it was like a dream; $3,400 cash at my convenience, belongs to no one else but me. In fact, it was a dream come true – especially since the startup capital was just under $300. In ten forex trading days. Are you sure you can understand my excitement as I pull off this experiment? You can also get a better result, all you need is the same commitment.
“Heh! You’re missing out on a lot of business that isn’t forex trading” – a friend once exclaimed. For him, forex is like collecting money from the streets. One of them actually said, “Trading forex is like getting money off the ground. Not trading forex is like leaving it there for someone else to profit from.” Others said, “It’s like having an ATM on your computer.”
What is this forex? Is forex profitable? Is forex really winning, who is involved in forex trading? All of these questions had been running through my mind for quite some time until I made up my mind to do a little research on the topic (Forex).
“Forex” as you learned is an abbreviation for foreign exchange trading. Forex is the world’s largest spot (money) market for currency trading. Forex or Foreign Exchange as it is also called is very different from trading in the futures market and is much easier than trading stocks, but much more profitable. Forex is an over-the-counter (OTC) market – between banks. Since forex is operated electronically within a network of banks, it runs continuously for 24 hours, from 4pm EST Sunday to Friday 4pm EST.
The daily turnover of the forex market is more than $2 trillion. This is more than 35 times greater than the entire US stock market combined. If 1.5 million expert traders can get 1 million traders out of the forex market every day, the forex market will still have more money than the NYSE stork every day!
Who should trade forex? Until 1998, foreign exchange trading was the exclusive reserve of international banks. However, now everyone like you and I can participate. However, you can lose a lot of money, yes; You heard me right, in this seemingly rosy environment, you can also kiss your money goodbye in a second if you are not familiar with some basics such as: when to sell a pair, when to buy a currency pair, placing stop and limit orders, the size of lots to buy or sell, which currency to trade, which points to target at a particular time, and so forth.
Forex trading needs three basic requirements:
1) A computer with internet access.
2) A good trading platform – a forex broker.
3) “Forex Trading Machine” – This will teach you when and how to trade so you don’t lose your hard earned money before you can even say the word “Forex”. Haven discovered this, I bought it all and funded my account with my remaining balance of $276. This is what grew to $3,400 in ten forex trading days and is still increasing day by day. So, now you can understand my joy.