What is Forex and How to make money with Forex (summary)
This is the final summary post on forex and how to make money with forex. The next series on Ideas on how to Become Rich will be on various rich people, because one of the key ideas on how to become rich will be looking at rich people, like Warren Buffett and Bill Gates and then finding out how they became rich or looking at various perspectives and methods of earning money or making value through stocks and the like. Simply put, the next series here on this money making blog will be case studies on the rich and famous, especially my favourite Warren Buffett. (Yes, I've mentioned it before, I am a bit biased.)
Here are the links to the various articles on forex:
What is Forex and How to make money with Forex
What is Forex and How to make money with Forex 2
What is Forex and How to make money with Forex 3
What is Forex and How to make money with Forex 4
What is Forex and How to make money with Forex 5
The first post details the introduction to forex for beginners. What is it, and how can it make you some money and how do you become rich by dabbling in forex?
The second post deals with words and phrases, vocabulary if you must call it that, associated with forex and trading currencies. The vocabulary is important in the acquisition of forex knowledge and a basic working knowledge of forex.
The third post details the reasons why you should choose forex as an avenue for making money. Why should you choose forex over making money using the normal stock market or the other investments detailed here in this money making blog?
The fourth post deals with fundamental and technical analysis. In fact, one of the key ideas of investment, for both forex speculation/currency trading and investment using the stock market, is the difference between fundamental analysis and technical analysis. Fundamental analysis and technical analysis are key to investment, be it stocks or forex.
The fifth post is basically about strategies for forex and strategies on how to make money with forex. All these articles are basic introductions and ideas on making money and do not represent information that you can immediately and directly use on the forex market. These articles and posts here on this money ideas site are for you to learn about forex and then get an inkling of the various possible ways that one can earn money.
This last post on forex is a summary, so that it is easier to get a gist, and also so that it is easier for beginners and learners to navigate around my site and see and learn the various ideas and concepts for forex here. Forex can be a very lucrative and money making venture for some, and hence a basic and sound grasp of forex fundamentals will prove vital. Come to my site here and learn about forex and how to profit and make money from forex!
From the next post onwards, case studies on the rich and famous, so that we can glean lessons and ideas on how to become rich.
What is Forex and How to make money with Forex (summary)
What is Forex and How to make money with Forex 3
Why utilise the forex market to make money? Why should I choose forex trading over other investments?
In this series I am talking about forex. I will now give reasons for picking forex trading over other investments or financial instruments.
The forex market is basically the market where currency is traded, and it is the largest financial market in the world. Until the 1990s only major players and big institutions could play this game, but now with the rise of the Internet even the small guy next door can play this game. Information, knowledge, an internet connection, and voila, one can join in the forex market and do currency trading.
Some of the popular, major currencies being traded worldwide:
USD
United States
Dollar
Buck
EUR
Euro members
Euro
Fiber
JPY
Japan
Yen
Yen
GBP
Great Britain
Pound
Cable
CHF
Switzerland
Franc
Swissy
CAD
Canada
Dollar
Loonie
AUD
Australia
Dollar
Aussie
There are many benefits to trading foreign currencies in the forex market. These are the major and most important reasons:
There are no commissions, no middlemen, no fixed lot size when trading, low transaction costs, a 24 hour market, no one can corner the market, leverage, high liquidity, free demo trading accounts, and even better mini and micro trading options are available.
There are no commissions: Brokers are compensated by the bid-ask spread, and so there are no commissions.
There are no middlemen: Spot currency trading eliminates the need for middlemen, and so you can trade directly on the market for a particular currency pair.
No fixed lot size: You can determine your own lot size instead of having a predetermined lot size.
Transaction costs are lower: The transaction costs are lower than most other investments.
24/7 forex market: The forex market never sleeps, unlike your local stock exchange.
No one can corner the forex market: The forex market is huge and hence no one can ever corner it and control it for extended periods of time, even countries and their central banks cannot corner it.
Liquidity in forex is high: You will also never be stuck in a trade because liquidity is very high.
You can have free demo trading accounts: In addition, you can train and practise your skills in forex before you go on to do a real life transaction and real life forex moves.
Minis and micros? Also, if you don’t have much money, you can do the mini and micro trading accounts, which allow people who have little money to start out in forex markets doing currency trading.
You will need some basic capital (your money) and a high speed Internet connection if you wish to get started in forex trading. Good luck and all the best! More to come on this site about forex, forex markets, forex strategies and tips and much more on becoming rich and making money.
