What is Forex

The foreign exchange market, better known as FX or Forex, is the biggest and fatest growing financial market where currencies are traded. Trading of currency is done over the counter (OTC) from one major financial centre to another.

The Forex Market...

• is bigger than all the worlds stock markets combined? (2 Trillion a day)
• money traded in one day is more than the US government spends in a year?
• is open 24 hours a day - Sunday night through Friday night (EST)?
• is as simple as trading a maximum of 4 currency pairs compared to the complexity of 8,000 stocks listed on the major exchanges?
• requires no brokerage commissions?
• allows you to control $400,000 in the currency markets with only $1,000 out-of-pocket? Greater leverage on your capital.
• can, if optimized properly, produce higher returns monthly that what most banks and mutual funds offer annually?

So, what is so special about Forex when we compare against stock?

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Be sure to visit this site for updates of my personal trades, lessons learned and more...

GBPUSD Trade

Dec 19, 2007

SELL 2.0103
Take Profit 2.0000 (103 pips)

Short term, waiting to close within a few hours.

WIN : 19 Dec, 2007, 103 pips.

Disclaimer : This is not intended to be a forex trade recommendation or signal. There is also a time lag between placing my personal trade on the forex market and this blog post. I will frequently check on the open trades to see if I will continue to hold the position and will update my positions in the forex market according. Following the trades is strictly at your own risk and I do not hold any responsibility over the outcome of your trade.

GBPUSD Trade

Nov 30, 2007

Stop Loss 2.0740 (-180 pips)
SELL 2.0560
Take Profit 2.0200 (360 pips)

WIN : 6 Dec, 2007, 360 pips.

Disclaimer : This is not intended to be a forex trade recommendation or signal. There is also a time lag between placing my personal trade on the forex market and this blog post. I will frequently check on the open trades to see if I will continue to hold the position and will update my positions in the forex market according. Following the trades is strictly at your own risk and I do not hold any responsibility over the outcome of your trade.