The day trade FOREX system. The Ultimate Step-By-Step Guide to Online Currency Trad. E. Bortucene, C. Macy


The Foreign Exchange, also referred to as the "Forex" or "Spot FX" market, is
the largest financial market in the world, with over $1.2 trillion changing hands
every single day. If you compare that to the $25 billion a day volume that the
New York Stock Exchange trades, you see how giant the Foreign Exchange
really is. In fact it is three times larger than all of the US Equity and Treasury
markets combined! What is traded on the Foreign Exchange? The answer is money. Forex trading is where the currency of one nation is traded for that of another. Therefore, Forex trading is always traded in pairs. The most commonly traded currency pairs are traded against the US Dollar (USD). They are called ‘the Majors'. The major currency pairs are the Euro Dollar (EUR/USD); the British Pound (GBP/USD); the Japanese Yen (USD/JPY); and the Swiss Franc (USD/CHF).

The notable ‘commodity’ currency pairs that trade are the Canadian Dollar
(USD/CAD) and the Australian Dollar AUD/USD. Because there is not a central
exchange for the Forex market, these pairs and their crosses are traded over the
telephone and online through a global network of banks, multinational
corporations, importers and exporters, brokers and currency traders.
Traditionally, currency trading has been a 'professionals only' market available
exclusively to banks and large institutions, however, because of the rise of the
new E-economy, online Forex trading firms are now able to offer trading
accounts to 'retail' traders like you and I. Now almost anyone with a computer
and an Internet connection can trade currencies just like the world's largest
banks do. There are now over 6 million trading accounts worldwide up from 1.7
million in 1997.

There are many benefits and advantages to trading Forex. Here are just a few
reasons why so many people are choosing this market as a business

1.LEVERAGE: In Forex trading, a small margin deposit can control a much
larger total contract value. Leverage gives the trader the ability to make
extraordinary profits and at the same time keep risk capital to a minimum. Some
Forex firms offer 200 to 1 leverage, which means that a $50 dollar margin
deposit would enable a trader to buy or sell $10,000 worth of currencies.
Similarly, with $500 dollars, one could trade with $100,000 dollars and so on.

2.LIQUIDITY: Because the Forex Market is so large, it is also extremely liquid.
This means that with a click of a mouse you can instantaneously buy and sell at
will. You are never 'stuck' in a trade. You can even set the online trading
platform to automatically close your position at your desired profit level (limit
order), and/or close a trade if a trade is going against you (stop order).

markets, you can only make money if shares are rising, but in economic
recession and falling 'bear' markets, there is little chance of making big money.
Forex is different. One of the most exciting advantages of FX trading is the ability
to generate profits whether a currency pair is 'up' or 'down'. A trader can profit
by taking a 'long' position, (buying the currency pair at one price and selling it
later at a higher price), or a 'short' position, (selling the currency pair and buying
it back at a lower price). For example, if you think the US dollar will increase in
value vs. the Japanese Yen then you will buy Dollars and sell Yen (go long). If
you think the Yen will increase in value against the Dollar then you will sell
Dollars and buy yen (go short). As long as the trader picks the right direction, a
potential for profit always exists.

4. 24HRS: From Sunday evening to Friday Afternoon EST the Forex market
never sleeps. This is very desirable for those who want to trade on a part-time
basis, because you can choose when you want to trade--morning, noon or night.

Forex firms offer free 'Demo' accounts to practice trading, along with breaking
Forex news and charting services. These are very valuable resources for traders
who would like to hone their trading skills with 'virtual' money before opening a
live trading account.

6.'MINI' TRADING: One might think that getting started as a currency trader
would cost a lot of money. The fact is, it doesn't. Online Forex Firms now offer
'mini' trading accounts with a minimum account deposit of only $200-$500 with
no commission trading. This makes Forex much more accessible to the average individual, without large, start-up capital.

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