Before, I begin with my story, lets have a brief information what is forex all about and how it works. Many of us are unaware of this term "FOREX" and its base of my experience. I try to ask some person unfortunately I always get a reply I don't know then they will ask me in return what is Forex?
WHAT IS FOREX?
If you’ve ever traveled to another country, you usually had to find a currency exchange booth at the airport, and then exchange the money you have in your wallet (if you’re a dude) or purse (if you’re a lady) or man purse (if you’re a metrosexual) into the currency of the country you are visiting.
You go up to the counter and notice a screen displaying different exchange rates for different currencies. You find “Japanese yen” and think to yourself, “WOW! My one dollar is worth 100 yen?! And I have ten dollars! I’m going to be rich!!!” (This excitement is quickly killed when you stop by a shop in the airport afterwards to buy a can of soda and, all of a sudden, half your money is gone.)
When you do this, you’ve essentially participated in the forex market! You’ve exchanged one currency for another. Or in forex trading terms, assuming you’re an American visiting Japan, you’ve sold dollars and bought yen.
Before you fly back home, you stop by the currency exchange booth to exchange the yen that you miraculously have left over (Tokyo is expensive!) and notice the exchange rates have changed. It’s these changes in the exchanges rates that allow you to make money in the foreign exchange market.
The foreign exchange market, which is usually known as “forex” or “FX,” is the largest financial market in the world. Compared to the measly $22.4 billion per day volume of the New York Stock Exchange (NYSE), the foreign exchange market looks absolutely ginormous with its $5.3 TRILLION a day trade volume. Forex rocks our socks!
Let’s take a moment to put this into perspective using monsters…
The largest stock market in the world, the New York Stock Exchange, trades a volume of about $22.4 billion each day. If we used a monster to represent the NYSE, it would look like this…
You hear about the NYSE in the news every day… on CNBC… on Bloomberg…on BBC… heck, you even probably hear about it at your local gym. “The NYSE is up today, blah, blah”. When people talk about the “market”, they usually mean the stock market. So the NYSE sounds big, it’s loud and likes to make a lot of noise.
But if you actually compare it to the foreign exchange market, it would look like this…
Oooh, the NYSE looks so puny compared to the Forex market! It doesn’t stand a chance!
Check out the graph of the average daily trading volume for the forex market, New York Stock Exchange, Tokyo Stock Exchange, and London Stock Exchange:
The currency market is over 200 times BIGGER! It is HUGE! But hold your horses, there’s a catch!
That huge $5 trillion number covers the entire global foreign exchange market, BUT retail traders (that’s us) trade the spot market and that’s about $1.49 trillion. So you see, the forex market is definitely huge, but not as huge as the media would like you to believe.
What is Forex: What Is Traded In Forex?
The simple answer is MONEY.
Because you’re not buying anything physical, forex trading can be confusing.
Think of buying a currency as buying a share in a particular country, kinda like buying stocks of a company. The price of the currency is usually a direct reflection of the market’s opinion on the current and future health of its respective economy.
In forex trading, when you buy, say, the Japanese yen, you are basically buying a “share” in the Japanese economy. You are betting that the Japanese economy is doing well, and will even get better as time goes. Once you sell those “shares” back to the market, hopefully, you will end up with a profit.
In general, the exchange rate of a currency versus other currencies is a reflection of the condition of that country’s economy, compared to other countries’ economies.
By the time you graduate from this School of Pipsology, you’ll be eager to start working with currencies.
Symbol Country Currency Nickname
USD United States Dollar Buck
EUR Euro zone member Euro Fiber
JPY Japan Yen Yen
GBP Great Britain Pound Cable
CHF Switzerland Franc Swissy
CAD Canada Dollar Loonie
AUD Australia Dollar Aussie
NZD New Zealand Dollar Kiwi
Currency symbols always have three letters, where the first two letters identify the name of the country and the third letter identifies the name of that country’s currency.
Take NZD for instance. NZ stands for New Zealand, while D stands for dollar. Easy enough, right?
