Are you interested in the world of Forex Trading? Are you a beginner and want to learn more about this fascinating world of investment? Then you are in the right place. We all want to know more when it comes to trading forex. You may have heard some fabulous success stories and want to understand the ins and outs of the forex world. Let’s bust the myths and get to the bottom of all that forex jargon.
The Best Forex offers for Beginners
What is Forex?
Forex is the abbreviation of foreign exchange. The foreign exchange, for those of you who don’t know, is the exchange of one currency with another. When we travel to another country, we need to buy the currency of the country that we are travelling to (how else would we eat and buy giant inflatable donuts?) We use our own currency to do this, therefore, we are exchanging our currency with a foreign currency, hence, the foreign exchange.
How do we Trade with Forex?
Forex trading uses the same principle as above: the exchange of one currency with another. However, the difference between forex trading and the above-mentioned scenario is that forex trading is all done online. When you trade currencies through the forex market, they are traded in pairs. The reason for this is that you buy one currency with another. For example, you might trade GBPUSD (the great British pound and the American dollar). Some of the other currencies you might trade could include:
- NZD (New Zealand dollar)
- EUR (Euro)
- CHF (Swiss Franc)
- CAD (Canadian dollar)
Why Trade Forex?
There are many benefits of joining the world of forex trading; it is an exciting and fast paced environment. Some people enjoy the risk that is poses and the chance to partake in something that is new and diverse. The most obvious advantage to forex trading is the opportunity to earn some big bucks- the greater the risk, the greater the reward!
How to Access the Forex Market
You are able to access the market 24 hours a day, 5 days a week. There are several different apps out there to enable you to trade and several forex trading platforms that make your experience smooth and easy. The platform that you choose is entirely up to you. Try some out and see what platform best suits your trading style.
If you would like to further your knowledge on the world of forex trading, there are several books and websites with more information on forex trading available. Forex Trading for Beginners by Anna Coulling is a worthwhile read, whilst the likes of sites such as Admiral Markets and Forex Time provide you with up to date and detailed guides on forex trading. You are now ready to conquer the world of forex. Good luck and happy trading!