Learning to trade forex seems simple ands easy on the
surface, but all the successful people who have spent time
learning to trade forex properly will tell you that there's
much more to it than meets the eye. They are only partly
right.
While you are learning to trade forex, bear in mind that
you are embarking on an activity that has a daily turnover
on average of between $1.5 trillion to $2.5 trillion.
That's a lot of money! One billion is one thousand million,
and a trillion is one thousand times that again. There's a
lot of money to be made, so learning to trade forex is
certainly a good skill to have.
Forex is an acronym for foreign exchange. Forex trading
continues day and night without a break; as one market
closes, others open and this keeps going on and on all over
the planet.
Trading is done on the differences between currencies and
is always done in pairs. You can trade the American dollar
against the British pound, or the Japanese yen against the
European euro, or any of the other world currencies.
Learning to trade forex properly does not mean jumping in
and trying your hand. You will probably lose everything
with a method as poorly thought out as that. There are
three attributes that you must learn to employ to have any
chance of being successful: patience, discipline and
simplicity.
Trading in forex has risks, big risks sometimes. For this
reason the online forex companies offer you the chance to
trade with a demo account. This is exactly the same as the
real thing, but no real money is involved.
This kind of training is invaluable. This cannot be
stressed enough. Practice on demo accounts for as long as
it takes for you to consistently make profitable trades.
There will be some losses of course, but you must get to
the stage where you are profiting more often than losing.
Then, and only then, consider trying to trade for real.
If you keep it simple, discipline yourself to only trade a
low percentage of your overall trading amount, and have the
patience to see slow but steady profits, then you will have
gone past the learning to trade forex stage and have
entered the realm of the sensible and usually successful
trader.
The foreign exchange market, also known as the forex or FX
market, in the form that we know it was established as
recently as 1971. Prior to that there were the fixed
currency exchanges.
Trading in foreign exchange is conducted on a twenty-four
basis for five days of the week, every week. It is a global
currency market, though the big three of the US dollar, the
Japanese yen and the European euro tend to dominate.
Learning to trade forex is therefore something that's not
limited to certain times. The market is active constantly
during the working week.
Currencies are traded in pairs and are identified by three
letters. The first two letters usually identify the country
involved, and the third letter identifies the currency of
that country. For example, USD is the American dollar, JPY
is the Japanese yen, and GBP is the British pound. Learning
to trade forex is not difficult if you don't let it be so.
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Are You Lying Awake At Night Beating Yourself Up With
What-Ifs And Desperately Searching For A Way To make some
cash ?
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