{"id":8995,"date":"2019-05-24T10:18:53","date_gmt":"2019-05-24T09:18:53","guid":{"rendered":"https:\/\/www.wasteyourtime.co\/?p=8995"},"modified":"2020-07-22T10:42:15","modified_gmt":"2020-07-22T09:42:15","slug":"forex-trading-3","status":"publish","type":"post","link":"https:\/\/traders-paradise.com\/magazine\/2019\/05\/forex-trading-3\/","title":{"rendered":"Forex &#8211; What is it &#8211; The Differences and Similarities With Other Tradings"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/forex-trading-3\/#Forex_Educational_Series\" >Forex Educational Series<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/forex-trading-3\/#What_is_Forex\" >What is Forex?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/forex-trading-3\/#The_excitement_of_Forex_trading\" >The excitement of Forex trading<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/forex-trading-3\/#So_what_makes_Forex_different_from_trading_stocks\" >So what makes Forex different from trading stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/forex-trading-3\/#When_the_market_goes_your_way\" >When the market goes your way<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/forex-trading-3\/#Can_you_really_make_a_living_trading_the_Forex_Market\" >Can you really make a living trading the Forex Market?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/forex-trading-3\/#Forex_isnt_the_same_as_gambling\" >Forex isn&#8217;t the same as gambling<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/forex-trading-3\/#The_lack_of_knowledge_speaks_for_itself_but_how_about_emotions\" >The lack of knowledge speaks for itself, but how about emotions?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/forex-trading-3\/#The_strategies_can_be_altered\" >The strategies can be altered<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Forex_Educational_Series\"><\/span><b>Forex Educational Series<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"AuthorAvatar\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-9044\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/trading-forex-is-the-area-to-focus-on-e1558933691759.jpg\" alt=\"Trading Forex is the area to focus on\" width=\"50\" height=\"62\" \/><\/div>\n<p>by <a href=\"http:\/\/www.patreon.com\/hansstam\"><i><span style=\"font-weight: 400;\">Hans Stam<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> \u00a0<\/span><\/i><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4530 size-full\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/forex-trading-thank-you-internet-e1544684250990.jpg\" alt=\"Forex trading\" width=\"800\" height=\"333\" \/><\/p>\n<p><span style=\"font-weight: 400;\">As a Forex Trader, I would like to create a series of short explanations about how this market works. What are the pros and cons etc? \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">My aim is to make this as clear as possible, so you can follow the process step by step.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_Forex\"><\/span><strong>What is Forex? <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Forex (FX) is the abbreviation for Foreign Exchange. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">When you travel to another country, you may want to exchange your local currency to the currency of the country you&#8217;re traveling to.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the bank or airport, you can exchange your money into the currency used in the country you are heading. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The exchange office works with an exchange rate, depending on the current value of both currencies of a &#8220;pair&#8221;.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A Pair is, for example, a euro against a US dollar which would be the EUR\/USD pair, where the EUR is the base currency, and the USD the quote or counter currency. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">EUR\/USD &#8211; Base \/ Counter<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the end of your trip, you like to exchange the remaining funds again, back to your currency.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Again, the exchange rate can be changed as it is constantly changing. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">So it could be very possible that you will get more value back compared to when you first exchanged it, or a lot less value. <\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"The_excitement_of_Forex_trading\"><\/span><strong>The excitement of Forex trading <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">This exchange can make or lose you money, and that is very interesting to investors, especially the part where the trader can make money of course. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Just like stocks, currency can be traded on the Market, and you don&#8217;t have to go to an exchange office to do it.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"So_what_makes_Forex_different_from_trading_stocks\"><\/span><strong>So what makes Forex different from trading stocks? <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">First of all, you don&#8217;t have to find a buyer for the trade you are holding, you can close the trade any time you want and instantly get the current value credited back to your trading account. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The second main difference is, leverage!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For instance, the broker gives the trader a 1:100 Ratio with your broker, which means you can trade 100 times the value you pay for.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">An example would be trading the Pair EUR\/USD and you would buy 10.000 Euro&#8217;s, the broker will then take 100 Euro&#8217;s locked in your account while you trade the exchange rate over 10.000 euro. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">It&#8217;s easy to understand you can make far more profit over 10.000 euro, than over 100 euro.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"When_the_market_goes_your_way\"><\/span><strong>When the market goes your way<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Now, when the market goes your way, and close the trade to take the profit, you get the initial 100 euro credited back into your account. So all that happened was that you win or lose the price difference from where you entered the trade to where you closed the trade over 10.000 euro.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It&#8217;s logical that when you take profits over 10.000, you make a high percentage on 100 initial deposit. