If you are curious about exploring the world of investing in the market, but don’t want to go the traditional stock market route, then you might be the right investor for the forex or forex market. It is full of opportunities that evolve at a much faster rate than the typical brokerage situation and may well pay off if you grow and hone your knowledge in the field.
Forex, also known as FX or currency trading, is something that you have done before if you have ventured abroad. For example, if you’re traveling to another country, your U.S. dollar needs to be converted to the currency of the country you’re in – and the exchange rate determines how much currency you get for your dollar. Everything is based on supply and demand in a fluid and decentralized global market where all of the world’s currency lives and trades. And the foreign exchange market is impressive: it is the largest and most liquid market in the world with an average volume of transactions exceeding $ 5,000 billion.
Not surprisingly, trading the forex market can be lucrative, if you can accurately predict where the market is heading. Forex trading is also incredibly smooth: if you think a certain currency will increase in value, you can buy it, and if you think its value will decrease, you can sell it to get rid of it. It is that simple.
Additionally, the forex market is open 24 hours a day, five days a week (excluding holidays) – and any business, person or country can participate. Plus, it’s international, which means you can find a short-term buyer or seller pretty much any time of the day.
If you want to get started in the forex market on your own, here are three tips to get you started:
1. Find a trusted broker
When you engage in currency trading, it is essential that your funds are in good hands. So make sure you are working with a broker who has a good reputation and who participates in one or two regulated markets which are preferably in two different countries. In addition, more established brokers are able to help you immediately – and forex being such a time sensitive market, this is quite essential for the success of your trading moves.
2. Practice on a trading platform you like
These days there are plenty of options for trading platforms, and you’ll want to play around with software demos or virtual trading accounts to see if the feature really works for you. And, if you can test it using virtual money and not your real money, even better.
3. Make informed decisions
Never trade on impulse, even if you feel like you need to make a quick decision – always base your actions on developments you know are happening in the market. To be successful in forex trading, you need to make deliberate and focused decisions. It’s as easy as setting up news alerts for economic hubs around the world.
This New York Forex Institute Training and Certification Course shows you how to navigate the market with 124 hours of training and 12 weekly lessons. And, once the course is completed, you will even get a certificate to validate your learning.
Whether you want to develop a career in currency swaps, become an investment manager, or use all of that knowledge to increase your net worth, this course can get you started. The New York Forex Institute training and certification course typically costs $ 895, but you can get it now for $ 25.