Well, what a good question to ask! This word Forex trading flashes so many times on our mobile devices, you will see videos of people making money in seconds, some publish themselves on lavish cars, expensive jets and other luxurious houses, you then ask yourself what is exactly Forex Trading? Is it something real or just another scam to lure you for your hard earned money?
The simple answer is this; Forex Trading (FX) is when an individual buy one currency at the certain price level and later decides to sell it. You may decide to buy EUR, USD, JPY, CHF, ZAR or any other currency you may think of, was there a scam in this instance? Certainly not right. Scammers are everywhere taking advantage in everything.
Most people buy currencies to make profit and others buy currencies for their travel purposes, however whatever the purpose is, as long as there is money exchange involved then Forex Trading has happened, the word Forex means currencies and trading means exchange in this purpose. There are Forex middleman or Forex brokers who facilitate this exchange of currencies. You will have to use their website to buy or sell currencies and for them they benefit from spread or commission.
There might be people who take advantage on these processes however you need to be sure that you deal with the registered broker or else you will never see your money again. I find no reason for registered brokers to rob people, because they already made their commission every time you bought or sold a currency with them.
You can trade Forex or currencies using your mobile devices, you just have to find a good Forex Broker to help you do this, you will have to open an account with a them and fund that account , most brokers allow traders to fund their account with at least a minimum of $100 and more. The best way to start trading is to find a Forex mentor who will help you with necessary education and other important information, do you know that you will never trade successful without getting few basics of Forex Trading? however tradingview does provide all this for free.
If you want to be a successful trader you will need to read more Forex books, watch videos, learn the movement of Forex charts and candles, find a good trading strategy which could generate profit for you in the long run.
I started trading in 2011 and traded for about six months. I then quit trading since I was making loses every-time I would trade. In 2021 I returned again after finding some motivation, people who were near me were making millions, so I admired them and started to trade again.
I bought myself few expert advisers and engaged myself in reading more about Forex Trading on web. Thanx God , the information I have now works pretty good and we are making a decent living, so who said Forex Trading is a scam?. I personal make money and in few months I will be a billionaire, because I now understand what is happening in the market, I was never born a Forex Guru but trough hard work , commitment , spending more money I now thank myself and the day I started trading. The loses I previously made are very few and nothing compared to my success now.
However I do not encourage anyone to trade, unless if you are willing to research more information about Forex , Forex trading is risky, you might lose a lot of money if you do not have the necessary skills required. The only people who makes it in the Foreign exchange market are about 2 percent and the rest of 98 percent of traders never make it. However I have noticed that most people are zealous about trading this days and this will make them overcome their failures.