Skip to main content

Getting Started In The Forex Foreign Exchange Market

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

Popular posts from this blog

How To Start Trading The Forex Market Part 4

How Currencies are quoted and what moves individual currencies? ONE of the best advantages in FOREX Trading is The amount of money you need to place a trade (known as "margin") is all that can be lost ! You have to know, that despite the super-high leverage offered by some Forex brokers up to (400:1); meaning if you put up $ 1000 the broker will allow you to trade like you really have $400.000). Forex trading is still less riskier than Stock or Futures Trading, where you can loose more than you have deposited in your account. This type of LEVERAGE does NOT EXIST in the equities or futures market In the Equities or Futures markets, very often, sudden and dramatic moves occur, against which you can’t protect yourself, even by having placed your protective stops. Your position may be liquidated at a loss, and you’ll be liable for any resulting deficit in the account. But because of the FX market’s deep liquidity and 24-hour, continuous trading, dangerous trading gaps and limit m...
Read More »

Is It Safe To Invest In Shares Or The Forex

You feel yourself financially able and personally qualified to invest. You can meet the conditions of reasonable stability, reasonable flexibility, and reasonable caution. But nagging doubt remains. Wouldn't you really be better off with your extra cash in a savings account? Or a piece of real estate? In short, is it really safe to invest? Well, how much safety do you require? Since there are no absolutely sure things anywhere, safety must be looked at as a matter of degree. There are no guarantees of success in stock ownership, no guarantees against loss. Even the thoughtful, conscientious investor can be taken to the cleaners. It should be remembered, however, that investment in stocks is a way of sharing in the profit potential of American industry. Is the American economy safe? It seems to be. Since 1900 it has been rising in productivity at an average rate of 4 per cent per year. Our Gross National Product is now nearly $480 billion. By 1965, according to quite conservative es...
Read More »

Forex Exiting Positions At A Right Time

The presented article covers one of the most important (in author’s opinion) aspects of trading in general and FOREX trading in particular – managing of orders and positions. This includes choosing entry points, making decisions about exit points, stop-loss and take-profit of the trader. I hope this article will help new traders, who just began to work with FOREX, and also to experienced traders who trade regularly and regularly make or loose their money to the market. When I started to trade FOREX and made my first big losses and profits I began to notice when very important thing about the whole trading process. While the right time to enter a position was rarely a problem for myself (nearly 80% of all my open positions had gone into the “green” profit zone), the problem was hidden in the determining the right exit point for that position. Not only was it important to cut my risk on the potential losses with stop-loss orders, but to limit my greediness and take profit when I can take...
Read More »