Trading can be really complicated, but once you identify your target strategy and gain experience, you'll notice how much confidence you begin to develop. Trading foreign currency is easy, trading it well enough to be successful and profitable is challenging. Here are some steps to share with you so trading comes as naturally as possible.
If you think about it, banks control almost every dollar that is spent in the world. Cash is a dying payment method being replaced with the tap of a phone, swipe of a magnet, and push of a button on an app Each of those pulls the money from your bank and puts it into someone else's. Even on payday, unless you’re working under the table for a nice cash gig or serving food for tips, your main income is a paycheck you put in the bank or an electronic transfer of funds. But, what do banks have to do with FOREX?
If printing a ton of money causes hyperinflation and devalues money and amount of money is pretty static for all countries, how can you make money trading and investing in money? Forex trading has the great opportunity to trade 24 hours a day and five days a week (opens late Sunday but remains open until closing early Friday balancing out to approximately five days). And there's also a bit more to the world money flow than the ‘all countries have a set amount of currency’ idea. So, how exactly is money made by investing in money?
Trading FOREX has many benefits to it. It offers great flexibility, low start-up, great earning potentials, and more. Companies like Trader on the Street make it their business to demonstrate just how powerful FOREX trading can be. With the right startup and a good development of basic trading strategies, trading FOREX can be one of the most rewarding paths one can take.
Shawn Lucas had the distinct pleasure of appearing on the Trading Nut Podcast, hosted by Cam Hawkins. In this exclusive interview, Shawn details the point in time where the best strategy for him clicked, and how he’s able to adjust and adapt to the ever-changing market.
Apiary Fund reviews many different strategies, LPs, pairs, and more. When you look into the FOREX market as much as Shawn Lucas and the rest of the Apiary Team, you come upon some pretty interesting facts. Some people think investing in FOREX is only serious business. However, a little bit of fun and knowledge never hurts, especially when talking about something you want to go into and have a greater understanding of. So, here are some of Apiary Fund’s favorite and most interesting facts about trading FOREX.
Recently, we had an article discussing the risk to rewards of trading. Risk is a huge part of trading and in unavoidable. But how can we reduce and manage the risk that we have in the FOREX markets? There are certain strategies such as the Wobble Technique that Shawn Lucas teaches that minimize risk, and there are also more defined ways such as setting up stop losses closer to the trades.
The Forex market is the largest volume market in the world in terms of money coming through it a day. It has 24 hour a day trading capabilities and requires very little money to get started in since it's traded on leverage. But how does this all work since you're dealing with two countries' money and the fact that what you pay and what someone else in a different country pays for a candy bar doesn’t change day to day? Trader on the Street goes through the way the markets work all while showing how to trade in the markets and how to account for the movements that are there.
An extremely popular, and usually first, question individuals ask when they’re looking at getting into trading is, “What broker should I use?” or even “Do I need a broker to trade?” Short answer, at least with FOREX. is no. You don’t need a broker to trade currencies. The longer answer is yes, though. FOREX trading is really just saying “I want to make my Canadian Loonies into Japanese Yen, then to U.S. Dollars, then back to Loonies and hopefully, I will make money in that process.” Banks and international airports usually have a teller where you can walk in and do this. For that, no brokers to worry about. Instead, you just have outrageous conversion fees. If you’re looking to get into trading as a professional and not just add a cool-looking 100 yen bill to a shadow box at home, you need a broker to trade through like Apiary Fund. Review these tips before making a decision.
When it comes to trading, everyone has an opinion on the best tools to use. “Best Tool” is an extremely relative term when it comes to anything, especially trading. Depending on your strategy and timeframe you look at while trading, each trading tool will be different. Here, Apiary Fund reviews some of the most common trading tools and how to use them in your trading along with our YouTube channel at youtube.com/apiaryfund.