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Forex Miracle Review
February 23rd, 2009
Forex Beginner Question
Answer….. Forex. (Foreign Currency Exchange) in a nutshell is about money. Buying and selling money between different nations. Anyone can buy a currency from one nation with a currency from another nation and at a later date sell that currency back at hopefully a better rate.
e.g. You buy 100 Japanese Yen to 1 US Dollar. Later, you sell the Japanese Yen back at a rate of 50 to the US Dollar and you will get 2 US Dollars back. Your 1 dollar investment is now 2 dollars.
Forex Beginner Questions 2 – What is the difference between Forex and the stock market?
Answer….. Although similar in certain aspects such as buying at one rate and selling at a different rate to make a profit, there are some major variances between the two.
- The Forex market has a far higher value of money being exchanged every day, approximately 100 times the amount.
- The Forex market does not have a central exchange like the stock market does and it is known as an interbank as trades are made between individual bodies.
- Because Forex trading is made between banks and individuals all around the world, it is open 24 hours a day for the working week, Monday to Friday.
- Leveraging is higher in Forex trading. Investors use loans from the brokerage companies to trade Forex to obtain greater profits than they normally would without the loans. Beware as it works the other way too and larger losses can occur.
Forex Beginner Questions 3 – What is the mini Forex system?
Answer….. Any beginners into Forex might want to consider trading using a mini Forex service. It might be called a learners system. Normally the deposit required at the outset is only $100 so there is less risk to the beginner investor of losing too much while they can enjoy the benefit of learning how the whole Forex system works.
Forex Beginner Questions 4 – What are Forex symbols?
Answer….. Forex has lots of jargon associated with it and it can be quite a job for the beginner trader to come to terms with. The Forex symbols are the three letter abbreviation that stand for the official name of the currency.
The symbol is comprised of two parts or two currency pairs. For example GBP/USD refers to British Pounds / US Dollars. There are many currency symbols that beginners have to learn if they want to trade Forex but there are hundreds of websites with the information on.
Forex Beginner Questions 5 – What do I look for in a broker?
Answer. To the beginner, a broker’s experience can be a valuable resource so it is definitely a good idea to look for a good, reliable one.
- Brokers use spreads to make their money, a type of commission. Spreads are the difference between the buy and sell value of a currency otherwise known as pips. The broker gets a cut of this spread. Check how much they are going to take from your trading profit before employing one.
- Ensure brokers are registered as a Futures Commission Merchant (FCM) and controlled by the Commodity Futures Trading Commission (CFTC). These brokers will be backed by massive finance and basically have a good reputation.
- Make sure that your broker can offer you software with a huge range of trading tools. When you get more experience you will be needing these more and more.
- Your broker should be able to give you substantial leveraging and account options. Leveraging can take your trading profits through the roof when done effectively.
- Invest a lot of time choosing a brokerage company as this could be the making or breaking of you. Use their knowledge and experience and don’t be afraid of asking many questions. A good broker will want you to be successful because at the end of the day, you are making them money.
Author: Martin Loader
To learn more information and answers to your Forex trading questions and an incredible innovative software system that can make your trading profits go through the roof, go here Forex Miracle Review
Article Source: http://EzineArticles.com/?expert=Martin_Loader
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