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The Forex Industry
The Foreign Exchange (Forex) is the trading of one currency for another. The FX market is the largest financial market in the world. It is estimated that 3.5 trillion in dollar value is traded per day worldwide. Approximately 5,000 banks, both central and private participate in the FX market worldwide. Other participants include Hedgers (people who play both sides of the market to protect their product travelling from one country to another) and speculators who trade to earn a profit.

The Forex market is essential to the global economy, and it was once the exclusive preserve of national (government) central banks, and the largest commercial and investment firms. In 1997 it was deregulated, which opened the doors for money brokers, registered dealers and speculators.

Compared to trading stocks, bonds, or commodity futures, the FX market has some huge advantages:

1. FX trading is performed electronically 24 hours per day between networks of banks. It is not bound to a specific trading floor such as the New York Stock Exchange or the Chicago Mercantile Exchange.

2. FX trading is much larger and more liquid, which means faster and better order execution. It is so large in fact that all the bond markets, stock markets, commodities and futures markets worldwide combined would have to operate for a period of three months to produce the volume in dollars traded on the Forex in only one day.

3. Fewer tradeables to learn. There are 4 dominant currency pairs (3 that are recommended) compared to 72 commodities and 7,800 stocks and bonds.

4. Equal profit potential in up and down markets.

5. Manipulation against the small trader is not possible.

6. Pure technical analysis works best. No fundamental rules or insider tips needed.

7. Best trending market in the world (trends over 70% of the time).

8. Less amount money needed to start and maintain a trading account.

9. Greater leverage (100 to1)

10. The FX market has no expiring contracts, forward exposure, slippage, clearing fees or commissions.
Most high tech brokerage companies offer free trading platforms, live quotes, date feed, charts, built in technical analysis, split-second response time to your orders, display of real time profit and loss of each trade and totals and free demo accounts for learning.

All that is needed to get started is a computer, Internet, a little bit of trading money ($300, which you can put in later after building your confidence on a demo account), a passion to learn and good instruction. I provide the instruction you provide the rest.

More general Forex trading information:

1. Liquidity- (3.5 trillion is traded per day = over 30 times bigger then the stock market), the market is liquid 24 hours a day, which turns casual traders into active traders.

2. Execution Quality-Fills average less than 2 seconds and Guarantee that the price you see is the price you get.

3. Reporting/Back office capabilities- the platform reflects p/l in real time and allows traders to run full reports with the click of a mouse

4. Risk Management - the platform has an automatic margin call feature and guarantees that accounts will never go negative.

5. For the first time in his trading history Warren Buffet has entered the currency market (he started in 2002, and recently has put over 1 billion more in). If that is where the smart money is going, that's where we should go.

6. See Bank of America 's website for what they made last year in the market www.bofa.com then go to about Bank of America, then Investor relations, then annual report, then scroll down to page 17.

 

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