Forex: Foreign Exchange

Forex is the largest market on the planet

Forex is the largest market on the planet. Now the question can, Can I make money from it?

Yes but it won't be as easy as the internet marketers will make you believe, to become successful as a trader it's important to have another income source (cant emphasis the importance of this), discipline, capital, ability to work hard and motivated.

The reality about forex is that only about 5% of traders make money while the rest loose.

That is alarming, but when you look at the statistics of new businesses it is basically the same.

Out of every 1000 new businesses, 40% fail within the first year, and 80% would fail within 5 years. Don't celebrate yet because even if you have made it to 5 years, 80% of those businesses fail before they make it to 10 years. That leaves us with 4% of new businesses still around after 10 years,

about the same as forex traders, so forex is not a get rich quick scheme but should be treated as a business and this requires hard work dedication and discipline.

There's is great potential in the forex market to start small and reach unattainable heights compared to any other markets or business, this is due to one thing "Leverage".

Leverage is basically borrowing money but it happens instantly and you cannot lose more than you have in your account, this happens automatically when you open a trade through your brokerage account.

these days you can get as high as 500:1 leverage at some brokers, this basically means that for every 1$ in your account you can open a trade for 500$, this allows you to turn the slow moving forex market in to an extremely lucrative and volatile market where you can win vast amounts, I should also point out that due to the increase in leverage it does cut both ways, it can create great wealth but it can also destroy your account if misused.

Because of the risk of destroying your trading account if you don't know what you're doing, you have to learn to trade, but this can be very hard especially with all the scams out there trying to sell you useless strategies or useless strategies.

The best way to learn is to start on a Demo account (simulated trading platform) where you can learn the basics "how to buy and how to sell", then move on the trading forums where you can learn from what other people posted, the best forums would be:

Forex factory

Elite trader

Trade 2 win

To mention a few.

by: Jenith

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