By Dr Edward Lewis
May 25: Forex is a new trading platform which is increasing in popularity all over the world. Shares and stocks trading had attracted all types of people to invest. Shares and stock market is completely controlled by the industrial investment community. It is manipulated which the general public does not realize until the share market falls and loss is generated. Normally shares and stocks if bought at the initial public offer (IPO) at the original price will have the lower investment, otherwise the prices are very high and investment required is also very high.
The foreign exchange market (Forex, FX, or currency market) is a global decentralized market for the trading of currencies. The main participants in this market are the larger international banks. Financial centers around the world function as anchors of trading between a wide range of multiple types of buyers and sellers around the clock, with the exception of weekends. The foreign exchange market determines the relative values of different currencies.
The foreign exchange market works through financial institutions, and it operates on several levels. Behind the scenes banks turn to a smaller number of financial firms known as “dealers,” who are actively involved in large quantities of foreign exchange trading. Most foreign exchange dealers are banks, so this behind-the-scenes market is sometimes called the “interbank market”, although a few insurance companies and other kinds of financial firms are involved. Trades between foreign exchange dealers can be very large, involving hundreds of millions of dollars. Because of the sovereignty issue when involving two currencies, Forex has little (if any) supervisory entity regulating its actions.
There are numerous websites if searched which gives great learning scopes for trading. We can find number of brokers who in turn help in starting the Forex trading. These brokers initially give DEMO trading platform for practicing the trading. There are lots of indicators which help in trading. Practically any person can start trading in Forex.
Forex Trading as Hobby:
There are many traders who are wealthy and they don’t need any part time business but still are in Forex also, because it is their hobby. You can make Forex as your hobby and have the reason for it and it is fine as long as you can put it at the right place and trade with very well. Forex is a life time hobby. Those people who enjoy this trading can never get rid of this. Forex trading is a profitable business. When strategies work the way we are expecting we get the results as we want. i.e. profits. Those who follow proper trading rules, trading plans, trading strategies and trade for a long term definitely get god returns. The chances of losses are low.
Forex Trading as Part Time:
Forex trading has been taken by many people in the developed countries to earn extra income.
Forex Trading Full Time:
Forex trading is a very good business and less risky compared to Shares and stocks business. I had taken Forex trading as hobby in the beginning and later on the interest in this field has made me to learn in detail and I have taken this as my profession. Forex is a better profession than all other profession, so if we take it cordially with greater care we will find success in Forex trading. There is unlimited opportunity to earn large volume of money in Forex Trading.
How to Trade Forex Online:
You can learn how to trade Forex whether you are a beginner or a veteran trader who want to make a switch to the Forex market. Forex trading is very lucrative. However, it is not for everyone. The psychological and intellectual challenges are enormous. By following these simple steps below, you will learn how to overcome the challenges and become a successful trader.
There are four steps
Step 1:
Start by seeking an education about Forex.
Education is your key to getting started with Forex trading and your education never stops. Find someone who trades daily for a living. Someone who really does make money trading Forex. You will sure come across many who talk the talk and sell books and expensive courses, but will never let you into see how they really trade. Please make sure you learn from someone who really does make money trading Forex. Your teacher does matter a lot.
Step 2:
Once you find a successful mentor or teacher, they will guide you through the necessary steps to follow.
Your goal is to become like your teacher a successful, independent trader and why not you can even surpass their performance. During your education, you can open demo accounts with different brokers and test the trading platforms without risking real money. By demo trading with different brokers, you will be able to identify which platform you are more comfortable with. Do these until you complete your training with your mentor or teacher. Until they confirm to you that you can trade live account or until you are convinced you understand how the markets operate. Some good traders, traded demo for more than 3 years before switching to real account. You may be smarter and need a shorter duration to go live. Whatever you do, trade a demo account for at least 6 months.
Step 3:
Keep a record or a journal of the trades even on a demo account.
This is easier said than done. But if you keep a record of your trades, both winning and losing trades, you can learn a lot from them. You will consistently see what you are doing wrong in the losing trades and what you are doing right in the winning trades. All you do after evaluating these trades, you simply duplicate the correct actions and eliminate the mistakes. Without these records, you will become frustrated and quit this very lucrative opportunity. You will learn this from your mentor or teacher.
Step 4:
Once you have a mentor, and you have your demo accounts and you are keeping records of your demo trades, you are on your way to overcome the psychological and intellectual challenges that plague many new Forex traders.
Do this throughout your first six months. Implement any new strategy you learn from your mentor keeping the records. These will help launch you into a new and successful Forex trading career.
Everyone wants to earn money and this is the biggest opportunity for all categories of the people to make money whether it is hobby, part time or professional.
Please clarify any doubts about Forex Online Trading with the experts in this line. People who do not know about Forex Online trading will give you incorrect impression on this subject.
For more details contact Dr Edward Lewis by email: dredwardplewis@gmail.com