If you are interested in trading stocks, investing, being informed of how the market is “moving” or just looking for other ways to generate some extra revenue, I highly recommend that you look into Forex.
Forex, also referred to as FX, is short for the “Foreign Exchange” market. Fx is the largest Market in the world. It has an average trading volume of over 5 trillion dollars per day! So needless to say, market is very liquid. Unlike the stock market, trades can be placed 24 hours a day, 5 days a week. Forex is a global trading market, so you are able to trade in any timezone. There is a money making opportunity in almost EVERY moment!
If you are familiar with trading stocks, the concept of Forex will not be difficult for you to grasp. In short, FX Traders just simply buy or sell currencies in hopes of turning over a profit. It takes seconds to place a trade, and moments to notice some cash flow. It is almost too convenient to be true. Although I prefer trading on my laptop, all you really need as an smartphone or tablet to get into the game. And to make matters easier, all you really need is about 50 to 100 bucks to get started. However, the startup amount is dependent upon which broker you select. Some require a little bit more, some a lot less. We will talk a bit about brokers later. investmib.com
So if you have stumbled across any kind of Forex talk online, chances are you have been sold a dream. There was probably some guy posing in front of a mansion and a fancy, foreign car raving about how he makes 6 figures a month. Well let me be the first to tell you. You were probably being deceived. Don’t get me wrong, I am living proof that Forex is a VERY lucrative market. There are several people racking it out EVERY single day. But, unfortunately, it is not a get rich quick scheme. If you are looking to make a living or a killing out of Forex, you will need to familiarize yourself with its language. You will need to study charts, trading pairs and patterns, candlesticks, and definitely zero in on the market trends. I hope that I wasn’t a total buzz kill, but to be honest, though it takes some work in the beginning, it gets easier. With the right attitude and persistence, you will become a profitable trader, living the dream in no time!
Okay, so start up can be confusing to begin with, so I will give you a few pointers. One very important thing to know upfront is that Forex is a decentralized. Meaning, that there is no set place or website to start trading. You would first need to select a broker. I would recommend doing a bit of research before making this decision because not all brokers are as trustworthy as the others. I for one have been using LMFX. Personally, I have not run into any issues with them, and the customer service is pretty speedy. But you will soon find that this is just matter of preference ,and it is not uncommon to change brokers as you see fit. Next, you can create a live account and immediately start trading real money, or you can create a demo account. I recommend starting a demo account first. This will give you a general feel of the market. You will be able to trade the REAL market with FAKE money! I made most of my silly mistakes under my demo account, so things ran a lot smoother once I finally decided that I was comfortable enough to start using real cash.
So, as I part time Forex Trader, I would say that it is worth looking into. You set your own hours and you trade them. Just keep in mind that impatience and mindless trading can be costly ,and keep an eye out for scammers who swear that they can make you a millionaire for a small fee (sadly, I have fell for victim for this con a couple of times). It is more than possible that you could be firing your boss soon and reaping the benefits of a profitable Forex Trader!