Forex Today; What You Need To Know For October 23, 2019

The Brexit drama continues stealing the headlines. The United Kingdoms Parliament voted in favor of Britain PM’s Johnson deal, however against the projected time frame to debate the bill. The Sterling fell as PM Johnson insisted on his stance of pull the United Kingdom out of the EU by October 31st.  A PM representative later said that Johnson’s next step would be having talks with EU leaders and asking them to not extend the date, though hinting he would be agreeable with a brief extension.

The EUR/USD combine fell for a second consecutive day, dragged lower by Brexit-related headlines. The absence of relevant information coming back from the US/ China talks left the combo range bound. Safe-haven assets appreciated before the end of the day, Wall Street closed in the red as mounting Brexit uncertainty triggered risk-off.

Crude oil costs edged higher, on reports that world organisation and its allies were considering whether or not to deepen fossil fuel production cuts at their next meeting in December because of worries regarding the dismal energy demand outlook in 2020.

Forex Today; What You Need To Know For October 16, 2019

October 16, 2019 by  
Filed under Featured, Forex for Beginners, Forex Tips

The dollar headed towards a four-week low against other major currencies on Wednesday as elevated trade tensions between Washington and Beijing are still weighing down the worldwide growth outlook.

Risk appetite was on the back burner with the Japanese Yen firming against the Dollar while the Australian dollar and Kiwi were losers.

U.S.-China ties came into focus once more, the yuan fell once Beijing criticised new U.S. legislation seen as condemnation of pro-democracy protests in Hong Kong. Trade tariffs from China and the US over the past year have forced central banks to start out cutting interest rates as international growth expectations have weakened.

On Tuesday, the IMF said it expected the worldwide economy to grow in 2019 at its slowest pace since the 2008-09 economic crisis at 3.0%. This was announced as traders were led to believe that U.S. and China may try a softer approach to their trade conflict over the coming days.

Sadly, on Wednesday, there was no sign of tensions easing. The Dollar Index is at its lowest level since late September showing hownfragil things really are.

Reports of a “Phase 1” trade deal last week at first was cheered by markets however the dearth of details round the agreement has since restrained any enthusiasm.

Its about trade stupid.

Understanding the Basics of Forex Trading

August 25, 2019 by  
Filed under Featured, Forex for Beginners, Forex Tips


Forex trading or Foreign Exchange Trading refers to the simultaneous trading—that is, buying and selling—of two different currencies. It is done between and among major financial institutions, central banks, small retail currency traders or speculators, large international companies, government institutions, companies with overseas operations and the like.

Based on the amount of money being traded, the international forex trading market is the world’s biggest financial market. Everyday, forex trading market gets an average revenue of $US 1 trillion—an amount far greater than the total revenues produced by all the stock and bond markets in the world.

Characteristics

Forex trading is a kind of over-the-counter trading—it occurs directly between to financial institutions or currency traders. The trading markets may be interconnected but there is no single unified market. Hence, there is also no single or standard rate. Each rate or price depends on what is being traded. However, the traders traditionally use nearly similar rates.

Another characteristic of a forex trading is that it operates 24 hours; thus, one can trade any time of the day. Also, there is no need of an exchange floor, it operates through a global electronic network where trading occurs over the telephone and computer networks. This characteristic also prevents delays that consume a lot of time.

Forex trading market is also very competitive and is highly liquid. This allows the parties to get low dealing costs and better price.

Top Currency Traders and Major Currencies Traded

Wall Street Journal Europe says ten major currencies account for 73 percent of the total forex trading volume. Among them are Deutsche Bank, UBS, Citigroup, HSBC, Barclays, Merrill Lynch, J.P. Morgan Chase, Goldman Sachs, ABN Amro, and Morgan Stanley.

Among the currencies mostly traded are the US, Canadian, and Australian dollars; Euro; Yen; and Swiss Franc.

A study conducted by the Bank for International Settlements says that the most traded products are Euro/USD, USD/JPY, and GBP/USD. The study noted that in spite euro’s continuous growth, forex trading market remains to be concentrated in dollars.

