What is Forex trading?
Forex trading is the same as the stock market but there was a little bit different. The full form of forex is foreign exchange. I think not clear about it that’s why to I am trying to break it down for easy to understand. Many people thought that Forex trading is the same as gambling. But that’s not true because Forex trading one kind of business.
Here I am giving a simple example to make it clear so read the para carefully because if you miss a single word then you can’t understand it properly.
Suppose you live in Bangladesh and your friend lives in the United State of America. Now your friend invited you to visit his country so you are accepting his invitation and you prepared yourself for visiting the United State of America.
Now just thought that you are caring 80000 Bangladeshi takas for traveling expenses. when your flight land at USA airport than what should you do first.
So you have 80000 Bangladeshi taka who is not vailed inside America. After that, you are going to a currency exchange booth where are you can exchange Bangladeshi taka to American dollars. You see a billboard where they give every single currency rate. Then You give them 80000 BDT and get 1000 USD. So you get 1 USD for 80 Bdt .
After that, your friend coming and pick up you from airport. You stay only 7 Days then come back to Bangladesh. When you reached the airport of Bangladesh, you notice that your 1000 USD did not an expense. So you are going to the Bangladesh currency exchange boot and see, the USD price is increased at 83 bdt for 1 USD. After exchange your USD, you notice that you get 1000 USD for 83000 bdt.
That means you get profit 3000 Taka because you were buying 1 USD for 80 bdt and selling them when the price is increased 3 takas per 1 USD.
So now may you understand the system of forex trading. Every Forex trader doing the same thing. Forex traders are using an internet platform to buy or sell. Their huge forex brokers are available on the internet.
Anyone can be using a broker’s platform for buying or selling currency trade. The brokers are cutting a small brokerage amount for using their platform fees. Here I am talking about some best brokers and about their offers.
>>Best Forex Trading Brokers
1. FXTM forex broker
>>FXTM FOREX TRADING BROKARS
Fxtm full from forex time, Fxtm forex trading brokers is one of the best overall Asia. It gives very smooth support for any kind of query. They have a team who’s always ready to help you. So, in my opinion, it provides the best service I ever have seen inside Asia.
>>How to use the meta trader 4 or meta trader 5
Meta trader 4 is software where you can use multiple tools for calculating your trading analysis. If you are already trading on anywhere, it doesn’t matter because Meta trader 4 is just a tool. You can use meta trader 4 with any broker you want.
How Forex works:
The working process of Forex trading is very simple and smooth. It is through the exchange of coins that everyone here gains or loses. First of all, let’s talk about the working process of Forex.
It is a process of buying and selling a coin where you have to buy one currency against another. Like you bought Euro with US Dollars or you bought US Dollars with Euro. That is, you can buy the currency of another country with the currency of any country.
You can even buy or sell currencies from another country as opposed to your own.
This currency transaction will always be done in pairs, which is called a currency pair.
How to trade forex:
Forex is actually one of those jobs that most people find very easy at first. But you should know that the forex industry is most prone to fall without proper knowledge.
Even many experienced traders are at a loss here from time to time. And of these traders, 97 out of every 100 have to return empty-handed. They then started thinking it was a scam.
But the reality is that Forex is not a scam! Here you are at a loss as a result of your wrong decision. That’s why Forex should be done by those who are experienced and understand it well.
New traders can’t expect to get anything good when they come here. For that, he has to spend enough time here, to understand everything.
Once your ideas about Forex are clear and the basic rules of how to do Forex are at your fingertips
Then you are ready to practice now. At this stage you can practice the demo with virtual money from different brokers.
On the one hand, as you will be experienced, you will not have any risk. It is best to practice with virtual money with the help of experts.
If you get good results in this, then I will tell you that it is time to start real trading with some small investments.
And if the result is negative, then think this job is not for you.
Most of the prevailing ideas about forex trading are based on conjecture.
How to do forex, what are the basic rules of forex or where to learn it, many do not know.
Forex trading is the largest international currency market in the world.
It is estimated that more than 4 trillion is traded on Forex every day. From this we can understand how huge its scope is and how income can be made from it.
However, I would say that going to Forex trading without falling into greed will not be the right decision for you.
1.First, clear your concept about Forex
2.Understand the process of trading
3.If need be, help those who are able to earn from forex trading, being successful
If you have any query then directly comment in below i am trying to help you.