The Foreign exchange market also known as the forex market or fx market is an exciting and fast past currency trading market. The forex is the most traded market in the world and it trades 24 hours a day somewhere in the world. Learning forex trading is a fascinating and high stakes market that can yield unbelievable profits as well as uncontrollable losses.
Over 300 billion dollars exchange hands each day in foreign currency trading. It is not hard to understand the opportunities that are present here for the few who can learn the system. Trading in the forex is not for everyone but the training and understanding of the currency market might be a great learning experience for just about everyone.
Do not trade foreign without proper training, understanding of the global economy and have traded a practice account. More on practice accounts in another article.
FOREX TRAINING Proper training is key in this fast paced dynamic climate. Training includes understanding charts, forex currency patterns, developing a forex trading system, forex courses, forex forums and more. 6 months to a year should be spent learning your own trading system before investing a dime.
FOREX COURSE As you might imagine, the training opportunities are endless and need to be approached with caution. Everybody thinks they have a system that works and they are ready to share it with you for a fee. Start deciding on a forex course after you have looked at some forex trading websites and learned the basics for free before investing in a forex course. Some forex courses are free from websites.
FOREX PIP Understanding the spread in forex and the pip of currency pairs will help you in choosing an online forex broker. Viewing forex real time quotes is imperative if you are going to trade. The online marketplace is competitive and multiple trading platforms and brokers should be researched prior to signing up.
ONLINE TRADING You will be trading online and in a day trading type style. Once you develop your system and put into place your stop losses, understand charting and devoting time to training you will have a strong foundation to go live with your training.
FOREX PLATFORMS The forex platform is the trading platform that you will be executing your trades with. Each forex trading company has their own platform that operates basically the same but each system will need to be learned by the trader to feel comfortable with the process.