Up until a few years ago, retail investors and individual traders did not have an access to foreign currency exchange markets. This has changed and now more and more traders enter this arena. The allure is quite obvious. This is a very active, global market. It is typically open 24 hours for five days, and it is suitable for online transactions. Like other financial markets it has its own specific risks, but the ability to use leverage and limit downside risks are its big advantages.
- Forex isn’t a get-rich-quick scheme, but something that needs to be studied and nurtured to succeed over time.
- Begin with a demo account, then continue with a small investment to reduce risk.
- Keep a journal so you can go back and evaluate your actions and improve your strategies.
“What makes it so attractive for traders of all levels is that it’s easy to enter, doesn’t take much capital to get started, and the market is open 24 hours, 7 days a week. With these in mind, Forex trading does indeed has the potential to reap profits for both beginners and veteran traders, if you know what you’re doing.”