The Trade

Trade happens when you accept the offered price and when the dealer confirms. Exchange floor is no longer required, as mentioned earlier.

In every trade, two currencies are always involved and the currencies traded serve as the products traded. Each currency has a price expressed in another currency such as 1 euro is equivalent to 1.204 dollar. In the said example, the euro trader sells the euro and buys the dollar. There are no further costs in the trade. There are no commissions and other fees as well.

Large multinational companies engage in forex trading when they are buying from and selling goods to other countries. However, this kind of forex trading encompass only a small portion of he daily activities in the foreign exchange market. Most of the trading activities are carried out by currency speculators who earn from the changes in value of a particular currency.

Key players in the Market

BIS study shows that more than 50%of the forex trading transactions are interbank transactions. Trading revenues of most commercial establishments and currency speculators are deposited in the bank.

Central banks also play a big role in the forex trading market. These banks control the supply of money, interest, inflation and target rates in order to stabilize the forex trading market.

Mistakes in a Trading Environment


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When it comes to trading, one of the most neglected subjects are those dealing with trading psychology. Most traders spend days, months and even years trying to find the right system. But having a system is just part of the game. Don’t get us wrong, it is very important to have a system that perfectly suits the trader, but it is as important as having a money management plan, or to understand all psychology barriers that may affect the trader decisions and other issues. In order to succeed in this business, there must be equilibrium between all important aspects of trading.

In the trading environment, when you lose a trade, what is the first idea that pops up in your mind? It would probably be, “There must be something wrong with my system”, or “I knew it, I shouldn’t have taken this trade” (even when your system signaled it). But sometimes we need to dig a little deeper in order to see the nature of our mistake, and then work on it accordingly.

When it comes to trading the Forex market as well as other markets, only 5% of traders achieve the ultimate goal: to be consistent in profits. What is interesting though is that there is just a tiny difference between this 5% of traders and the rest of them. The top 5% grow from mistakes; mistakes are a learning experience, they learn an invaluable lesson on every single mistake made. Deep in their minds, a mistake is one more chance to try it harder and do it better the next time, because they know they might not get a chance the next time. And at the end, this tiny difference becomes THE big difference.

Mistakes in the trading environment

Most of us relate a trading mistake to the outcome (in terms of money) of any given trade. The truth is, a mistake has nothing to do with it, mistakes are made when certain guidelines are not followed. When the rules you trade by are violated. Take for instance the following scenarios:

First scenario: The system signals a trade.

  1. Signal taken and trade turns out to be a profitable trade.
    Outcome of the trade: Positive, made money.
    Experience gained: Its good to follow the system, if I do this consistently the odds will turn in my favor. Confidence is gained in both the trader and the system.
    Mistake made: None.
  2. Signal taken and trade turns out to be a loosing trade.
    Outcome of the trade: Negative, lost money.
    Experience gained: It is impossible to win every single trade, a loosing trade is just part of the business; our raw material, we know we can’t get them all right. Even with this lost trade, the trader is proud about himself for following the system. Confidence in the trader is gained.
    Mistake made: None.
  3. Signal not taken and trade turns out to be a profitable trade.
    Outcome of the trade: Neutral.
    Experience gained: Frustration, the trader always seems to get in trades that turned out to be loosing trades and let the profitable trades go away. Confidence is lost in the trader self.
    Mistake made: Not taking a trade when the system signaled it.
  4. Signal not taken and trade turns out to be a loosing trade.
    Outcome of the trade: Neutral.
    Experience gained: The trader will start to think “hey, I’m better than my system”. Even if the trader doesn’t think on it consciously, the trader will rationalize on every signal given by the system because deep in his or her mind, his or her “feeling” is more intelligent than the system itself. From this point on, the trader will try to outguess the system. This mistake has catastrophic effects on our confidence to the system. The confidence on the trader turns into overconfidence.
    Mistake made: Not taking a trade when system signaled it

Second Scenario: System does not signal a trade.

