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3. Can You Get Rich By Trading Forex?
Before we go any further, we are going to be 100% honest with you and tell you the following before you consider trading currencies: 1. All forex traders, and we do mean ALL traders, LOSE money on some trades. Ninety percent of traders lose money, largely due to lack of planning, training, discipline, not having a trading edge and having poor money management rules. If you hate to lose or are a super perfectionist, you’ll also probably have a hard time adjusting to trading because all traders lose a trade at some point or another. 2. Trading forex is not for the unemployed, those on low incomes, are knee-deep in credit card debt or who can’t afford to pay their electricity bill or afford to eat. You should have at least $10,000 of trading capital (in a mini account) that you can afford to lose. Don’t expect to start an account with a few hundred dollars and expect to become a gazillionaire . The forex market is one of the most popular markets for speculation, due to its enormous ...
##1. What it Forex? What is Forex Trading?
Before we can understand Forex Trading, what it Forex?? forex is Just an Online Market Forex also called ( foreign exchange market , FX , or currency market ) is an Online Market where you can Buy or Sell Currencies. The currency is the money that a particular country uses. Example Cindy is in South Africa, she buys a pair of shoes online from Vans Store in United States. The pair of shoes cost $ 20 in USA currency (Dollar) and Cindy buys with South African currency (Rand). For Cindy to be able to buy the shoes, her money has to be converted to dollars, in forex we say she buys dollars or Dollars are sold to Rands. Buy and Sell only means one currency is converted to another, this conversion is called Forex (foreign exchange) Forex happen online between Computerized Bank Accounts. Cindy buys $ 20 shoes through her Capitec Bank. The Computer of Capitec Bank will read Exchange Rates from Forex Computers and know how much Rands are Equivalent to $ 20 and convert the...
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