Article by Paula Cabildo (@paulapinkikay)
Are you one of those people who wanted to quit their 9-6 job and look for ways to earn passively, but don’t know where to start? This is a common dilemma for employees who have been working for years only to find out that they have not saved a single centavo in their bank accounts. Or perhaps you are looking for an investment where you can make your money grow. Are you a student who’s looking for a source of income to make ends meet? If so, then Forex might be something for you!
Simply put, Forex trading pertains to the exchange of currencies. You might be surprised to find out that you have actually been doing Forex all your life, but never knew it. If you have been to a foreign country and have exchanged your currencies, that is already Forex. This is also true for those who have relatives abroad that regularly remit money to the Philippines. You need to go to a money changer and exchange currencies.
The Forex exchange market is a global decentralized over-the-counter market for trading currencies. It is a 24-hour market that gives traders the freedom to trade anytime. So, how does Forex work? Basically, you buy a currency at a low price and sell it at a higher price; the difference is your profit. Forex trading is becoming more and more popular as it stimulates the curiosity of many. As a result, many online Forex brokers evolve to cater to the increasing demand. Here are 5 reasons why you need to try Forex trading.
5 Reasons Why You Need To Try Forex Trading
One of the perks of doing online trading is that you can do it practically anytime and anywhere. As long as you have a reliable Internet connection, a mobile phone or a tablet; you can start trading at your own convenience.
For as low as $100 or roughly Php5,000; you can already start trading with online Forex brokers. Just keep in mind to know the ins and outs of the investment before putting in any money. Education is key for you to be successful in any business or future investments.
Forex brokers allow their traders to use leverage to trade more money than what is in their actual account. Leverage is the buying power that gives the traders the ability to profit while keeping the risk at a minimum.
With Forex trading, there are a lot of market participants that yield high transactions. That being said, there is a lower chance for huge price fluctuations.
Another good point is that you can earn with either the rise or fall of currencies. You just need to know the direction or the trend of the currency pairs that you are trading.
With so many online brokers available, choosing the right broker can be a challenge. According to Mario Singh, one of Asia’s most influential Forex gurus, choosing a Forex broker is a critical step before you start your online journey. Some things to consider when choosing a broker include regulation, support, fund safety, deposit and withdrawal options, and trading platform and software.
(Photo Credit: Mario Singh)
Mario Singh is the founder and CEO of Fullerton Markets, Asia Pacific’s fastest growing brokerage firm. His insightful views about Forex has paved way for his appearance in well-known media channels like Channel News Asia, CNN, CNBC, and Bloomberg to name a few. He is also the author of two best-selling books “17 Proven Currency Trading Strategies” and “Unlocking the World’s Largest Financial Secret” which has been translated into different languages.