If you're curious about exploring the world of market investment, but don't want to go the route of the traditional stock market, then you could be the right investor for forex, or the foreign exchange market. It's ripe with opportunities that move at a far faster pace than the typical brokerage situation and could pay off well if you develop and hone your knowledge in the field.
Forex, also known as FX or currency trading, is something you've already done if you've ventured overseas. For example, if you travel to a different country, your American dollar needs to be converted to the currency of the nation you're in — and the forex exchange rate determines how much of the currency you get for your dollar. It's all based on supply and demand in a fluid, decentralized global market where all the world's currency lives and engages in trade. And, the forex market is an impressive one: it's the largest, most liquid market in the world with an average trading volume that exceeds $5 trillion.
Unsurprisingly, trading on the forex market can be lucrative, if you can accurately predict where the market is heading. Forex trading is also incredibly fluid — if you think a certain currency will increase in value, you can buy it, and if you think it'll decrease in value, you can sell it to get rid of it. It's that simple.
Plus, the forex market is open 24 hours a day, five days a week (with the exception holidays) — and any firm, person, or country can participate. Plus it's international, meaning you can find a buyer or a seller on short notice, pretty much any time of day.
If you're interested in getting into the forex market yourself, are three tips to get you started:
1. Find a trustworthy broker
When engaging in forex trading, it's paramount that your funds are in safe hands. So, make sure you work with a broker who has a good reputation and participates in one or two regulated markets that are preferably in two different countries. Plus, more established brokers are able to immediately assist you — and with forex being such a time-sensitive market, that's pretty essential to the success of your trading moves.
2. Practice on a trading platform you like
There's a lot of options for trading platforms these days, and you'll want to play around with software demos or virtual trading accounts to see if the functionality truly works for you. And, if you can test it using virtual money and not your actual money, even better.
3. Make informed decisions
Never make your trades impulsively, even if you feel like you need to make a fast decision — always base your actions on the developments you know are happening in the market. In order to be successful in forex trading, you need to make deliberate, focused decisions. It's as easy as setting up news alerts for economic pivots across the globe.
This New York Forex Institute Training & Certification Course shows you how to navigate the market with 124 hours of training and 12 weekly lessons. And, once you finish the course, you'll even get a certificate to validate your learning.
Whether you want to develop a career in currency swaps, become an investment manager, or use all that knowledge to grow your net worth, this course can get you started. The New York Forex Institute Training & Certification Course usually retails for $895, but you can get it now for $25.