Trading, in general, is a great "business" opportunity. But why is currency trading the forex market the greatest of them all.
Did you know that the forex (foreign exchange) market is 30 times larger then all other US markets combined.
Did you know that trillions of dollars are traded on the forex. And, no, it's not all traded by huge banks making huge trades and huge currency exchanges.
Truth is a great deal of currency trading is done by speculators, which is how the majority of small investors are defined. You wait for a good opportunity to present itself and you jump into the forex market.
Forex trading, like all other trading, is about timing and money management. However, trading currency on the foreign exchange does come with some very unique characteristics.
No slippage on your stop orders, guaranteed fills regardless of the size of your orders, 24 hour trading 5 days a week. These are all amazing benefits not offered by any other market in the world.
This is why so many traders are drawn to the forex. The recognize that by using the same skills they are learning to trade equities, or futures, or bonds, they can be trading the forex and make an exponentially greater amount of money.
Now, it is not suggested that you drop everything that you are doing and go invest every dollar you have in a market that is new to you. You should, of course, educate yourself and make certain that all the proper steps are taken to ensure your success.
Only you can determine when you are ready to take the plunge into forex trading with real money. Until then, trade a demo account, eliminate all risk and build your skills.
You're probably thinking that demo accounts are worthless since they don't mimic live trading very accurately, but in the case of currency trading the forex, you would be wrong.
The demo accounts mimic live foreign exchange trading perfectly. There is no trade that you will get on a demo account that you wouldn't get on a live account. So there really is no reason to make any live trades until you can consistently make money trading a demo account.
This is a lesson that you will be thankful for 3 months from now. After going through your second or third $10,000 demo account, you will realize how valuable this advice really is.
So, take your time, get educated and join the world of successful currency traders. The foreign exchange (forex) market is waiting for you.
by Eddie Yakubovich
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3 comments:
I really look forward to read other useful post from you. Its really interesting and thanks for sharing your knowledge with others.
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Thanks everyone. Really good stuff. I greatly appreciate the detail. After reading this, we'll have to think more about it.
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Hi,it was very impressive and informative Post. I think do not rely on other traders' positions to select your own. Successes are widely discussed; however, failures are usually not spoken of by forex traders. Regardless of someone's track record for successful trades, they could still give out faulty information or advice to others. Use only your trading plan and signals to plot your trades.
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