What is Forex Trading? - The Truth
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Is this real?
Yes.
Welcome to FrankLegend.com where we review the best viral content online. Today we will learn about Forex Trading. What is it? Is it real? How’s it work? How much money can you make? How do I start today?
What is Forex?
According to IG.com: Forex, also known as foreign exchange or FX trading, is the conversion of one currency into another. It is one of the most actively traded markets in the world, with an average daily trading volume of $5 trillion.
Forex trading is the means through which one currency is changed into another. When trading forex, you are always trading a currency pair – selling one currency while simultaneously buying another.
Frank Legend's Definition
Forex basically stands for FOREIGN EXCHANGE. You know how people trade stocks on Robinhood? Well in Forex you’re not trading shares of Companies. You are trading Currencies. That means you’re trading a COUNTRIES MONEY!
That’s as simplified as I can make it. Watch the video above for more information. And yes this is a 5 Trillion dollar market because remember you are trading with a countries MONEY/Currency instead of companies like in the stock market.
Each currency in the pair is listed as a three-letter code, which tends to be formed of two letters that stand for the region, and one standing for the currency itself. For example, USD stands for the US dollar and JPY for the Japanese yen. In the USD/JPY pair, you are buying the US dollar by selling the Japanese yen. – IG.com
How much money can I make?
A LOT. You can literally make thousands of dollars in a few SECONDS! I dabbled in Forex myself and started with a $50 account and increased it into $300. So it is definitely possible to make a lot of money by trading currencies.
The only problem is you can actually lose it all in a few seconds as well. It’s one of the riskiest games you can play when it comes to making money online and on your phone. It’s not for the weak of heart or financially stupid. But don’t worry you will never go “in debt” you will only lose all the initial money you put in. I tested this myself.
Don’t get me wrong some people have no knowledge of Forex and can still make money very quickly but then are never able to make that kind of money again because they got lucky. It was dumb luck and anybody can have a great day.
The hard part about Forex is being consistent and learning everything you can about technical analysis, fundamental analysis, candle sticks etc. All these fundamental principles of Forex trading is NEEDED if you want to make $1,000 in 2 minutes every day! This is very possible.
How can I start making money?
Anyone can open their own account for Forex trading with a “BROKER”. A broker is basically the application you will be using to input your real money into the app to start trading. It’s legit I’ve done it myself and continue to trade till this day. Once you find a broker you can trust you can easily start making money off your freaking phone or laptop. It’s pretty simple. I’ve got friends that make $1,500 in one hour, $10,000 a day and others who make $50 in a month. It really depends on how much work you put it in. This is NOT a get rich QUICK scam or something you can just start today and expect to make millions. That’s stupid. If it were that easy everyone would be doing it.
Do I need to join an MLM or Academy?
No. You do not need to join anything if you don’t want to. It’s optional. You can join one if you want. Some MLM’s have a great training program and have everything set up so well to get you all the information you need to make money but honestly you can find all that information on YouTube by yourself. Once again, you’re going to have to search for those videos on your own and put in the work. If you’re too lazy to do all that searching you can join an MLM and then bounce once you have the knowledge or stay and get residual income through referrals. That’s why some people are always asking you to join their network. Because they make money if you join through them. If you find a good mentor that actually helps you make money with them then you’re good but if you have a bad mentor that’s just tryna make money off your referral then you will probably think it’s a scam. I can assure you it’s not. You’re an adult now so join at your own risk.
What are signals?
Your Network is your NET WORTH. If you know someone that is a master at trading Forex and they tell you to buy or sell something in Forex, DO IT ASAP. They prolly know way more than you or me and it’s easy money. That’s what signals are all about.
Basically there are some great Forex traders on the internet that will ask you to join their “signals chat”. This means you can just pay and subscribe to their email newsletter so they can update you when they find a great “signal” or secret currency pair that you should buy or sell ASAP. This is how some people make money quick on Forex. Noobs just copy and paste what these Forex traders are doing and make money just like them. You gotta be quick and have “notifications on” when they post so you don’t miss out.
If you want some Signals mentorship and training feel free to click here and follow my London friend Bob at 1000pipbuilder.com. They have great signals and you can sign up now until May 16 with a special.
Final Thoughts
Forex is not for everyone. You win some and you lose some. But if you are financially literate and learn everything you can about Forex, you will win more. It is a great way to make money and a lot of it fast but don’t expect it to be easy. Forex will take you on a journey and you will learn so much so if you are ready to make some money and learn a new skill, I recommend everyone to do it because think about it. What’s more likely to go bankrupt? A country or a company?
Obviously a company will go bankrupt first before a country and their currency. So although the latest hype is all about Stocks and Robinhood, the real money is made on Forex. Hope you guys enjoyed this article and you share it with your friends and anyone interested in Forex. If you want me to share more of my own personal experience with Forex, MLM’s and other trading platforms, leave a comment so I know to make more articles about this business topic.
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