Learn how to make money with Foreign Currency (Forex)
Learn how to make money with Foreign Currency (Forex)
If you are new to FOREX you may well find this article helpful.
The Foreign Exchange market otherwise known as FOREX (FX) is not a 'place', it is more like a collection or group of people who trade one currency for another around the world.
You may have already experienced your first currency trade without realising. Chances are excellent that you would have enjoyed a holiday or two in a foreign country where you would have needed to exchange some of your spending money at the "Bureaux De Change". You may well recall observing the ups and downs and the differences in rates in the many Bureaux's on Holiday and may have gone as far as making the effort to find the best rate, especially when you came home with your surplus!
Remember feeling great about getting a good return and how you felt when things were not so good? I know I have!
Well, that's FOREX TRADING in its most basic form.
The market you have been involved in when buying and selling your holiday money is a "Market Place" just like any other, where people come to trade but instead of goods or services it's Money (Currency). Some come to sell, some come buy, some even come to spy!
What you may not know is; this particular market you have been dabbling in whilst on Holiday is the biggest market and the most liquid market of all. There is over $3,000,000,000,000 (That's 3 Trillion Dollars) of CURRENCY traded everyday or you could say Exchanged every day!
Trading currency was once the privilege of the Rich and Famous, Large Business or Banks, it was not the play ground for the smaller investor like perhaps you and I.
Until NOW that is!
Because of the advances in technology and the wonderful internet we are now able to have a slice of the action. It is now possible to buy and sell a single currency pair simultaneously i.e. the US Dollar/GB Pound, thanks to a wonderful array of Trading Platforms like eToro or plus500 to name just a couple.
It is important that you take this opportunity as serious as you would buying currency for Holiday. Think about it, if you were going on Holiday you wouldn't look for the most expensive rate, you would look for the lowest possible rate, True?
And if you were coming home from Hols you wouldn't want to sell your spare cash for the lowest rate would you?
As with any product you buy or sell the amount of money you were charged or the amount of money you sold it for would largely depend on how scarce the item was or how desirable it was; Supply & Demand.
You may think the value of ice cream in the middle of the desert would be high but unfortunately if there were little or no inhabitants you would not sell many, if any.
Once you understand this principle you will be able to approach Forex Trading in the right way.
I would strongley recommend using practice accounts with your chosen Broker, this will help you understand how it all works and quickly gain skill in knowing when it is the best time to buy and when it is the best time to sell.
What is great about FX Trading is you can make money in a declining market and a booming market once you have an understanding of how it all works,
I would like to take this opportunity to recommend the eToro Forex Guide as a good place to start on your way to becoming a FOREX Pro!
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