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Forex Trading - Top Tips To Get You Started!


Forex or foreign currency exchange is probably the biggest securities markets in the entire world. There is no specific location where they are like the regular stock market. What it is is a network of different dealers, different traders and different financial institutions. Some people just use it to move cash from one kind of money to another and others are just doing it to try and make money off of the exchange rates.

The basics is like this: the trades made for Forex trading are done ins pairs of different kinds of money. For instance one pair might be the U.S. Dollar and the Euro. The amount of money to buy just one unit of the other currency is considered the exchange rate. So, if you see something like this EUR/USD = 1.5200 means it will cost $1.5200 to purchase one Euro. The amounts are expressed with decimal points because of the small changes that can take place, which are called pips. A pip is important, this is what is used for the basis for the pricing in this kind of trading.

Buyers will make a bid price and then sellers will offer an asking price. The spread between those two things would be a spread of maybe 1 or 2 pips by the wholesalers. The retailers can then raise this spread anywhere from three to twenty pips. If you have a broker remember they will get 10% for example if you made $800 on the Euro exchange the fee would be $80 and you would receive $720. As good as this sounds, remember this kind of trading is very risky.

If you want to start doing this kind of trading remember this is not regulated like regular stocks and it is never advisable for you to do this on your own if you have never done it before. It's much better to hire yourself a broker, one who has been doing it for awhile. Even with a broker though you should find a site, register with them and then use their free demos they offer and do some practice on the site to get a better feel for just how this kind of trading works.

You will also need to set up a PayPal account or something similar to PayPal in order to have money transferred to your account if you make some money. It just makes it easier and PayPal is extremely safe and secure and this is important when you are doing this.

Make sure you do a lot of research by going to a variety of different websites about Forex trading so that you can learn how to understand the different kinds of technical charts and any analysis there might be about the trades, different interest rates and your trade balances. So make sure that you don't forget to take this information and use it on the demos so that you can better understand all of the information you gather about Forex trading.

If you plan to do the trading yourself you should also find out how to work with different trading strategies. Learning different strategies will help you to work with the different market fluctuations. It still however is far more beneficial for you especially if you are new, to have yourself a broker at long enough to where you can learn from them and how they are making money for you.



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