This sentence is a 'big thing' nowadays especially with the current recession happening. Everyone is looking for ways to make money in this period of time. Forex is a great way to make money online quick provided you have the skills and knowledge how to go about doing it. I am going to share with you (newbie) how you can sit at your comfort of your home and make money with forex trading.
Forex is common term used for "Foreign Exchange." You can sell or buy a currency to make profit from it. Buying or selling currency has to be done in pair. For instant if you 'Long' (buy) GBP (Great Britain Pound) / USD (US Dollar), it also mean you are selling US Dollar.
You must get yourself familiar with forex terms used in forex trading. In another words, educate yourself. There are free forex resources available online, ebooks online and forums online that you can participate in. You can then pick up tips and tricks about trading forex. When you are equipped with enough information, you can open a practice account from trusted and reliable online broker. You can use all you have learned to practice on that account. Until you are confident enough, you can start to trade live with real money as little as $200. Please note, we did not say to fund your account with only $200.
There is some foreign currencies pair that is popular with traders. They are EUR/USD, GBP/USD, EUR/JPY and USD/CHF and are know as major currencies.
Trading come with risks and rewards. To some extend, forex trading is consider highest risk as compare to stocks and shares. You must know your own limit when come to trading. Do not trade with money you cannot afford to lose. You must always set aside your fixed expenses fund before plunging to forex trading. You must only trade with the surpluses so that you do not have that pressure to make decision hesitantly.
Following the above steps will enable newbie to engage with forex trading successfully. Newbie will be able to make additional money from trading forex.
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