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What is Forex and why should I get involved?

Forex, is the international exchange market where currencies are bought and sold. Unlike the stock exchange, Forex trades 24 hours a day from 5:00 p.m. ET Sunday until 4:00 p.m. ET Friday. Also, there is no central hub like the New York Stock Exchange or Nasdaq. In its place, trade is carried out between investors through electronic communication networks (ECNs) and phone networks in various markets around the world.

So, when you learn that the US dollar has “closed” at a certain value, it simply means that was the rate when the market closed in New York. However, currency will continue to be traded in other countries long after New York is close.

Why Trade Forex?

• Forex is the world’s largest market. No one can corner the market. It has a trading volume of around $3.2 trillion dollars a day (Bank for International Settlements April 2007), no single entity can control the market for an extended period of time.
• You can make money when the market is going up or down.
• Forex markets trade 24 hours a day. There is no waiting for the opening bell. Technical analysis works very well and the market trends well. Forex offers up to 100:1 leverage but it is wise to avoid very high leverage if you can afford it. Stocks offer 1:1 or 2:1. Futures offer 15:1 leverage. The Forex market is the most liquid in the world. Traders can almost always open or close a position at a fair price.
• You can make money working only a few hours a day or week on your computer.
• You can trade from anywhere in the world where there is an internet connection.
• You can gain experience without risking your own money by using a free demo account. When trading stocks, there are over 40,000 stocks to choose from. In Forex, you can choose one or two currency pairs and focus your analysis.

Are you considering some trade in the Forex market, but the process seems a bit too foreign to you? Fear not, as there are many online resources that will help newcomers. You should start with the following:

Free Email Course on Forex – The Automatic Forex Trading System.

Free Demo account to get the hang of things. Trade for Free on a Practice Account for at least one month, Highly Recommended.

Forex Glossary – You will need to understand the Forex lingo in order to start trading wisely.

School of Pipsology – Learn all about Forex trading with this online tutorial.

National Futures Association (NFA) – The NFA describes itself as “the premier independent provider of efficient and innovative regulatory programs that safeguard the integrity of the derivatives markets.” Their site will provide advice and news on Forex trading.

GoCurrency – You will need to have access to a free, accurate currency converter and this one is highly recommended.

The Forex Project – Learn about Forex trading from someone who has lived it. This site features many helpful articles for both newcomers and seasoned traders.

Forex Factory Forum – Speak directly with other traders on this free message board.

Forex Charting 101 – You will need to understand and use charts when you become a Forex trader. Some charts are easier to comprehend than others, but this guide will get you started.

Free Forex Charts – Need some charts to get yourself started? There are many free ones available here, as well as tips and tricks on how to use them.

Live Forex Rates – Watch the currency rates change before your very eyes on this site.

Earn Forex- This is a directory of Forex sites, just in case you need more information than the above sites gave you.

With the help of the sites above, there is no reason why you can’t get into the Forex market and start making money today.