  1. No trade is taken
    Outcome of the trade: Neutral
    Experience gained: Good discipline, we only need to take trades when the odds are in our favor, just when the system signals it. Confidence gained in both the trader self and the system.
    Mistake made: None
  2. A trade is taken, turns out to be a profitable trade.
    Outcome of the trade: Positive, made money.
    Experience gained: This mistake has the most catastrophic effects in the trader self, the system and most importantly in the trader’s trading career. You will start to think you need no system, you know better from them all. From this point on, you will start to trade based on what you think. Confidence in the system is totally lost. Confidence in the trader self turns into overconfidence.
    Mistake made: Take a trade when there was no signal from the system.
  3. A trade is taken, turned out to be a loosing trade.
    Outcome of the trade: negative, lost money.
    Experience gained: The trader will rethink his strategy. The next time, the trader will think it twice before getting in a trade when the system does not signal it. The trader will go “Ok, it is better to get in the market when my system signals it, only those trade have a higher probability of success”. Confidence is gained in the system.
    Mistake made: Take a trade when there was no signal from the system

As you can see, there is absolutely no correlation between the outcome of the trade and a mistake. The most catastrophic mistake even has a positive trade outcome, made money, but this could be the beginning of the end of the trader’s career. As we have already stated, mistakes must only be related to the violation of rules a trader trades by.

All these mistakes were directly related to the signals given by a system, but the same is applied when getting out of a trade. There are also mistakes related to following a trading plan. For example, risking more money on a given trade than the amount the trader should have risked and many more.

Most mistakes can be avoided by first having a trading plan. A trading plan includes the system: the criteria we use to get in and out the market, the money management plan: how much we will risk on any given trade, and many other points. Secondly, and most important, we need to have the discipline to follow strictly our plan. We created our plan when no trade was placed on, thus no psychology barriers were up front. So, the only thing we are certain about is that if we follow our plan, the decision taken is on our best interests, and in the long run, these decisions will help us have better results. We don’t have to worry about isolated events, or trades that could had give us better results at first, but then they could have catastrophic results in our trading career.

How to deal with mistakes

There are many possible ways to properly manage mistakes. We will suggest the one that works better for us.

Step one: Belief change.
Every mistake is a learning experience. They all have something valuable to offer. Try to counteract the natural tendency of feeling frustrated and approach mistakes in a positive manner. Instead of yelling to everyone around and feeling disappointed, say to yourself “ok, I did something wrong, what happened? What is it?

Step two: Identify the mistake made.
Define the mistake, find out what caused the mistake, and try as hard as you can to effectively see the nature of that mistake. Finding the mistake nature will prevent you from making the same mistake again. More than often you will find the answer where you less expected. Take for instance a trader that doesn’t follow the system. The reason behind this could be that the trader is afraid of loosing. But then, why is he or she afraid? It could be that the trader is using a system that does not fit him or her, and finds difficult to follow every signal. In this case, as you can see, the nature of the mistake is not in the surface. You need to try as hard as you can to find the real reason of the given mistake.

Step three: Measure the consequences of the mistake.
List the consequences of making that particular mistake, both good and bad. Good consequences are those that make us better traders after dealing with the mistake. Think on all possible reasons you can learn from what happened. For the same example above, what are the consequences of making that mistake? Well, if you don’t follow the system, you will gradually loose confidence in it, and this at the end will put you into trades you don’t really want to be, and out of trades you should be in.

Step four: Take action.
Taking proper action is the last and most important step. In order to learn, you need to change your behavior. Make sure that whatever you do, you become “this-mistake-proof”. By taking action we turn every single mistake into a small part of success in our trading career. Continuing with the same example, redefining the system would be the trader’s final step. The trader would put a system that perfectly fits him or her, so the trader doesn’t find any trouble following it in future signals.

Understanding the fact that the outcome of any trade has nothing to do with a mistake will open your mind to other possibilities, where you will be able to understand the nature of every mistake made. This at the same time will open the doors for your trading career as you work and take proper action on every mistake made.

The process of success is slow, and plenty of times it is attributed to repeated mistakes made and the constant struggle to get past these mistakes, working on them accordingly. How we deal with them will shape our future as a trader, and most importantly as a person.

