Some of the unique advantages of trading the forex market include the following:
• Very dense liquidity due to huge trading volume, this means you can get in and out of the market virtually whenever you want, at the price you see on your computer screen, in other words, there is very little to no slippage.
• Widespread accessibility; you can trade the forex market from anywhere on earth with the only requirements being a computer, an internet connection, and a little bit of money.
• Continuous operation; the forex market is open 24hrs a day 5 days a week, and half a day on either Saturday or Sunday, depending on where in the world you live.
• Foreign currency pair exchange rates tend to trend very well due to the relatively stability of global economic variables.
• Low start-up fees, you can literally open an account and start trading with as little as $250.
• Leverage; forex traders can use leverage to enhance profit margins significantly with respect to account size.
So what does all this mean to the beginning forex trader? Well, it means you have an incredible opportunity to learn to trade a very lucrative financial market that is gaining in popularity by the day. However, before you get too excited it is worth keeping a few things in mind. First off, there is a lot of misinformation about the forex market, how to trade it successfully, and how easy it is to make money trading it. Trading success is something that takes time, energy, passion, commitment, and discipline; the ingredients for success in basically any endeavor. However, you will need to learn what trading strategies are worth trading and which ones are a waste of money and time.
Hopefully, free websites like learn to trade forex and others can provide you with a solid understanding of what it takes to profit in forex. Just make sure you don’t get too wrapped up in trying to learn about every single lagging indicator or forex robot trading system, as most of these are more trouble than their worth. The best route to take when trying to learn forex is to learn to trade simple trading strategies from an experience trading mentor. This way, you can be assured that you are learning from someone that knows the ropes of forex trading success, otherwise you are likely to experience many headaches and much trial and error.
Below is a video of a very simple yet effective trading method called price action trading, this method is taught by professional trader and mentor Nial Fuller, check the video out, it is strategies like these that you want to learn in order to get yourself started on the track to forex trading success.