If you are willing to take big risks for good money, you have what it takes to trade in Forex. Firstly if you are new to this and you do not know what Foreign Exchange is, do not worry. I will guide you through the basics, all the way to the advanced stuff.
What is Foreign Exchange (Forex)?
The foreign exchange market is where one can buy any currency from all countries around the world, hence is called Foreign. You hold on to these currencies, paying close attention to the fluctuations from profit to loss waiting for a time to sell, hence the word Exchange. Once sold you receive the currency you first bought it with, hopefully with a difference.
The Forex market was opened in the 70’s when free exchange rates were formed. Since then, lots of individuals and businesses participating in this market have been the determining what price one currency will counter another according to the law of supply and demand. Unlike the stock market, the Forex market is solely dependent on how country currency behave. Its similar to the share prices from the stock market, you invest in a currency and you wait for the buy in price to accumulate so you can sell it.
How profitable is this market?
The research shows that in US Dollars, five trillion dollars worth of currency is traded in a day. So the Forex market has +/- $5 000 000 000 000 in transit per day. Convert that into any currency your from and you will see that the Forex exchange market has a potential for great profits, provided you play your cards well.
How do you trade in Forex?
It depends on who you are and how much you are willing to invest in currency. You can either be that guy who just wants to do things himself or you can be that guy who wants things done for them.
You can either start up online, there are many Forex market platforms out there namely:
The reason for picking these traders is because of their long history and reputation. ForexTine is the one I would use since its very portable, it even allows you to trade on your smartphone.
Why choose Forex?
The first major benefit is, its not controlled by some fat man in a suit. Its very hard to control a supply and demand chain of investments. For one to affect the markets in anyway, they would need at least a billion US dollars to manipulate the ratios in which the other currency fluctuates, even so if there are less buyers of your currency, you are at risk since there will be more money the opposition can cash out. Guess what, you can lose that billion…. Thanks to supply and demand!
Secondly, the Forex market is continuous. Unlike the Stock Market, which by the way was the cause of the Great Depression due to its crash, the Forex market can bounce back from such an event because its trading one currency for another. You don’t necessarily have to sell the currency when s#!t hits the fan!
You can just move to Europe (if you purchased euros) , open a bank account there, withdraw your funds and live a stress free life. But its not always that simple, because no one is invincible. You might lose it all but it won’t be due to a crash in the market.
Should I get started now?
Of course you should, if you want the piece of the pie. You can be very profitable and make millions, or even billions. Remember this though, do not invest what you are not willing to lose. Money is not a joke. There are no get rich quick schemes on this website, so please be practical at all times, invest wisely and do not put your financial freedom at risk. Rather lose $100 then lose $1,000,000 worth of hard earned money.
Stay informed of more ways you can make money. The following post will be ‘How Forex Works’ since this is a Beginners Introduction, you will need to gather as much information as possible.
Stay true fam. Make money the Classified/Classyfyed way !😉