Welcome back to the blog!
Today we’re going to discuss forex! I’m sure we all have the name before but unfortunately many people still do not know that much about the subject so I’m going to give you some information so that you understand:
- what is forex
- who participates
- why you should invest in it
- how to get started with forex
If you’re interested in learning more about forex then you let’s continue.
What is forex?
Forex is short for the foreign exchange market, it’s also sometimes called FX or FRX. According to investopedia.com:
Forex is a portmanteau of foreign currency and exchange. Foreign exchange is the process of changing one currency into another currency for a variety of reasons, usually for commerce, trading, or tourism. According to a 2019 triennial report from the Bank for International Settlements (a global bank for national central banks), the average was more than $5.1 trillion in daily forex trading volume
An easy way to understand what goes on in the foreign exchange market is to think about a time you went out of the country. If you were traveling, you had to exchange your USD or home country’s currency for another currency (the country that you are visiting). More than likely your home currency like USD can’t be used in Europe or China etc.
Now we are able to exchange currencies without leaving our home! You can trade currencies from your phone! Now that we know what forex is, who can move on to who actually participates and trades in the forex market.
Who participates in forex?
I went back to google and found this from Investopedia again. Here is what it said about who participates in this market:
Commercial and investment banks conduct most of the trading in the forex markets on behalf of their clients, but there are also speculative opportunities for trading one currency against another for professional and individual investors.
Banks! If banks conduct the most trading in the forex market why are we getting such small returns on our money that’s sitting in our bank accounts? The interest we receive is little to none. You are lucky if you get over 1.0% return on your money. This is why it’s important to learn how to make your money work for you by investing.
The importance of investing
Investing is important because it allows you to let your money for you. We work hard for our money and often times we exchange our time for money. By investing and letting your money work for you, you can create an additional sources of income, and take charge of your financial security. One good thing to note about forex is that you can make money when prices go up AND down. Unlike the stock market where you make money when prices go up.
I mentioned that I am on my financial independence journey and I strongly believe that investing will definitely help me reach my goals quicker than saving and paying off my debt on my own without investments. I don’t want to wait until I’m 65 to begin to live my life and retire. I have to work differently if I want different results. By learning how to invest, I was able to pay off over $10K of debt last year during a pandemic and that’s when I knew I found the best thing ever to help me reach my financial independence goals!
If you are interested in learning a skillset that can help you reach your financial goals, then investing is for you!
How to get started with forex
I started learning forex on Youtube, however, I found myself frustrated because I had to find someone to provide accurate and helpful information on the subject, that also taught me everything I needed to know. That became overwhelming to be honest and I found myself jumping from one Youtube channel to another, just soaking in information but not going any deeper. I was stuck in the information and didn’t know what my next step was and I definitely didn’t feel ready to jump into the market alone with my money.
I wanted a structured way to learn everything. That’s when I came across an educational platform specifically tailored to forex, cryptocurrency, e-commerce, and more! It was affordably priced in my opinion compared to what some individuals were charging for their personal forex academies and mentorship.
Since we are on the subject of mentorship – through the platform you are able to get access to educators who actually trade in the foreign exchange market professionally! The educators teach from range beginner to advanced so you can start without any prior knowledge of the subject and still be successful!
On top of that! I was also able to join an amazing community of people who are like-minded and want financial independence for them, their family, and their friends. We trade together and make money together. It’s become a second family to me and I’m grateful that I began my trading journey in 2020 because I would have never known this skillset and it can be very lucrative!! People make millions in the foreign exchange market….but it is a journey that requires time, focus, and the right mindset. It is not something you can just jump into and expect to dominate although I’m sure some people have.
The opportunities that come with this skillset is limitless!
Our community is amazing and our leaders are selfless! They help us learn and apply the information and we get results!! If you want to make sure 2021 is wayyy better than 2020, come join us and learn how to become your own boss and trade in the forex market with our family!
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Catch you in the next post!