During these uncertain times, it may seem like there is only bad news in the markets. But all news doesn't have to be bad. In fact, for someone who thrives off of volatility, these markets have been phenomenal. They present opportunities to grow your money FAST! If you're looking for the course, just scroll to the bottom!! For a little more information, keep reading...
What is Forex?
Forex trading, the name given to foreign currency exchange and trading, is a worldwide market that has been around as long as money has. It's said that the ancient Greeks used to trade their currency in India and China and get a higher value for it there than they did at home. Forex trading basically operates on the same principle, but today it is more advanced and easier to pursue for the everyday trader. That's because Forex trading all occurs electronically now, and because the world operates on different time zones, you can Forex trade at any (or all) times of the day or night (5ish days of the week)!
Forex for Beginners
If you're ready to get into Forex, I'd take a quick read through something like Investopedia's webpage. Check it out here. [Go about halfway down to the "Beginner's Guide video]. To sum it up, though, the site basically says that you act as someone who trades money in the in-between of countries of are trading with each other. When countries trade, they pay each other in money. That money has to be exchanged somehow. This is done electronically, and you act in the middle of those transactions.
One aspect of Forex that increase the potential gain (and loss) is that it is leveraged. Because you're trading the values of foreign currency down to the thousandths of a cent, you need to trade large amounts to make any money. Obviously, you and I don't have thousands of dollars lying around. However, the Forex market works on a system of leverage. This means that when you trade Forex, your buying power is multiplied by your broker. Leverage ratios of 100:1 are not uncommon. For example, if you start trading with $100, you can trade up to $10,000 worth of currency. So, your profits are 100 times what they would have been trading $100. But be warned! Your losses are also multiplied by 100!
If you're ready to do this, you can try opening a demo account with someone like Ninjatrader.com or Gomarkets.com to start.
Ready to Really Get Into It?
There are a lot of ways to get started in Forex, and there are just as many strategies you can learn to do really well for yourself. It takes time to understand and build these strategies. That's why I recommend doing some reading and research before you really start trading. Here's a free ebook to get you started:
If you're ready, you'll want to start learning about the various patterns that will help you make the most money. Check out the following video and click the link to the aweome course at the bottom of the page to start leveraging and GROWING your money!
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