Did you know you can learn Forex trading and start making money with a little effort?
It's very possible you know!
The Forex market is the biggest financial market in the whole world where over $6 trillion are traded daily.
It is the most liquid financial market in the world and and its activities are 24hrs a daily.
A Forex simply means an exchange of one currency for another currency at its current exchange rate.
Unlike travelers who exchange their local currency for foreign currency spending, a Forex trader wants to make money through the continual fluctuations in the real value of a currency against another currency .
You have been hearing Forex for decades but you keep wondering what it really means in reality, well, I can say it's originally one of the financial transactions you have once probably done in your entire life.
Or if have not, then someone you know have.
let's look at a few instances:
When you are planning to travel out of the country whether for tourism or to further your education abroad or for any other reason, you will agree with me that you can not go and be spending your local currency in the country you're traveling to, let's say say naira rather you have to convert such currency to the currency of the country that you're going, changing your local currency to that of the country you're traveling to is called foreign exchange.
You have a brother abroad who always sends you money to take care of yourself, let's say you're sent $100 per month, you cannot spend such money the way it is, in its original form unless it gets converted into your local currency by your bank, the process of exchanging such dollar to naira in Nigeria is called foreign exchange.
Let's look at another example before we move on to another interesting part.
Have you ever been given a foreign currency by someone but you took the currency to Sabo in your area looking for an Hausa man to exchange the money for you before being able to spend it?
You have engaged in foreign exchange immediately you gave the Hausa man the dollar in exchange for naira.
That is that on Forex as a transaction but there is more to it in reality.
Forex can be traded physically or electronically.
We have talked about its physical transaction, let's now talk about the online Forex transaction.
Online Forex trading on the other hand is a process by which you exchange the value of one currency to another currency at current exchange rate electronically.
Online foreign exchange/Forex provides an avenue for trading currencies such as dollar, British Pounds, Euro, Japanese Yen and so on. You can also trade Gold, Diamond and even now Bitcoin with ease.
Forex can be traded anywhere you are in the world, even in a remote area provided there is a network.
You can trade Forex online when you have a smartphone, a desktop computer or a laptop, whichever you think is good for you, with more than enough data on any of them.
Now that you've had basic knowledge on Forex and have known what it takes ordinarily to trade, should you start trading with your hard earned money just like that?
The answer is hell no!
You know why?
Because Forex does not look like Manchester United vs Chelsea which you can predict which team will win without even looking at their statistics or previous performances.
- The first thing to have is what I have mentioned before, a smartphone, laptop or desktop computer with data and uninterrupted network.
After having got that, what is the next steps?
- You have to register on Forex trading school.
You can surf the net to look for various schools. An example is school of pipsology, it is designed for a beginner like you and is so easy to comprehend
I know you would have started wondering why you need to go to school just because you want to make money on Forex.
Don't panic, the school is quite different from the one you attend to obtain an award of diploma, this particular school is just to enlighten and guide you through your trading.
You can start trading in Forex without any idea but believe me sincerely, you tend to lose all your hard earned money within a blink of an eye.
Forex is a calculated risk you know, so you need some strategies that will enable you make profit in your predictions.
- After having registered with the online school of Forex, make sure you concentrate on whatever you're learning there cos whatever you're studying there now is what you're going to face in real life trading.
Get a jotter and a pen to make your own notes.
Spend at least 2 months while studying, don't rush yourself cos if you rush in, my dear you'll definitely rush out. it
You cannot cram Forex, rather you have to understand everything.
During your training, pay attention to some tools and select the ones that you know are easy for you to use for forecasting.
It is not all the tools you find there that will be of use to you when you start trading on your own.
- After having completed your trading course online, you'll now open a demo account where you'll be given virtual money to practice.
Note 1: don't try to play smart as the money in your demo account can not be withdrawn.
Note 2: never open a live account if you know you've not become an expert.
After having trained to an expert level, you'll now open a real life account where the drama starts.
Note 3: If you are still not sure of your competency, look for someone that has practical experience in Forex and learn a little from them.
That will boost your morale when you see how Forex actually works in reality.
With $100 as minimum, you can start trading, this is possible when you find a trusted broker that can leverage your account for you.
What I mean by leveraging is trading with more than the money you have in your Forex account.
Assuming you have a $100 in your account, your broker can leverage your account with $400 making it $500 you have in your account to trade.
Follow these simple steps and you can start making your cool cash everyday.
Please, determine the tools that best work for you to avoid blowing your account all the time. Good luck.
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