Online Forex trading is the practice of trading world currencies via the Internet. The term, Forex, is a contraction of the two words, foreign and exchange. It is sometimes further contracted down to just the two letters of FX.
Online Forex trading can be extremely lucrative. Big profits can be made, but huge losses can also be made. It is not an activity for the unwary beginner who doesn't know what he or she is doing.
Forex trading requires knowledge and experience that can only come with time. Fortunately, it is possible to gain knowledge and experience without losing all your money. The downside is that it will take a little time; you can't just jump in and do it. Well, you can, but those who do usually wind up penniless within days.
The Forex market used to be the reserve of very rich people, until the 1990s. That's when the Internet made itself known as a real power, and when currency exchange information could be fed into any home that had a computer and an Internet connection.
Today the market is worth around $3 trillion and it by far the biggest market on the planet. It has no single location, as you can tap into the various individual markets in all the major cities. They are all linked in real time, one huge volatile, ever-changing market in constant flux.
One of the finest ways to learn the basics of online Forex trading is to be found at Baby Pips. Don't let the simplistic look of the website fool you. This is a serious training area where you can learn all you need to know.
You will have questions as you go along. If you don't have questions, then you are not paying attention. Questions are natural, and through asking questions you will learn. Ask Pips, a sister site to baby Pips, can help in that respect.
Once you have the basics of online Forex trading down and you feel confident enough to try out your new found skills, don't start trading for real. You will almost certainly lose money, and probably a lot of money too. Start out with a practice account. This is a dummy account where you can use virtual money.
One good place is the eToro website where you will get $2,000 of virtual money to test your skills. This is not a game, however. This is your chance to see whether or not you have what it takes to be an online Forex trading champion. Treat all your trades with virtual money as if it was real money, and once you consistently start to make a profit, you'll know it's time to move on the real thing.
Another good virtual trading platform can be found at How The Market Works. This site is fully geared up to trading virtually, and it is not just for Forex trading. You can try your hand at other markets as well. It's lots of fun too, but remember, you are practicing for the real thing, and that can be even more fun
Online Forex trading can be extremely lucrative. Big profits can be made, but huge losses can also be made. It is not an activity for the unwary beginner who doesn't know what he or she is doing.
Forex trading requires knowledge and experience that can only come with time. Fortunately, it is possible to gain knowledge and experience without losing all your money. The downside is that it will take a little time; you can't just jump in and do it. Well, you can, but those who do usually wind up penniless within days.
The Forex market used to be the reserve of very rich people, until the 1990s. That's when the Internet made itself known as a real power, and when currency exchange information could be fed into any home that had a computer and an Internet connection.
Today the market is worth around $3 trillion and it by far the biggest market on the planet. It has no single location, as you can tap into the various individual markets in all the major cities. They are all linked in real time, one huge volatile, ever-changing market in constant flux.
One of the finest ways to learn the basics of online Forex trading is to be found at Baby Pips. Don't let the simplistic look of the website fool you. This is a serious training area where you can learn all you need to know.
You will have questions as you go along. If you don't have questions, then you are not paying attention. Questions are natural, and through asking questions you will learn. Ask Pips, a sister site to baby Pips, can help in that respect.
Once you have the basics of online Forex trading down and you feel confident enough to try out your new found skills, don't start trading for real. You will almost certainly lose money, and probably a lot of money too. Start out with a practice account. This is a dummy account where you can use virtual money.
One good place is the eToro website where you will get $2,000 of virtual money to test your skills. This is not a game, however. This is your chance to see whether or not you have what it takes to be an online Forex trading champion. Treat all your trades with virtual money as if it was real money, and once you consistently start to make a profit, you'll know it's time to move on the real thing.
Another good virtual trading platform can be found at How The Market Works. This site is fully geared up to trading virtually, and it is not just for Forex trading. You can try your hand at other markets as well. It's lots of fun too, but remember, you are practicing for the real thing, and that can be even more fun
