Beginners Steps to Forex Trading

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Forex trading is one of the best and genuine money making business you can embark on but it has its own limitations also. My 4 years experience in this business has opened my eyes to so many things; beyond what online marketers spread across the internet. With experience in both losses (especially at the beginning) and profits, I can confidently mentor you as a beginner and / or as an intermediate trader. Online trading should be seen as a learning lifestyle and not a get rich quick scheme or money making factory. You must spend time learning and keep learning.

Beginners Steps To Forex Trading

Forex is clip word taken from two words – Foreign and Exchange. And that is what the forex trading is all about; the buying and selling of foreign currencies or the exchange of one currency for another. Its like the old trade by barter but this time around the barter is centered within treaties. Mr. A gives Mr. B American Dollars to get Euro in exchange. But over the years, technology has improved to the extent that such exchange can now be done online. Instead looking for a potential buyer or seller physically, you just simply buy or sell with the click of a mouse (details later). In Forex trading, currencies are traded in pairs as earlier said. For example, EUR / USD. The following are the major currencies in the Forex Market:

EUR-EURO
USD-UNITED STATES DOLLARS
GBP-GREAT BRITAIN POUNDS
JPY-JAPANESE YEN
CHF-SWISS FRANCS
AUD-AUSTRALIAN DOLLARS
CAD-CANADIAN DOLLARS
NZD-NEW ZEALAND DOLARS

These courses are then paired accordingly. We have four major departments pairs called THE MAJORS:
EUR / USD called Euro or Euro Dollar
USD / JPY called Dollar Yen
GBP / USD called Pound Dollar or Cable
USD / CHF called Dollar Swiss or Swissy

Source by Charles Omofomwan