Automated trading software has opened the door to Forex trading for all of us. Foreign Exchange trading, FOREX, for short, or FX, for even shorter, is the term given to buying and selling currency, hopefully, for a profit. The popular currencies traded are the Swiss Franc, Japanese Yen, British Pound, Chinese Yuan or Renminbi, the Euro, the US dollar and the Canadian dollar. Usually two or more currencies are compared against each others relative value and traded. Trading in Forex is considered speculation.
Although there is no physical centralized Exchange, the foreign exchange market is the largest market in the world and is conducted through the banks. The daily trading volume of the foreign exchange market is approximately one and a half trillion US dollars, exceeding the daily trading volumes of the New York, Tokyo and London stock exchanges combined .
Once the exclusive playground of multi-national corporations, banks and the mega rich who were able to ante up a million dollars to open a Forex trading account, the internet has swung open the doors for the small individual investor. At one time Joe Average could only dream of playing in the Forex space and now, for as little as $500, anyone can open a Forex trading account.
The risks are higher with Forex trading. Marginal trading, meaning trading with borrowed money, is available for Forex traders allowing for greater currency purchases and greater profits. Remember that greater profits usually go hand in hand with greater risk. Intend to profit but always know what you can afford to lose.
Like all investment strategies, Forex requires some education. Fortunately, with the burst of technology presented to us over the past few years the intricacies of Forex trading have been solved with comprehensive software to drive our trades and perform the diligence once only the realm of experts in the field. Forex robot software such as Fapturbo can monitor your trades 24/7, analyse your choices and buy and sell according to sophisticated algorithms embedded within the software.
That said, Forex trading must be at least modestly understood and a basic knowledge of the language used is required. Read a book, use the software and before you know it you’ll be chatting about pips and candles with the rest of the Forex community.
The balance of this page will be dedicated to my recommendations for software, books and guidance from the best newsletters out there to support your Forex trading adventure. I heartily encourage you to utilize all the great robotic tools that have been created just to make it easier for you.
I’m always interested to know how you’re making out with your investing so please leave your comments below.
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