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Do you know anything about Forex?

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  • Do you know anything about Forex?

    There are a lot of professions in this world. You can choose any of them for your livelihood. You can be a doctor or an engineer or a writer. So, why should we think about trading then? Well, trading is a really wonderful job. It is easy to maintain and convenient for a day job. Means that, you can trade as a side income souse or like a part-time job when you are a student. Today we are going to discuss Forex and what are the good sides of it. We will mention some of the most noticeable positive qualities of Forex. We will see why it can be interesting to you and why you should consider it as a profession for yourself, a side job at least.
    The largest marketplace

    Most of us know that the New York Stock Exchange (in short NYSE) is the largest financial marketplace. But, there is another one which is far bigger than that. And you already guessed it which is Forex. It is way bigger than what NYSE is. Forex has a daily transaction of about 5 trillions of US dollars. Where NYSE has the transaction of about 22 billion dollars. So, you can already understand how big Forex is. But, that is not all for Forex. It runs through the network of international banks. And those banks are the main player in this trading marketplace. They use specialized software to trade in Forex. But, there are retail traders too. These retail traders like you who controls trades on your own. But, it is still larger than NYSE. Because retail traders transect about 1.8 trillions of dollars a day. So now, you might have a little idea about how big Forex is.
    The rookie traders

    The rookie traders at Singapore don’t know really know how this market works. Forex trading Singapore is extremely popular since the professional traders are now conducting a training session for the rookie traders. As a new investor, you should take some help from the experienced traders, since they will able to give you a precise guideline about this market. But this doesn’t mean you will always have to spend money to learn currency trading. As a new trader, you will have to read a lot to learn about this market. No one in this world has a perfect trading strategy. Everyone has to lose trade. You need to find the perfect balance which will allow you to make a profit even after losing more trades.
    Freedom and relaxing workplace

    As mentioned earlier, a retail trader controls his or her trades all by himself or herself. So, you can trade any time you want. You are the only boss of yourself here and no one is going to order you anything. You don’t have to answer to any seniors from your office. And you can have a completely relaxing time, with your work of course. You can choose between any of the four types of trading. For example scalping, day trading, swing trading, and position trading. They are based on trading for 1 to few hours, a day, about a week and 6 to eight months. But before you chose one, gather some knowledge about them.
    Transparency of the market

    Although Forex runs through the massive network of international banks, there is nothing to worry about. Banks can be dangerous for your profession, but, here they do not have anything to do with you. They are also traders like you in here. The difference is banks trade using specialized software made for them. Whereas you trade with your mind and your instinct. There is another difference that their amount of trades is way bigger than yours. What actually matters is the transparency of this marketplace. Traders can see all the changes in a market price at every time and they have the independence in making decisions.