Forex.Academy Education For Absolute Beginners – Session One
Hello, and welcome to Forex Academy, your one-stop shop to complete education in foreign exchange currency trading, which is also known as Forex or FX.
The foreign exchange market is a global network of banks, financial institutions, governments, and retail traders who take advantage of the 5 trillion dollars that are traded every day in the foreign exchange market.
Many of the larger institutions buy and sell, or exchange currencies – which are always traded in pairs – and many other financial firms and also retail traders simply trade based on whether a currency pair is going up or down. If they place a buy trade and a pair goes up, they make money, and if they place a sell trade and the pair goes down, they also make money. And that is what happens most of the time, currency pairs go up and down against each other continually. And so traders bide their time and pick their moments to take on a trade.
Now while this may sound very daunting, if you think about it, you have probably been on holiday to a different country and spent some time shopping around online or at travel agents looking for the best currency exchange rate to give you more buying power on your holiday. In which case congratulations, you have already been trading currencies. I expect that a lot of you may have also enjoyed gambling at some time, perhaps at the roulette wheel in a casino, or playing cards such as Black Jack, and maybe you got lucky and made a little bit of money, however, typically the odds are stacked against you, and it’s a fact that the House always wins in the end.
But, what if you could go to a casino where the odds were stacked in your favor, of course, you would be very interested in that opportunity? Welcome to currency trading because if you take the time and effort to learn how to trade correctly, you can stack the odds in your favor when you trade currencies.
OK, the thought of spending a lot of time learning a new specialist subject might not seem like a lot of hard work, but if you think about it you will not strip down a car engine without first taking a mechanics course, and you wouldn’t take out a horse’s appendix without first going on a comprehensive vet’s course. And currency trading is no different. There is a lot to learn. However, the more you learn, the better trader you will become.
And here at Forex Academy, we have a wealth of education to pass on to you so that you can stack the odds in your favor and learn to trade currencies like a professional.