It was like a dream; $3400 in cash on my palms, belonging to no other person but myself. Indeed it is was a dream come true – especially because the startup capital was just under $300. In ten Forex trading days. Am sure you can understand my excitement as I pen this experience down? You too can get even better result, all you need is the same commitment.
“Heh! You are missing a lot doing business that is not Forex TRADING”- a friend once exclaimed. To him Forex is like picking cash off the streets. Someone actually said, “Trading Forex is like picking money up off the floor. NOT trading Forex is like leaving it there for someone else to pick up.” Others said, “it’s like having ATM on your computer.”
What is this Forex? Is Forex that profitable; is Forex really a win win thing, who gets involve in trading Forex? These were all the questions spinning through my head sometimes ago until I made up my mind to do a little research on the subject matter (Forex).
“Forex” as I learnt is an acronym for foreign exchange. Forex is the world’s largest spot (cash) market for trading currencies. Forex or FX as it is also called is quite different from trading the futures market and a lot easier than trading stocks, yet more profitable. Forex is an over-the-counter (OTC) – inter – bank market. Because Forex is run electronically within a network of banks, it goes on continuously for 24-hour period, 4 pm EST Sunday to Friday 4 pm EST.
The Forex market has a daily trading volume of over $2 trillion. This is more than 35 times larger than the whole US equity market combined. If 1.5 million expert traders could take a million each from out of the Forex market every day, the Forex market will still be left with more money than the New York stork exchange every day!
Who should trade Forex? Until 1998 Forex trading was the exclusive reserve of the inter-banks. However, every individuals like You and I can now participate. Nonetheless, you could loose a lot of money, yea; you heard me right, in this seemingly rosy environment, you could also kiss your cash good-bye in a second if you are not familiar with some basics like: when to go short – sell a pair, when to go long – buy a currency pair, placing of stops and limits, lots size to buy or sell, what currency to trade, pips to target at a given time, so on and so fort.
Trading Forex need three basic requirements:
1) A computer with Internet access.
2) A good trading platform- Forex broker.
3) A ” Forex trading MACHINE ” – this will teach you WHEN and HOW to trade so that you do not lose your hard earned cash before you could even say the word, ” Forex “. Haven discovered these, I Purchased all and funded my account with my remaining balance of $276. This is what grew into $3,400 in ten Forex trading days and is still increasing by the day. So, you can now understand my joy.