The Foreign exchange market, also known as Forex, currency market or FX market is by far the largest financial market in the world. It includes trading between large banks, central banks, currency speculators, multinational corporations, governments, and other financial markets and institutions.
The average daily trade in the global Forex and related markets is currently over US$ 5.1 trillion by 2016. Lots of traders are starting to trade Forex due to the Forex market advantages. Here are the most important Forex market advantages:
24 hours a day market
The Forex market is open 24 hours a day (except on weekends). So, no matter where you are based, you can trade Forex at your favorite time.
Forex market is the biggest financial market in the world averaging over 3 trillion USD daily.
Easy short selling
On Forex it’s as easy to buy a currency pair as to short sell it. There’s no uptick rule like on Nasdaq.
The leverage on Forex can be as high as 200:1 which means that you can trade up to $100K with just $500.
Free commission fees
Commission fees are 0 on Forex. The only cost in buying a currency pair is the spread.
Free trading platforms
On Forex most brokers offer good trading platforms for free.
Free Demo accounts
Most Forex brokers offer free demo accounts which allow you to start practicing with virtual money. This way you can learn Forex without risking your money.
How Can I Start Making Money on Forex?
If you’re just starting on Forex, you need to read everything you can about it. Start by reading free ebooks like this one and check some top Forex courses on the market. Think about your education as an investment on yourself, not as an expense. Some people argue that you can learn everything about Forex for free. Well, it’s possible, but I think it to become a good trader without investing in his education is not going to happen.
This is true for absolutely anything in real life. Have you ever imagined an engineer performing a a software if he has not invested in his education? The same happens in Forex. Forex is a business and as a business it needs time and investment on your part. If you don’t treat it as a business you won’t be able to earn money on it.
There’s no holy grail out there that can make you money effortlessly but there are some courses and systems that can give you all the knowledge you need to succeed.
The only good education that comes for free is the experience. This is a value resource and since all Forex brokers offer you a demo account for free, you can gain experience without risking any money.
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