I’ve been playing for a couple of months with Forex. It is so addictive!
For those of you who don’t know forex trading it’s simple:
- Forex deals with trades on currencies.
- You bid on 1 currency against the other. Per example you think the USD will improve over the EUR, then you purchase some US dollars, or you sell some Euros.
- What is crazy about forex trading is the leverage. You define a risk level, and that risk levels defines how many money you are playing with. Per example, you can purchase $100 worth of USD/EUR at a risk level of 100x. What this means is that a broker will in fact buy $10,000 of USD/EUR. And he will sell as soon as he looses $100, so 1% of what he bought. So imagine you are buying $1000 of USD/EUR at a risk level of 100x and the the USD improves of 1%, which is nothing, this means you just made yourself $100. This may have take a couple of hours. So basically, you can do really quick return, 1-5% per day.
You must try forex to see if you like it. What’s so cool about it is that online forex brokers have put up practices account where you play with fictive money. No cost for you to try it out.
If you want to try it out, I recommend you XForexbroker for several reasons, particularly the quality of their customer service, and their coaching programs. They offer 24h assistance.
You can create a free demo account with $50,000 to practice here
Please comment if you try it out and like it, I might post some useful tips
