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JUST ONE STEP AWAY
Welcome to the World of Currency Trading
Indeed large multinational and individual banks and other major financial
institutions have dominated FX trading (also known as Forex trading), but there
is a paradigm change in the nature and type of investing. According to one
estimate, in the new millennium, there are over 6 million online investment
accounts, up from 1.5 million in 1997. As a result, start-up firms now compete
directly with financial institutions to serve investors in the new
technologically driven economy, and the clear winner is the customer. The
competition between the brick and mortar institutions and the Internet-based
companies has dramatically lowered the costs of investing, and empowered the
individual investor to take control of their own investment strategy in Forex
trading.
We know Forex trading is direct access trading of currencies. In the past,
foreign exchange trading was limited to large banks and institutional traders
but recent advancements in technology have allowed small traders to take
advantage of the many benefits of Forex trading using online trading platforms
to trade. Virtually Forex trading is done 24 hours day and almost 5 ˝ days of a
week. In the recent times, online trading has revolutionized the currency
markets by making it accessible to the small and medium sized investor.
The Forex trading is perhaps the largest financial market in the world, with
a daily average turnover of approximately $1.5 trillion. Foreign Exchange is the
simultaneous buying of one currency and selling of another. The world's
currencies are on a floating exchange rate and are always traded in pairs, for
example EUR/USD or USD/JPY or USD/INR etc.
In the new millennium, the Forex trading has become accessible for an
individual investor or small group of investors. In the current scenario,
investors reap many benefits from Forex trading than stock market, e-mini
futures and such other trading. Today mostly traders are choosing Forex trading
than stock trading because there are approximately 4,500 stocks listed on the
New York Stock exchange. Another 3,500 are listed on the NASDAQ. In spot Forex
trading, you have 4 major markets, 24 hours a day 5.5 days a week. If you are so
inclined, you have approximately 34 second-tier currencies to look at in your
spare time. You can concentrate on the major forex and can find your trade. When
you are investing in forex you can spend your afternoon on the golf course or
with your spouse watching movie or celebrating holidays—in short it is easy and
hassle free than stock/future market.
Not only is it an accessible, easy and less capital-intensive business
opportunity, but it is much more cost efficient too to invest in the Forex
market, in terms of both commissions and transaction fees. Generally,
commissions for stock trades range from a low of $7.95-$29.95 per trade with
on-line brokers to over $100 per trade with traditional brokers. Opposite to
that, typically stock commissions are directly related to the level of service
offered by the broker. At the high end, traditional brokers offer full access to
research, analyst stock recommendations, etc. In contrast, on-line Forex brokers
charge significantly lower commission and transaction fees.
Anthony Trister is a currency trader and is an owner of OneDayTrades which
offers free, mechanical forex signals and an automated trading program for those
wanting to trade forex. Free access available here:
http://www.onedaytrades.com
Additional Reading
The MasterTrader eBook.
Your complete guide to active trading/day trading. Learn proven strategies and make money consistently!
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The original name of the American Stock Exchange was "The Curb", because it was originally started by traders on the streets of New York City standing on and by the street curb.
