Basic Forex Trading:
If we want to define forex or try to find a something similar to the Forex then I will definitely choose Stock Exchange Market! It may sound a little bit wired! But I promise I am going to make you clear about this!
So, Let’s learn something very basic about Forex. The full form of Forex is Foreign Exchange. The word “Exchange” describes itself. But if I am not wrong you are thinking that what exactly do I need to exchange! It is normal! When I first came to know about Forex, I was also thinking about the same thing! Let’s make it clear!
Suppose you are living in Germany and one of your friend who lives in USA invited you to meet him and have some good time together. You somehow managed to go to USA and tried to pay a taxi bill! You may get shocked when the Taxi Driver will ask you to pay him five bucks!
You will definitely get a shock and will pull 5 Euro form your pocket! But this Euro won’t work in USA. This is because the currencies are not same. Most of the countries have their respective currency!
Then the term comes, Currency Exchange! Exactly you need to exchange the currency from a Broker. This currency exchange is known as the Forex. But it got little digitalized. I mean, you can exchange this currency from home!
People who contentiously exchange currencies to make profit is know as Forex Trader!
Assume I made you understand about Forex. I know some few more questions are buzzing around your brain but at the end you will get all of your answers.
Brokers are known as the medium of currency exchange. Suppose you have 100 Euros and you need to convert it to USD how will you be able to do it? Yes, You need a broker or a Business Man who makes business deal between USA and Europe. But to them your 100 Euro is meaningless because the usually make million dollars deal! So ultimately you need to rely on a broker.
Some best and well known brokers:
- FXTM Forex Broker
and many more
How to make money from Forex Trading?
Making money via forex trading is not that much much easy you need patience good predicting capacity, sharp brain and many more relevant capabilities!
But still, people are trying to make money from home. Basically the currency exchange rate fluctuates contentiously. It depends on the economical condition if a country. We usually don’t know about the fluctuation. On the newspaper, you may see a rate of different currencies but this is just an average value! This rate got changed in every second and this fluctuation is the real business!
Some tools like Meta Trader 4 or Meta Trader 5 made is easy! You can Forex from home using any one of these tools. There are basically limitless features in Meta Trader. Using this tool you will be able to get connected with a broker and will also be able to see the rate as well. But in this article, I do not want to write more. My goal was to give you some basic idea about Forex and I believe I am almost done.
In the next article we will discuss about how can we make money through Meta Trader and How to get a broker. Till then Beast of luck. See you in the next Article.