You are now probably thinking “I guess I understand how this E-Gold think works, but how do I buy this gold for my account and how do I get it back to ready cash and HOW SOON can it be done?”.
Well, don’t fret because the answer to your question is the very reason why e-gold has become as popular as it is today especially with international Forex traders and Internet business men.
Who will buy my gold?
There are many companies whose business is to buy and sell gold, thereby converting it to cash. Better still, there are many local versions of these companies.
For example, several companies in Nigeria will allow you to pay money (in naira) into their bank account here in Nigeria. This money is then converted to its equivalent in gold and used to fund your e-gold according to their exchange rate.
My personal recommendation for buying and selling e-gold is Dempaynigeria. I have found them to be very reliable and their rates are actually the lowest that I’ve come across so far. They will usually fund your account within 24 hours. They also have a sister company, who will buy gold from you and pay you in naira.
April 29, 2011
What is E-Gold?
Although I am tempted to paraphrase what is written on the E-Gold website, I think it would be much easier for you to understand if I explain it in the simplest way I can.
E-Gold is a kind of online payment system where the money used is called gold (the E-Gold website says it is actually backed by Gold). So instead of paying for things in, say, dollars, you pay for them in gold.
To use E-Gold, you must have an E-Gold account. (To open one is free; we’ll get to that soon). So let’s say you want to pay for something with E-Gold. What you do is purchase an amount of gold equivalent to the currency you want to use, e.g you may purchase $100 worth of gold from a gold seller and send this amount of gold to the person you are paying who will the sell it to a buyer to retrieve his/her funds.
Because E-Gold is a very common means of payment and also because there are companies who trade daily in buying/selling gold, one does not necessarily have to convert gold to cash all the time.
Having gold in your E-Gold account means that you can pay money securely online at anytime to anybody who has an E-Gold account. In a very real way, E-Gold might just be emerging as the new universal currency on the web.
So let’s say that you want to add funds to your Marketiva trading account, all you need to do is to first make sure you have the equivalent in gold in your E-Gold account because you will pay directly to Marketiva’s E-Gold account via the form that will be presented to you when you click on the “Deposit by E-Gold” link.
The steps to withdrawing funds using E-Gold are similar to those for making deposits but this time Marketiva is sending money to your E-Gold account. For this service, a small once-only transaction fee is charged by Marketiva (Note that E-Gold exchanges also have transaction fees involved). Note also: For security reasons, Marketiva will not pay to an E-Gold account unless it has previously been used to deposit money into the trading account. More help on this can be found in the help section of the Marketiva website.
E-Gold is a kind of online payment system where the money used is called gold (the E-Gold website says it is actually backed by Gold). So instead of paying for things in, say, dollars, you pay for them in gold.
To use E-Gold, you must have an E-Gold account. (To open one is free; we’ll get to that soon). So let’s say you want to pay for something with E-Gold. What you do is purchase an amount of gold equivalent to the currency you want to use, e.g you may purchase $100 worth of gold from a gold seller and send this amount of gold to the person you are paying who will the sell it to a buyer to retrieve his/her funds.
Because E-Gold is a very common means of payment and also because there are companies who trade daily in buying/selling gold, one does not necessarily have to convert gold to cash all the time.
Having gold in your E-Gold account means that you can pay money securely online at anytime to anybody who has an E-Gold account. In a very real way, E-Gold might just be emerging as the new universal currency on the web.
So let’s say that you want to add funds to your Marketiva trading account, all you need to do is to first make sure you have the equivalent in gold in your E-Gold account because you will pay directly to Marketiva’s E-Gold account via the form that will be presented to you when you click on the “Deposit by E-Gold” link.
The steps to withdrawing funds using E-Gold are similar to those for making deposits but this time Marketiva is sending money to your E-Gold account. For this service, a small once-only transaction fee is charged by Marketiva (Note that E-Gold exchanges also have transaction fees involved). Note also: For security reasons, Marketiva will not pay to an E-Gold account unless it has previously been used to deposit money into the trading account. More help on this can be found in the help section of the Marketiva website.
The Second Part of This Tutorial
Remember: This tutorial deals only with how to use the streamster server to execute trades. It does not cover HOW to trade. If you are interested in learning how to trade, you will find the resources listed in Part 3 of immense benefit.
PART 2: Money Matters
The second part of this tutorial deals with the financial aspects of Forex trading. It will show you how to:
* Monitor your account.
