How to Become a Currency Trader

Video Transcript

"My name is Bill Rae. I'm with Alumni Financial Services. I've been in the finance, in the business world for well over 20 years. Today we're going to talk about how you can become a currency trader. Well as in any type of trading or buying of stocks or bonds, you need to go to a brokerage house and open up an account. Before you do that however, I would say what is currency trading? In it's easiest fundamental explanation, currency trading is betting on a value of one country's monetary system against another. In other words, is the US dollar stronger than the Euro dollar, is the Euro dollar stronger than the Canadian dollar? So currency trading is kind of like betting one will rise or fall against the other. And how to become a currency trader? The old adage is practice, practice, practice. You need to go to a brokerage and most good brokerages out there will have licensed individuals who will help you and mentor you and guide you through this transaction. They also have online demo courses that you can if you will, play monopoly money. You can actually pretend to be doing transactions till you get a feel for it. Again, practice, practice, practice. Then you need to stay current as to what's going on. This is a highly speculative arena you're talking about. As they say, with high reward comes high risk. I've often been told that currency trading is kind of like ski jumping on steroids. You never know where you're going to end, but it's guaranteed to be exciting. As always, seek good outside counsel. My name is Bill Rae, I'm with Alumni Financial Services, we're here helping you build wealth."