Forex trading as a side hustle could retire you early! The foreign exchange market – also known as forex or the FX market – is the world’s most traded market, with a turnover of $5.1 trillion per day (FOREX.com).
To put this into perspective, the U.S. stock market trades around $257 billion a day; quite a large sum, but only a fraction of what forex trades.
Forex is traded 24 hours a day, 5 days a week across banks, institutions, and individual traders worldwide. Unlike other financial markets, there is no centralized marketplace for forex, currencies trade over the counter in whatever market is open at that time.
Trading forex involves the buying of one currency and simultaneous selling of another. In forex, traders attempt to profit by buying and selling currencies by actively speculating on the direction currencies are likely to take in the future. In the act of making trades, you can profit off the fluctuations of the currency market.
So How Can You Profit?
Simply put, you need to learn how to trade! You can learn several ways:
The main question I always get is "Have you made money?". My answer is a resounding "Absolutely!" Do I recommend that everyone learn to trade? I DEFINITELY DO!!! Overall, its all about education and training. It is not hard, but you have to choose to be committed to the process. You also have to understand, just like the regular stock market, there is a risk, so NEVER use money that you are not willing to possibly lose.
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