We get lots of forex trading questions from the public, here are six of the most asked questions.
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What is forex trading?
Forex trading is the act of buying and selling currencies with the sole purpose of making money or profit from the changes in the value of the currency pairs one trades.
How does forex trading work?
Trade. Profit. Withdraw
On a trading platform provided by a forex broker, you buy or sell currency pairs. For example, EURUSD. When you think the value of the EUR will go up, you buy the EUR and sell the USD.
Is forex trading legal or legit?
Yes, forex trading is legal or legit. Most countries, though, have tight restrictions and regulations on forex trading activities.
Is forex trading gambling?
It is easy to think that forex trading is gambling, but, it is not. It’s only gambling when you approach it with no clear strategy or rules, jumping in and out of trades hoping to make money.
Can forex trading make you rich?
If you the follow rules of your strategy with discipline you can become rich from forex trading. But, the reality is more people lose than make money because they lack discipline.
Where to learn forex trading?
A good place to learn forex trading for free is www.babypips.com. Your forex broker and Google are other good friends. Generally, avoid paid trading courses that promise a lot.
If you have another question, we probably have an answer to it here.
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