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The foreign exchange market (FOREX) offers many advantages to investors. But you need to know where to begin.
This short guide will give you the FOREX basics, so you can quickly start participating in this fast growing market.
In the past, foreign exchange trading was limited to large players such as national banks and multi-national corporations. In the 1980′s the rules were changed to allow smaller investors to participate using margin accounts. Margin accounts are the reason why FOREX trading has become so popular. With a 100:1 margin account, you can control $100,000 with a $1,000 investment.
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A Learning Curve
FOREX is not simple, though, so you’ll need some knowledge to make wise investment decisions. Although it is relatively easy to start trading on the FOREX, there are risks involved.
Your first move as a beginner should be to find out as much as possible about the market before risking a dime.
Find A Broker
FOREX traders usually require a broker to handle transactions. Most brokers are reputable and are associated with large financial institutions such as banks. A reputable broker will be registered as a Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) as protection against fraud and abusive trade practices.
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Open an Account
Opening a FOREX account is as simple as filling out a form and providing the necessary identification. The form includes a margin agreement which states that the broker may interfere with any trade deemed to be too risky. This is to protect the interests of the broker, since most trades are done using the broker’s money.
Tip! Selecting a Forex broker.
Once your account has been established, you can fund it and begin trading.
Many brokers offer a variety of accounts to suit the needs of individual investors. Mini accounts allow you to get involved in FOREX trading for as little as $250. Standard accounts may have a minimum deposit of $1000 to $2500, depending on the broker. The amount of leverage (how much borrowed money you can use) varies with account type. High leverage accounts give you more money to trade for a given investment.
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Trades are commission-free, meaning that you can make many trades in one day without worrying about incurring high brokerage fees. Brokers make their money on the ‘spread’: the difference between bid and ask prices.
Paper Trading
Beginning traders are strongly advised get accustomed to FOREX by doing “paper trades” for a period of time. Paper trades are practice transactions that don’t involve real capital. They allow you to see how the system works while learning how to use the various software tools provided by most FOREX brokers.
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Most online brokers have demo accounts that allow you to make free paper trades for up to 30 days. Every new FOREX investor should use these demo accounts at least until they are consistently showing profits.
FOREX Software
Each broker has its own set of software tools for making transactions, but there are a few tools that are common to all FOREX brokers. Real-time quotes, news feeds, technical analyses and charts, and profit-and-loss analyses are some of the features you can expect to see on most online brokers’ web sites.
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Almost every broker operates on the Internet. To access a broker’s online services you’ll need a reasonably modern computer, a fast Internet connection, and an up-to-date operating system. Once your account is set up, you can access it from any computer just by entering your account name and password. If for some reason you are unable get to a computer, most brokers will allow you to make trades over the phone.
There are lots of ways to make money. FOREX trading is just one more potential stream of income — if you are prepared to learn and practice.
About The Author
Ron King is a full-time researcher, writer, and web developer. Visit http://www.forex4u-now.com to learn more about this fascinating trading vehicle.
Have you ever wondered how the Forex market works? Are you curious about becoming a trader, but don’t know how to get started? Well, believe it or not, it’s very easy and you don’t even need any money to get started. Let me introduce you to the world of currency trading.
Forex, or foreign currency exchange, trading can be broken down into several key elements. These include a market, your broker, your broker’s trading software, and yourself. In short, you will make decisions, enter them into trading software, and watch the results. It isn’t necessary for you to know very much else about your broker at this point.
However, the most important thing to know about your broker is that any money you deposit in your account is protected. Find out where each broker you are considering is located and see if they are required to work with local regulatory agencies. Honestly, the best way to scope out brokers is to find a trading forum and ask others for advice.
Once you have found some candidate brokers that meet your trust and regulatory requirements, then it is time to dig a little deeper. Two things you will want to consider are the features found in their trading software and the cost of entering a trade. Simply download their software, generally referred to as a platform, and start trading with a faux money game account.
