About Foreign Currency Trading
Foreign currency trading is investing funds into the currency from one country in the hopes that the value of the currency will go up or down in comparison to another country's currency. Discuss the high-risk nature of currency trading with a brokerage firm using insight from an insurance and financial adviser in this free video on currency trading.
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My name is Bill Rae. I'm with Alumni Financial Services, and I've been in the finance and the business world for well over 20 years. Today, we're going to talk about foreign currency trading. Well, first of all, what is currency trading? Currency trading, in its simple explanation, is a betting of one country's value against another. For instance, is the U.S. dollar stronger today than the Euro dollar, or is the Euro dollar stronger than the U.S. dollar? Stronger meaning purchasing power. So when you talk about foreign currency, what you're basically talking about is betting my dollar is stronger than your dollar today, or will the movement go up and down? Let me assure you, it's highly risky, but if you have a feel for it and you know what you're doing, it's also highly rewarding. I've often heard that currency trading is kind of like ski-jumping on steroids for a living. You know, it's not very predictable, but it surely is exciting. So if you're going to deal in trading currency, my recommendation is stay current with the world advice, go to the websites of the brokerages that deal in it, and use their websites. They all have the ability for you to actually play at it -- kind of like a Monopoly game -- until you get the feel of it. But again, it's highly risky, but highly profitable if you like the risk. My name is Bill Rae. I'm with Alumni Financial Services, and we're helping you build wealth.