As you might already know, forex is an acronym for foreign
exchange — is the international currency market where money is
being sold and bought. Forex certainly is a new and exciting way
to make money in the huge global currency market.
Making money in forex is very similar to stocks, options, or
futures. You will be provided with a list of currency pairs each
is coming along with graphs which you can select and trade. You
can sell (or short) if you expect the graph to go down and you
can buy (long) if you expect the graph to go up.
How Can I Make Money in Forex Trading?
When you buy a currency in the forex market, you are actually
doing two trades. You are selling one currency and buying the
other. You have known what currency you are betting for/against,
as opposed to the stock market where you only need to know one
stock.
Unlike stock trading, most online forex firms
don’t charge commission. They
make money by giving you a worse spread then they get and by
charging you interest on margin. This spread is usually two or
three pips (explained below).
Margins are huge in currency trading; you can easily be
accepted for 200 to margin on-line. Some forex firms will give
you up to 400:1 margin. To be honest, there is very little
regulation in this industry, which means you can move $2,000,000
worth of currency with only $10,000 in your account. You can
even open an account with as little as $300.
Profits in forex are measured in “pips” or “points.” A pip is
1/1000 of dollar. For example if you buy the dollar (USD)
against the euro (EUR), and it went in your direction from
$1.300 to $1.299, you have made a 1 pip profit. On a $10k order
at full margin (200:1), this is equivalent to $50 in profit.
How Much I Can Earn?
Virtually, the limit is the sky.
As much as how long you trade and keep earning. Trading will be
within 24 hours 5 days a week. How fast you can earn is
depending on the volatility of the market. If it is very
volatile (moving ups and down quickly), you probably can earn a
lot of pips if you are lucky.
However, average earning for professional trader is 100 to
200 pips a day that is equal to 100% to 200% return on
investment. George Soros, the heart of inspiration for every
forex trader, made a history in September 22, 1992 when he
bagged US$1 Billion and ruined the Bank of England. This called
The Black Wednesday.
What Do I Need to Trade?
The first thing you need to trade is a broker. Register with
any of them and they will provide you a software platform that
equip with a list of currency pairs, graph, technical indicators
free to use. The broker usually provides you free practices by
providing virtual money for you to practice enhance your skills.
There are two schools of thought like in stocks about how to
make money in forex trading. On one side you have the technical,
which are basically charts and other statistical methods that
used to try and guess the market. On the other side you have the
fundamentals, which study things like countries domestic
product, interest rates, economic output, etc. to try and
forecast currency movements based on these criteria.
Of course the best answer is always in the middle, using a
combination of graphs and charts along with real world knowledge
of political events and economic statistics to make the market
more predictable for you.
If you want to learn more about mainstream technical analysis
tools, in my experience, the most honest person who teaches
mainstream technical analysis in the best way is Peter Bain (Forex
Mentor). Whether Peter trades himself, and whether Peter ever
made money in forex is definitely questionable. But if you want
to get good education and overview of many different mainstream
technical analysis tools, I think Peter
is good for that.
Is It a Risky Business?
Is there any risk involved? Yes. Everything has risk whether
it is involve time, life, money, etc. Risk unfortunately can not
be avoided. No absolutely not, that’s impossible for everything.
But as any other thing else you can minimize risk and increase
profit, that’s how to make money.
I feel so grateful and lucky to be able to trade forex full
time. Not only is it fun, and I feel passionate about it, but
it’s also monetarily rewarding, and it gives me freedom to do it
from almost anywhere in the world. I hope to be able to share
some of this luck and gratefulness with you. And truly from the
bottom of my heart and my being, I am wishing you tremendous
success and abundance in forex or any other business you do.
If you want to learn more about forex, please take a look at
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Discover How Ordinary People make Extraordinary Income
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Honestly! I
get very angry every time I hear someone say you can’t make
money trading the Forex. They come up with excuses after
excuses. What a lot of nonsense! Anyone telling you that
traders aren't making money either hasn't tried my system
themselves, or is so greedy that they don't want you to share in
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The truth is, you can make
INCREDIBLE MONEY trading the Forex.....IF you have the right
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Every day hundreds of thousands
of traders make serious money trading the Forex. Thousands of
folks have been able to quit their jobs simply by trading the
Forex. The forex is a perfect trading market and has taken
the trading world by storm! Traders love the daily profit
potential of this HUGE market. It is where the 'big dogs' come
to play.
Some of the
BEST money makers are currency traders . Just look at a
few currency traders who have achieved tremendous wealth by
trading this remarkable market.
Warren
Buffet George
Soros Bill
Lipschutz Bruce
Kovner
And many,
many more!
And,
get this … these guys are no smarter than you are! They get out of bed in
the morning and put on their
clothes the same way you and I do.
Okay, how do
I qualify as an expert? Well, here is the straight skinny
…
My name is Prince
Macfonse, and I earn a verynice
income from the wonderful world called currency trading. It
seems like I have been involved with this fabulous market called
the Forex since the earth cooled, even though it was only
deregulated in 1997.
I can’t tell you the number of
things I have being able to achieve, and the years of
trading experience and research that have gone into
developing the ultimate edge in trading the Forex. I learned
the art of trading in the early days from some of the top
traders in trading houses. I spent 18 hours a day over an
18-month period learning anything and everything I could
about this business.
Over the years, I have developed
and refined a simple yet powerful
trading system which accuratelypredicts currency price movements using my
powerful 'pivot points'
system. These are the same techniques used by many trading
houses today. I teach my system to account and fund managers
and bank traders world-wide.
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