Over $3 trillion changes hands each day in the global Foreign Exchange Market - more than all the Stocks, Options and Futures markets combined - and all at your fingertips online.
Unlike stock exchanges, the Forex market is open 24 hours a day from Sunday night to Friday 4pm (US Eastern time). So if you have a day job you can trade live after hours. You can start as small as you want but still have virtually limitless growth opportunities.
Trading Foreign Exchange is highly leveraged - a small shift in the exchange rate generates a large change in your active trade. This leverage is typically set to generate a $100 gain on one "lot", for each cent change in your favor, in the exchange rate. Of course you lose at the same rate which is why you need to understand how to stack the odds in your favor. Trading is not gambling, it is a game of probability. If you know how to weigh up the trends you can stack trades in your favor.
There are a myriad of sources of classes from basic to advanced and many of them are free. However you go about learning, make sure you go through relatively formal exercise - it will save a lot of wasted time, effort and money if you aren't structured in your approach. Ninety percent of those who dabble will lose enough to give up relatively soon. But for those of you who make the effort, a decent percentage can be successful traders.
While Forex traders usually rely heavily on reading charts, it is important to understand the key fundamentals affecting the value of currencies. News, business climate and interest rates are some of the main influences of exchange rates. Learn the interaction of these factors - don't just rely on charts - and you will become a much better trader.
Our web site at http://www.bluenilefx.com provides information on what to learn and where to get top quality training for beginners through professional traders, mentoring and live trade alerts.
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