Foreign exchange is the largest financial market in the world – transactions worth trillions of dollars take place every day,
traded by a global network of banks, dealers and brokers.
FX prices are influenced by a range of different factors, including interest rates, inflation, government policy, employment figures and demand for imports and exports.
Due to the sheer volume of currency traders and the amount of money exchanged, price movements can happen very quickly. This means there are plenty of
currency trading opportunities, but it also makes forex incredibly volatile.
Being a Forex trader offers the most amazing potential lifestyle of any profession in the world. It’s not easy to get there, but if you are determined and disciplined, you can make it happen. Here’s a quick list of skills you will need to reach your goals in the Forex market:
Ability – to take a loss without becoming emotional
Confidence – to believe in yourself and your trading strategy, and to have no fear
Dedication – to becoming the best Forex trader you can be
Discipline – to remain calm and unemotional in a realm of constant temptation (the market)
Flexibility – to trade changing market conditions successfully
Focus – to stay concentrated on your trading plan and to not stray off course
Logic – to look at the market from an objective and straight forward perspective
Organization – to forge and reinforce positive trading habits
Patience – to wait for only the highest-probability trading strategies according to your plan
Realism – to not think you are going to get rich quick and understand the reality of the market and trading
Savvy – to take advantage of your trading edge when it arises and be aware of what is happening in the market at all times
Self-control – to not over-trade and over-leverage your trading account
While the forex market is clearly a great market to trade, I would note to all beginners that trading carries both the potential for reward and risk. Many people come into the markets thinking only about the reward and ignoring the risks involved, this is the fastest way to lose all of your trading account money. If you want to get started trading the Fx market on the right track, it’s critical that you are aware of and accept the fact that you could lose on any given trade you take.
Advantages of Trading the Forex Market:
24 HOUR MARKET
The Forex market is open 24 hours a day, so that you can be right there trading whenever you hear a financial scoop.
NARROW FOCUS
Unlike the stock market, a smaller market with tens of thousands of stocks to choose from, the Forex market revolves around more or less eight major currencies. A narrow choice means no room for confusion, so even though the market is huge, it’s quite easy to get a clear picture of what’s happening.
LIQUIDITY
The enormous volume of daily trades makes it the most liquid market in the world, which means that under normal market conditions you can buy and sell currency as you please.
SIMPLICITY
Use technical analysis (indicators on charts) methods from other markets like equities.
There is a hard but interesting fact that one should know about trading in general and before investing your hard earned money in any risky asset class.
Efforts made in right direction to understand the markets are one of the major decisive factors for your success in currency trading.
We are one of the largest and most respected firms in the industry. Founded in 1996 by a group of successful bankers and Forex dealers,
our goal is to turn everyday people from around the world into independent traders.