* Put money into your trading account.
* Withdraw money from your trading account
The trading account
When you register with any broker, an account called a trading account is also opened for you. This account is where all matters regarding funds and finances are monitored. The Marketiva Account Center is another place where you can monitor your account but this time in a web based environment. When you log in and click on Account Center on the navigation bar near the top of the page, you see this screen below. Take note of the area circled in red. It contains the main links for the accounts center. We shall look at one or two of those links shortly. (Note: The different types of sub accounts are called desks here)
To deposit funds, click on the Deposit Funds link. When the page below comes up, we are presented with three options. In this tutorial, we shall talk about E-Gold which is the simplest, cheapest and most reliable way which I have found of funding my trading account. E-Gold is highly recommended for International traders.
PART 2: Money Matters
The second part of this tutorial deals with the financial aspects of Forex trading. It will show you how to:
* Monitor your account.
* Put money into your trading account.
* Withdraw money from your trading account
The trading account
When you register with any broker, an account called a trading account is also opened for you. This account is where all matters regarding funds and finances are monitored. The Marketiva Account Center is another place where you can monitor your account but this time in a web based environment. When you log in and click on Account Center on the navigation bar near the top of the page, you see this screen below. Take note of the area circled in red. It contains the main links for the accounts center. We shall look at one or two of those links shortly. (Note: The different types of sub accounts are called desks here)
To deposit funds, click on the Deposit Funds link. When the page below comes up, we are presented with three options. In this tutorial, we shall talk about E-Gold which is the simplest, cheapest and most reliable way which I have found of funding my trading account. E-Gold is highly recommended for International traders.
Tabs in Sector 4
The Account Center Tab (Sector 4)
This tab provides a convenient location from which you can manage every aspect of your account. Here you can view account summaries/breakdowns, add and remove funds from your account and manage your profile. Its functions and usage are basically the same with the web based version described in Part 3 of this tutorial.
The Positions tab (Section 4)
Here you can view the state of all positions that are currently open or recently closed. Clicking on the “Clear” button erases all the closed positions so that you can only see the ones that are currently open. The Close All button will close several positions at once based on the option you select from the box that pops up when you click on the button (options are All positions, Short positions only and Long positions only).
Tip: Short positions are trades where you executed a sell order, while Long positions are trades where you executed a buy order.
The Charting tab (Section 4)
This tab sill display a time based chart of any selected currency pair. Right clicking within the chart itself provides additional options for this tab, including the chart type, time scale, currency pair and buy/sell options. These charts can prove very helpful by giving a visual representation of the state and recent history of the particular instrument in the market.
It also provides an extensive choice of tools (indicators) that can be used to analyse the charts in real time. Play around with the other options because this chart may become an indispensable tool in your forex trading career.
This tab provides a convenient location from which you can manage every aspect of your account. Here you can view account summaries/breakdowns, add and remove funds from your account and manage your profile. Its functions and usage are basically the same with the web based version described in Part 3 of this tutorial.
The Positions tab (Section 4)
Here you can view the state of all positions that are currently open or recently closed. Clicking on the “Clear” button erases all the closed positions so that you can only see the ones that are currently open. The Close All button will close several positions at once based on the option you select from the box that pops up when you click on the button (options are All positions, Short positions only and Long positions only).
Tip: Short positions are trades where you executed a sell order, while Long positions are trades where you executed a buy order.
The Charting tab (Section 4)
This tab sill display a time based chart of any selected currency pair. Right clicking within the chart itself provides additional options for this tab, including the chart type, time scale, currency pair and buy/sell options. These charts can prove very helpful by giving a visual representation of the state and recent history of the particular instrument in the market.
It also provides an extensive choice of tools (indicators) that can be used to analyse the charts in real time. Play around with the other options because this chart may become an indispensable tool in your forex trading career.
Open and Close Positions
Opening a position/executing a trade from the Forex Trades tab is done by clicking on the particular instrument you want to trade from the Currency column. On doing this, the below box pops up:
This box has different options available as dropdown lists. The different options help you to define the characteristics of the trade which you want to execute.
The other available options are shown below:
Notice that in the screenshots above, the “Duration” field on the left is greyed out because it is tied to the “Duration Type” field to its right. Selecting “Good Till Cancelled” as the duration type means that you intend to close the position manually. However, these same fields provide you with the option of setting a particular date for a position to be closed automatically.
