If you’ve been holding off on trading on the foreign exchange market, which is otherwise known as forex, it’s time to rethink things. Now more than ever, there are so many compelling reasons to add forex trading to your investment regimen. Wage growth is stagnant, inflation keeps rearing its head and interest rates continue to be near historic lows. It’s little wonder that so many trading and investment strategies are foundering. By breaking into forex trading, however, you can establish an entirely new way to make reliable profits. The question, though, is whether or not it’s right for you.
What is Forex?
Forex refers to the foreign exchange market, where international currencies are exchanged 24 hours per day and 5.5 days per week. Unlike, say, the stock market, forex doesn’t have a centralized exchange. Rather, everything is handled via computer networks. Indeed, forex trading is a fairly high-tech activity, but there’s absolutely no need to be tech-savvy to make a go of it. Put simply, on the forex market, you make trades based on whether you think a given currency will rise or fall in value compared to another currency. In this way, you can profit from forex whether the market is up or down.
Trading on forex has been available for many years. Why is now such a great time for people to get into it? Basically, a great deal of turmoil is going on in the world right now. The worldwide economy is unstable and unpredictable. Inflation continues to rise. Wage growth continues to stagnate. Traditional trading, as on the stock market, just isn’t as reliable as it once was. To weather this storm, traders are increasingly turning to forex.
Is it for You?
Like many people, you may think that you need to have a mathematical mind or other innate talents to have any success trading on the forex market. However, nothing could be further from the truth. That isn’t to say that there’s no learning curve; there certainly is. However, since forex is traded entirely over the internet, you can choose from many types of software to help you navigate things more easily. Therefore, if you are at all curious about forex, there’s no harm in giving it a try.
Benefits of Forex Trading
If you’re not convinced about trading on forex, it’s okay. Trying something new is intimidating. However, once you are aware of the benefits that are associated with forex trading, you’re far more likely to warm up to it:
- Easy to Start – Most retail brokers will let you start trading with as little as $250 USD in your account, so there’s no need to stockpile a bunch of cash.
- Opportunities to Practice – Most trading platforms and programs for forex include demo accounts that you can use to get a feel for how the software and market work. That way, you can get comfortable before doing it for real.
- Anywhere, Anytime – To trade on forex, all that you need is an internet connection and a device for connecting to the internet. You don’t even necessarily need a laptop, as many programs include mobile apps.
- Flexibility with Trading – Unlike with most markets, you can make a profit with forex whether the market is moving up or down.
- Very Popular – Finally, forex trading is immensely popular. It has been estimated that approximately $4.9 trillion USD is traded on the forex market per day.
If you are curious about trading on forex and want to try it out, study up a little beforehand so that you can hit the ground running when you begin in earnest. There’s a ton of advice out there about successfully trading on forex, but the main thing that you need to know is this: The software that you use can make or break your chances. Ignore anyone who tells you that the platform or software that you use isn’t very important. Take your time while investigating the available options, and make sure to choose something that you’re comfortable using.
Make liberal use of the demo account, if any, when starting out with forex. That way, you can execute trades without putting any real cash on the line. You should also sign up for some seminars and workshops to develop some basic forex trading skills. Check out offerings by leaders in the industry like Greg Secker to get exceptional guidance and advice.
Forex Trader Greg Secker
When it comes to movers and shakers in the forex trading world, Greg Secker is one of the most well-known names around. Those who are just starting out with forex trading are wise to turn to Secker and his many helpful offerings. As one of the most successful forex traders in the world, Greg Secker loves nothing better than helping others achieve success with the market too. To that end, he’s created several companies that offer helpful resources for forex traders.
Greg Secker hails from Norfolk, England. He earned a degree in agricultural and food science from the University of Nottingham. Right out of college, he went to work for Thomas Cook Financial Services before getting started with foreign exchange market trading. Greg Secker developed the first real-time, online forex trading platform, Virtual Trading Desk, which is otherwise known as VTD.
After a few more years of working for others, Greg Secker decided to start his own trading floor at home. Ultimately, this venture would turn into Learn to Trade. Over the past 13 years or so, Secker’s company has provided training seminars and workshops for more than 200,000 aspiring forex traders. His software, SmartCharts, is widely regarded as being the most effective and intuitive forex trading software on the market today.
Getting started with forex doesn’t have to be overwhelming. The most important thing is having access to the right information and resources, and you can get that and more with Learn to Trade, SmartCharts and other offerings by esteemed forex trader Greg Secker.