While endlessly scrolling through your Instagram explore or while watching a YouTube video an ad might have popped up on your screen which might have made you think at least once of trying your luck in the forex market. The ad must have portrayed a man or woman with the body of a god/goddess walking right out of their flashy sports car wearing an expensive suit and a watch that’s probably worth more than a year of your salary, telling you how they got themselves out from poverty and straight into the rich life within just a year of forex trading and how you can too just by buying a 5 dollar course on their website, Well not a bad sales pitch at all, that’s a great deal if you can get all that for mere 5 dollars. But is it really like that? And is the Forex market a good place to make some extra bank? 

What Actually Is Forex?

While talking about Forex Trading, the first thought that might have crossed your mind is what exactly is this Forex Trading? Well, worry not we have got you covered on that. 

The word ‘forex’ is the short form for Foreign exchange, well you might have travelled to another country and the currency notes that are used there are probably different from the one used in your country so what do you do? You exchange your currency with the currency of that particular country and the money you get is based on the exchange rates.

For example, if you exchange 1 EURO for US dollar, you get around 1.21 US dollars. Well, so are the exchange rates always fixed? No, like almost everything in the financial world the exchange rates are also controlled by the secret forces of ‘demand and supply.’ If the demand of a countries currency increases well so does the value. At this point a lot questions might have started to fill up in your head, so can I make money from this? Being the biggest of them all. Well yes people have been making money from the forex market in fact it is one of the largest trading markets with transactions exceeding over $5 trillion, and you can too, but it’s obviously not as easy as that guy stepping out of the shiny Lamborghini made it seem.

Well, if you are thinking about starting Forex Trading and you are still confused about it, let us tell you why we think Forex Trading is worth it and why should you become a forex trader.

How To Profit From Forex Trading?

A forex trader exchanges a particular currency for example, you exchanged your 100 dollars for 82 euros, now you decided to save the euros so that you can exchange them for a profit considering that there have been many ups and downs in the US politics, making the political situation unstable which might result in a fall in the value of US dollar. A week later your predictions turned out to be true and you exchanged the same 82 euros for 121 dollars and successfully made your first profit. The profits are small but now you understand how the forex works and now you are confident to invest more money and gain more profits.

Apart from exchanging the US dollar with the Euro you can exchange many other currencies and the best part is you can start from a very low amount and start with less valuable currencies, so if you are a student that’s on a tight budget or a person that is tired from their job forex might help you make good money.

So Is Forex Trading Worth it?

With the rise in technology forex trading has become much easier now you don’t have to take a ride to the nearest currency exchange office, all you need to have is a smart phone and some forex trading apps, you can find many of them on the android/ iOS store some of which are (Admiral markets, yahoo finance, IQ options, E Toro etc.). Once you install these apps, you can start right off, collect different information and read charts that will help you analyze and guess which currency will value/devalue and earn those big profits. Once you gain enough confidence and experience with forex trading you can start to earn good money and with time you may even out earn your nine to five and jump out of the rat race and sit back in your couch and watch those profits fill up your bank account. The best part of it all is that while being a forex trader the world is your office, you can trade from anywhere in the world you just need to have a good internet and your device.

Some big names among the traders in the forex market are George Soros, Paul Tudor, Ed Seykota, Richard Dennis, Bill Williams and the list of billionaires that the forex market has made goes on. The fact that these people have succeeded and made a fortune for themselves in the forex market is a proof that it is something that is worth it but like any path in life it sure comes with little bumps and sometimes maybe large. Well just like in any walk of life remember to play a little safe, not put all your eggs in one basket and not act greedily. With patience and time forex trading might become the key to the doors of financial freedom for you. 

Final Words

Forex trading is profitable but the only rule for it to work is that you work smartly, use your right mind in the right place and trade your money wisely and not always jump on the bandwagon and we are sure you will be making a fortune for yourselves in no time. Who knows that you might be the next billionaire stepping out of that shiny Lamborghini, wearing that sleek suit, teaching people why and how the forex market works and how it changed your life, how it can change theirs too.