TOP TEN QUESTIONS PEOPLE ASK ABOUT FOREX TRADING

A friend recently sent me this article, with the permission to hoist it on this site, so i decided to let my readers give a boost to heir creativity

1. What is FOREX?

2. Why is it hyped so much recently? Until 1998, FOREX Trading was the exclusive domain of banks, government and large corporations but now the market has been “opened up”. You and I, through licensed market makers, can tap into this ‘wealth of nations’ and make as much as we desire.

3. What is FOREX Trading? It is the simultaneous buying of one currency and selling of another. Unlike other financial markets, the foreign exchange market has no physical location and no central exchange. The Forex market operates 24hours a day through an electronic network of banks, corporations and individual traders. Let me spare you the jargons, in short we can now all trade and walk the road of financial freedom.

4. When I gain, who loses?Nobody. You are a trader. When a trader gains who loses? Nobody, really. He/she has only been rewarded for taking risks.

5. I don’t believe in get-rich-quick schemes.And who says retail trading in Forex is an easy means to wealth? If you have ever been in business before, you know that risk goes hand in hand with reward. Frankly, Forex trading is not for everybody and don’t consider it if you are too risk averse. You have to read, research and think continually. Each day is unique and so you need to have vast amount of knowledge and emotional discipline to succeed. But I am yet to see a more rewarding business. To attain consistent profitability takes time and a lot of hard work but that pales into insignificance in the face of the fruits they yield.

6. I am skeptical about online businesses.You should be. Nigeria was recently named the riskiest place for e-commerce. But Forex trading is different. It is not a Nigerian thing nor can your account be hacked into. It is highly regulated by stringent International Trade laws and your identity is constantly verified. Moreover, you are going to be dealing with a registered market maker with real staffs. You only carry out your trade through their platform online or via telephone if you so wish.

7. How safe is my money?As safe as you make it. It is only when you trade that you risk your money. And with adequate knowledge of the market, you can keep risks at a minimum while maximizing returns. I’ll teach you how to do this. I promise. One thing I will like to reiterate is that this is not an investment in and of itself because no passive income accrues. Rather, it is a sort of money-making machine that only works when operated. What I mean is that you have to trade to make profit. Your invested money won’t just grow by itself

.8. Can the market be saturated?No. If so many new traders join, it only makes the market more dynamic. Currently over 2 trillion dollars exchange hands everyday and it is on the increase as more traders enter the market. So, there are no downsides to many people logging on. The system can adjust to and profit from it.

9. How much of technical details do I have to be able to decode and learn in order to be a successful FOREX trader?Learning is a continuous process. But I can tell you that the more you know, the higher your chances of succeeding at a given trade. I will teach you what you need to make at least 10 pips per trade. Afterwards you can confidently catch more profitable pips as your knowledge and confidence increases. 

10. How many hours per day do I need to commit to trading before I can make a reasonable profit?It depends on you. Some people take it as a full time job from the outset while others keep their job and trade part-time. Most times however, the latter group eventually leaves their jobs for the lucrative world of Forex trading. The strategies I will teach you would make you enter the market when it is “happening” so that you don’t waste precious time on your computer.