Question by Katherin James: What is forex and currency trading. Is it a kind of business?
Please let me know in detail abut the forex and currency trading business?
Best answer:
Answer by Aaron Brown
It’s a way to invest your money kind of like the stock market. You are buying and selling, just like the stock market. But rather than buying and selling the actual currency itself, you are buying and selling the DIFFERENCE in value (aka the exchange rate) between two different currencies.
Best way to get into the Forex is to open a demo account at http://comefollowme.zulutrade.com/Performance.aspx and add some strategies to your portfolio. It’s all free, and it’s the largest Forex strategy website in the world. I’ll post some more links below in my sources.
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Forex or currency trading is the exchange of one currency for another with the aim of making a profit within the Foreign exchange market. Each foreign currency transaction involves a buyer and a seller. The buyer and seller effectively swap currencies. This implies that to buy a currency, you must sell a currency; which is why currencies are always quoted and traded in pairs. Example: EURUSD, USDJPY, USDCHF and GBPUSD.
Anyone should have good knowledge of forex trading before getting into it as it is very risky business.
Forex is a skill that has to be learnt. If you are under the impression that it is a get rich quick scheme that anyone can do without any knowledge then give up. Real traders take years to perfect their knowledge in forex trading.
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