Currency Trading for Beginners

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Beginners to currency trading should always work with software practice programs and experienced financial advisers before investing in foreign currency. Learn how high-risk currency trading can be with information from an insurance and financial adviser in this free video on currency trading.

Part of the Video Series: Currency Trading Tips
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Video Transcript

Hi, my name is Bill Rae. I'm with Alumni Financial Services. I've been in the finance and the business world for well over 20 years, and today, we're going to talk about currency trading for beginners. Well, what is currency trading? Currency trading, simply put, is the betting of currency or money, if you will, the value of money from one country against another. For instance, is the U.S. dollar stronger than the Euro dollar -- the European dollar -- or is the European...the Euro stronger than the American dollar? Are both of them stronger or have less value than the yen? That's currency trading -- betting whether one is stronger, meaning it will move up or down, against the other. Now, as for currency traders for beginners, my advice to you is be very careful. This is a high risk game. Make sure that you go to what they call online demos. Many of the brokerages out there that deal with currency traders will offer you software where you can actually play or pretend at investing in the currency trading 'til you get a real feel for it. If you can, try and get a one-on-one with a good adviser. As in any type of financial investment or moves in the financial field, I always urge you: Seek outside help. Talk to financial advisers or your accountants. In the currency trading business, it's often been said that currency trading is kind of like ski-jumping on steroids. You never know what the end result is going to be, but it's always guaranteed to be exciting. Again, in all investments, seek advice because with all high risk can come high rewards. My name is Bill Rae. I'm with Alumni Financial Services, and we're to help you build wealth.


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