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Watch Out For Forex Trading Scams

August 18, 2019 by  
Filed under Featured, Forex for Beginners, Forex Tips



Forex Currency trading swindlers often attract customers through advertisements in local newspapers, radio promotions or attractive Internet sites. These particular advertisements may flaunt low-risk high-return investment opportunities in foreign currency trading. They may even offer high paid currency-trading employment opportunities. Be very skeptical when promoters of foreign currency trading claim that their services or account management will earn high profits with minimal risks. Be wary if they claim that employment as a Forex currency trader will make you wealthy quickly.

Too good to be true

Avoid opportunities that sound too good to be true. Forex currency trading that involves get rich quick schemes are generally swindles. Retired folks with access to their retirement funds are attractive targets for fraudsters. Once your money is gone, it is almost impossible to get it back. Be very careful of companies that will guarantee you a profit. Be careful as well, if they flaunt extremely high performance. These types of statements are generally false.

If the company tells you that written risk, disclosure statements are routine formalities imposed by the government, stay away from that company! Forex trading is very volatile and can be a huge risk for the uneducated and uninformed. If you cannot afford to lose money then do not get into the Forex currency trading market. Do not use your retirement funds for Forex currency trading; that would be extremely foolish.

Check out the broker before making a deposit

Be very wary of online trading, it can be impossible to get a refund but it is very easy to transfer your funds. The internet is an easy way for fraudsters to reach potentially millions of people. The internet also can hide where a Forex trading company resides. If you transfer your money to a foreign location, it may be impossible to get it back.

You must get the background of the company you are dealing with. You should ask for all information in written form. Check with the Better Business Bureau as well. Do not rely strictly on information you here verbally. If you are not completely satisfied or comfortable with the information you find out then just do not deal with that company.

Watch out for interbank brokers

You may here the term ‘interbank’, it refers to a loose network of Forex currency transactions that are negotiated between financial institutions and other large companies. These are usually the only ones investing in the interbank market. So, be careful of a company that indicates that you should trade Forex in the interbank market. This can be a sign of an unscrupulous trading company.

Be aware of margin terms and conditions

Another term you may here is Margin trading. Margin trading can make you responsible for losses that are greater than the dollar amount you deposited. Many Forex currency traders will ask customers to give them funds, which they sometimes refer to as “margin.” These sums can be in the range of $1,000 to $5,000. Those dollar amounts actually control a far larger dollar amount of trading and customers are not aware of this sometimes. So, in essence do not trade on margin unless you fully understand what it means and what you are doing. You must be prepared to accept losses that can exceed the margin amounts you have paid.

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Forex Week In Review for August 17, 2019

August 17, 2019 by  
Filed under Forex for Beginners, Trading in the Market

As we continuentonsee the US President tweet hisnway into infamy the Yen was the big currency winner this week. Continued Brexit fears continue to weigh on Sterling. We see continued volitilty with the Pound against all major currencies as the infighting will continue as we race towards October.

The Dollar was stronger against Sterling last week closing at $1.2496 to the Pound, a gain of 0.47% on the week. The Greenback was stronger against the Euro last week, rising by 0.31% to close at $1.1221 to the Euro.

The Dollar weakened against the Japanese currency closing at 107.7 Yen to the Dollar, making a loss of 0.26% during the week. Again, the Yen was the big winner of the week.

The Euro was weaker against the Yen ending at 120.9, a loss of 0.59% over the course of the week. It was stronger against Sterling last week, the close saw one £ buying €1.1136, a gain of 0.17% on the week.

The Euro now buys 1.1022 CHF, a loss of 0.53% on the week

As we continue to see reports of slowing economies we will watch the volitilty go up and down. Good news will bring about less of a rally as things get worse. Bad news will see overreactions. The pros already have their trafes in place and they wait.

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Forex Trading Course Primer

August 17, 2019 by  
Filed under Forex for Beginners, Forex Tips

Forex trading is a specialized form of trading with potential quick and hefty profit and higher leverage than other financial markets. But the leverages it offers can be a double ed…

Forex trading refers to foreign exchange. Since the currencies of different countries themselves are the commodities involved, the market has a “pure” behavior that is driven by large economic forces. To master this art, one should do comprehensive study with the help of a Forex trading course.

