The Foreign exchange (Forex) market is the largest financial market in the world, yielding an average turnover of $ 1.9 trillion daily, a figure that is nearly 30 times larger than the total volume of equity trades in United States!
This is a market that has been creating a lot of excitement and opportunities. The currency trades are done in pairs, where the trader basically buys and sells currency at the same time. The trades are done around a clock and are not centered in one location. When one market closes another location opens.
Forex has created the perfect work-at-home opportunity, where you can trade either daily or hourly or even every minute (depending on your appetite for risk and how flexible you are). But statistics have it around 7 out of 10 traders in the market lose out more than they gain. I most certainly was one of the 7 a couple of years back, mainly because I looked at it as a get rich quick scheme. The secret to succeeding in this business is just that it has to be treated like a business. You need to be dedicated, persistent, patient and willing to learn and apply the knowledge gained.
The best way to start if you are a new to Forex trader is to start with learning the basics such as (but not limited to): What is a pip? What is a lot? What are the different types of charts? When to trade? Then once you learn the basics open a free demo account and apply and back test strategies. Demo account is similar to trading in a real environment, minus the risk of losing real money, and there are not many emotions involved since you have a zero risk.
Once you reach a point where 15 out of 20 consecutive trades make a profit, your are ready to trade with real money. Start small and increase your capital over time.
Forex trading is truly and exciting business to be in. Believe me, nothing beats that first feeling when you wake up and see you made a profit overnight.
I promise you that if you put your motivation, application, and willingness to learn in this business your chances of becoming a power trader are significantly improved.