Forex or money exchanging can be a profitable income. You need to know the fact, Forex will exposure you with a greater risks of losing your money due to high velocity of the high and low value of any currency. This high velocity also come with greater profit to be earn by invester.
For a beginner, the risk losing the money to the Forex is higher. It is like gambling and all depend on luck. The early rounds of buying and selling the currency, you might earn little profit or you might lose big. Dealing with Forex you need experince and with a lot of luck. You need to learn to recognize the situation when to buy or sell.
The forex player will gain experince and practise make perfect. You will know, Forex is not really about luck. It's all about knowing when it is the right time to sell or the right time buy your currency.
The high and low of the currency all depend on the economy and politic of the country of the money origin. You need to know not only the country economy and politic to earn big profit from Forex, you also need to know the world economic. One country economic problem will expose to other countries with economic problems. This change effect will be felt accross the world.
For your Forex training, you can start by buying virtual dollar with virtual ringgit Malaysia five thousand (RM5000). Change ringgit Malaysia with your currency country of origin.
Used http://www.maybank2u.com.my/ Forex exchange rates as your main Forex information.
Get yourself a writing pad so you can write down the currency value. You need to write in the date, RM in saving, Dollar in saving, Dollar to RM in RM (Forex Selling),RM to Dolar in RM (Forex OD Buying) , Buy Dolar, Sell Dolar.
For Forex example :-
On 19 September 2007, The Forex rate for USD to RM is 3.4553 Selling.
On 20 September 2007, you used your RM saving and buy USD 1000 at the Forex selling rate of RM3.4770.
To sell your Dollar, you need to monitor to currency Forex of Dollar Buying OD (RM To Dollar).
On 22 September 2007, You sell your USD 1000 in Saving at the Forex OD buying Rate of RM 3.480 and gain profit of RM3.
In your writing pad
Date RM in Saving USD in Saving Dollar To RM RM To Dollar Buy Dollar(RM) Sell Dollar(RM)
190907 5000 0 3.4553 3.382 0 0
200907 1523 1000 3.4770 3.402 3477 0
210907 1523 1000 3.4810 3.453 0 0
220907 5003 0 3.4910 3.480 0 3480
230907 5003 0 3.4813 3.469 0 0
To view the above table in the Internet visit our blog http://cybermoney2u.blogspot.com/
Practice yourself virtually for 3 or 4 months. This will help you to gain knowledge and experience. Remember when you involved with real money, you can gain a lot of profit but you should remember the risks of losing the money.
Practice make perfect and you will gain more confident.
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