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Millions are won regularly at the world’s largest financial casino. The $4trillion dollar a day foreign exchange market creates new millionaires constantly as retirees, plumbers, unemployed – in fact people from all walks of life participate in the currencies game know as Forex or Currency Trading. In the early 1990s only banks traded the foreign exchange market. Now the forex market is open to everyone with access to the internet.
Daily thousands of new people with $1,000 and less start trading forex. This is the one financial instrument which continued to make profits for traders around the globe when the Global Financial Crisis was decimating share markets and pummeling property values. If you too want to start making really good money trading currencies start by reading the wealth of free educational material all over the net. Approach it in a business like manner – beginning with the learning process and then practice trading with a demo account which most fx brokers offer. Do take the time to learn about the markets before trading and practice sound money management – such as never trading without stops and never risking more than 3% of your capital on any one trade.
Even an amateur can rake in thousands of dollars a week starting with just a $1,000 in your trading account.. It is not difficult to make $1,000 daily trading currencies with the assistance of leverage provided by brokers. You can still borrow one hundred times your deposited capital (until sometime in October – when it will be reduced to 50 to 1 by legislation) with which to trade. Thus if price changes just one cent in the currency rates you can make $1,000.
Currencies are traded in pairs. The Euro is traded against the US Dollar – EUR/USD. For example if the Euro is worth 1.2789 USD and price moves up to 1.2799 there is a 10 pip gain – which is how traders measure their profits and losses in forex. Each pip is valued at $10. Therefore a 10 pip move equals $100. Daily currencies often fluctuate 100 pips or more enabling traders to make $1,000. Part-time traders usually settle for doubling their capital monthly rather than daily – trading only a few times each week and making around $300 or 30 pips each trade starting with just $1,000 capital. After 10 months of reinvesting profits your capital can compound to become $1million. Do the maths – double $1,000 10 times and see for yourself what you could have in under a year.
Forex traders won millions at the time of the Global Financial Crisis. Millions continue to be won by many currency traders – trading from their homes or office. Since hundreds of thousands of dollars trading capital is not required to buy and sell currencies online. Anyone with a few hundred dollars can double their capital rapidly. Take it easy to begin with and practice using only a demo account. When you can make a consistent profit in a practice account only then open a real account with just $200.
Realize that learning to trade forex can cost you $200 per lesson to begin with – as you might have losing trades for awhile. Persistence will pay off – you only need to be able to follow instruction and learn how to conserve your capital. There is nothing difficult learning how to trade currencies. A schooled trader is able to make a good living from forex markets trading just a few minutes a day or by employing an automated forex trading robot.
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Source by Del Izarde
