I am sure, we have all seen the advertisements online or in print media, also we have all?heard the success stories about people, that make a descent income with trading currencies online. Forex (Foreign?Exchange) is a??commodity market, like gold and oil and is driving by bid and ask. Traders use that to buy and sell for a profit if demand for a certain currency is on the rise.
Millions of millions of Dollars (or other currencies) are traded every day and the market is open on all business days, 24 hours.
First of all, you need to be a keen observer of the financial markets. If you are?definitely?interested, you will have to find a broker as well as a solid Forex education. There are many websites on the web that can help you learning the terms of the trade. I would?definitely?recommend that you learn Forex from a Professional Trader, who has been?successfully?in the business several years.
Be aware, there are many automation or get rich quick guides on Forex out there. I do not think, that a program sold for $60 sold on the internet can give you skills, to smartly trade and invest and give you a return of 10% a month! Many online broker are offering demo accounts, where you can trade virtually and test your trading skills. Do that for several month, before you even think about trading Forex with real money.
Should Forex trading be part of my investment portfolio?
Yes, if you are not planning on?retiring?anytime soon and you are happy with the risks. If you do not wish to trade yourself, you can open a managed account with a major broker and they will do all the trading for you. Usually, the returns are a little more conservative and the broker will take a piece of the pie.
It is important that you diversify. Forex is very risky and should not account to more than 5-10% or your portfolio.
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Filed under: Personal Finance
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