Instead, opt for BookMyForex! Here, you can not only check the live Dirham rate but you can also buy or sell currency at the best Dirham rate. The current rate of Dirham for buying and selling can be easily checked online on BookMyForex from the comfort of your home. BookMyForex is the first ever platform to introduce such a service online making the process of currency exchange in India extremely convenient.

About UAE Dirham

United Arab Emirates Dirham is the currency used officially in UAE. in the international market of currency exchange, UAE Dirham is often seen to be abbreviated as AED. it is used for all forms of money transactions in the different regions of UAE.

Dubai and other parts of the UAE are pretty popular and are often visited by tourists from every part of the world. When you plan on visiting UAE for a leisure trip, business meetings or studies, you need to ensure that you convert your currency to UAE Dirham. In order to get your currency exchanged at the best rate, try out BookMyForex.

Why should you use BookMyForex to buy or sell UAE Dirham?

BookMyForex is an excellent option for currency exchange since you can access a whole range of full-suited forex products like forex cards, foreign currency notes, traveler’s cheques, demand drafts, wire transfer, etc.

When you exchange currency through the money changers or banks, a fixed Dirham rate today is maintained. This way, the banks benefit by keeping a large margin while exchanging currency. Also, you will need to visit several banks to compare the exchange rates before settling on one. Since banks and money changers are physical establishments, there are several costs like salaries, operational costs, rent, etc, which are involved. In order to make up for these costs, their customers are made to pay a margin for the services.

You need not go through this hassle when you decide on exchanging currency from BookMyForex. Since BookMyForex is digitally enabled, you do not incur extra service charges when you exchange currency through this platform. It is an online service portal where you can conveniently check live rates, buy or sell foreign currency from the comfort of your home. BookMyForex checks the UAE Dirham rate across several banks in your region before displaying the best rate to you. After you order forex, your order will reach you at the earliest. Also, there is no fixed forex rate on BookMyForex. The rates are updated live every 3 seconds and you also get the option to freeze a suitable rate at which you can exchange currency within the next three days. The rates displayed here are extremely reliable and are the same as the rates which get displayed on Google, CNBC, ForexIndia, etc.

A lot of people talk attract and tease new Forex traders by appealing to their senses such as greed, fear and desire for increased leisure. These are easy marketing techniques but are very misleading when it comes to Forex trading. Admittedly, buying and selling currencies in the Forex market is so simple its merely a matter of clicking a mouse button. However, that is where the easy part stops. Everything in Forex is timing and that is what one must understand.

Forex robots appeal to new traders because of the ease of execution and overall lack of effort required. But, this is the lazy mans game and it will far too frequently end in disaster. The appeal to traders dislike of spending hours in front of the computer is why so many new systems tout Mega profits in just 30 minutes a day. It has been said many times in the past, but if this were true then everyone would be involved in trading. The fact is, it is not true and if you are able to spend just 30 minutes a day trading Forex and succeed that is as much due to fortune (aka luck) as it is skill.

I am not saying that you cannot make money in 30 minutes. On the contrary, many times you can get a trade that gives you 20, 30 even 50 pips or more in just a few two minute candles! It is possible to make fast money in the Forex. What you need to understand is, that there is no correlation between the time you spend trading (looking at your screen) and your profitability. What is critical is not how much time you spend but what you can and are able to do with that time.

I have found through my own experimentation that, indeed, the more hours I spend trading does not at all necessarily equate into greater profits in the Forex market. On the contrary, when I have traded a full day (say from UK open to noon EST 8 hours) I have found that more often than not, I tend to either give back much (if not all) of my profits I acquired early on or even go so far as end down on what would otherwise be a successful trading day had I stopped after just a couple hours. I feel that it is easy to become embroiled in longer trades with more and greater leverage when you trade long hours than if you confine yourself to a shorter trading period. When you give yourself a specific amount of time to trade knowing that you must complete the trade (win or lose) in say two hours time. Under these circumstances, one often makes more crisp and disciplined decisions.

I feel that this is true but it doesnt not mean that you can just spend half an hour and bank big profits. On the contrary, you should give yourself enough time to see a trade through to fruition. That can be anywhere from 2 mins to 4 hours. Although, I would caution staying in a trade for more than 2 hours unless it was a planned, longer term trade where your risk is contained in some way (either via a proper stop loss at BE, or if perhaps you are letting the second half of your trade run). One must know that the longer a trade is on the more unknown factors creep into play. Things change and risk increases the longer you are in any one single trade. I know a number of very experienced and successful traders who use time stops taking themselves out of a trade automatically when something does or doesnt occur within a given time frame (often just 10 or 20 minutes).

In the end, realize that ending the day in the black (even up 10 or 20 pips) is a huge achievement. If Forex trading is an augment to your current salary then steady as she goes. Never get greedy and trade to satisfy your psychological needs. Pay strict attention to your body and your mind as well as your trade as time progresses. Trading over and over will not necessarily yield more profit. Give yourself enough time to find a trade and then let that trade run its course keeping in mind the limits of both the market and your own stamina. Often, it is as good to take a 30 or 40 pip win and walk away from your trading station as it is to exult in your trading prowess after such a win and keep bearing down on the market for more. Give yourself time limits and parameters on your trading. Keep in mind the market cant be forced. During your trading time there will not always be good trades, so dont trade just for the sake of trading.