How to read Forex pairs? Base and quote currency explained
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Base Currency - investopedia.com
Stocks or Forex based on personality
I’ve been looking into stocks and forex and I’d say I like the look of forex because its more short term trading and less capital is needed. I know Forex is different than gambling but it has some similar aspects. It’s either a sudden win or sudden loss, and you don’t always win you’re going to lose as well. Obviously successful traders have got strategy’s that win a lot more than lose. Now I’ve always hated gambling, I tried it and it just gave me anxiety due to the sudden rush you get from it and I got anxiety because of it due to being worried that I’d get addicted as that shit can ruin people’s lives. Now can someone help me to figure out if forex is for me or not based on personality and things. Like what kind of personality characteristics make a good trader and what characteristics make a bad trader.
Hi there, I'm a complete newbie to the FX trading as well as trading in general. I just have a few questions regarding the time and money I would be investing for a profitable and possibly long time results. I'm a freelance video editor and graphics designer and currently have a pretty good amount of savings and free time. If some of you experienced and consistently profitable guys can clarify my few things then I'd be really glad. My questions are:
Is Forex based on luck as if lottery or a gambling kind of thing? If not, can it be leveraged with extremely good efforts, discipline and preparation to achieve above average results?
Does dedicating my time and money starting today itself worth it?
The rough guide to the Islamic Investment world (in South Africa)
So this is my rough guide to Islamic investments within the South African Universe (it can apply globally, except my examples is all South African based). Hope it is informative and encourages halal investing. Suggestions welcome
Section 1: Investment Universe
Islamic Bank fixed deposits
About: Invest your money for a fixed period (1 month up to 5 years). Get profit when period is completed Pros: Reliable profit , Low financial risk, low Islamic risk : covered by a board of Shariah scholars Cons: Low profit rates.
FNB Islamic Fixed deposit.
Absa Islamic Fixed deposit
Standard Bank Islamic Fixed deposit
About: Collective investment - managed by investment company, protected by SA law, typically invests in equities, sukuks and property Pros: Plenty of choice, Provided by registered Financial Service Providers, Sharia Boards , diversification Cons: Typically High fees, .
Old Mutual Albarakah equity fund
Oasis Cresent Equity Fund
Kagiso Islamic Equity Fund
Many options: only a few examples listed.
About: Collective investment Pros: low fees, Provided by registered Financial Service Providers, Sharia Boards , diversification Cons: only one option in SA, heavily weighted on Resources
NewFunds Sharia top 40 ETF
About: Pick your own stocks off the exchange Pros: High profit potential, Cons: Very Risky, No Islamic oversight (hence need to do your own screening)
Platform: Easy Equities (low fees platform available in SA. NO Leverage/Margin, Remember to buy/sell whole shares only).
Lazy guide to choosing "Sharia stocks" : Get the constituents of islamic unit trusts, invest in those.
NB: Remember to do dividends purification
About: Tried and test property Pros: Stable Asset, Tangible, Straightforward, Zakah benefits, Cons: High capital outlay, expensive legal costs (transfebond registration) , Not very liquid,
Banks for islamic loans:
FNB (Islamic bond)
paid on rental income , not on property value (if intention is to invest)
paid on property value: if intention is to sell property in near term (refurbish/fix and sell, etc).
Interest is Haram. No two ways about it. Luckily we have two banks that can provide Islamic loans (or at least as close as possible)
Custom Wealth Solutions
About: Customized Wealth management and investments Pros: Professional advice, custom solution Cons: Available exclusively to high net worth individuals, Investment advise appears to be fee based
Side note - I do not have any experience/knowledge. Would be great to hear if anyone has any experience here.
Banks such as FNB provide Islamic Private banking, with financial advisors (but they tend to push unit trusts, endowment policies, etc).
Section 2: Definitely not halal
Margin based investing: Margin = interest = haram. Also very risky
Futures contracts: Shorting, going long, all CFD's and futures contracts are impermissible. Because a condition for a halal investment is that the underlying asset must be owned
Forex: Or at least forex based on CFD's and margins. Buying dollars to travel should be perfectly fine.
Stocks/Equities that primarily deal in haram activities: Gambling, pork, etc
Section 3: Grey Areas
Crypto ( Bitcoin ,etc) : In theory these should be more "halal" than fiat currency (what all money in the world is) however there are differences of opinion.
Shares : There are grey areas : Most companies has an element of haram income (interest, etc). Scholars have devised ratios to to filter out "islamic stocks" from haram stocks (30-33% max debt, max 5% haram income, liquid ratios, etc). It is for this reason these stocks requires dividend purification.
However you should be aware of this before venturing into to stocks as you might not be comfortable with that thought (This also affects EFTs, Unit trusts, etc). 3 Easy Equities: Easy equities makes it cheap and easy to own equities. However I would at all times buy/sell only whole shares and not fractional shares. Fractional shares are done as a CFD (a bit different from a forex CFD). You get all the benefits of ownership such as dividends and capital gains on a pro rate basis. But you do not actually own the CFD until you buy enough CFD to get a real whole share. That being said, it is still grey, best to avoid fractional shares entirely 4. Halal Forex Accounts: Somehow these are marketed that way. Here's a link to (Islamic Finance Guru) who has a bit more knowledge on this. (Note: I am not affiliated in any way or get any benefit)
Section 4: Conclusion
I sincerely hope this helps , and encourages to invest in the Islamic world. Any ideas, inputs and suggestions welcome. Disclaimer 1 : Corrections welcome, I am not a learned scholar, this is not financial advice, you bear the responsibility & consequences of your own decisions/investments Disclaimer 2 : At some point FNB Sharia board quit , they subsequently hired a new board. They don't however make it easy to find who is in the board from their website. However the information can be found in news websites.
I'm a relative beginner who has mostly been trading stocks so far. I would like to learn more about trading forex, based on both price action/signals over short time frames, to trading based on fundamentals over longer periods (if that is indeed possible) Any suggestions please?
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Before knowing about base currency and quote currency, let us first know about currency pairs. A currency Pair is a structure of deciding quotation and pricing of the currencies traded in the forex market. And the value of a currency is a variance rate and is always determined by its comparison to another currency. What is Base Currency? In the forex market, currency unit prices are quoted as currency pairs. The base currency – also called the transaction currency - is the first currency appearing in a ... No matter which currency is the base currency—whether USD, EUR or any base currency—the base currency always equals 1. The quoted amount, 1.3600 is the amount of the quote currency, USD, it takes to equal 1 unit of the base currency, EUR. The forex convention is that when these two currencies are compared, EUR is always the base. Forex.com charges a monthly inactivity fee of £15 (15 base currency equivalent or 1500 JPY) to accounts that are inactive for 12 months or more. Accounts with a balance of 10,000 base currency or more are exempt from inactivity fees. Base currency. The base currency is the one that is quoted first in a currency pair. Using EURUSD as an example, the Euro would be the base currency. Similarly, the base currency of GBPUSD is the British pound (GBP). Quote currency. By process of elimination, you know that the quote currency is the one that comes second in a pairing.
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