Image Credits geralt, CC0 1.0
Online trade markets are a booming business. Over $4 trillion is passed through the Forex on a daily basis.
Whether you’re a broker or a shareholder – the potential profit from trading on the foreign exchange market is insanely lucrative.
It’s as confusing and time-consuming, and potentially frustrating, as the stock market.
“Wall Street” Online (And Global)
Do you remember The Wolf On Wall Street?
Imagine if Jordan Belfort had his way in Forex! (Oh, man. Even more lives would be screwed over. Did you know he made more than $12 million in 3 minutes?)
What the Forex specializes in is exchanging foreign currency – Euros to USD, or Euros to CDN, etc. What separates Forex from the New York Stock Exchange (and other online trade markets) is that you don’t need a broker or financial consultant.
Forex is a real battlefield. A stressful battlefield not many people make it through with their finances still intact. To make the entire process flow smooth as water, easyMarkets is a platform that makes the trading process simple.
Other reasons to switch to Forex (away from stocks and equities) is because the ocean is huge. According to gcitrading.com, no one can corner the market – because the Forex covers the currency between eight or so major exchange rates.
Plus, it’s also open 24/7, 5 days a week. The potential for making a lot of money… and losing, a lot of money… is incredible! It’s online. It’s the world. Somewhere, someone right now is making more money than you. (On the same hand, someone’s also losing more money than you.)
However, Forex carries just as many risks as other trade markets (if not more so), and is not for everyone. XE.com suggests looking at your experience level, what you hope to gain from investing, and how many risks you’re willing to take.
The reason it’s somewhat riskier than stock exchanges is due to the massive market – globally. And, more than any other exchange market, is susceptible to influence based on world events. What happens in global news, world politics (think United Nations), and other news or inflation events that affects each of our seven continents.
Imagine a giant ocean with thousands of sharks swimming about you – and you’re bleeding. The smell it. They have their sights set on you, and it looks like there’s no escape. Or is there? We can’t know! We won’t know whether an exchange will suck money from our wallets or make us happier than a millionaire.
Is The Forex For Adrenaline Junkies?
Because the foreign exchange currency is highly unreliable. It’s this rush, this adrenaline and uncertainty, I think, that keeps people coming back to Forex and trying their hand and making a grand payday.
Some would even argue that the only people in the Forex game who make money are the banks, who take 1% commission on all of your transactions. I disagree. As with anything, how much money you make depends on your level of skill and experience.
Know What You’re Doing
If you know a sales associate who makes good money, without ever being trained to sell or going through any formal “bootcamp” whatsoever… they might do well in Forex. Because the success or failure depends on the experience you have – with anything in life.
Although you don’t need a broker or financial consultant… unless you know exactly what you’re doing and have experience in the foreign exchange market, it is highly recommended you get one. Depending on how much you buy, if you lose… you lose big. Up to thousands—sometimes tens of thousands—more money than you did when you bought.
It’s as easy a game to get into as it is to order on Amazon. Except, if you make a mistake, fixing it is not as simple as returning the product for a refund. In Forex: once your money is gone, it’s gone.