As part of the education on the kinds of businesses you can do online, today we would be taking a look at Forex Trading.
Forex is a short form that is coned from FOReign Currencies EXchange market. It is one of the most liquid markets in the world, while being the largest financial market (daily average volume is about $3.2 trillion according to BIS report)”.
Forex trading involves buying and selling various world currencies in exchange for another, in order to gain profit on the currency’s price change. This is the principle that Bureau de change, make their money.
In the past Forex trading used to be exclusive to the super rich or big banks, but these days Forex trading is now accessible to everyone via online Forex brokers. They act as intermediaries in the purchase of currency pairs .
The most traded currency pairs (major pairs) are EUR/USD ( Euro for US Dollars), GBP / USD (Great British Pounds for US Dollars, USD / JPY (US Dollars for Japanese Yen and EUR/JPY (Euro for Japanese Yen.
In Nigeria today, the popularity of Forex trading is growing day by day. However a lot of people have lost their money because:
1) They were not properly educated
2) Poor internet connections
3) Greed (i.e. instead of raking in small profits they take risks that lead to loss of money)
4) Lack of due diligence in reading charts and trends
5) Lack of patience.
Forex should not be considered as the easy money making scheme as a matter of fact, there is no easy way to make money online, you have to work for it, in order to earn a sustainable income as a trader, you must learn and practice. The truth of the matter is that Forex can make you good money if you really know what you are doing or consider joining a good Forex club. I recommend proper due diligence if you have to do it this way.
In conclusion, Forex is a good online business that can make you substantial money if you know what you are doing, but if you do not know what you are doing, you could lose substantial amounts of money.
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Samuel Oritsejimi Iyinbo has been making money online since 2003 as a website designer with over 60 clients and counting, an internet business consultant, serial entrepreneur and spiritual teacher where he disseminates spiritual messages The Roving Messenger. He founded Illumination Concepts’ E-learning Centre and Innovation Hub the Internet Business Academy Nigeria, to share his knowledge and to train people on how to make money online.