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This goes both ways, so it can be risky, but the rewards can also be a very nice ROI (Return on Investment)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you like to find out more about how you can enter this market, please <\/span><a href=\"http:\/\/www.patreon.com\/hansstam\"><span style=\"font-weight: 400;\">visit my page<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Can_you_really_make_a_living_trading_the_Forex_Market\"><\/span><strong>Can you really make a living trading the Forex Market? <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">That is a question I&#8217;m getting a lot, so I will try to give some clarity. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The exact percentage of the people who really make a consistent profit is low.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some speak of a top 5% and that is going as low as a top 1%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What most traders will agree on is that the number is low whatever that percentage might be. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">So how come many people are still trading this market and how come so many are struggling?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The first answer on to why so many people still have an attraction to this market is that it&#8217;s possible to make a lot of money really quick, on the other hand, they can lose it just as fast.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But in the end it is very simple, you either are right in the direction your trade will go, or not.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">I will elaborate in later articles some more about market directions, but this is the basis of all trading. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The trader buys or sells at a specific price, hoping the counter currency will have a positive price change for their trade. <\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Forex_isnt_the_same_as_gambling\"><\/span><strong>Forex isn&#8217;t the same as gambling<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Some traders are hooked on the possibility of great profits, and you could compare it to Las Vegas Casinos, and it can be very addictive. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">So that it the why people keep on trying, it&#8217;s like gold fever or putting your money on Black or Red in a Casino.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Second, why are so many people struggling with this fairly simple way of trading? <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The biggest reasons are emotions and lack of knowledge which basically makes it like gambling. <\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"The_lack_of_knowledge_speaks_for_itself_but_how_about_emotions\"><\/span><strong>The lack of knowledge speaks for itself, but how about emotions? <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Many struggling traders have fear of loss and get excited too quickly when they are winning. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">It&#8217;s usually when people are doubting a strategy they bought or came up with themselves and experience fear of losing. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">When they see the trade going against them, they let the trade go really deep, but when the trade finally goes their way, <\/span><span style=\"font-weight: 400;\">they can&#8217;t wait to take the profit and have that excitement produce an adrenaline kick. <\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"The_strategies_can_be_altered\"><\/span><strong>The strategies can be altered<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Often <a href=\"https:\/\/traders-paradise.com\/magazine\/2019\/03\/simple-forex-trading-strategy\/\">strategies<\/a> are altered, without really knowing why, but if they had that strategy a bit different on the last trade, then their loss would have been profitable in their mind, forgetting the trade would probably have been closed well before it matured. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Hindsight trading has been used a lot with this type of trader, and that doesn&#8217;t count. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The top percentage of the traders who make a consistent profit have learned to do things differently, and it would be wise for traders to have a mentor who knows where the pitfalls are. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, it is typical for this kind of gambling trader to put in a few hundred dollars, while in reality, the minimum should be at least $5.000 just to have a buffer.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once a trade goes against the direction desired, it will need some breathing space. The bigger the buffer, the longer you can keep the trade open.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Fact is, you will not lose a trade until you take the loss, or when you run out of margin. So part of that is a decision, the other part financial. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you like to find out more about strategies or have specific questions, please <\/span><span style=\"font-weight: 400;\">visit my page<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">I hope this short explanation has your peaked interest, and it is clear to you how the basics work.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the next article, I will go deeper into some facets of trading the FX Market and its terminology. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Make sure to bookmark <\/span><a href=\"https:\/\/traders-paradise.com\/\"><span style=\"font-weight: 400;\">this page<\/span><\/a><span style=\"font-weight: 400;\">, and come back to read more soon.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Forex Educational Series by Hans Stam \u00a0 As a Forex Trader, I would like to create a series of short explanations about how this market works. What are the pros and cons etc? \u00a0 My aim is to make this as clear as possible, so you can follow the process step by step. What is [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":5120,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1017,1012],"tags":[125,164,90],"class_list":["post-8995","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-how-to-start-trading-beginners","category-traders-secrets","tag-forex","tag-forex-market","tag-forex-trading"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Forex Educational Series. 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