Getting Started In The Forex (Foreign Exchange) Market
Steve Scoresby
I was first introduced to the FOREX (4X) market, the cash market for currencies, at a "4X Made Easy" seminar. The speakers made it sound easy to profit in the market using their trading systems and software, but I was discouraged by the high cost (several thousand dollars) to get started and the recurring monthly fees to continue using their systems and software, so I began to do some research of my own. With a little bit of searching, I found resources that were of little or no cost to get started. It took a little more time and effort, but I was able to gain the knowledge and information necessary to feel comfortable investing in the FOREX market. The purpose of this article is to share with you the resources I found so you can begin investigating this lucrative financial market as soon as possible.
I began my quest with an internet search using such key words as FOREX, FX market, FOREX trading systems, charts etc. This search pulled up a multitude of resources, many requiring and additional investment to access their knowledge, but many free resources were also revealed. One of my favorite sites that I frequent often is fxstreet.com. This site is mostly free giving one access to free live and delayed streaming quotes, free access to real-time charts, free education and training and links to many other sites that can help as well. They are also linked to many of the preferred trading sites that you can actually use to get your trading business started as well.
Before investing real dollars into this market, I would suggest doing two things first: 1) develop a trading system and plan that will allow you to get in and out of the market with the least amount of risk or loss possible; and 2) paper-trade the market to test drive your systems before you invest real dollars into the market. Unfortunately, most of the free information regarding trading systems is basic and introductory; you will have to invest in some training and courses to get started, but you do not have to spend thousands of dollars to get the information. The 4X Profit Professor is one site that is dedicated to on-going 4X education at a fraction of the price other sites are charging. Many of the trading sites will provide you with free access to a paper trading account as an incentive to register with their site. I won't make a specific recommendation here, but browse through several of the links on fxstreet.com and find one you are comfortable with. Realistically, you should plan on paper-trading for three to six months before ever investing any real money into the market.
Many people ask, "Why would I want to invest in the FOREX market anyway?" To conclude, I would like to share with you some of the reasons I think the FOREX market is one of the best investment opportunities around today. 1) Easy of entry into the market. You can get started for as little as three-hundred dollars, where most other markets require an opening balance of five thousand or more to get started.
2) You can big money just working a few hours a week from you computer. You don't have to wait weeks and months for the investment to grow and give you a positive return.
3) The FOREX market is highly liquid with 1.8 trillion dollars exchanging hands daily, you can get in an out of a position at a fair price and have access to the market daily, 24x7, because there are markets open around the world, which you can easily access with an internet connection from you computer.
4) Because of the liquidity of this market, you can leverage your account 100:1 allowing you to invest smaller amounts (compared to stocks 1:1; commodities 15:1) and have higher returns quicker.
5) You can paper-trade the market first, without risking any of your own money, so you can develop the trading systems and plans that will work best for you. Technical analysis works very well in this market and you can make money whether the market is moving up or down, or not moving at all.
6) Finally, once you have a proven trading system down, you can supplement or replace your income, increase your savings and retirement accounts and retire from your regular job much sooner than you ever thought possible.
Take a serious look at the FOREX market. It is real. People are making a ton of money and so can you.
Sincerely,
Steve Scoresby
About the Author:
For a free report on how you can "turn $300 into $30,000 in as little as six months" in the FOREX market go to http://www.4xprofitprofessor.com
The latest information and news on Forex Trading:
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Yahoo! News Search Results for forex
Forex Strategy Outlook: US Dollar Rallies Look Promising (Daily FX via Yahoo!...
A strong US Dollar reversal has led our forex trading strategies to go heavily long the resurgent currency, and our bullish dollar bias calls for further gains in said trend-following systems.
Forex Trade Desk Thoughts (TheStreet.com)
Forex values seem less likely to be set on forward growth and interest rate numbers, and far more likely to feed off the risk tolerance/aversion shown each day in equity markets.
Short-Term Forex Technical Outlook: EUR/GBP (Daily FX via Yahoo! Finance)
The British pound continued to weaken against the euro as investors scaled backed expectations for a rate hike by the Bank of England, and the decline in the interest rate outlook may keep the EUR/GBP range-bound over the near-term as market participants weigh the outlook for future policy.
FOREX-Yen retreats as stocks offer risk trades respite (Reuters via Yahoo! Ph...
* Cross/yen rises led by investor short-covering
Short-Term Forex Technical Outlook: GBP/JPY (Daily FX via Yahoo! Finance)
The British pound weaken against the Japanese yen to retrace the advance from the end of July, and the GBP/JPY may continue to hold a broad range throughout the month as investors weigh the outlook for a global recovery.
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Yahoo! News Search Results for currencies
CURRENCIES: Dollar, Yen Rise As Stocks, Commodities Tumble (Nasdaq)
Both the U.S. dollar and the Japanese yen rose on Monday, as currency traders sought the safe-haven of low-yielding currencies after a slide in Chinese shares and a weaker-than-expected rebound in Japan's economy.
Currencies: Dollar, yen rise as stocks, commodities tumble (Market Watch)
Both the U.S. dollar and the Japanese yen rise as currency traders seek the safe-haven of low-yielding currencies after a slide in Chinese shares and a weaker-than-expected rebound in Japan's economy.
CURRENCIES: Dollar And Yen Rise As Equities, Commodities Drop (Nasdaq)
A weaker-than-expected rebound by the Japanese economy and a steep fall by Chinese shares translated into gains for the yen and the U.S. dollar, with both currencies enjoying safe-haven appeal as equity markets added to recent losses, strategists said.
CURRENCIES: Dollar And Yen Rise As Asian Stocks Plunge (Nasdaq)
The dollar and yen got a lift against major rivals in Asian trading Monday, as a regional sell-off led by Chinese shares sent investors into the perceived safety of lower-yielding currencies.
Asian Currencies: Ringgit Climbs on GDP Outlook, Peso Advances (Bloomberg)
Aug. 18 (Bloomberg) -- Malaysia?s ringgit led gains in Asia on speculation exporters sold the greenback after the local currency?s biggest slide in four months.