You Know Forex?

For a beginner it sounds very interesting and seductive, because everybody is growing up knowing that we can make money fast in FOREX. Those beginners are also aware about the fact people get bankruptcy from loosing at FOREX market.

However, nothing is wrong about their situation of being seduced and attracted. Everyone should be attracted and take the opportunity to take advantage from this big pool of money. But without a proper guidance and practice, it is hard to stay consistent making money.

The rates of exchange on foreign market are very fast and fluctuate at most of the time, the market can rise and fall at any time quickly. That is the risk of potential loose every trader should know need get ready, but in the same time that risk is the actual potential money in the trade..

Simple illustration of how this concepts works is as below:

“you go to any bank and buy for certain amount of dollar, in the following days you go to the bank again and change the dollar into your current currency. You will find that the amount you get back will most of the time not the same, it can be the same as well but only for certain condition.”

What makes the amount changed? It is the rate exchange, this rate actually exchanges from time to time. That is the key for all trader to buy or sell on certain currency, of course with some analysis and observation..

Instead of putting money to the bank or brokers, many people prefer to do by themselves because many companies are available nowadays. I recommend you to use marketiva if you want to start trading but have no money to start, because in marketiva you can start trading with free $5 as a reward. Next is FXCM, this is another way to start because they offer mini account. To start the mini account you will only need to put $25 to start trading live money. Other companies like Insta Trade requires you minimum $100 initial deposit to start trading.

FOREX is different from stock exchange trading, it has no limitation to trade beyond their own country. You can trade all the currency pairs that available regardless where you live. All the transactions are done globally and open for 24 hours from Monday morning in Australia to Friday afternoon in New York.

The currency pairs comprised in 3 letters, please refer below:
1.    US dollar – USD
2.    British Pound – GBP
3.    Euro – EUR
4.    Japanese yen – JPY
5.    Swiss France – CHF
6.    Canada Dollar – CAD
7.    Austaralian Dollar - AUD

Not all people are able to trade constantly profitable in this field, however everyone can learn and practice using virtual account. All it takes is only little patient and ready to make loss in the beginning.

Good luck traders..

Rijel S
mysunsuion@gmail.com
http://mysunsuion.blogspot.com