Before we get started, let’s just cover what exactly Forex is. It’s an abbreviation for Foreign Exchange. And honestly speaking, it’s pretty close to gambling. Just less crass, more polished and more sophisticated in general.
How it works is, you buy and sell currency. You know, the value of currency is always changing. So for instance, if you used the Dollars in your account to buy Euros, and then the value of the Euro currency went up, you would have made a profit. So, Forex trading is largely about making correct predictions. And if you’re wrong, you lose money.
Forex trading can be highly profitable, but 90% of new traders lose money (source: Home Business). If you’re thinking about Forex trading, you have to do your homework—you have to learn.
Previously, only recognized financial institutions participated in Forex trading. However, at the moment, it is easily accessible to everyone. Because right now, there’s an app for everything, right? If you’re looking to get into Forex trading, Meta Trader 4 or Meta Trader 5 are the apps you’re going to want to get.
But Forex trading, while it can immensely profitable, will just drain you of your money if you’re inexperienced. Here are some resources to help if this is something that you’re interested in.
The Playlist Below Explains All Relevant Forex Terms
The Video Below Gives You Some Local (Ghanaian) Resources That You Can Use