Forex

FOREX
Forex is an acronym for foreign exchange. The currency trading (FOREX) market happens to be the biggest and fastest growing market on earth. Its daily turnover is said to be more than $2.5 trillion , which is 100times greater than the MASDAQ daily turner.
Forex is one of the latest crazes to sweep acrpss the world. Forex gives equal footing to everyone interested in it unlike the stock market which is often rated by those with inside knowledge, you can make good money. Forex is better experienced than read.
THE BIG QUESTION
Now, since it is unlike the stock market and we are not trading in companies, what is involved? Good! The Forex goods (or merchandise) are the curriencies of various countries. You buy Euro, paying with US dollars or you sell the japenese yeh for canadian dollars. That's all. Expert knowledge is not necessary and that is what makes FOREX fascinating. You can make thousands whether you are young or old.
MAKING PROFIT FROM FOREX
Making profit from Forex is very simple and obvious; buy cheap and sell for more! The profit is generated from the fluctuations( or changes) in the currency exchange market. The beauty about Forex market is that regular daily fluctuations, say around 1%, are multiplied by 100! That means that an immense sum of cash can be amassed.
If, for example, the exchange rate of "your" pair of curriencies increase by 0.6% in the last 4hrs, your profit will be 60% on your investment! Suchcan happen in a day, hours or in a matter of minutes.
Moreover, you may also experience a loss of more than your "margin". You may profit unlimited amount, but you never lose more than invested.
HOW TO START
The following steps are necessary to start trading Forex.
1. Open a FOREX account usinga recognized platform: You can use the northfinance platform which requires a minimum balance of $100 dollars for a mini account or you can use Marketiva platform which offers you a free deposit of $5 with which you may start trading with.
2. Fund your account
3. Read books on Forex and attend seminars in your respective cities. Dont start trading immediately as you can lose enormously as is often the case with eager traders and get discouraged.
The following platform's offer FOREX services;
1. http://www.northfinance.com/ - with demo account.
2. http://www.easyforex.com/ - no demo account.
3. http://www.marketiva.com/ - with demo account.
NOTE: A demo account allows you to engage in virtual trading as practice before beginning real trading . It is a training software/package. However, some platforms, discourage it, saying that it introduces recklessness in trading.
HOW TO TRADE
When you have studied and practiced enough and you are finally ready, you select the pair of currencies with which you wish to make a FOREX deal. You also determine the volume of the deal(i.e amount). You then deposit the "margin" (collateral necessary to facilitate the deal. Usually only a very small portion of the whole deal, say : 1% or 1:100).
Before you finally activate the deal,you may "freeze" it for a few seconds. This features is only available at some platforms. This enables you to either change the terms, or accept it as it is, or altogether reject the whole idea.
As you run your FOREX deal, you may monoitor its status and check scenarios online,whenever you wish. You may also change some terms in the deal, or close it. Ultimately, you remain in control, only you can decide when the time is right to cash in your profit.