You have just stepped into the world of online business, and you are impressed with the opportunities they give to people around the world. It doesn’t matter where you are from anymore, because the Internet is a global village where everyone can access and profit.
However, the question arises as to which are the most popular and currently most profitable jobs for which enormous prior knowledge is unnecessary. The answer is simply Forex trading.
Regardless of the assumption that you have a specific idea of what Forex trading means, let’s first explain the basics of it, shall we?
Short and clear explanation of Forex trading
Forex, in general, represents the acronym for the foreign exchange market where currencies are being traded. Trading Forex refers to an act of selling one currency to another for numerous reasons, primarily for trading, commerce, and tourism. The main goal is to make profits with trading, and it’s possible once the bought currency increases in value over time.
Trading is done on the decentralized and most prominent financial market currently known as the Foreign exchange market. That market is the most liquid since it is available 24 hours a day, more than five days a week. Without any exception, currencies are traded by Forex traders in pairs such as EUR/USD, USD/GBP, USD/JPY, USD/CAD, EUR/CHF, etc.
Are there any prohibitions regarding Forex trading?
For those wondering if there are any prohibitions regarding Forex trading or if forex trading halal if you are a Muslim, the answer is simple. Forex trading is considered legal and halal since it is not a form of gambling—quite the opposite.
It’s a form of online trading, where profits are made from the currency purchased and the price of which increased. Although there is a lot of regulation in Forex, it is entirely safe.
How to make sure that you are trading safely?
Forex trading is safe if you choose a legitimate Forex broker regulated by the regulatory body such as the famous National Futures Association (NFA) or the Commodity Futures Trading Commission (CFTC) in the USA. Regulatory bodies in Europe differ from country to country.
Besides the regulation of a Forex broker, it is also essential to check whether there are some negative comments and feedback about your preferred broker online from previous customers so that you’ll know exactly what to expect.
Should you start your Forex trading career?
Now that you have learned all the crucial things about Forex trading, it is no wonder why you want to know whether it pays to give yourself 100% in the Forex industry or not and should it become your full-time job. Reasons why Forex trading is ideal as a full-time job are as follows:
- No prior knowledge is required. Just an excellent internet connection and basic knowledge of technology.
- You are your boss, and your earnings depend solely on you.
- You choose the working hours yourself. It is flexible during five working days, 24 hours.
- Profits are easy to make. You must have a great strategy and enough information on what and when to trade.
- You can practice on a demo account where the real money is not used but virtual money. It takes a little money actually to open a real account and get into this business.
And of course, what interests most beginners the most is whether making huge profits is possible in Forex or not. The short answer is that it is definitely possible. It depends on how much he is ready to invest his time and effort in something like that.
The most crucial thing is to understand that nothing is achieved overnight and that success comes after a lot of work, work, struggle and investment. We wish you all the best if you are ready for such a thorny path to the stars! Be persistent in achieving your trading goals!