Forex trading is a specialized form of trading with potential quick and hefty profit and higher leverage than other financial markets. But the leverages it offers can be a double edged sword due to the complex and unpredictable nature of the market. Taking advantage of the leverage at crucial times with responsible risk management is the secret of this trade. But this is easier said than done. A complete knowledge of the market is the essential requirement for success in this business.

The value of a currency in the Forex market very much depends upon the products and services the country offers for sale in the foreign market. So the study of the currency depends up on the study of the economy of that particular country. For example a tea-producing country suffers a great loss in the market if the production of the tea crop fails in that country because of a monsoon or other reasons. Similarly the same can be said of any type of commodity and for any reason that affects supply and demand. The political, natural and environmental changes influence the foreign exchange market significantly. So how can one understand the market in a way that will enable him to gain profit consistently?

Forex Trading Course

A Forex trading course offers comprehensive study of the economic markets all over the world. Many factors influence the economy of a country. The savvy trader will focus on the important factors that affect the economy and how they affect currency values. The training course should offer material that demonstrates the factors affecting the economic condition of a country.

A reputable course includes facts and figures explained in the form of charts and technical analysis. They explain the reasons for the sluggish or tremendous growth of an economy under given conditions and how long trends might be sustained. A big part of Forex training involves identifying entry and exit signals using technical indicators and patterns. Simulated trading on historical data as well as demo trading in real time is extremely helpful for enabling the Forex trading student to gain experience without risking real money.

What many people do not realize is that one of the largest forces that drives the foreign exchange market is large institutions that export products such as automobiles, electronics, and commodities. When these products are sold to another country it creates an immediate demand for the currency of the country which is exporting. This causes that currency to increase in value. Conversely when a country imports products from other countries it creates an outflow of currency that weakens the importing country’s currency. These large forces are constantly at play throughout the world creating an ebb and flow in the value of the major currencies throughout the world.

It is not necessary to fully understand and follow all the economic forces in the world in order to trade Forex successfully. Many traders rely solely on technical analysis to enter and exit trades. By observing the movements and patterns on charts profitable trades can be executed without having any idea what economic news is creating the movement. This is the subject of most Forex trading courses that are popular today and makes life much easier for those who want to easily profit from this vast and popular market.

Learn How You can Profit from Using the Forex Trading Grid Technique

August 14, 2019 by  
Filed under Forex for Beginners, Trading in the Market

Summary:
Learn how to make money trading the no stop, hedged Forex trading system by having a buy and a sell active at each grid trading level. A mathematical calculation is shown of the basic 100% retracement formation.


The most important part of how to make money using the no stop, hedged, Forex trading strategy will now be covered. In the preceding articles in this series we reviewed trading without stops, not being concerned about which way the price moves and places to cash in on profitable transactions. We are now going to show how you would make money buying and selling simultaneously using the grid strategy.

The no stop, hedged currency trading grid system uses the rule that one should be able to close a transaction at a gain no matter which way the market moves. The only way this is logically possible is that one would have a buy and a sell transaction active simultaneously. Most traders will say that doing this is not recommended but let’s look at this in more detail.

Assuming a grid with grid gaps of 100 pips. We are going to use the simplest formation to show the principles involved. This formation is the 100% retractment formation where the price goes up to a grid level and then returns back to the starting grid level. Regrettably things become quite mathematical from here. We are also ignoring broker spreads to keep things simple.

Let us say that a trader enters the market with a buy (buy 1) and sell (sell 1) deal active when a currency is at a level of say 1.0100. The price then goes to level 1.0200. The buy will then be positive by 100 pips. The sell will be negative by 100 pips. Now we would cash in our positive deal and bank our 100 pips. The sell is now however is carrying a loss of -100 pips. The grid system requires one to ensure that the trader can cash in on any movement in the Forex market. To do this one would again enter into a buy (buy 2) and a sell (sell 2) deal at this level (level 1.0200).

