Trading currency online in the Forex foreign exchange market is
popular and the popularity is
increasing. My focus in this article is to tell about how to trade currencies online. My focus is also to tell about a network called "Social Trading".
What is Forex? The FX market also known as the Forex foreign exchange market is the market where currencies are traded. The pricing is set by demand and supply.
The FX market is one of the biggest and most liquid markets in the world. According to the 2010 Triennial Survey the most heavily traded bilateral currency pairs were:
EURUSD: 28%
USDJPY: 14%
GBPUSD: 9%
Traders make money by buying currencies. They buy a pair. A pair is consisting of two different currencies. A base currency and a counter currency. An example is the EUR/USD. The EUR is the base currency and the USD is the counter currency. The base currency is 1 and the counter currency is 1,3266. In other words 1 Euro is worth 1,3266 Dollars.
If the counter currency rise to 1,3269 then 1 Euro is worth 1,3269 dollars. In other words the EUR has strengthened compared to the USD and traders has gained a profit.
How to trade currencies online? Trading currency online is easy. Search on the Internet and find an online trading platform and sign-up for a free trading account. Most of them have a free practice account where it is possible to trade with virtual money.
In the beginning the trader can use the practice account to learn how the trading platform works. Use also the practice account to trade in larger amounts. Psychological the trader will get used to that a pip is worth 30 Euros, instead of 5 Euros. This is an advantage in the long run if the trader should have the capital stock, motivation and ability to trade with larger amounts.
As a new trader in the Forex foreign exchange market it is difficult to find trading information and trades. A good start as a new trader is to join a network where trading knowledge is shared among traders by duplicating trades from expert traders and communicating with them.
As a beginner it is an advantage because the beginner is gaining a profit by copying the trades the expert trader makes. The beginner is also in a learning stage where he can get an answer about how the expert trader managed to get a profit on a particular trade.
Copying an expert trader is about money and profit. The best start to copy an expert trader is to copy with a small amount in the beginning. It is recommended that the amount is around 5 % of the capital stock of the trading account. When the expert trader has proven he can deliver a profit increase the percentage.
The expert trader can by joining the social network gain an extra income and a kick back from the traders who are following him and copying his trades.
increasing. My focus in this article is to tell about how to trade currencies online. My focus is also to tell about a network called "Social Trading".
What is Forex? The FX market also known as the Forex foreign exchange market is the market where currencies are traded. The pricing is set by demand and supply.
The FX market is one of the biggest and most liquid markets in the world. According to the 2010 Triennial Survey the most heavily traded bilateral currency pairs were:
EURUSD: 28%
USDJPY: 14%
GBPUSD: 9%
Traders make money by buying currencies. They buy a pair. A pair is consisting of two different currencies. A base currency and a counter currency. An example is the EUR/USD. The EUR is the base currency and the USD is the counter currency. The base currency is 1 and the counter currency is 1,3266. In other words 1 Euro is worth 1,3266 Dollars.
If the counter currency rise to 1,3269 then 1 Euro is worth 1,3269 dollars. In other words the EUR has strengthened compared to the USD and traders has gained a profit.
How to trade currencies online? Trading currency online is easy. Search on the Internet and find an online trading platform and sign-up for a free trading account. Most of them have a free practice account where it is possible to trade with virtual money.
In the beginning the trader can use the practice account to learn how the trading platform works. Use also the practice account to trade in larger amounts. Psychological the trader will get used to that a pip is worth 30 Euros, instead of 5 Euros. This is an advantage in the long run if the trader should have the capital stock, motivation and ability to trade with larger amounts.
As a new trader in the Forex foreign exchange market it is difficult to find trading information and trades. A good start as a new trader is to join a network where trading knowledge is shared among traders by duplicating trades from expert traders and communicating with them.
As a beginner it is an advantage because the beginner is gaining a profit by copying the trades the expert trader makes. The beginner is also in a learning stage where he can get an answer about how the expert trader managed to get a profit on a particular trade.
Copying an expert trader is about money and profit. The best start to copy an expert trader is to copy with a small amount in the beginning. It is recommended that the amount is around 5 % of the capital stock of the trading account. When the expert trader has proven he can deliver a profit increase the percentage.
The expert trader can by joining the social network gain an extra income and a kick back from the traders who are following him and copying his trades.
Social trading is an interesting area for both beginners and expert traders. More information is available at this link Social trading
On my Forex website is a video clip about Social Trading. Watch the video clip and click on the join now button and be sent straight to the Social trading platform. Watch the video tutorial at the top of the site to the left where the Social trading platform is explained further.
Article Source:
http://EzineArticles.com/?expert=Martin_Grippen
On my Forex website is a video clip about Social Trading. Watch the video clip and click on the join now button and be sent straight to the Social trading platform. Watch the video tutorial at the top of the site to the left where the Social trading platform is explained further.
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