If Banks Are Doing It, Then Why Aren't You?
If Banks Are Doing It, Then Why Aren't You?
Foreign exchange (FOREX) is a great place for huge banks, both central and government, to "shed" a lot of money.
Bank of America earned more than $750 million in 2004.
Before deregulation in 1997, only huge financial organizations could access this moneymaker. However, currently, anybody can create an account and trade FOREX with as little as $300.
Despite being the biggest market in the world (trillions of dollars are traded daily), currency trading is surprisingly unfamiliar. With a consistent upward or downward trend that holds for more than three quarters of the time, this market is the best trending indicator. You don't have to sacrifice your other business interests or social life to trade FOREX, since there is no central exchange and the market is open 24 hours a day.
Many people who used to trade equities, bonds, commodities, and futures have transitioned to trading only FOREX since the market is so profitable and easy to grasp. The likes of Bill Gates and the legendary Warren Buffett now incorporate currency trading into their overall strategies. The adage goes something like, "If you want to be rich, you have to do what the rich do." So, if they are doing it, we should probably do the same.
You have complete control over the level of excitement you experience in this market; a quick turn of the knob will bring you the exhilaration of scalping (no, we're not playing cowboys and Indians) or the calm satisfaction of investing (no, we're not playing cowboys and indians either). The middle ground is occupied by day trading and swing trading. You can trade in any direction you like, or if you're feeling brave, try them all.
Warning: currency trading might not be your cup of tea, but the beauty of this market is that you can give it a go nonetheless. Yes, you can open a virtual or demo account and use it just like a genuine one. Plus, it will not cost you a thing, which is the best part.
Getting from crawling to walking, biking, swimming, driving, and every other milestone in life need expert guidance. Amass your expertise by devoting time to study and consistent practice.
Last but not least, trading foreign currencies might lead to EXCEPTIONALLY WEALTHY status if you are knowledgeable and have good money management skills.
In the beginning, I dabbled in stock trading, but I quickly became overwhelmed by the sheer number of considerations and details surrounding each share and firm. Making the change to swap currencies was a breeze.
You may enroll in a FREE trading course on my website, http://www.HomeForexTrading.com, and I trade the FOREX market full time now.
No way!
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