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Chapter 1: Forex Trading 101: An Introduction
Forex Trading is a term that you must have come across while leafing through finance magazines or flipping through the news channels. With the unsteady trend of the present economy and a constant need to expand one’s financial horizons, it is always advisable to search for secondary sources of income as a backup plan.
The Forex Trading market is no stranger to hypes. Many people would have you believe that you can earn millions just by sitting in the comfort of your home. High profits, low risk, and minimal input truly sound like the ultimate dream come true. But is Forex Trading really worth the hype?
In a simple word, Yes.
However, there is a catch to it. It is not as simple as some people out there would like you to believe. Just like any other job, Forex Trading too needs effort and expertise. Suppose, if you wanted to become a professional chef, you would have to undergo rigorous training under the wings of an experienced chef. Similarly, even in Forex Trading, there is a learning curve that you need to master. You most definitely will not be competent at the trade and start earning the big bucks in a matter of days. Remember, no big success occurs overnight. To become an efficient full-time Forex Trader, it can even take up to months if not years.
What is Forex?
Before we dive into the technicalities, you have to first know the meaning of ‘Forex’? Forex is the simplified form of Foreign Exchange market. As the name suggests, it is the place where various types of currencies are exchanged.