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Forex Day Trading Basics
Your Forex Success Is Based On Fundamentals!
Forex Day Trading Basics
Your Forex Success Is Based On Fundamentals!
Being a $2 trillion a year industry, many savvy investors and ordinary people alike want to try their hands on foreign currency exchange (forex) trading.
To succeed in this game, you need to arm yourself with knowledge because there are a lot of factors to consider when trading.
Your success is based on fundamentals. The more you know, the more money you will earn.
There are 4 kinds of forex trading setups. Each of them has its own pros and cons. The essential is determining which of these systems is the right one for the novice investor.
Let's have a quick overview about these four different trading systems.
1. Spot trading
The currency spot trading is the most popular forex setup, accounting for 37% of the total number of transactions in the industry.
2. Forward trading
If spot trading involves the trading of currencies deliverable within 2 days, forward trading involves the trading of currencies the delivery of which can be effectuated somewhere between 3 days to 3 years.
3. Future trading
We can say, for the sake of our lessons, that future currency trading is a combination of spot currency trading and forward currency trading.
4. Option trading
Indeed, options currency trading is a forex exchange system that involves options to purchase currencies at "preserved" prices.
As a beginner, always choose the easiest route. You may want to start with the currency spot trading model first.
Also, be sure to always trade in your demo account. Don't leave this account unless you are able to make significant profits several months in a raw.
This will ensure that you don't lose your hard earned money.