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| | | You may have heard the term forex thrown around in the last couple of years. Like, a lot. Personally, I was first introduced to forex through a workshop that I found on social media. It turned out to be a sales pitch to join a software program that cost way more than what it was worth, and to invite a few friends to do the same. Rest assured, despite what you may have heard about forex, it is definitely not a pyramid scheme. When done right, forex can be a very effective method of investing. | | What is Forex? | | Forex stands for Foreign Exchange. Essentially, it is the global financial market that allows investors to trade currencies around the world. It is also the largest financial market in the world. | | The premise is simple, if an investor believes that one currency will be stronger versus the other, the investor buys that currency. If the currency does, indeed, end up being stronger, then the investor makes a profit. The practice literally calls for the investor to exchange one currency for another. | | The Forex market is a global, decentralized market, where exchange rates change by the second, leaving the market constantly in flux. Unlike the Stock Market, which opens and closes at a certain time, Monday to Friday; the Forex market is open 24 hours, from Monday to Friday. | | The Market generally consists of currency traders that invest for speculative reasons. Usually, currency traders are hopeful that they will be able to sell their currencies at a higher price in the future. | | How do you start trading in Forex? | | You may have heard of all these programs that claim to teach you the real secrets of Forex. However, as long as you have a good forex broker, there are many free online resources that you can use to learn the fundamentals of trading in Forex. | | Forex requires one to have a certain amount of capital to trade. So, like an investor would in stocks, you should only invest what you can afford and you should do all your research before you invest in anything. | | | | | | |
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