The Interbank Currency Exchange and online currency trading have become increasingly popular nowadays. Many people around the world learn to earn and make money using the Forex trading platform.
Let’s discuss few interesting facts (on my opinion) about Forex online currency trading. First of all, these facts will be interesting for beginners, and also for more experienced traders.
The abbreviation “Forex“ is formed of the words “FOReign EXchange”. The simplification of the international financial system with a simple and fast currency conversion appears as one of the main tasks of Forex trading system.
The turnover of all funds on Forex trading platform amounted to $ 5 billion a day in 1077 and this amount exceeded $ 4 trillion in 2010. Experts predict that the amount of daily foreign exchange transactions will exceed $ 10 trillion till 2020.
Forex market covers all over the world but the main centers of global currency trading are located in Tokyo, London, Frankfurt, New York and Sydney. The US dollar is considered to be “the hottaest” currency in the Forex market, it is involved in 90% of all transactions in the Forex market.
The online currency trading on Forex is forbidden for everyone who is Muslim. Such a decision was made at the National Council of the Islamic state Malaysia in 2012.
Those Forex traders, who wish to invest in the currency and do not will to risk their strong attachments, consider an investment in the Swiss franc to be ideal.
To become a successful Forex trader you should always be aware of world news. In addition you should listen to the opinion of very important people in the world of finance. This refers to respected businessmen who have a solid capital and have tremendous power. Only
suggested the possibility of a situation, such people may lead to an increase or drop in almost any currency. Therefore, the successful trader is always watching the most important financial arrangements, listening and reading between the lines.
Famous american businessman George Soros is the example of successful Forex trader. Most experts are sure, that you should invest in long-term projects to achieve great results. But the American billionaire George Soros has never held such a strategy. Short term and speculative activities have always been the characteristic features of his transactions. George Soros came to Forex market with only $ 600. Ten years later he increased his capital to 100 million dollars.
Warren Buffett is another american billionaire, who is also linked to the Forex trading platform. Unlike George Soros the businessman pursues a strategy of long-term investment. Warren Bafet began trading on the stock exchange in seven years? when he decided to sell the shares purchased for $ 38 at a price of $ 40. Нe had 6 shares and the profit of this transaction amounted to $ 12. Warren was very upset when he found out that after a very little time, the price of the shares had risen to $ 200.
Even the most successful traders face the psycho-emotional disorder. According to statistics the Forex trading system brings about 70% of winning trades. But given the long periods with zero results and few losses in a row, the mental state of the Forex trader is under the strong downward pressure. Besides there are much more negative events during the trading, than a trader is ready to accept.