Getting Started in Currency Trading: Winning in Todays FOREX Market by Michael Duane ArcherAn accessible introduction to trading currencies While the Foreign Exchange (Forex) market can be a very profitable place, you must have a firm understanding of how to operate within this environment if you intend on achieving any success.
Thats why you need Getting Started in Currency Trading, Third Edition. This reliable resource-written for both newcomers and those with some Forex experience-puts trading world currencies in perspective, and shows you exactly what it takes to make it in this field.
Guides you through the process of opening your own account as well as the actual placing and managing of currency orders Offers specific trading strategies and tactics A companion Web site will provide updates on brokers and FOREX services; an authors Blog will answer your questions about all aspects of trading Includes a new chapter on Forex trading platforms The often confusing FOREX calculations are reduced to handy computer-side tables On the heels of the recent market crash, this fully revised Third Edition is filled with in-depth insights and practical advice that takes into account all of the recent changes in the currency market and shows you how to profit from them.
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Trading foreign exchange on the currency market, also called trading forex, can be a thrilling hobby and a great source of income. You can trade forex online in multiple ways. Read and analyze international economic reports, then choose a currency you feel is economically sound to trade with, like the US dollar or Euro. Start placing orders through your broker based on your research findings, then watch your account to monitor your profits and losses. To learn how to analyze the market and set your trade margins, keep reading! This article was co-authored by our trained team of editors and researchers who validated it for accuracy and comprehensiveness.
Learning to trade in the Forex market can seem like a daunting task when you're first starting out, but it is not impossible. Here we will cover the preliminary steps you need to take to find your footing. In no specific order, the eight currencies every Forex trader should know are the U. In every Forex transaction, you are simultaneously buying one currency and selling another. Since every currency in the world is attached to an i nterest rate set by the central bank of that currency's country, you are obligated to pay the interest on the currency that you have sold, but you also have the privilege of earning interest on the currency that you have bought. The difference between the price at which a currency can be purchased and the price at which it can be sold is called the spread. It is calculated in " pips ," and this difference is how Forex brokers make their money, since they don't charge commission.
Before entering the foreign exchange (forex) market, you should define what you need from your broker and from your strategy. Learn how in this article.
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LEARN FOREX TRADING ONLINE
They are an amazing broker for traders of all skill levels, have amazing customer service, and intuitive trading tools and platforms. A firm grasp of the most commonly-used forex lingo will make your entry into the market much simpler. Once you know the lingo, you can read a few forex books, take a few online forex courses or join an online forex trading community.
As with any new venture, and indeed, more than is true with most ventures, a reasoned approach to forex trading is desired. Although there may be many ways to get started in forex trading, the following steps should be considered:. As with any new venture, forex trading requires a certain amount of education before trying. Part of the education process involves learning about the world of forex trading, but an important part includes education about the kind of person you are. Trading, perhaps particularly forex trading requires character traits that are not present in everyone. If you do not have the particular mix of characteristics required to be a forex trader, this is not necessarily a personal shortcoming.