Now, for convenience let us say that the price moves back to level 1.0100 (the starting point).

The second sell (sell 2) has now gone positive by 100 pips and the second buy (buy 2) is making a loss of -100 pips. According to the grid trading rules you would cash the sell (sell 2) in and another 100 pips will be added to your account. That brings the grand total cashed in at this point to 200 pips (buy 1 and sell 2). At this stage the first sell that is active has moved from level 1.0200 where it was -100 to level 1.0100 where it is now breaking even.

The 4 transactions added together now incredibly show a gain:- 1st buy (buy 1) cashed in +100, 2nd sell (sell 2) cashed in +100, 1st sell (sell 1) now breaking even and the 2nd buy (buy 2) is -100. This gives an overall a gain of 100 pips in total. We can liquidate all the deals and have some champagne as we have made a profit of 100 pips.

Please make sure you understand the mathematics behind the activities discussed above. You may have to reread and draw the movements on a piece of paper to make sure you understand the concept.

This formation is the 100% retracement formation where the price goes up to a grid level and then returns back to the starting grid level and results in a nice profit for the forex trader. There are many other market movements that turn this strange Buy and Sell at the same time activity into profits. The next article will cover the 50% retractment formation which produces the same amount of profit.

There will be much more on the no stop, hedged grid trading system in future articles in this directory. Do not miss them, whatever you do.

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History Will Help Your Forex Trading


A general knowledge of history is always part of a basic education. As we enter the world as adults we can look back on history to help us determine our futures. A good knowledge of history will help you with forex trading, and your profits in forex trading.

The Days of Kings

Back in the days when kings thought they had a divine right to rule. They often wanted more money than their parliaments granted them. But most parliamentary bodies didn’t consist of fools; they certainly knew better than to leave the powerful tool of taxation solely in the king’s hands.

Without being able to tax to his heart’s content, the king’s other financial weapon was to devalue his country’s currency. They would recall all gold and silver coinage, melt it down, then reissue it in a lighter weight. They would also mix in base metals pumping up the royal treasury with the extra. Because the currency was backed more by the citizens’ confidence in the stability of their country than with anything else, many people never even noticed. The king got his way in the end.

But sometimes people did notice, and sometimes they weren’t all that confident of the stability of their country. If a powerful enemy was threatening to invade they would worry about their safety. When that happened, often merchants refused to accept the devalued coinage in trade, demanding real gold or silver instead and rendering the king’s currency valueless. Such undermining of the currency could lead to a rapid collapse of the king’s government.

18th & 19th Centuries

In the eighteenth and nineteenth centuries, the increasingly republican governments of the western world began basing their currencies, not on confidence in the government, but on gold. This prevented their rulers from devaluing the currency, but it had its own problems.

The gold standard lead to a cycle of boom and bust: a financially strong nation would import the goods its citizens wanted, leading to an outflow of capital until the money supplies shrank too far, in turn leading to higher interest rates and lower prices because nobody had enough money to buy anything. Then other countries would see the low prices and start importing the first nation’s goods, leading to an outflow of production but an inflow of money, pushing down interest rates and raising the standard of living again.

Modern History

This boom-bust pattern continued in many western countries until World War I interfered with trade and stopped the flow of money across borders. The pattern resumed after the war and throughout the Roaring Twenties, until the 1929 stock market crash devalued the U.S. dollar and caused a worldwide depression. It was only relieved in the U.S. by the economic boom of World War II, when the production of war materials and the drafting of men into the military forces cured the problems of unemployment and high prices.

But although the Second World War eased economic ills in the U.S., it caused them in other countries, which had to purchase the war materials they couldn’t manufacture themselves. This led to an agreement known as the Bretton Woods Accord, signed in New Hampshire in 1944 and designed to create a stable post-war economy where the nations of the world could recover financially.

The Bretton Woods Accord “pegged” the value of the major world currencies to the U.S. dollar, making it the benchmark that measured all other currencies. It also pegged the U.S. dollar to the price of gold at $35 per ounce, and it created the International Monetary Fund (IMF), a confederation of 185 nations around the world, dedicated to fostering economic stability and high employment.

