Forex Trading Online
Forex Trading online
(foreign exchange trading)
can be very lucrative but has only recently in the last few years become available to private individuals.
Previously exclusive to banks, business organizations and licensed brokers, today millions of ordinary individuals are trading forex online. All that is required is an internet connection and a small deposit.
It's a 24hr global market with a $2.5 trillion daily turnover and growing rapidly as more people discover the huge money making potential. In fact this growing market has so many participants that no single institution such as a central bank, can manipulate prices, unlike equities, where much goes on behind the scenes beyond the control or knowledge of private investors.
Forex traders can take advantage of high leverage, for example 1:100 where $1000 will get $100,000 of the base currency. The four major most commonly traded and liquid currency pairs are EUR/USD, GBP/USD, USD/JPY and USD/CHF.
There is no physical transaction of currencies, but it is rather an agreement, or "contract", with the online broker, to trade a specific volume of a pair of currencies at an agreed exchange rate. There is no commission to pay as the broker makes money on the spread, which is the difference between the buy and sell price.
Mark McRae offers some of the best and most easily understood forex mini-lessons for FREE
. They include video demonstrations so you can see exactly where and why he entered the trade and the signals he used to enter the trades. Just Click Here
and scroll down to the bottom where it says 'Who else wants to trade like a pro?'
and sign up.
Signals can be found at Mataf
. I usually have a look at his signals which arrive about 06.00am in the UK. He gives the entry, target and stop loss signal for currency pairs his technical analysis indicates for that day. His system has a 75 per cent success rate which is above average. He also lists a complete archive of past signals it you have the charts to backtest.
Forex Charting Software
If you need real-time forex charts IntelliChart(TM) at FXtrek is an advanced foreign exchange charting software and is one of the best packages with a desktop or online option. With the desktop version you can configure your own signals by filling out various parameters according to your system to receive an alert for entry points.
Dashboard FX, as part of FX Universal, is state of the art institutional-quality real time forex trade signal software. It outperforms all the others and offers a major advance in instant technical and fundamental analysis for traders who simply don't have the time to study charts and economic indicators. They offer a FREE trial period.
If you are interested and think you might like to give forex trading a try, never ever leap in straight away and trade with your hard earned cash. Always start with a demo account and do a trial for at least one month before going live. Most online brokers offer a demo trading platform with $10,000 of virtual money to play around with to help you become really familiar with how everything works.
Once you are confident with executing trades you can spend more time on learning about the various indicators for entering and exiting trades. The cardinal rule to remember is - if you can't make money with a demo account, don't expect to make money with a live account. Having said that, please remember that psychologically, trading with your own money is totally different to playing around with 'pretend' money.
Undoubtedly there can be huge financial rewards in trading on the foreign exchange market for anyone willing to learn, but it should be remembered that although anybody can trade forex, not everyone is disciplined enough to not trade if the signals are not there.
Bear in mind also that although you can make lots of money, the possibility for incurring large losses also exists, so forex trading may not be ideal for everyone.
Learn Online Currency Trading
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