The cost of entering a trade is known as the pip spread. Without getting technical, the difference between the market buy price and the market sell price is the spread, expressed in points or pips. The larger this spread then the more the market has to move in your favor for you to make a profit. However, it is certainly appropriate to accept a slightly higher pip spread if you find a broker or trading platform that you really like.
Let me summarize this to show you how simple it really is. Find a broker. Download their trading platform. Open up a free game account. Buy and sell currency pairs in order to get familiar with market movements and your trading platform. Continue using a game account for several months until you have witnessed a wide variety of market activities.
That’s it. Now, once you’ve started trading in a game account, it is time to start visiting some online trading forums and reading everything you can. You’ll want to learn about charting, fundamental and technical analysis, stops, limits and plenty of other arcane terms that are actually very simple to learn once you are actively involved in trading.
Finally, don’t worry about whether or not you have chosen the best broker, because you’ll have plenty of time to move to another. In fact, by the time you are ready to graduate to a live account, you will surely know whether or not your broker’s platform offers all of the charting or trading capabilities that you desire. Now, get out there and start trading.
About the author
Max is an FX trader writing a blog about his foreign currency trading exploits. Visit http://trying-forex.blogspot.com/ to follow his progress.
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Money, in one form or another, has been used by man for centuries. At first it was mainly gold or silver coins. Goods were traded versus other goods or against gold. So, the price of gold got a reference point. But as the trading of goods grew among nations, moving quantities of gold around places to settle payments of trade became cumbersome, risky and time consuming. Therefore, a system was sought by which the payment of trades could be resolved in the seller’s local currency. But how much of buyer’s local currency should be equal to the seller’s local currency?The answer was simple. The strength of a country’s currency depended on the amount of gold reserves the country preserved. So, if country A’s gold reserves are double the gold reserves of country B, country A’s currency will be twice in value when exchanged with the currency of country B. During the first World War, in order to meet the tremendous financing needs, paper money was created in quantities that far exceeded the gold reserves.After the cease of World War II the western allied powers tried to resolve the problem at the Bretton Woods Conference in New Hampshire in 1944. In the first three weeks of July 1944, delegates from 45 nations gathered at the United Nations Monetary and Financial Conference in Bretton Woods, New Hampshire. The delegates gathered to discuss the postwar recovery of Europe as well as a number of monetary issues, such as unstable exchange rates and protectionist trade policies. In the early 1940s, the United States and Great Britain developed proposals for the creation of new international financial institutions that would stabilize exchange rates and promote international trade.The delegates at Bretton Woods arrived at an agreement known as the Bretton Woods Agreement to establish a postwar international monetary system of convertible currencies, fixed exchange rates and free trade. To help these objectives, the agreement created two international institutions: the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (the World Bank). The aim was to render economic aid for reconstruction of postwar Europe. An initial loan of $250 million to France in 1947 was the World Bank’s first act.Under the Bretton Woods Exchange System, the currencies of active nations could be changed into the US dollar at a fixed rate, and foreign central banks could change the US dollar into gold at a fixed rate. It was similar to forex trading.The United States, under President Nixon, retaliated in 1971 by devaluing the dollar and pushing realignment of currencies with the dollar. The heading European economies tried to counter the US move by adjusting their currencies in narrow band and then float jointly against the US dollar.Fortunately, this currency war did not last long and by the first half of the 1970′s heading world economies gave up the fixed exchange rate system for good and floated their currencies in the exposed market. The idea was to let the market determine the value of a given currency based on the demand and supply of the currency and the economic wellness of the currency’s nation, it sown the forex trading. This market is popularly known as the International Monetary Market or IMM. This IMM is not a single entity. It is the collection of all financial institutions that have any concern in foreign currencies, all over the world. Banks, Brokerages, Fund Managers, Government Central Banks and sometimes individuals, are just a few examples.Although the currency’s value is dependent on the market forces, the central banks still try to keep their currency in a predefined (and highly confidential) fluctuation band as a part of their forex trading strategies. They achieve this by taking several steps.—Andrew Daigle is the owner and author of many successful websites including a free forex training website called ForexBoost and a forex blog to learn forex trading systems and strategies.
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