What is Forex
What is forex? That is an excellent question if you have never been exposed to the largest and perhaps the most liquid market in the world. What it is forex is a market where the business of buying and selling is carried out by a network of banks, brokers, financial institutions and individual traders who are collectively known as a forex market. The forex market is a hit-driven market. This means that as people buy and sell currency pairs, there is a large potential for profits for those who are prepared to trade.
The movie ‘The Godfather’ popularized the phrase ‘ 2012, Won’t You know my secret?’ That certainly was my attitude when I first started trading forex. I didn’t know much about forex trading at the time, but being a private investor I needed to round up some funds to invest in forex trading. Although hesitant at first, I decided to pull the trigger when I found out how much money I could potentially be making. subsequently, I opened my first forex trading account and began learning the tricks of the trade.
Since then, I have looked to improve my knowledge of forex trading and continue to learn forex trading system by testing and developing more and more profitable and risk free trading systems. At the time of writing, I have close to 3 decades of experience running my own private forex trading and signaling firm.
I fully understand the pitfalls anyone new to forex trading is likely to come across. Fortunately, my education in forex trading has prepared me to assist you in reducing the risk and avoiding the pitfalls most new and intermediate traders fall into.
Time and time again I hear of people who come into forex trading without a lot of knowledge, get discouraged and walk away. You need to learn from all of our mistakes! In my opinion, though, the best way to learn is by making mistakes. If you can, get a forex mentor to guide you through the learning process. Whether this is by taking a course, reading books, joining a forex trading club or some other way is up to you.
If you are a complete newbie to forex trading, my suggestion is to get a hold of an automated forex trading system. You don’t need to have any forex trading experience to benefit from this software. They are built for anyone to easily use. They will monitor the forex markets and alert you when it is time to buy or sell. I would personally recommend you start with a ‘play money’ account and see how well you do. Once you have done well and understand the basics of forex trading, we move on to the real money accounts.
Trading in forex can produce a very useful income. Where it falls to you is really up to you. If you are looking for a good extra income as well as a good way to earn a living, currency forex market trading is certainly worth a look.