In this article:
Welcome to forex9.net. A website about FOREX trading.
What is FOREX trading?
Forex trading is a name for buying and selling currencies for profit. The Forex market is the largest market in the world and currencies worth more than a trillion dollars changes hands every day. The value of different currencies is always fluctuating in comparison to the value of other currencies. The value of each currency changes several thousand times every single hour. A FOREX trader try to make money by buying and selling different currencies to benefit from these small valuations. Some traders only trade between two different currencies. Other trade a large selection of different currencies.
In essence, you can say that a FOREX trader is a currency exchanger that the exchange currency on the FX market to make a profit.
How do you start FOREX trading?
It is easy to start trading FOREX. The first thing you need is an account with a FOREX broker. There are plenty of different brokers to chose from. You should always choose a large broker with a good reputation. Choosing a large, well establish broker guarantees a good experience. Examples of top FOREX brokers include eToro, Plus500, Markets.com, IG, Avatrade ane more. Find more examples of top FOREX brokers.
Once you have an account, I recommend that you start trading using virtual money in your demo account. This allows you to make any costly mistakes with virtual money instead of real money.
If you want to start trading with real money, you need to deposit money to your account. Most brokers offer multiple ways to do this. Once you have money in your account you can start trading.
Please take the time to learn how to trade before you start trading for real money.
Which currencies to trade?
There are plenty of different currencies that you can trade. On this website, you can read an introduction to many currencies to find out if that currency is a good choice for you. The most popular currencies to trade are the USD, GBP, Euro, YEN, and Swizz franc. Other popular currencies include the Canadian CAD, the Swedish SEK, and the Chinese Renminbi.
More adventures currency traders offer like to trade cryptocurrencies such as Bitcoin. Cryptocurrencies allow for huge profits but are very risky to trade.
Can you make a profit trading FOREX?
Yes, there is a lot of money to be made on the FX market. Fortunes are won and lost every day. If you are able to predict if the value of a currency is going to go up or down then you can earn a lot of money. The better you are at predicting how the currencies will move the more money you can earn. There are a lot of analytical tools that can help you predict how the currencies are going to move. This tools analyse the market based on past events and there is no guarantee that they will predict the market correctly.
It is possible to make money trading FOREX. It is possible to make a good living trading FOREX but you can also lose a lot of money trading FOREX. It is not easy to become a successful trader and a large percentage of all traders who try FOREX traders end up losing money. FOREX Trading is high-risk trading and you should never try FOREX trading if you can not afford to lose the money or if you are unwilling to learn to become a skilled trader. Buying and selling without understanding what you are doing is very likely to lose your money.
Is FOREX trading leveraged trading?
Yes, most trades made on the retail FOREX market are leveraged trades. It is possible to trade without leverage but doing so will yield small returns unless you have very large sums of money to but the work. Most FOREX transactions are made to benefit from tiny fluctuations in the value. Most traders will, therefore, make leveraged trades to be able to make large profits from these small fluctuations.
Different brokers offer different leverage but it is rare for retail brokers to offer more than x250. A few years ago it was common to see a lot higher leverage being offered but these large leverages have largely been discontinued to retail investors. Too many investors were losing large sums of money while making leveraged trades without understanding the risk they where taking.
Is FOREX trading legal?
Yes, FOREX trading is legal except for in a few jurisdictions. It is always legal to trade FOREX but some country has banned FOREX companies from offering trading in the country. The company might be fined for allowing you to trade but you are not doing anything illegal. With this said, it is always best to trade using a broker that is licensed to operate trading in your country. Doing so will make sure that you are protected and that the broker complies with local regulation. If you trade with a company based in another jurisdiction then they might operate according to another legal system and might not operate as you expect it to.
Is FOREX trading a scam?
No, FOREX trading is not a scam. It is retail trading on the worlds largest market. There are many well managed honest FOREX brokers that you can register with and trade with confidence. There are also a low number of scam brokers on the market. Scam brokers never last long and usually change names regularly. Always find out everything you can about different FOREX brokers before you decide to register and start trading. Always choose a large well-regarded company that you know is honest such as Markets.com, eToro, IG, AVATRADE, or Plus500. Choosing a well-established broker guarantees that you do not get scammed.