Many people trade the stock market around the world and some trade commodities and there are others that trade currencies.
Have you ever considered learning how to trade the foreign exchange market?
There are a number of ways that you can learn how to trade foreign exchange and I can go through these a little later.
What is the foreign exchange market?
The foreign currency market is generally traded five (5) days per week and twenty four (24) hours per day.
The trading day is divided into three (3) distinct trading sessions and these are;
- Asian (Tokyo)
- European (London)
- North American (New York)
The above markets usually revolve around the main business hours within these regions. Generally the market opens in New Zealand then moves to Sydney then on to Tokyo then to London and finally on to New York.
The value of the foreign exchange market is approximately $US6.6 trillion which is 200 times larger than the volumes traded on the New York Stock Exchange which values at approximately $US22.4 billion followed by Tokyo at approximately $18.9 billion and London at approximately $US7.2 billion.
Banks and major institutions are generally the largest traders of foreign exchange in the world along with governments generally through their Central Bank.
The spot market where most foreign exchange traders are is valued at approximately $US2 trillion per day which is still larger than the New york Stock Exchange.
The foreign exchange market is a world wide market where currencies are traded against each other which are known as currency pairs and the major currency pairs that are currently traded around the world are;
- Australian Dollar AUD/United States Dollar USD
- Euro EUR/United States Dollar USD
- Great British Pound GBP/United States Dollar USD
- United States Dollar USD/Canadian Dollar CAD
- United States Dollar USD/Swiss Franc CHF
- United States Dollar USD/Japanese Yen JPY
How Do I learn To Trade Foreign Exchange
There are many ways to learn to trade forex and there are many organizations that are only too ready to take your money to teach you how to trade foreign exchange and by performing a simple Google search you will be able to find many websites that will charge varying amounts to teach you how to trade.
Some of these sites will charge you a few hundred dollars through may a couple of thousand dollars and the results would vary depending on the resources and the time that you were able to devote to learning how to trade.
A simple Google search will bring up many online organization that re offering to show you how to trade forex but the is not a lot of information on the quality of this training and at the end of the day you may be wasting your money and you will not make any money.
Trading Training Websites
1. Babypips (https://www.babypips.com/) – this website allows you to learn at your own pace and there is a number of forums that allow you to experience different trading methods and the “university” you off with the basics and there are a number of sessions that take you through the basics of forex trading. Once you have graduated from the babypips university you can access the many forums on the site and a number of the members provide tips on the different methods to trade. Some of the members have developed some of the methods themselves and posted them on the site. Not a bad site for the beginner to experience trading and how to get through the basics.
2. Learn to Trade The Market (https://www.learntotradethemarket.com/) – once again this website has some good instruction that takes the person through the basics and then through more advanced setups and you learn to trade with a blank chart and the trading methodology is based around price action and there are no indicators that show the trader where the market is likely to go. Once you navigate through the course on the site there are a number of forums where the reader can interact with other traders. Niall also produces a guide each week of where he thinks the market will go in the near future and he goes through his methodology. Niall also produces articles about trading methodology and how to read the charts for trading which reinforces his education.
The subscription to this site does cost a little bit but Niall regularly has discounts off his normal subscription so there may be a deal that you will be able to subscribe to at most times of the year and the subscription fee is a once only fee.
3. Forex Signals (https://www.forexsignals.com/) – this website has some good instruction and the introduction to their website says “Forex trading signals alone are not enough, you need tested strategies, powerful tools and professional mentors to guide you to success”. This site provide you with material to enable you to learn and there are forums where you can tap into the minds of traders that have been trading for a number of years. There is also an opportunity to watch live trading for important news announcements.
This site also charges a subscription which is charged annually.
4. LuckScout Club – this website is more than just a forex trading website. This site has the option to pay a monthly subscription where you can earn some additional money each month and there are a variety of articles about different topics and it also contains articles about forex trading including the use of different strategies that enable you to develop your trading skills and hopefully make some additional cash along the way.
A new player in the foreign exchange training market launched in October and they charge a modest fee of $US95 per month to join their trading system and they have an extensive amount of resources available to those that have never traded before. They also have online support that can assist really understand how the market works.
When you join EPIC Trading University you can not only learn how to trade foreign exchange but there is also an opportunity to earn additional income by referring those that you know as part of your team and the more people that you refer to EPIC Trading the more money you earn through the EPIC Compensation plan that has been displayed on their website.
The EPIC website as mentioned above allows members to earn at different levels depending on how many people they refer. The important thing to note is that EPIC Trading does not guarantee any level of earning for the effort that is put in. For them to guarantee an earning would be in contravention to the rules as set down by the Federal Trade Commission in the United States. To succeed in the EPIC Trading system this requires work and marketing effort to enable you to recruit members to your team.
The possible remuneration per month as mentioned relies upon the number of new members that you refer and can be summarized below;
$US500 per month for referring ten people and adding them to your team.
$US1,000 per month for referring thirty people and adding them to your team.
$US2,000 per month for referring eighty people and adding them to your team.
This is an example of what can be achieved and there are no limits to the amounts that can be earned and the compensation plan allows $US1,000,000 for referring seventy five people and adding them to your team. The plan presented above is a fantastic opportunity and is too good to pass up.
The cost to join EPIC Trading is $US99.99 per month and once you refer three members to your team the monthly membership fee will be waived by EPIC Trading which is arguably the best system on the net.
The LuckScout Club will also assist members to build their team which is a help as not everyone is confident to engage in online marketing. To join the LuckScout Club you can Click Here and complete the form and pay your subscription through PayPal.
What to Do Next
The next step in the process is to then find yourself a foreign exchange broker and then you should decide on the trading platform that you would like to use to do your trading.
A quick Google search will provide you with many brokers that you should look at the fees that they charge and the spread which is the difference between the Buy (or Bid) and Sell (or Ask) price of a currency pair. For example, if the EUR/USD Bid price is 1.16909, and the Ask price is 1.16919, the spread is 1 pip. If the Bid price is 1.16909 and the Ask price is 1.16949, the spread would be 4 pips (when you begin your trading education you will learn about pips which is not subject to this article). The lower the spread maybe the better the broker but this is a decision for you prior to signing up.
The next thing to do is to then decide on the trading platform that you should use to start your trading career. A good platform that a large proportion of traders use is one called MetaTrader 4 (MT4) and then is a later version MetaTrader 5 (MT5). This is a personal choice and it depends on the commodities that you would like to trade. MT4 is primarily designed to trade foreign currency and MT5 is designed to trade Contracts For Difference, Stocks and Futures.
Good luck with your decision and a little effort may see you become a profitable trader.
If you would like to join LuckScout then please click here.
If you would like to join EPIC Trading and learn how to trade foreign exchange and also become involved in affiliate marketing then click here.