 Making Money
with Foreign Exchange Trading
I have always had an interest in foreign exchange trading.
When I was 17, and in high school in Scarborough (a suburb of
Toronto, Canada), I bought some English pounds for fun, hoping
they would go up, but knowing nothing about the politics or practicalities
of FOREX. When I sold them 6 or 8 months later, I lost a little
money, as the exchange rate had changed, and not in my favour.
However, it was a thrill for me to hold those pound notes in
my hand, partly because I am actually a Brit, and partly because
it seemed exotic at the time. Living in Canada, immersed in Canadian
culture, actually holding a British pound note was exciting to
me then.
My interest continues to this day. I am now retired and living
in Bangkok. I have lived in Canada, Australia, Spain, Thailand,
France, and visited a couple of dozen countries. I still get
excited about actually holding and feeling money from exotic
places.
Making money by trading currencies is not for the faint-hearted.
Basically, you are betting that a currency will move up or down
in respect to some standard, such as the Euro, the US dollar,
or gold. But if you are an avid follower of world politics, watching
what's going on in countries around the world, you can potentially
make a lot of money if you guess right. But make no mistake about
it, this is gambling. It's just that you are gambling on the
future value of money, rather than the winner of a horse race
or dog race. But if you do your research, you can get rich.
Some people like to take a long term view, and trade currency
futures; some prefer daily or weekly trading, making a few dollars
on the daily fluctuations which are commonplace. These "day
traders" believe that it is better to make a few dollars
frequently than to try for the big one only a couple of times
a year.
This section contains a number of articles to give you a basic
education in foreign exhange trading. I make no guarantees; what
you do with this information is up to you. There are easier ways
to make money, and there are harder ways to make money, but this
is, without a doubt, a fun and satisfying way to make money.
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