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Forex Basics

Here we will look at forex basics and two specific areas – firstly, the advantages forex trading gives you and secondly, why anyone can put these advantages to work for them for big profits, if they learn forex trading the right way and get the right forex education.

Why Anyone Can Enjoy Forex Trading Success

It’s a fact that everything about forex trading can be learned, by those traders willing to put in the time and effort to learn the right skills and adopt the right mindset.

The above was proved in spectacular fashion by trading legend Richard Dennis, in the famous “turtle” experiment in 1983.

Dennis had a friendly dispute with one of his partners where he believed anyone could learn to trade, whereas his partner considered trading an innate gift. The experiment was conducted to settle the dispute. Dennis took a group of people (all with no trading experience) of both sexes, various ages and various levels of educational achievement and set about teaching them to trade. The group included:

An actor, a female auditor, a security guard, a kid fresh from school and a couple of professional card players.

In just 14 days he taught them to trade.

The outcome?

These traders went on to make Dennis $100 million in 4 years and become some of the most successful traders of all time.

So it was proven - trading could be learned by anyone with the willingness to learn and apply the right skills, with the right mindset. In other sections of this website we will cover the skills needed here, we just want to cover the advantages that forex trading gives you.

Constant Opportunities for Profit 

There is never a recession in forex trading, as one currency rises another must be falling, creating constant opportunities for profit.

Currency Trading is Volatile

As currency values reflect underlying trends in the global economy they tend to be volatile and big moves occur each and everyday. This gives the forex trader constant opportunities to seek capital gains. Without volatility you can’t make big gains but currencies are and are the worlds biggest investment medium with trillions of dollars traded each day.

Leverage

A forex trader has one huge advantage – leverage. This is the ability to trade more funds than they have in their account. For example, if you have $500.00 in your account, you broker will let you leverage this 200 times! So if you have $500.00, you can trade $100,000 (500 x 200), this enhances your profit and loss potential. The key to getting leverage to work for you, by taking calculated risks at the right time,  to get the odds in your favour and make big profits.

Currencies Trend

It’s a fact that currencies trend longer term (move for a sustained period of time in a specific direction); these trends can last for months or in some instances years. If you can spot and lock into these trends, then you can pile up huge profits.

Forex trend followers aim to execute their trading signals when the odds are in their favour and time market entry so they can catch and hold these trends. If their wrong, they quickly liquidate their losers by using strict money management criteria.

If you can cut your losses quickly and run your profits longer term, you can get leverage to work for you and enjoy currency trading success.

Building Wealth Quickly

So far in our forex basics overview we have seen that anyone can learn to trade forex and develop and implement a successful forex trading strategy and the good news is this opportunity is open to anyone.

As you can see if you can learn to trend follow in forex and put leverage to work you, then you can make huge profits and build wealth quickly. All you need to get started is  some small seed capital, a computer and an internet connection and your all set.

In the next section we will look at how to develop and trade a forex trading system you can have confidence in and how you can apply it for long term forex success. For this, we need to look at forex technical analysis and give you an introduction to the power of using forex charts

 
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