Hello guys, I have seen a lot of threads about forex trading. Can you please explain what is forex trading, what does it involve? I also read it is risky, by what means is it risky? Any other information that you can share, will be thankful to you. Thanking you for reading.
It is another kinda investment. Master yourself about the topic before taking a plunge. Just google and learn more. Moreover, it is not the right time to enter.
Forex mean foreign exchange trading, but it's not a physical trading. It's a margin trading, thats why it's become so risky. It only take 5 minute to loose you thousand of dollars.
Forex is the same as money exchange ! Let's say - you paid 100$ and got 70 EUR .. after 5 days, you check change it back to USD. Now, depending on what's the current rate, you will receive a bit more or less than you had. So .. basically, buy/sell money ! Why risky ? Because value can change VERY fast, which means you've lost your money.
im learning to trade forex now, i use babypips.com which is an amazing site. I used a demo account and today i profited $440 in one day.
The site mentioned above by the other posters is a good reference. One of the things he have to be careful of is that there are so many affiliate products being sold for Forex trading that when you search Google for Forex trading you do get all kinds of biased opinions. And of course most of these opinions are based on affiliate products being sold electronically. Finding impartial advice on how to trade on Forex can be a bit of a challenge. So be careful.
Forex trading is about buying or selling a pair of currency. You only buy the pair when you think it will rise against the other pair. By risk,it mean you can lose all the money you have in the account by a margin call.