I was researching for other ways to earn online. As usual I came across PTC sites, Infolinks, Adsense, Adbrite, etc. But something has caught my attention. I've read somewhere in the internet that it is a growing industry that has earned tons of money. So I decided to dig in for information. I wanted to know the basics and why has this online industry is going wild.
The only thing I know about FOREX is that it means Foreign Exchange. But to be honest I don't have any idea about this. I've studied business management and came across Stock exchange but never really got the chance to know its basics. And there it goes. My curiosity flared. I felt that I wanted to know, and I need to know, and I have to know.
I typed the keywords "Forex for the beginners" So I read the first few articles but what the hell, I don't have an idea what those top websites are talking about. So I dig more. Until I found a very helpful web that gives the readers details who are not yet ready to see the bigger picture.
Here's what I found out:
Before the internet was invented, forex trading was mainly carried out by large banks and institutions because they were the only people who had computerized access to the forex markets. Nowadays, however, forex trading is available to everyone across the world thanks to the internet.
There are now a multitude of forex brokers offering real-time instant access to the forex markets which means that you can go long or short of a particular currency pair, just like the big boys. No longer do you need to be extremely wealthy in order to trade forex, which traditionally involved handing responsibility over to the large banks to trade your money for you. Now you can trade your own money yourself, and start with just a few hundred dollars if you so wish. You just sign up to a forex broker, deposit some cash and start trading.
Of course the reality is that forex trading is extremely difficult and there is quite a steep learning curve. You need to watch how markets move, learn the different terminology, learn the mechanics of forex trading including what margin is and how to place a trade, and learn about fundamental and technical analysis. Only when you understand how forex markets move, and can therefore start to detect patterns and recurring price movements, will you start to make profits from forex trading.
One of the major tools used to detect these recurring patterns is charts and the use of technical analysis. Charting software is generally available from your forex broker but you can also use a standalone package if you so choose. These real-time price charts are invaluable because by applying certain combinations of technical indicators to these charts, you can learn to successfully read the markets.
Also thanks to the internet you can now interact and share ideas with other forex traders, in real- time, through forex forums and chat rooms. In fact forex forums are one of the best ways to pick up ideas about successful trading systems so you can develop your own profitable system.
So overall it's easy to see just why so many people are being drawn to forex trading as an occupation. The earning potential is unlimited and the fact that you can use leverage means you can make a lot of money very quickly. Of course this also means you can potentially lose a lot of money very quickly as well, but with the right education and strategy, it can be a rewarding profession, particularly as the internet has now enabled everyone to trade the markets.
The only thing I know about FOREX is that it means Foreign Exchange. But to be honest I don't have any idea about this. I've studied business management and came across Stock exchange but never really got the chance to know its basics. And there it goes. My curiosity flared. I felt that I wanted to know, and I need to know, and I have to know.
I typed the keywords "Forex for the beginners" So I read the first few articles but what the hell, I don't have an idea what those top websites are talking about. So I dig more. Until I found a very helpful web that gives the readers details who are not yet ready to see the bigger picture.
Here's what I found out:
Before the internet was invented, forex trading was mainly carried out by large banks and institutions because they were the only people who had computerized access to the forex markets. Nowadays, however, forex trading is available to everyone across the world thanks to the internet.
There are now a multitude of forex brokers offering real-time instant access to the forex markets which means that you can go long or short of a particular currency pair, just like the big boys. No longer do you need to be extremely wealthy in order to trade forex, which traditionally involved handing responsibility over to the large banks to trade your money for you. Now you can trade your own money yourself, and start with just a few hundred dollars if you so wish. You just sign up to a forex broker, deposit some cash and start trading.
Of course the reality is that forex trading is extremely difficult and there is quite a steep learning curve. You need to watch how markets move, learn the different terminology, learn the mechanics of forex trading including what margin is and how to place a trade, and learn about fundamental and technical analysis. Only when you understand how forex markets move, and can therefore start to detect patterns and recurring price movements, will you start to make profits from forex trading.
One of the major tools used to detect these recurring patterns is charts and the use of technical analysis. Charting software is generally available from your forex broker but you can also use a standalone package if you so choose. These real-time price charts are invaluable because by applying certain combinations of technical indicators to these charts, you can learn to successfully read the markets.
Also thanks to the internet you can now interact and share ideas with other forex traders, in real- time, through forex forums and chat rooms. In fact forex forums are one of the best ways to pick up ideas about successful trading systems so you can develop your own profitable system.
So overall it's easy to see just why so many people are being drawn to forex trading as an occupation. The earning potential is unlimited and the fact that you can use leverage means you can make a lot of money very quickly. Of course this also means you can potentially lose a lot of money very quickly as well, but with the right education and strategy, it can be a rewarding profession, particularly as the internet has now enabled everyone to trade the markets.
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