For decades, the Bretton Woods Accord worked well. But in the early 1970s, international trade grew to such an extent that currency rates could no longer be contained. Finally, in 1973, President Richard Nixon allowed the U.S. dollar to be taken off the gold standard, and the complex arrangement of currency values was abandoned.

Today’s Currency

The major currencies of the world have come full circle: just like in the old days of kings, the currencies are controlled by the market forces of supply and demand, without being pegged to any other currency or to any precious metal. (Some of the smaller nations of the world prefer to peg their currency to that of their major trading partner, like some Caribbean nations with the United States.) This created the Forex market, where one currency can be traded against another with the expectation of earning profit from changes in their relative values.

At first only major commercial and central banks traded the Forex. But as it became better known, hedge funds, mutual funds, large international corporations. Some super-wealthy individuals discovered it too. By the 1980s, about U.S. $70 billion per day was changing hands.

The explosion of the Internet and the rise in computer security systems brought Forex trading online. Forex was accessable now. With trades able to be placed independently of any bank. There was no longer any need to wait for business hours, and traders began dealing across time zones and around the globe.

In 2000, the U.S. Congress passed the Commodity Futures Modernization Act. This opened the Forex to the average investor. Retail brokerages sprang up across the Internet. Today about U.S. $1.5 trillion is traded per day; 5% of that amount is currency conversion by travelers, banks, and international corporations. The remainder is trading for profit.

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Becoming a Forex Trader

August 10, 2019 by  
Filed under Forex for Beginners, Forex Tips

You may know about the internet being one of the tools
used by so many people to make some cash through
online businesses. The fact that the internet can
deliver cash right at your doorstep if you know how,
you will definitely want to try and take a piece of
the big pie in the internet. However, what kind of
online business can ensure you to earn some cash? One
way is by becoming a FOREX trader. Although this kind
of online business has existed for a few years now,
you have to consider that this is one of the new forms
of income generating businesses from the internet.

In the past, the FOREX market was closed only to
multinational corporations and banks. They are the
only ones allowed to trade in this vast and very
liquid market.

In FOREX, currency is traded against one another. In
order to become successful in FOREX, one must know
when to trade specific kinds of currencies and which
currency they should trade it against with.

Thanks to the internet, the FOREX market is now open
to everyone who has access to the internet. That means
that you too can now become a FOREX trader even if you
don’t have a million dollars to spare.

In fact, with just a hundred dollars, you can start
trading currency in this very large market.

The great thing about the FOREX market is that it’s
almost always open everyday. This means that you will
be able to trade anytime of the day and anytime you
want. The trading here is also very large in terms of
the amount of money being circulated. In fact, in a
single trading day, hundreds of billions of dollars
are exchanged.

With this kind of market, you will definitely be able
to make some cash and a lot of it if you know how to
trade in FOREX. So, just how do you get started
trading in the FOREX market assuming that you already
know how to trade in it?

Basically, all you need is a computer or a laptop with
an active internet connection. Then, you will need to
sign up an account with a FOREX broker. Then, you will
be provided with FOREX trading software where you will
base all your trades from.

The great thing about this is that FOREX brokers will
be able to advise you on what trades you should make
and when to trade. This is why you have to remember to
go with a broker that has a lot of experience in the
market. By doing so, you will be able to make sure
that you will make some money and minimize the risks
of losing money.

These are the things that you have to remember about
the FOREX market. Although this is a huge market, in
fact the largest, it doesn’t mean that there are risks
involved. In fact, there are some people who lost
their life savings in this market because of
misinformation and inexperience.

So, even though the FOREX market can make you some
cash, there are risks that you should always be wary
about. Online FOREX trading is one of the new forms of
income generating businesses from the internet today.
With this kind of online business, you can be sure
that you will earn some cash. Just remember that you
do need to know the FOREX market first before you
start trading. This will minimize risks of losing
money and maximizing your chance of profiting.

You can start your education right here in our Forex Beginners section. There are a number of articles to help get your started.

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