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Forex Trading

The word “forex” is a contraction of the words “foreign exchange”; it is sometimes abbreviated further, and simply called “FX”. Forex provides opportunities for speculation, and that is likely what stimulated your curiosity.

Forex is simply the trading of currencies. In its broadest sense, forex includes all commercial and speculative buying and selling of all the world’s currencies, making it the largest market in the world. In a forex trade, one currency is purchased while another currency is simultaneously sold; in other words, one currency is exchanged for the one being bought. The term forex properly refers to all currency trading done anywhere in the world; however, in practice, and in the context of this website, the word is often used to refer specifically to the trading of currencies by speculators.

Forex trading has become quite popular in the last decade. Everybody wants to make money but is that so easy? The answer is no. One should have a profound knowledge of how the market functions, before going live with real money.

Forex Trading DOs and DONTs

Trading the markets may look easy but there are some rules to obey. In fact having the disscipline is way more important that anything else, so creating your rules ad follow them is crucial. In this article I will try to emphasize on some important matters which will help you avoid common mistakes.

Like almost any other business model, successful Forex trading can be distilled to a few simple principles. Think of the likes of ‘buy low, sell high’ or ‘pile it high, sell it cheap’, business ‘plans’ which have earned some people lots of money, but which are much more complex to apply in the real world than they appear when set down in black and white. After all, if they weren’t, then there’d be a lot more millionaires around.

Practice

DO practice on a simulator before risking any actual money. There’s always a chance that you might try working with the Forex market and decide it’s not really your thing, or that the evidence in front of your eyes (you’ve just lost a lot of simulated money) is warning you to keep your wallet firmly in your pocket. At the very least, you’ll get a feel for whether the Forex learning curve is one you’re going to be able to climb.