There are many people who do not know what it is. Just put your hand in to make money. But is the truth true? To help you answer this question as well as understand Forex, please read this article.
What is Forex?
Forex is the global forex market where you buy and sell currencies or rather it is a market, but instead of elsewhere, people buy and sell goods, here the commodity is the money, which makes payment. use money again. Taking money to buy money, hearing just want to import a pipe, and this is a terrible financial market. On average, the amount of money traded per day in this market is more than 4 trillion dollars according to the statistics from 2010, but until now, it is probably even more terrible.
To make it easy to imagine, do you know that the total amount of money in Vietnam is currently only 10 million billion VND (equivalent to 430 billion USD), so the amount of money per day on Forex is 10 times larger than the total amount that the state Vietnam are. But remember clearly the total amount that Vietnam is using to pay, not the total assets of Vietnam.
Play (invest) Forex => Buy - sell money for difference
And you already know Forex is the place to buy and sell currencies, then Forex players will definitely have to be involved in this trade. And yes, from the financial giants they come to Forex to exchange money for cross-border trading, others come to make a profit, they buy and sell a currency pair and eat the rate difference on that currency pair.
You sound a bit like the stock market here, right?
Every market => Buy and sell to make a profit
In fact, according to me, every market is the same, Forex, stocks or outside markets are the same, still buying and selling activities to make a profit. Basically in Forex there are interesting things that are not available in other markets.
The interesting things about Forex market
The Forex market is extremely large, as you have seen the amount of money traded per day is up to trillions of dollars, with numerous participants from all over the world, so the trading is super fast. If buying and selling stocks or selling goods in the market, the seller must have a buyer, but on the Forex market the trading takes place immediately.
Even more interesting, you do not need to have the goods in hand and then sell, you can sell first and then buy later, because this is the money market, so if you want to sell any currency, the system will automatically exchange you that currency for you to sell.
Other than the transaction here is 24/24 through day and night, any time you make transactions, there are always other people joining you. So go to bed at night, and in the morning you'll be shocked at what has changed. There are many other problems but you understand this is fine.
How to make money online with Forex
Open an account ==> Deposit ==> Play
First you must open an account and an account must have a balance to participate in trading. Usually the player's account will use USD as payment.
After opening an account and for example, you deposit 1000 dollars into the account, we start to try to play Forex: You will choose 1 currency pair to invest, for example, the current EUR / USD pair has a rate of 1.0859 (ie 1 EUR will exchange 1.0859 USD), the pair will change continuously at times of ups and downs. For example it was down to 1.0852, so there was a change, specifically, the buying price of EUR was cheaper than before. At first if someone chooses to buy and after changing the exchange rate, choose to sell => buy expensive, sell cheap => ERROR. On the contrary, if anyone chooses to sell at first and after the exchange rate drops, choose buy => INTEREST.
Playing Forex is just choosing to sell or buy very simple.
How is Forex profit / loss calculated?
Profit / Loss =% change x invested amount
The method of calculating profit or loss is very simple, just multiply the% change by the invested amount. For example, in the case of the above example, you spend $ 1000, the rate drops to 1.0852 compared to the original rate of 1.0859, which means a decrease of 0.0007 (corresponding to 0.06% change).
So the profit / loss = 0.06% x 1000 $ gets $ 0.6 (~ 13000 VND)
At this point you will wonder when like this how will you ever get rich when you spend up to 1000 $, equivalent to 23 million VND, and get 13000 VND each time (too little). Rest assured, one more interesting thing here is that the broker will provide you with a leverage tool, which will help you increase the level of play possible up to 1000 times. If you choose the leverage x1000, the profit will be 1000 times, then the other 13000 VND will turn into 13 million VND.
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