Forex Trading Tutorial For Beginners
The main concept of the Forex Trading Tutorial For Beginners files is the value of exchange rates. The values of different currencies against each other are more important than most people noticed. Even outside of the direct currency trading to do some shopping or business you would need to do currency exchange. Every time you buy something that is made in another country or that needs a material form another country to be produced, you become subject to an indirect currency exchange process.
Is it easy to learn to make money with Forex? Yes, you can learn to take place in the forex market in a short time. Once you have enough information to get into this market first, you can learn how to make money in it step by step. On this website, we are trying to provide you with the information you need to make money in this market in an easy-to-understand manner.
Forex Trading Tutorial For Beginners: Before getting into Forex trading, let’s have a look at daily examples that you will experience forex maybe even without knowing it.
Almost all international tourists need to do some currency exchange during their travels. After all, you can’t buy a pizza in Italy with some Canadian Dollars. So, you need to buy some Euros first. However, due to the nature of exchange rates, doing the exchange when you need the money can cause a lot of problems. Other than the local exchange office fees and commissions, you might be buying the local currency at an expensive price if the exchange rate is high at the moment. And, you would lose a lot of money depending on the amount you buy.
Forex Trading Tutorial
Even if you never leave your country, your local companies reflect their importing costs to their final prices as well. So, if the exchange rate between your currency and the currency of the foreigner supplier for a product you will buy increases, the price you will pay to buy that product will increase as well.
Or let’s say that you live in the USA and you want to buy something online from Europe. You will use your credit card, and the euro price you see will be cut as dollars from your credit. Usually, we don’t think about it much, but, the cost of this process can be lower if you follow the exchange rates that your bank uses for dollars and euros. If you wait until euros get cheaper against dollars, you can save a serious amount of money.
But, of course, you are not here for this kind of small savings. If you are reading the forex trading tutorial article, probably you are here for making some serious money with the same exchange rate principles on Forex. Then, let’s get into Forex;
Forex is a market similar to the stock market, except, in forex, you trade different currencies from all around the world against each other. It is also known as “foreign exchange” or “FX” in short. You will see these terms in these forex trading tutorial articles frequently.
Forex market is literally the biggest market in the business right now. Forex shadows even the stock market, which has more than $2 trillion USD trade per day. Because, reportedly, Forex tradings are about $5 trillion USD per day!
As the first information of our forex trading tutorial, lets take a look at the key features of Forex;
No central marketplace for Forex
It is important to mention that Forex doesn’t have a central marketplace for the trades. Instead, modern forex traders use the internet and all the exchanges are being done on computers. So, thanks to this system you can do your forex trading on anywhere in the world.
No limited work-hours for Forex
Moreover, while other markets have work-hour limits, the forex market is available all day and all night, five and a half day a week. When the trading day in America ends, the next trading day in Tokyo begins. So, you are not tied to anybody else than yourself and the exchange rate changes. These unique accessibility features make forex the most liquid market there is today.
Forex Trading Tutorial For Beginners: Forex Platforms
But, how you can do those currency trades? I am sure you got that you need a computer (or tablet/smartphone) and an internet connection so far. What else you need?
You probably already have seen some advertisements about some Forex platforms online. These platforms are built by some companies in the forex business and with some small commissions, they will help you to access currency trades and follow live exchange rates. These platforms usually have their own custom dashboards for thorough reports and tradings. These dashboards allow you to buy and sell currencies whenever you think is the best time. They mostly work online through your browser, but some may offer a smartphone application as well, which is really helpful. So, even when you notice a huge change coming in the middle of the night, you can buy or sell the currencies you want, with just a click or tap.
When you are looking for a forex platform to work with, you will see that some companies offer a type of consulting. This kind of additional services can help you in many ways. Since if you earn money, the company will too, they will guide you to make more money. They will notify you about good opportunities and warn you about possible losses. So, if you have no idea about the global economy and can’t predict any changes, it is ok. These consultants will be there for you.
We recommend that you check out the previous article for Forex Basics.
You will find our guides about some of the best available Forex platforms in our next tutorial articles. For now, stick with reading the forex trading tutorial articles and continue to the next tutorial part: Forex Trading Tutorial For Beginners
In this article, “Forex Trading Tutorial For Beginners – Forex Basics”, we tried to present a basic level forex tutorial. We hope that it is useful to begin learning the forex trading for beginners.
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