How to Trade Currency Forex FX

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29-Jun-2009
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United States DollarCanadian DollarEuropean Union EuroPound SterlingSwiss FrancJapan YenAustralian DollarNew Zealand DollarHong Kong DollarUAE DirhamArgentine PesoBarbados DollarBrazilian RealChilean PesoYuan RenminbiCyprus PoundCzech KorunaDanish KroneAlgerian DinarEgyptian PoundFiji DollarHungary ForintIndonesia RupiahNew Israeli SheqelIndian RupeeIceland KronaJamaican DollarJordanian DinarKorea (South) WonLebanese PoundMexican PesoMalaysian RinggitNorwegian KronePhilippine PesoPakistan RupeePoland ZlotyRomania LeuSaudi RiyalSudanese DinarSwedish KronaSingapore DollarSlovak KorunaThailand BahtTurkish LiraTrinidad/Tobago DollarNew Taiwan DollarVenezuela BolivarVietnam DongEast Carribbean DollarSouth Africa RandZambia Kwacha
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Monday, April 6, 2009

How to Trade Currency Forex FX
Foreign Currency Market
InstructionsIn the financial world there has been a lot of buzz about Forex or foreign exchange trading. This is a brief overview.
Step1The world currency market, forex, fx or foreign exchange evolved in the early 1970 when world currencies gradually became free floating instead of pegged a government exchange rate against the U.S. dollar or other major currency. There are many reasons for this. As markets became more global corporations needed holdings, payroll and investment money in other currencies. A market developed similar to the stock market or commodities market to accommodate large trades.
Step2 In today's financial world there are many players in foreign exchange of currency. The biggest of course are governments, central banks and large commercial banks, followed by corporations, importers and exporters, speculators and investors. This area has become very volatile and very large as a short term and long term investment vehicle.
Step3Unlike the stock market share of a company, world currencies do not have a net loss of value. If the dollar rises against the Euro the Euro falls and so forth. If a currency goes up it is being valued against another currency that is falling. That means economics, political stability and many other factors play a roll in movement of a currency. War, crop failure on a wide scale, weather and major events all play a part as well as the general attitude about a countries direction and government economic policies.
Step4Trading currencies is very much like trading stock and commodities as far as actual trades go. You need to open a brokerage account with a trading company. Most trading is online for the small investor - speculator. You can leverage your capital for greater profit and greater loss potential. This of course compounds your risk and exposure to loss or profit. You can open an account with as little as $10.00 but need to have more of course to realize any life changing financial gains or losses. Several on line firms have play accounts where you can experiment with virtual dollars beginning with $5,000 or $50,000 to see what would happen and get your feet wet. It is a virtual money account that costs nothing and returns nothing so you can get a feel for trading.
Step5There is a very knowledgeable market out there. If you are serious about forex trading in your financial portfolio it is best to follow a successful mentor. So much information goes into the background of what makes a currency rise or fall. It is not a game of random guessing. Hot currency tips are harder to come by than stock tips. More variables effect money than a single company and its direction. Good Luck