There are a few ways to participate in forex trading. I have tried to trade forex myself, but the statistics do not lie and my own experience bears them out. Many people try to trade forex and have found out that it is very difficult. Ninety-nine percent of the people who do try fail. They either trade with emotions, do not understand the charts, just are guessing or have very poor risk management. I went through all of these. But you do not have to give up on having a forex account and making a nice income. There are many experienced traders who do know how to do it consistently. The key is to find the right one and have that person do the trading for you.
For me, I have finally found the right vehicle. Now it is like Greyhound for me... take our bus and leave the driving to us. About a year ago, I re-connected with an old friend online and he had been trading successfully for a while now. He introduced me to forex again through his company Next Gen 4 FX. At that time, they were providing trading tools for example Expert Advisors, signals, and trading methods.
I started promoting his company as an affiliate. But to tell you the truth I was looking for something which would provide a passive income for me.
Then in July, he told me about their managed forex accounts in which I could invest some money and earn from the trading of their professional traders. Now I was interested. After talking a lot with him and learning about his own experience, I decided to take the plunge. I actually withdrew all my IRA money (about 3 months early) and sent it to them to trade. It was about $19,500.
Now through November, my account is at $28,000. So you see it is possible to build up an investment from forex!!! And you don't have to know anything about trading.
So are you ready to take the plunge too? I am here and ready to help you become involved and in my next post I will tell you how we are doing it now.
Tuesday, February 12, 2013
Tuesday, January 29, 2013
What is Forex?
The foreign exchange market is the "place" where currencies are traded.
Currencies are important to most people around the world, whether they
realize it or not, because currencies need to be exchanged in order to
conduct foreign trade and business..
If you are living in the U.S. and want to buy cheese from France,
either you or the company that you buy the cheese from has to pay the
French for the cheese in euros
(EUR). This means that the U.S. importer would have to exchange the
equivalent value of U.S. dollars (USD) into euros. The same goes for
traveling. A French tourist in Egypt can't pay in euros to see the
pyramids because it's not the locally accepted currency. As such, the
tourist has to exchange the euros for the local currency, in this case
the Egyptian pound, at the current exchange rate.
The need to exchange currencies is the primary reason why the forex market is the largest, most liquid financial market in the world. It dwarfs other markets in size, even the stock market, with an average traded value of around U.S. $2,000 billion per day. (The total volume changes all the time, but as of August 2012, the Bank for International Settlements (BIS) reported that the forex market traded in excess of U.S. $4.9 trillion per day.)
One unique aspect of this international market is that there is no central marketplace for foreign exchange. Rather, currency trading is conducted electronically over-the-counter (OTC), which means that all transactions occur via computer networks between traders around the world, rather than on one centralized exchange. The market is open 24 hours a day, five and a half days a week, and currencies are traded worldwide in the major financial centers of London, New York, Tokyo, Zurich, Frankfurt, Hong Kong, Singapore, Paris and Sydney - across almost every time zone. This means that when the trading day in the U.S. ends, the forex market begins anew in Tokyo and Hong Kong. As such, the forex market can be extremely active any time of the day, with price quotes changing constantly. So trading forex can be extremely lucrative but very risky for someone who does not understand it or know the technical aspects of how to do it. I have spent a lot of money and time trying to learn it but now have decided to let the professionals do it for me. I will share how I came upon this in my next post.
The need to exchange currencies is the primary reason why the forex market is the largest, most liquid financial market in the world. It dwarfs other markets in size, even the stock market, with an average traded value of around U.S. $2,000 billion per day. (The total volume changes all the time, but as of August 2012, the Bank for International Settlements (BIS) reported that the forex market traded in excess of U.S. $4.9 trillion per day.)
One unique aspect of this international market is that there is no central marketplace for foreign exchange. Rather, currency trading is conducted electronically over-the-counter (OTC), which means that all transactions occur via computer networks between traders around the world, rather than on one centralized exchange. The market is open 24 hours a day, five and a half days a week, and currencies are traded worldwide in the major financial centers of London, New York, Tokyo, Zurich, Frankfurt, Hong Kong, Singapore, Paris and Sydney - across almost every time zone. This means that when the trading day in the U.S. ends, the forex market begins anew in Tokyo and Hong Kong. As such, the forex market can be extremely active any time of the day, with price quotes changing constantly. So trading forex can be extremely lucrative but very risky for someone who does not understand it or know the technical aspects of how to do it. I have spent a lot of money and time trying to learn it but now have decided to let the professionals do it for me. I will share how I came upon this in my next post.
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