WHAT IS FOREX?
Forex (FX) - The foreign exchange market.
Quite simply, it's the global market that allows the exchange of one currency for another. Forex trading is the simultaneous buying of one currency and selling another. Currencies are traded through a broker, and are traded in pairs.
WHY TRADE IN THE FOREX MARKET?
#1 Reason everyday people trade forex market is to make money!
Benefits:
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Income without physically working
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Trade anywhere with wifi (ie. the beach)
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24 hours 5 ½ day market
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Unmatched leverage available to traders
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5+ TRILLION dollar/day market = high liquidity
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Minimal initial investment (everyone has $50)
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Minimal screen time required (swing trades)
KEYS TO SUCCESS.
1. Broker
You need a broker to place live trades in the Forex market. There is no setup fee. The broker takes a few pips off every trade as its fee. If you are under 18, Kyra will provide you with a live account (through her broker). You will etransfer her when you'd like to deposit and she will etransfer you when you'd like to withdraw. Your broker account will connect with MetaTrader 4.
2. Apps
Next, you need to download "MetaTrader 4" (MT4) and "Telegram" from the App Store. MT4 allows you to observe the market from your device. This is where you enter trades and view charts. Telegram is used for communication within the team.