What is Forex trading?

Here is a quick guide to currency trading. Find out how you can begin trading currencies over the internet via a web-based broker, and how to create profit (make money) on your trades.

What is Forex trading?
22. April 2024 by Click insider / Trading

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It is easy to start with foreign exchange trading. You will need:

  • Capital (i.e. money in any currency).
  • A trading account with an online broker.
  • Basic understanding to trade currencies.

How much money you need to engage in currency speculation?

We assume that you have some money already. You do not have to be rich to start with currency speculation. If you NOK 1000, you can open a full-fledged currency account with even the best currency brokers online. Some brokers let it begin with even smaller amount also. It is obviously easier to earn a lot if you invest larger amounts.

You 've already tried forex trading

Most of us have already tried currency trading. If you have traveled to another country, you have probably already conducted a trade in the currency market.

This guide is not about exchanging currencies for the same purpose as when you are traveling in foreign countries, but how to make money on currency speculation. It's fun there, just wait to see! The goal is not in itself to switch from one currency to another, but to make money on changes in exchange rates.

Exchange marketis the world's largest financial market. Even the largest stock markets in the world are small in comparison. If Oslo Børs is the moon, the sun currency market

Traded daily values in the FX market is about 20 trillion every day. In comparison the NYSE is only 440 billion dollars, and london stock exchange only 42 billion dollars

As you can see from the figures above are not even the largest equity markets in the world near the currency market daily trading volume.

Although all stock markets in the world combined is less than the foreign exchange market.

The easiest way to learn forex trading

One can read many books on currency trading, without being able to gain profit in the currency market. But it is also possible to make money in the currency market even without reading a single finansbok.

Many good traders started to "play " in the currency market. They used trivial or used fictitious play money at first, so they are not opaque to the day they really understood what they were doing.

A good way to get an idea of ​​what forex trading is all about, is simply to create a demo account with an online broker offering forex.

Even if you know little or nothing about currency trading, it is to try out a free and risk free demo account is a great way to start. Why?

Because you're going to ask yourself the question: What is this? How do you do that? Why is this so? Which currency should I buy now to make the most money?

Questions come by themselves, and the answers are commonly out of the way.

A demo account is a risk- free tool to play around on the currency market. Think about it, both human and animal toys when they are children. It is a strategy by nature, the best way to learn is through play.

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