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There are ads for online forex currency trading just about every place you look. In magazines and newspapers, on TV, online … all telling you that this is a great way to make money from home. But can you really make money with forex, and is it safe?
Forex or FX is short for foreign exchange trading. The rates of exchange of the different world currencies are changing all of the time, so a smart investor can make a lot of money by changing his money into another currency that is about to rise in value and then changing it back after the price went up .
Most people make a success of short term trades for smaller profits that will add up over time. You could invest in a currency for a longer time if you thought that a particular country's currency would rise or fall in a steady way over a long period. But the ads that you will see are generally for quick in and out trades.
In forex day trading, a trader will open and close a trade within a few hours or even minutes. He will watch the real time charts provided by his broker to see which way the prices are going. When he sees a pattern or trend emerging, he will jump in.
The rise of the internet has meant that it is now possible for ordinary people to make money from home with online forex currency trading. All you need is a high speed internet connection and some money to invest. Brokers have adapted by offering mini accounts to appeal to the smaller investor, so now you can begin forex day trading with just a few hundred dollars.
You can either work out a profitable system to follow for yourself by studying the charts for a few months, or you can buy one. Some systems are run through automated robots which even make the trades for you. The markets are open 24 hours during the business week so this allows you to be sure of not missing a trade that would fit your system.
Another advantage of a robot is that it will not be driven by fears or greed, but will stick to the system with complete consistency. Having a profitable system and keeping to it consistently is what generates profits for you.
Foreign exchange is a risky business and you should only invest money that you can afford to lose if things go wrong. Financial news and world events have a big impact on the foreign exchange markets. Sometimes you can predict these events and make money from them but sometimes they are unexpected. Of course there are ways of limiting your losses such as setting stops that will automatically close your trade if the price goes against you.
It is certainly possible to make money from home with forex trading but it is risky. If you want a safe investment you should be looking at bonds or savings accounts. But if you are prepared for the risk and want to be in control of your own financial future, online forex trading could be for you.
Source by Jason Cline