Forex Trading for New Traders
What is FX trading?
Forex, FX or Foreign exchange is simply the trading of the world's currencies. A currency trade is made with the simultaneous buying of one currency and sale of another. The Foreign exchange market, unlike the stock market, operates twenty four hours a day. It is the largest and most liquid market in the world, with trades close to 3 trillion USD per day. The main operating centers for trading are New York, London, Frankfurt, Tokyo and Sydney.
Why you should be trading.
Trading on the Foreign exchange market, as opposed to the stock market, can be much easier. The most popular currencies traded are: EUR/USD (euro/dollar), USD/JPY (dollar/Japanese yen), GBP/USD (British pound/dollar) and the USD/CHF (dollar/Swiss franc). This will save you much time with your research.
1) A twenty four hour market provides not only availability but the opportunity to respond to late breaking news or events.
2) With the technology of the signal trading programs available today, there has never been a better time to begin.
3) No commissions. Brokers earn money by setting a "spread" - the difference between what a currency can be purchased at and what a currency can be sold at.
4) 100:1 Leverage. A deposit of 10,000 USD can command position of up to one million USD with leverage. This allows you to take advantage of the miniscule fluctuations or "pips".
How can you do it?
Simple. Pick a brokerage. A quick Google search should be able to lead you in the right direction. After you have chosen a brokerage you would like to work with, it is recommended to open up a demonstrator account.
Work this demonstrator account until you are comfortable enough to open your real account. Test trading will let you get a feel for the market without the risk. The phrase, "I wish this was real money" will likely be said. As with any investment opportunity, do your own research and analysis to find the program that suits you best.
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Source: http://ezinearticles.com/
Added: March 27, 2008
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