The world has gone mad, Crypto Currency mad that is. Investors all over the world are gambling in an unprotected decentralized market. A market that is full of hackers, deception, and fraud. A recent study from the Statis Group revealed that more than 80 percent of ICOs, or Initial Coin Offerings, in 2017 were scams.* These scams resulted in investors losing millions of dollars with no chance of recovery. With this level of fraud, it’s amazing anyone would want to risk investing in crypto currencies.
But what if I told you there was a much safer way to profit by trading traditional currencies? What if I told you about an asset class that the wealthy have been trading in for over 500 years? And what if I told you that over 5 Trillion dollars’ worth of this asset class gets traded every day? Are you interested? Then let me welcome you to the world of Forex Trading.
What is Forex Trading?
Forex Trading, also known as the Foreign Exchange Trading, is the act of buying official currency from one nation and selling it once the value rises against another country’s currency. The reason that Forex is such a profitable investment is because currencies tend to fluctuate daily, and in some cases hourly. All it takes is a news story about interest rates in the USA to set the Forex world on fire, with millions of traders around the world profiting from those fluctuations.
Currently some of the most common parings are the Euro vs. the US Dollar, the Japanese Yen vs. the US Dollars, and the British Pound vs. the US Dollar. These currencies represent the most stable currencies in the world, and don’t run the risk of massive devaluations like currencies of other less developed nations. Another positive aspect of these currencies is that these countries all work very closely with each other’s economy and have very predictable patterns of fluctuation as a result.
Why the Ninja is the best suited Warrior for Forex Trading
As a Ninja, you are always aware of the inter workings of society. Your constantly reading the news, paying attention to politics, and learning about new developments in technology. As a result the Ninja finds themselves with a unique perspective that the other warriors simply lack. A Pirate will be too busy trying to run a business to trade Forex and the Knight is to risk averse to attempt something like Forex trading. This means that only the Ninja will have the skills and knowledge necessary to be successful.
This is because Forex trading require ALOT of time to be successful at it. Hours upon hours of research are needed to truly understand the currency market. You will need to become an absolute expert in whatever country’s currency you are trading. Expect to spend hours looking at historical exchange rates, spreadsheets, old news clippings, and watching ALOT of videos on YouTube. That being said, if you find that this type of trading is for you, then get ready for the ride of a lifetime. Forex markets are open virtually 24/7 and if you can identify your own profit patterns, then you can stand to make tons of money.
How to Get started Trading Forex?
The First thing you want to do is to start thinking about what currencies you’re going to trade. It is recommended you stick with mainstream currencies such as USD, Yen, Yuan, and Euro. Highly speculative investors can find great profits in non traditional currencies such as Russian Rubles or South African Rand. However, this is a high risk endeavor as these currencies tend to fluctuate wildly depending on Geo political events.
Once you have selected your currency pairs, you’ll need to open an online brokerage account. To set up an account you will need an email address, your banking information, and your contact information including address and telephone number. Often times a text message will need to be sent to a cell phone in order to prove your identity. Once your account is live simply access their Forex system and begin investing. Simply purchase the currency pair you want and wait for the fluctuation in price you’re looking for and then sell at your desired price. You can either withdraw your profit or pump it into your next trade. The decision is up to you.
Pros vs. Cons of Forex
5 Trillion Dollars per day is traded on Forex. That is a lot of opportunity daily opportunity that you can profit off of. *
The Market is open 24/7, so you can trade at any time and from any location on earth.
Forex is one of the world’s most popular asset classes, which means you will be able to find virtually unlimited support, webinars, and free classes on the topic.
Brokerage accounts often require a minimum investment of $2,000-$5,000 dollars.
Currency prices can be affected by political issues such as elections, protests, wars, etc.
Capital Gains taxes are higher for Forex trades then traditional stock and bond trades.
To a Ninja, Forex can be an exciting new asset class to explore. It is far more established and stable then risky crypto currency trades. So if you are interested in currency trading I’d recommend visiting Investopdia’s Introduction to Forex. There you can learn how to set up a brokerage account, how to select what pairs you’d like to invest in, and get expert advice on any questions you might have.
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