FOREX Trading
The Foreign Exchange is the largest exchange market in the world. With the prospect of quick, hefty profits and the explosion of Internet technology and availability, FOREX trading has dramatically grown in popularity among investors of all types. But trading in this market isn’t easy. As with any other securities exchange, the successful trader must not only be knowledgeable and savvy with regard to the currencies being traded but also the venue in which he or she is operating.
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FOREX trading is a very specialized form of day trading. (Day traders invest by buying and selling securities, or opening and closing their market positions, on the same or within a few days.) Because of the high margins available in the FOREX, investors can control large amounts of currency with relatively small outlays of actual cash. Although this leverage creates the potential for enormous profits, it can also open the door to huge losses. The would-be FOREX trader must therefore remain wary that, just as with any other type of investment, taking a financial beating is always possible.
The FOREX market provides a variety of unique and attractive investing opportunities. Study the articles of this section carefully, as well as other information and tools for the FOREX market. Safeguard yourself by becoming familiar with various risk management concepts. You'll need an account and trading platform with a reputable broker in order to begin trading. One such firm, known as HotForex/XM, offers full service, customizable, and commission-free trading and support based on your experience and desired activity level. They give you full control over your account, even leverage and spread amounts.
You're also encouraged to take advantage of some of the many FOREX practice platforms available on the Web. One of the best, eToro, provides an amazingly simple and fun way for you to "get your feet wet" in the market without actually risking your money. Excellent graphics enable you to see and understand exactly what's happening while your market "position" is open, and they even offer prizes for the day's most successful traders. Online help and a Community Forum are also included. When you feel comfortable and experienced enough, you can make the jump to one of their real trading accounts.
Yalicoo, a simulation-only trading platform, is another great learning tool. It allows you to join real-time trading "games," again without risking real money. Their virtual platform hosts daily, weekly, and monthly competitions, with the most successful traders earning actual cash prizes. Learn from experienced players, and get expert analysis of winning strategies.
Educate yourself thoroughly before taking advantage of this investment vehicle; knowledge and prudence will give you your best chance of success in this, or any other, exchange market.
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