Buy Singapore dollars! Sell Euros! We’ve all seen the movies, but the closest most of us have ever come to being the Wolf of Wall Street has been to queue up at the currency exchange at the airport to change a handful of dollars into enough local currency to get a taxi to the hotel or hostel.
While we generally shake our heads in horror at the commissions charged in those little kiosks, what we are seeing is forex trading in action. Those numbers go up and down every day, and if we could only buy when its down and sell when it’s up we could use the ebb and flow of the currency tides to fuel our travel indefinitely.
It might sound like some sort of fantasy, but that is exactly what a lot of people are doing. Serious forex trading is no longer the exclusive territory of the city slickers in their smart suits.
All you need is a mobile app, a Trusted Forex Broker and an account. Oh, and one other thing – you also need to know what you are doing. Get that wrong and it will end in disaster.
Can anyone trade forex?
Absolutely, they can. And plenty do. If that’s sounding too good to be true, it’s because it is really not the right question to be asking.
After all, anyone can put all their money on black 22 at the roulette wheel, but unless you are in Rick Blaine’s casino in war torn Casablanca, it’s probably not a great idea.
The real question is whether anyone can trade forex and make a profit out of it. The answer here is also an unequivocal yes, but there are many people who don’t.
Successful forex trading
The fact is that the majority of new forex traders make a mess of it and give up, a little poorer and a little wiser. But where people get muddled is in thinking that it is because there is something wrong with forex trading, that it is a blind alley.
In truth, anyone can make a success of it, and luck doesn’t come into it – at least no more than it comes into other endeavors in life.
There is always a degree of risk and uncertainty, but to return to Casablanca for a moment, the fundamental things apply, and understanding and applying those fundamentals is the key to successful trading.
Take is slow and learn the ropes
That, in a nutshell, is where so many people go wrong. Downloading an app and starting trading couldn’t be easier. It’s also a sure-fire way to lose money.
But take time to learn the nuances of the various financial signals and indicators that drive price changes and you can start trading with confidence.
There are no guarantees, and even the best traders know that there are some deals that will not work out, but put in the time and research and you will gain more than you lose.