to program his market analysis into the trading platform and automate his transaction activities. It is for these few reasons that online Forex trading is now gaining popularity over the rest of financial activities that retail traders previously usually went for. Online Forex Trading Systems The most important part of a trading system is the stick to the rules and criteria that you put in place. There is no point in spending time and effort creating your system, to then be caught up in the moment and forget everything that you have planned.

Zimbabweans and Online Forex Trading

A lot of Zimbabweans are involved in Online Forex Trading and this has been facilitated by the availability of the internet at affordable rates. The major advantage is that one can deal in online forex trading from the comfort of their homes.

Online Forex Misconception

Most people are not aware of what is involved in online forex trading. The first thing that comes to mind is that online forex trading is Illegal or it involves the buying and selling of forex on the street the way it is done at Road Port in Harare. Not enough information is available to most people with some thinking that it is a Ponzi scheme similar to MMM which collapsed at the end of last year. What makes the situation worse is that there are few people or institutions that can teach Online Forex Trading in a simple way so that first time users can understand.

Who in Zimbabwe can trade online forex?

Traditionally the field has been reserved for finance professionals but with improvements in technology and accessibility of information now everyone can trade provided you obtain sufficient training. You just need to put in some effort in understanding the basics and get mentors and begin your process of trading. Over the last few years professionals with backgrounds in Engineering, Nursing, Teaching, Procurement etc have been participating in the online forex trading field. You just need to get the basics and apply your skills on demo accounts before going live.

How to study Online Forex Trading

Learning to trade online forex trading is expensive with fees ranging from $150-$300. The fees are usually high because trainees would have been equipped with life skills on income generation. Some have been known to resign from their work places inorder to participate on online forex trading. ZBIN is however not a profit making institution which is why we provide training at rock bottom fees or free. Our objective is to enable our members to have options when it comes money making ventures.

How much capital do you need?

You can fund your account with as little as $10 or $250 depending on the broker used. Brokers such as Hotforex allow deposits such as $10 and other brokers such as CM Trading allow a minimum of $250 to be deposited before one starts trading. As a forum we highly recommend Hotforex because of the $10 minimum capital injection required.

How do you withdraw Profits?

You can withdraw profits from your local bank and it is done through transfers, some brokers provide bank cards for withdrawing profits. People attending our training sessions have been able to see evidence of some who have traded and withdrawn profits.

The above picture shows profits and losses from one of our online forex trading members. The trading happened on Friday and our member made profits of $202.41. This was over trading on his part because he usually makes daily trading profits of between $20 and $30. Please note that the profits could have been losses too-no profits are guaranteed in online forex trading!

Learning from Others

New traders can learn on their own through reading material on the internet, videos on Youtube or popular sites such as www.babypips.com. However learning on your own takes a lot of time which is why it is recommended to get professional training. At ZBIN we have a platform for sharing of information, question and answer sessions and opportunities to meet other traders. We will track our initiative that is coming on the 1st of June and share with our members.

Last ZBIN Online Forex Training

The photo above shows some of the 20 members who received free online forex trading in Harare 2 weeks ago. This is the group whose results will be tracked by this forum. Most of them first time traders and coming from various professional backgrounds such as Nursing, Police, Engineering, Accounting, Procurement and Banking. Our follow up training which will be handson is scheduled for next week Friday from 3:00pm to 5:00pm.

Your favourite business forum has several initiatives for the benefit of members. At ZBIN we keep moving, scanning the environment and finding opportunities for our members. We are however careful not to mislead our members into joining ponzi schemes. We usually take our time to study and analyse schemes before encouraging our members and followers to join. This is why we are taking our time to study Bitcoin before we encourage you to join the scheme. We do not have sufficient information about it, we have no known case studies of people who have benefited so for this reason, we are taking time to analyse because people have every right to question every initiative especially after dubious schemes such as the  Sack Potato,Quail Birds and MMM schemes.

One of the schemes we are involved in and have studied in detail is Online Forex Trading. A legal genuine way of participating on the forex trading market which is worth more than a Trillion US Dollars. For more information about Online Forex Trading do visit www.babypips.com

Below we try and answer some of the questions from members

Explanation of the initiative

Members get basic free training online forex trading, they get an overview of online forex trading, they are provided with a few resources before they start trading.

Who can join our group?

So far we are not adding new people, we would like all the over 300 people in our group to be experts on trading. We would like them to show successful results of trading before rolling out more trainings to other members.

Is success guaranteed?

Online forex trading is not a get rich quick scheme, members get trained and they have to put an extra 80% effort on their own to be experts. We have found innovative ways of obtaining information that helps members to improve their trading and to date this has been successful. This is the model we will be using –a platform where members are trading on a small scale, sharing information of how trades are going with the hope of improvement

Online Forex Fraudsters

In Zimbabwe fraud is commonly perpetrated by Online Forex Trading Trainers! Trainers have been asking people to invest or entrust them with funds for investment promising huge returns. Unfortunately there are no guaranteed returns in online forex trading. Most of the trainers fled the country after failing to return funds invested.

As ZBIN our policy is that you trade on your own! We are always quick to kick out anyone promoting any Ponzi schemes or any other schemes apart from Online Forex Trading. We are always emphasising this because as a registered trust, the last thing we would like to do is to be involved in dodgy schemes.

When is the next training

The next training is on this Friday in Harare in the afternoon. It is a follow up to the initial training conducted 2 weeks ago. This time trainees will get hands on training at a café in Harare. This is our first official group that will be involved in our initiative of trading, members will be starting with very low amounts and getting confidence before funding their accounts with large amounts. As earlier explained, they trade on their own and checking within the community for any problems, sharing successes and failures.

When is the next window opening?

The cost of online forex trading training is very high with some trainers charging fees of $150-$250 for a full course or $15 per hour for different modules. ZBIN is therefore the only known institution that is doing it for free and we are hoping to successfully showcase success stories by end of June. We would like to show that we trained x number of people and they earned xy amount individually and collectively. Between now and end of June, we encourage folks interested in joining us to visit www.babypips.com where they can access a lot of resources before they join us.