It was like a dream; $3400 cash in the palm of my hand that belongs to no one other than me. It was indeed a dream come true – mainly because the starting capital was just under 300 US dollars. In ten forex trading days. Are you sure you can understand my excitement as I write this experience? You too can get an even better result, all you need is the same commitment.
“Hey! You’re missing out on a lot of deals that aren’t forex trading” – a friend once exclaimed. To him, forex is like collecting cash off the street. Someone actually said, “Forex trading is like picking money off the floor. Others said, “It’s like having an ATM on your computer.”
What is this forex? Is Forex That Profitable? Is Forex Really A Win-Win Thing Who Gets Involved In Forex Trading? These were all questions that ran through my mind at times until I decided to do a little research on the subject (Forex).
“Forex” is, as I’ve learned, an acronym for foreign exchange. Forex is the world’s largest spot currency trading market. Forex, or FX as it is also known, is very different from trading the futures market and is much simpler than trading stocks, but also more profitable. Forex is an over-the-counter (OTC) interbank market. Because Forex operates electronically within a network of banks, it runs continuously for a 24-hour period, Sunday 4:00 PM EST to Friday 4:00 PM EST.
The Forex market has over $2 trillion in daily trading volume. This is more than 35 times larger than the entire US stock market combined. If 1.5 million experienced traders could take a million out of the forex market every day, the forex market will still have more money left over than the New York Stork Exchange does every day!
Who Should Trade Forex? Until 1998, foreign exchange trading was reserved exclusively for interbanks. However, anyone like you and me can now participate. Still, you could lose a lot of money, yes; You heard me right, in this seemingly rosy environment you can also say goodbye to your money in a second if you are unfamiliar with some basics like: when to go short – sell a pair, when to go long – a currency buy pair, placing stops and limits, lot size to buy or sell, what currency to trade, pips to target at any given time, and so on and so forth.
There are three basic requirements for trading Forex:
1) A computer with internet access.
2) A good trading platform – Forex Broker.
3) A “Forex Trading Engine” – 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 spotted these, I bought all of them and funded my account with my remaining $276 balance. This is what has grown to $3,400 in ten forex trading days and continues to increase day by day. So you can understand my joy now.