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What exactly is Forex?

Happy FOREX trader - Well trained, disciplined, prosperous Forex is an acronym for FOReign EXchange and is the worldwide cash inter-bank or inter-dealer market that uses a floating exchange rate system. Most people have never heard of Forex. Yet, it is the world's largest financial market with an estimated daily average of more than $1.5 TRILLION. Some say that it would take the entire New York Stock Market about 3-4 months of daily trading to equal one day of trading in Forex!

How fair is the Forex market?

The Forex market is so large and is composed of so many participants that no one player, not even a large government, can completely control the direction of the market. So, many experts have called Forex the "fairest market on earth."

Where is the central location of the Forex market?

The word market is a bit misleading in describing Forex trading because there is NO central location where trading takes place. The bulk of Forex trading is between approximately 300 large international banks that process transactions for large companies and governments. These institutions continually provide exchange rates for each other and the broader market. The most recent quotation from one of these banks is considered the market's current price for that currency. Trading occurs over the internet, by telephone and through computer terminals at hundreds of locations worldwide.

When does Forex trading occur?

The first session, which is the Asian session, begins on Sunday evening at approximately 7:00 p.m. EST. The second session, which is the London session, begins at approximately 2:00 a.m. EST. The third and final session, which is the New York session, begins at approximately 7:00 a.m. EST and ends at about 5:00 p.m. EST.

What are the primary currencies traded in Forex?

For most online brokers, especially in the United States, there are four currency pairs that are heavily traded and that offer almost immediate liquidity: USDollar/Japanese Yen, USDollar/Swiss Franc, British Pound/USDollar and Euro/USDollar.

Why is Forex so popular?

Forex trading is attractive because it offers unparalleled personal and financial freedom. A Forex trader can virtually live anywhere in the world as long as he/she is within reach of the internet. A Forex trader can work from home or office, and in some cases, even trade on the beach! A Forex trader can usually choose his/her own hours to work since the global foreign exchange market is open 24-hours a day. A Forex trader avoids many common headaches associated with running a business because there is NO inventory, NO shipping, NO billing, NO collections, NO employees, NO commuting and NO dress code. And finally, since Forex traders can potentially earn a very high income, they enjoy the possibility of never, ever working for someone else again!

How much profit can actually be made?

Of course, results can and do vary among individuals and no guarantees can be made as to profitability. However, let's look at some sample numbers based on averaging just +10 pips a day and each pip having an average value of about $7.50. A beginner working just four days a week and trading just one(1) unit/lot could earn about $300/week or about $1,200/month. A more experienced trader still working four days a week and trading three(3) units/lots could earn about $900/week or about $3,600/month. An advanced trader still working four days a week and trading ten(10) units/lots could earn about $3,000/week or about $12,000/month.

Is there tangible evidence that this really works?

Excellent Returns on Investment For The Well trained, disciplined, FOREX trader As a live proof that the system really works, here is the trading results of Mr. Bunmi Ajala, the CEO of Computer & Allied Services Ltd. for a period of two weeks. From the 4th of July to the 18th Of July, 2002, he made a net profit of $6 314.16 from a total of 14 trades, of which only 3 turned negative - a 78.6% success rate.

The most significant part of this achievement is that the results were achieved under conditions that would normally not be considered as conducive for online FOREX trading. Considering the fact that many would-be Nigerian FOREX traders may not have their own "in-house'' computer and Internet access, he decided to experiment by trading at public cybercafes in Nigeria, in between very tight work schedules. That such results could be achieved under these stringent conditions is ample proof that a well trained and disciplined FOREX trader will be very successful.


Can you illustrate more specifically how a trade is structured and how profits are calculated?

Let's consider a hypothetical example that is actually very realistic of how you could trade the US Dollar/Swiss Franc which is quoted in Franc per Dollar:

  1. You have $5,000 in a trading account with your Forex broker
  2. You identify a high-probability BUY opportunity
  3. You BUY one lot of 100,000 Dollar/Franc at 1.6010
  4. You calculate potential 80-pip profit and place a limit order at 1.6090
  5. You calculate potential 40-pip loss and place a stop order at 1.5970 6.
  6. Two hours later, Dollar rallies to 1.6080, stalls and begins to reverse
  7. You SELL your one lot at 1.6070 to lock in a 60-pip profit

Let's analyze:
  • You BOUGHT $100,000 worth of Dollar/Franc at 1.6010

  • You SOLD $100,000 worth of Dollar/Franc at 1.6070

  • +60 pips of profit X $6.00 per pip = $360

Let's summarize:

  • In just two hours of trading, you realized a gross profit of $360 which is again of approximately 7.2% on your $5,000 investment!

But wait, how can I buy or sell a currency lot worth $100,000 with just $5,000 in my account?

It is the high degree of leverage available to Forex traders that enables you to do this. With margin requirements as little as 1%, a day trader with $5,000 in a trading account can open a position worth up to $500,000. It is this leverage that makes it possible for even a part-time day trader to earn double-digit monthly returns on investment. (Please note, however, that we do NOT recommend opening such a large position with just $5,000 in your trading account. Under most circumstances, proper money management dictates opening a position no larger than $100,000 to $200,000 with a $5,000 trading account.)

What if I don't have $5,000 of risk capital to open a trading account?

There are some online brokers that permit new traders to open trading accounts with as low as $1,000, and allow trading with $500 margin. However, you must be even more careful with a smaller account since any loss magnifies reduction of your trading capital and the ability to continue trading your system. That is why most experts recommend that one starts self-trading with at least $5,000.

Sounds impressive, but how much risk is involved?

Since leverage can work against you as well as for you, the risk factor is very high in currency trading. So, a person who does not have extra capital that he or she can afford to lose should not trade in the currency markets. However, please keep in mind that most income opportunities involve risk. In fact, some are even riskier than trading currencies. Proper training and adherence to the prescribed system greatly enhance your prospects of very profitable trading.

So, what can be done to reduce risk and increase the potential for success?

First, you must be willing to allocate enough time to study and master basic trading skills/disciplines before putting real money at risk. An experienced currency trader or company that offers training can help in this area. Second, you must acquire a proven trading system or methodology that should be strictly followed to eliminate trading on emotions. Such a system will incorporate good money management including correct stop loss placements. Third, you must have a real-time data feed with quality charting software. This will enable you to clearly analyze the market and follow your trading strategies. Finally, you must have a good Forex broker that offers demo trading accounts and will enable you to execute your real trades without excessive delays and slippage. Of course, an up-to-date computer, a fast modem and reliable internet service provider will also increase your potential for success.

Frankly, I don't have time to self-trade. But I would like to energize my investment portfolio with some currency trading. How does a managed trading program work?

A professionally managed Forex currency program can be structured in a number of ways. Most have minimum account requirements of at least $25,000 or more. They usually require an investor to enter a written agreement with the management company which includes a maximum risk tolerance level. Investors then deposit funds into a special account held at a bonded institution (bank).

Thereafter, the management company trades for the investor attempting to achieve a 3-9% net return per month. For their services, a trade commission and/or incentive fee is charged and deducted from the gross profit. Some programs even provide segregated accounts, insurance policies and trading audits to increase investor safety and peace of mind. For more details, feel free to click to our managed-trading page or contact our office.



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