I’ve had a lot of people ask me about Forex Trading. I looked into it briefly and found that it is very complicated. However, if you know what you are doing you can make a lot of money. If you don’t know what you are doing, you can lose a lot of money. I believe Forex Trading is only for the most experienced investors.
So naturally the first question to ask is:
What Is Forex?
Forex is a “FOReign EXchange market” (Forex, get it?) where currencies are traded. Currency trading is a very big deal. Most people around the world may not realize it, but currencies need to be exchanged in order to buy and sell products and services. If you live in the U.S. and want to buy wine from France, you are going to have to convert the money to euros. The U.S. importer has to exchange the equivalent money of U.S. dollars into euros.
There’s no central currency for all the countries to exchange their money to. Instead, you have to convert your money for that specific market. Sometimes people think the Russian currency is hot and other times they think the U.S. Dollar is hot. Whatever they think is hot is going to influence the price of the currency. If you can predict what’s going to be hot at any given time, you can make a lot of money.
Being Successful in Forex Trading
The problem is… where do you get that expertise? You can play hunches and hope you get it right. That’s usually not very smart. I don’t think that’s investing. It’s more like gambling.
The better way to have success in Forex trading is to analyze the markets. Some software for doing that comes from IFC Markets cfd broker. I don’t have much expertise with Forex, but I hear that their IFC Markets GeWorko Method software is very good. I highly recommend you give a look. If it works for you, get back to me and tell me what you like about it.