What is Forex and can I make money doing it?
Do you know who George Soros is?
He has a bad reputation as a shady character that tries to topple government economies.
The reason is Forex.
Forex is short for Foreign Exchange.
All this means is the value of one currency relative to another.
I’m going to give you an extremely simplistic and heartwarming example here:
Let’s pretend that I have a sick grandma in Canada and I leave from my house in the United States to go take care of her.
When, I get to Canada, I trade $500 of my American money for Canadian money.
Let’s say that at the time I go to Canada, the American dollar is worth the same as $1.25 in Canadian currency.
I trade my $500 in American dollars and they give me $625 in Canadian money (because that’s what it’s worth).
When I get to my grandmas house, I stay there and take care of her.
I end up not spending any of my Canadian money because she is loaded and insists on buying all my food and I stay at her house for free. (My non-existent Canadian grandma is the sweetest isn’t she?)
After two months, she is completely better and we both decide, I should go home.
When I get back to the United States, I still have my $625 Canadian money and I go to the bank to get American dollars back, but the values have shifted and now an American dollar is worth $1.10 in Canadian currency.
So, the bank gives me $568.18 in American dollars back.
I basically earned $68.18 just for holding on to Canadian currency for two months.
Forex is trading all the currencies in the world.
The values go up and down relative to each other and now you can trade online and try to make money from fluctuating exchange rates.
You can also lose money from the same fluctuations.
Values change everyday and just like the stock market, they can go up or down and can be traded daily or held for long term.
I do not trade in Forex because I don’t like putting my money somewhere that I feel I cannot influence the outcome.
However, if you learn how currencies work and what to watch for, it could be very lucrative.
Like any investment, there is risk and possible reward and/or loss.
The more money you have to invest, the more you can potentially gain and lose.
Please do research and your own homework before investing in anything that has risk like this.
Now, I see programs all over the internet where people are claiming to sell their program or training that can help you win at Forex trading.
Some of them are crash courses that explain how it works and how to trade.
Some of them claim to use bots that are right almost every time so that you can let the computer do all the work.
I really don’t know what works best, but I would recommend at the very least learning the fundamentals before letting a machine invest money for you.
I will give a link to one here that shows you what the highs and lows are if you would like to get educated on how it works and learn some strategy.
If you don’t like the idea of trading in Forex, and would rather learn skills that will show you how to make a consistent income online, then see my #1 recommendation.
This is what allowed me to quit my full-time job as a blue-collar repairman and work part time from my laptop while I spend my free time traveling and riding my motorcycle.
Thank you for reading.