This is an obsession. Here's a completely open field that just about anybody can milk. It use to be for the mega wealthy people, the gigantic corporations and banks. They are trading foreign currency's.. Can you imagine this is a 1.2 trillion greenback a day being traded. That's 1.2 TRILLION a day. Now with the Internet you you can also trade the foreign currency's. You can set up an account with as little as $300.00 up to whatever. Regular accounts usually begin with $3000.00.
You are able to leverage you funds 100 to 1. SO you will be controlling 10,000.00 or one lot in currency's for $1,000.00 and for every pip on movement you can make $100.00. With the mini account you may control 1 tenth of rather a lot. $1000.00 for $100.00 and your pip is worth $1.00. Just so you will understand a pip is what an increment movement in a currency is. You purchase it if you suspect it'll go up and sell it if you suspect it'll go lower. Of course there are charts and all types of strategies to tell what is going to occur. It just takes learning the in's and out's, ups and downs.
There are lots of different currency's but here are the key ones that are traded. USA/YEN USA/Japanese GBP/USA UK Pound USA/EU Buck USA/Euro dollar is Western european USA/CHF Swiss Franc USA/CAD USA/Canadian EURO BUCK/YEN There aren't any commissions and no fees only narrow Dealer spreads. These spread vary dependent on the trades. Major pairs are 3 to 5 pips. You'll learn more about all this when you start out. The wisest action to take is to start with a demo account or what we call a paper account where you do everything as though it was real money but it's only on paper. So you get to learn the in's and out's and learn how to read the charts and how to understand the elementals.
These are the world events that effect the currency's. There are several different strategies. Each have their strength's and weaknesses. They each cope with other ways at taking a look at the charts and their movements. Desire some ideas? There are Scalping trades, surfing charts, sailing and many more. It's exciting and fun, and sometimes a drag. Often you will win 100 to 500 pips. Then there are times you will lose pips too. You'll never win all of the time. But thats where there account management comes in. You learn to control your risk taking.
Typically the most important sin or failure comes when you let your emotions become a concern. EVEN the enormous shots occasionally let their emotions get involved. Most the time it doesn't work and will cost you. So with good account management understanding the numerous charts you can take $300.00 and make it into $6000.00 in 6 months or less.
You are able to leverage you funds 100 to 1. SO you will be controlling 10,000.00 or one lot in currency's for $1,000.00 and for every pip on movement you can make $100.00. With the mini account you may control 1 tenth of rather a lot. $1000.00 for $100.00 and your pip is worth $1.00. Just so you will understand a pip is what an increment movement in a currency is. You purchase it if you suspect it'll go up and sell it if you suspect it'll go lower. Of course there are charts and all types of strategies to tell what is going to occur. It just takes learning the in's and out's, ups and downs.
There are lots of different currency's but here are the key ones that are traded. USA/YEN USA/Japanese GBP/USA UK Pound USA/EU Buck USA/Euro dollar is Western european USA/CHF Swiss Franc USA/CAD USA/Canadian EURO BUCK/YEN There aren't any commissions and no fees only narrow Dealer spreads. These spread vary dependent on the trades. Major pairs are 3 to 5 pips. You'll learn more about all this when you start out. The wisest action to take is to start with a demo account or what we call a paper account where you do everything as though it was real money but it's only on paper. So you get to learn the in's and out's and learn how to read the charts and how to understand the elementals.
These are the world events that effect the currency's. There are several different strategies. Each have their strength's and weaknesses. They each cope with other ways at taking a look at the charts and their movements. Desire some ideas? There are Scalping trades, surfing charts, sailing and many more. It's exciting and fun, and sometimes a drag. Often you will win 100 to 500 pips. Then there are times you will lose pips too. You'll never win all of the time. But thats where there account management comes in. You learn to control your risk taking.
Typically the most important sin or failure comes when you let your emotions become a concern. EVEN the enormous shots occasionally let their emotions get involved. Most the time it doesn't work and will cost you. So with good account management understanding the numerous charts you can take $300.00 and make it into $6000.00 in 6 months or less.
