Today is the day when I stop being scared and begin my research of Forex Trading.
Why Trade Forex?
Thinking ahead to graduation, I realize work will take up the majority of my waking hours. Choosing the right profession is key to a happy, satisfying future and something I don’t take lightly. I want to find an occupation who gives me personal freedom, financial security and a sense of accomplishment. I don’t want end up another corporate drone working a soul-crushing dead-end job for 40 hours a week and still not be able to make ends meet.
With many jobs, the boss tells you when to work, where to work and what to do. You might even be required to punch in, wear a uniform and you can be fired at any time. Trading your personal account allows you to literally work from anywhere in the world. You choose when and where to work and you keep 100% of the profits you’ve earned.
What is Forex Trading?
Forex trading is an activity where people trade currencies in order to make profits. When you are trading in Forex, you are trading currency pairs. When entering a transaction, you will be buying one currency and selling another currency at the same time. All you have to do is to make a trading transaction and close the deal when the price action moves to where you can profit from your trade.
It does sound simple enough. However, it takes a lot of knowledge in order to be able to really profit from Forex trading. It is actually very rare for people to actually earn a living from Forex trading. I will not let this information dissuade me from learning about and then profiting from Forex Trading!
There are many different currency pairs that are available to trade as it depends on the Forex broker you sign up with. One attractive aspect of Forex is that it costs very little to make trades. Another attractive aspect for Forex is the leverage that many brokers offer. This allows you to make even more trades even though you don’t have that much money to trade with. All you have to do is find a broker that you feel comfortable signing up with. Then you can sign up with the broker.
The best thing to do if you are interested in Forex trading is to set up a demo account, which I plan to do very soon. There are plenty of Forex brokers that offer demo accounts for you to practice making trades with the Forex account. With the demo account, you can get some real time experience when it comes to making trades. You will be able to know what it is like to make winning and losing trades. Some Forex brokers even have a ton of information on what you can do to maximize your profitability when it comes to Forex trading.
In order to make profitable trades, you have to look at different strategies until you find one that works for you. Among the aspects of Forex that deal with profiting from trades are trends and indicators. One thing you want to pay attention to is the news of the market of the currency that you are trading. The news can have an effect on the price value of the currency. Certain pieces of news can cause the pricing to become volatile. Forex can be very profitable when you know what to look for in each trade.
Well, that’s a decent start in my research. At least I know what it is now. So much more learning to do! I’m off until next time.