Most of us have dealt with the Foreign Exchange at some point of our lives. For instance, the last time you went overseas, or someone you know went overseas, they probably went to the bank and got some currency for their destination. All this means is that the bank worked through the Foreign Exchange to exchange your currency for another countries currency.
So basically Forex trading is simply trading the money of your country in exchange with the money of another country. The trick is – people are able to make money by watching the foreign exchange rates and making good decisions and exchanges at the right time. Every day there is around three trillion dollars traded all around the world. Which means that the foreign exchange market is the biggest market in the world.
The question is who is trading in the foreign exchange? Well pretty every body in some sort of capacity. About 5000 bank around the world, Hedgers and Speculators. So what’s keeping you out of this market? Well there really is no need for concern, the Forex has some major advantages over stocks, bonds and other popular markets.
1. Then it comes time to learn about what to do you will need less education. Forex education is somewhat simple. You will some good advice, but not a degree in business.
2. It is easy to trade online. While trading online is becoming easier and easier as the years go by, forex online trading is as simple as knowing what you have and what you want. So if the Canadian dollar is doing well, buy some of it. Then in a month when it is doing really well, trade if another lot, say Chinese and so on.
3. ecause you will be buying and selling in actual money not stocks, bonds and the rest, it is easier to budget what you can and can not afford.
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