IF THE BANKS DO IT - WHY DON'T YOU

All major banks including central and government throughout the world make a “shed” load of money from the currency or foreign exchange market (FOREX).

In the year 2004 the Bank of America made over $750 million.

Until de-regulation in 1997, this money generator was only available to the large financial institutions, but now with as little as $300 any individual can open an account and trade FOREX.

Trading currencies is relatively unknown which is surprising because it is the largest market in the world (trillions of dollars are traded each and every day). It is the best trending market as it keeps moving in the same direction (this can be UP or DOWN) over 78% of the time. As there is no central exchange and because it is a world market FOREX can be traded 24 hours a day so it need not get in the way of your other business interests or social life.

Foreign currency trading is such a lucrative and easy to understand market that many who used to trade stocks, bonds, commodities and futures have switched to trading nothing but FOREX. Even Bill Gates and the world renowned trader Warren Buffet now trade currencies as part of their overall strategies. If they are doing it shouldn’t we follow them, after all isn’t it true that to become wealthy or successful you have to do what wealthy and successful people do.

You can make this market as exciting or as dull as you want, just turn the knob and you can have the adrenalin rush of jumping in and out of the market literally within seconds (commonly known as SCALPING, but we’re not playing cowboys and indians) or the more sedately approach of making your trade and then sitting back (this is known as INVESTING). Somewhere in between there is DAY and SWING Trading. It is entirely up to you which way you to trade or if you really want to go for it DO THEM ALL.

A word of caution, trading currencies may or may not be right for you but the good thing about this market is you can try it out. That’s right, you can open a demo or virtual account and do everything that you can do on a real account. But the really good bit is, it won’t cost you a dime.

Like everything else in life, from learning to crawl, to walking, to riding a bike, to swimming, to driving, and so on, you need to know what you are doing. Build your knowledge, study and practice, practice, practice.

Finally, once you know what you are doing and have proper money management skills, there is absolutely nothing to stop you becoming EXCEPTIONALLY WEALTHY as a result of trading foreign currencies.

I traded stocks when I first started but there were so many factors that you had to account for and so much to learn about each individual share and it’s company that it was a daunting and time consuming task. It was a very easy switch to trade currency.

I trade the FOREX market full time now.

Article Source: http://www.moneyarticlelibrary.com

Gordon McAlpine started trading in February 2003. He has traded stocks commodities and options but switched to only trading foreign currencies in June 2005. He has attended many seminars, training courses and studied trading and the psychology of trading prolifically since 2002. www.HomeForexTrading.com

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