The currencies included in the chart above are called the “majors” because they are the most widely traded ones.
We’d also like to let you know that “buck” isn’t the only nickname for USD.
There’s also: greenbacks, bones, benjis, benjamins, cheddar, paper, loot, scrilla, cheese, bread, moolah, dead presidents, and cash money.
Credits to www.babypips.com
Here are the Top 3 Forex Traders in the World making Billion Dollars
FxUnited is the only foreign exchange broker that guarantees Stop and Limit orders under all market conditions, and has a non-dealing desk policy, which translates into instantaneous execution for your orders.
Now, that we know what is Forex all about, lets go to the next lesson on how to enter in the business.
The first thing you need to do is to choose a broker. Who is the broker?
The Broker is the Person who serves as a trusted agent or intermediary in commercial negotiations or transactions. Brokers are usually licensed professionals in fields where specialized knowledge is required, such as finance, insurance, and real estate. Their rate of compensation (called brokerage or commission) is determined according to custom of the particular trade or by law, and is computed commonly either as a fixed percentage of the value of the transaction or on a sliding scale (higher the value, lower the percentage). There are 3,798 registered brokers around the world.
Let me introduce one of the brokers that has a big heart willing to share and help our country. Which goals is to have one trader for every household.
Dr. Moorthy - The Man...
FX ACTION TEAM FOUNDER
The Next person I will introduce is with a generous heart also willing to share his knowledge and ability.
Coach Alan Kovalan Balamany
all the way from Malaysia to teach us how to do the trading and to become successful in this industry.
The Last but not the least person I will introduce is our very own constituents from Philippines.
Ms. May Advincula
She is our MIB - (Master Introducer Broker) accepting the challenge to bring the business here in Philippines.
Different Types of Brokers in the Industry
The next information I am going to give is about FX UNITED ACTION TEAM, One of the trusted brokers that created millionaire people.
FxUnited is a world leading foreign exchange broker established on an entrepreneurial vision to provide traders with simple and intuitive interaction with the Forex market. From inception, FxUnited has exemplified trading excellence drawing upon our expertise to provide traders with unrivalled execution speed, 24 hour assistance with professional analysts, tight spreads, superior exchange rates, commission free trading, and a web-based trading platform - free of any download.
FxUnited continues to evolve and meet the growing expectation of its global client base, and we thrive on our long-term and loyal relationships with all of our clients, and by our constant vision and drive to set the highest industry standards with unrivalled excellence and professionalism. FxUnited also offers lucrative institutional services, including an array of Introducing Broker (IB) agreements and White Label Partnership. To take advantages of our Introducing Broker and White Label solutions, or to learn how you can benefit, please contact us today.
We are highly dedicated and steadfast with our commitment to you in providing the best possible tools, service, and trading platform so that you can focus on your trading success and your future. Passion for redefining traditional marketplace and pushing the envelope of possibility transforms itself into one of the leading foreign exchange brokers - FxUnited. And, our fast growing client base is proof of it.
FX ACTION TEAM PHILIPPINES
WAS STARTED LAST OCTOBER 2015 AND CONTINUE TO GROWS AND REACHING MORE PEOPLE AROUND THE WORLD.
This picture shows how does the industry operates
This picture shows how the brokers earn
We are doing trainings for the beginners and one -on- one coaching at our office.
We are doing also special remote previews at selected provinces
We have our own contact support office located at Rockwell Makati City
Our Motto - Earn in US DOLLARS and spend in PHILIPPINE PESO
The first Mega Preview in celebration of 1st Year Anniversary of FX TEAM PHILIPPINES
October 09, 2016 at Crown Plaza Manila Galleria
The Millinoaire Coach from Malaysia - Coach Vadi and Coach Nantha
For more information about FX United Action Team Philippines and how to enter into the business - you can contact me at the below details.
Mobile no. 09957912057/09052304121
Facebook - https://www.facebook.com/AguilusJoseph
Url Blog site - josephcruzaguilus.blogspot.com
Twitter - https://twitter.com/JosephAguilus
Post a Comment