From the outside looking in, Forex trading looks so complex and difficult to master. All trading looks that way. In fact, all successful business opportunities look that way. It is that element of fear that causes most people to never even try Forex or the many other great online business opportunities out there.
The reality is that Forex trading really isn't that difficult, and once you go through a Forex trading tutorial or two, you will realize that. The basic concepts of Forex trading can be learned in a matter of days by most, and once those basics have been absorbed, you can start trading. You will learn the rest as you go, and can start earning right away. Just don't neglect to really practice those basics well before moving on to more advanced methods.
The first thing most people need to get out of their heads is equating Forex trading to stock trading. There are some similarities (buying currency on the Forex market is essentially purchasing stock in a national economy), but there are far more differences. To be successful at Forex, you need to understand how currency exchange rates work, and what affects them.
One of the really nice differences between the Forex and stock markets is that you can see the results of your Forex trades and decisions almost instantly, whereas stock trades could last days, weeks or even months. That aspect alone significantly cuts down on the time needed to learn Forex.
A related aspect of Forex trading that makes it better than stocks for someone new to the financial markets is that the Forex market never shuts down. Currency trading is happening 24 hours a day, which means that no matter when you have your free time, you can use it to learn how to become a better trader.
One more thing that makes Forex superior to the stock markets for home traders is leverage. In the stock markets, you need to buy hundreds of thousands of dollars worth of stock to really do anything. In Forex, you can leverage a hundred dollars against 10,000 dollars on the market. That means you can make much more than you invested (or lose it if you are not careful).
The first practical application of your Forex knowledge should be on a Forex practice account. These are provided by most Forex brokers, and can be used to make real trades while risking no money. Of course, you also won't earn any money for successful trades, but you will learn a great deal, not least of which is becoming comfortable with your Forex trading system and the way the market works.
While using this practice account and even after venturing out and trading some real money, it is best to stick to the major world currencies at first. Those include the US dollar, the euro, the Canadian dollar, the Swiss franc and the Japanese Yen. These are the most commonly traded currencies, and so there is a lot more data available for you to analyze and make decisions against.
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