So let us see the other options available to us and what happens to the Duration field when we select another option.
And lastly, the desk option where we can select which account we wish to execute the trade with.
This box has different options available as dropdown lists. The different options help you to define the characteristics of the trade which you want to execute.
The other available options are shown below:
Notice that in the screenshots above, the “Duration” field on the left is greyed out because it is tied to the “Duration Type” field to its right. Selecting “Good Till Cancelled” as the duration type means that you intend to close the position manually. However, these same fields provide you with the option of setting a particular date for a position to be closed automatically.
So let us see the other options available to us and what happens to the Duration field when we select another option.
And lastly, the desk option where we can select which account we wish to execute the trade with.
Tabs and Sectors
Sector 3 Sector 3 provides up to the second news and stories from around the world which are relevant to the Forex market.
Section 4 Deals directly with the actual trades. It is further broken down into orders, trades, positions, charting, discussions and account center.
Now that you have a general idea of what the trading platform looks like, let us look at selected sections/tabs that will be of immediate interest to a first time trader.
The Portfolio tab (Sector 1).
Portfolio tab
This tab shows how much is in each account (live and demo/virtual). This tab will also show the profit and/or losses that are being obtained while trades are being executed.
The Forex Rates tab (Sector 2)
Forex Rates tab
This tab displays a summary of the current relevant data for all the currency pairs available to you. This tab is one of the primary areas where you can execute a trade (or “open a position”). Before we look at how to do this, let me first explain some of the various columns showing on this tab and then we shall see how to add and remove the instruments on display in this tab.
Columns
Currency:
Last:
Bid:
Offer:
Change:
High:
Low:
To add or remove instruments, click on subscriptions…
Section 4 Deals directly with the actual trades. It is further broken down into orders, trades, positions, charting, discussions and account center.
Now that you have a general idea of what the trading platform looks like, let us look at selected sections/tabs that will be of immediate interest to a first time trader.
The Portfolio tab (Sector 1).
Portfolio tab
This tab shows how much is in each account (live and demo/virtual). This tab will also show the profit and/or losses that are being obtained while trades are being executed.
The Forex Rates tab (Sector 2)
Forex Rates tab
This tab displays a summary of the current relevant data for all the currency pairs available to you. This tab is one of the primary areas where you can execute a trade (or “open a position”). Before we look at how to do this, let me first explain some of the various columns showing on this tab and then we shall see how to add and remove the instruments on display in this tab.
Columns
Currency:
Last:
Bid:
Offer:
Change:
High:
Low:
To add or remove instruments, click on subscriptions…
Marketiva Streamster Beginner’s Tutorial
I shall begin with an overview of the application’s home screen before we take a closer look at the various sections.
The Streamster trading platform is divided into 4 major sectors having adjustable borders that allow you to resize the boundaries to suit your needs (the straight red lines in the image below show these borders). If you place your mouse directly over these borders, the cursor changes to a cross and then you can click and drag at will.
Sector 1 contains two tabs called Portfolio and Alerts. Alerts tell you when announcements and other events that affect the market are scheduled to come up. Portfolio shows you the current status of your various accounts (live, demo/virtual etc). It also shows you how much profit or loss you are making when you have any open trades (also known as open positions).
Sector 2 contains two tabs, Forex rates and Fund Rates. We shall look only at the Forex Rates tab because this is all we need to worry about at this stage. The Forex Rates tab displays current data for each currency pair (or instrument) available for us to trade. Later on we shall take a look at what each column denotes and how we can add/remove currency pairs.
The Streamster trading platform is divided into 4 major sectors having adjustable borders that allow you to resize the boundaries to suit your needs (the straight red lines in the image below show these borders). If you place your mouse directly over these borders, the cursor changes to a cross and then you can click and drag at will.
Sector 1 contains two tabs called Portfolio and Alerts. Alerts tell you when announcements and other events that affect the market are scheduled to come up. Portfolio shows you the current status of your various accounts (live, demo/virtual etc). It also shows you how much profit or loss you are making when you have any open trades (also known as open positions).
Sector 2 contains two tabs, Forex rates and Fund Rates. We shall look only at the Forex Rates tab because this is all we need to worry about at this stage. The Forex Rates tab displays current data for each currency pair (or instrument) available for us to trade. Later on we shall take a look at what each column denotes and how we can add/remove currency pairs.
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