The Money Market – FOREX
I earlier had an intense discussion with my officemates regarding the global recession happening everywhere in the world. Each one of us are taking actions in earning extra income in one way or another or, as the opportunity and fate will allow, avail of a new job with higher salary and benefits.
A lot of us try to find extra opportunities to add to our little nest of wealth. I’m quite lucky I recently had a good deal with a per-project home-based sideline, which would earn me a bit of sum that could serve as my living allowance (transportation and food for work days).
One opportunity has caught my eye for quite some time. I even took time to learn of the opportunity on an online tutorial about – yes, as the title states – FOREX Market.
So what is FOREX and what could it give?
FOREX is for Foreign Exchange. It involves purchase of two currencies with the expectation that one of them will rise over the other so the pair may be sold to make a profit.
It’s quite a gamble to join in the FOREX process. For one thing, you never know if the currency pair you purchased will garner a profit based on your expectations vs. market fluctuations. Remember, the money you will use for FOREX is money that should not be used for your living expenses. In other words, it should be money that you could live without.
So, if I’m saying that FOREX is a risky gamble, why, in the name of all that is good and holy, should anyone get into it? Well, the benefits involved, in coordination with good logical decisions, are great!
Benefits of FOREX
The Market is HUGE with more buying and selling opportunities
The market is so large traders could buy or sell currencies anytime they wish. Besides that, no large trader can control the market. It is so volatile that it creates unlimited opportunities than any other markets.
24-Hour Trading
You don’t have to follow a certain time schedule. The FOREX Market is open 24-hours a day. There is freedom to respond to currency fluctuations caused by many factors rather than waiting for the market to open.
Trade More with Less
FOREX allows you to control a larger amount with a fraction of a value. An example, for every $1 you use to trade, you can control $100 amount of currency, which gives you an opportunity to make (or lose) a more substantial amount.
Free Training and Trading Tools
There are too many resources, articles, tutorials, demos and FREE practice accounts for any beginning trader to learn the FOREX market. With that in mind, a newbie could make less guessing games and mistakes compared to doing ‘guess-timation’. Reminder, especially if you are a newbie, just because you get the concept of all theories and strategies of FOREX does not mean you will not loose money. You will, in one way or another. Even experts loose money. The market is so volatile, it may make you cry when you least expect it.
Appeals to All Types of Traders
FOREX offers ideal condition for fundamental and technical analysts. Some traders prefer to follow news while others rely on charts. No matter what trader you are, there will be a lot of tools to rely your decisions on.
No Middlemen
No fee collecting middlemen to pay for access or purchase necessities. FOREX has no physical or central trading location.
No Hidden or Multiple Fees
FOREX trading removes a long list of fees found in other markets: commission fees, clearing fees, exchange fees,etc. All a trader will pay to trade FOREX is the spread, which is built into the buy and sell prices, and will vary by dealer.
Now, isn’t that nice.
But remember, it is NOT easy to trade in FOREX. For one, the probability you will LOOSE your money is there. Second, to personally ensure (and not blame anyone else) your profits (or losses), you have to REGULARLY MONITOR your chosen currency market. You have to constantly learn strategies and chart reading.
It helps to trade when you find the perfect FOREX platform to use. There are so many FOREX platforms out there, it could be tedious to personally test each one and see which works best for your standards. Some are too complex to understand, others with costly packages. It’s a good thing that a revolutionary FOREX platform has made its way online.
Unlike any other FOREX platforms, eToro is pretty intuitive using amazing graphics, charts and easy to understand interface for any trader (even newbies) to use.
And no, I am not doing advertising eToro. I use it too. I practice and made trades with it. Give it a try, I know it will be worth your while. :D
