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Yesterday I ran a guest post about forex trading as an option for your investment portfolio. I think a follow up on the topic is due. I was intrigued about the idea and decided to look into it a bit.
If you've been online reading through personal finance sites, no doubt you've seen ads for Forex investing around. You may be wondering, though, what is forex investing and can you make money off of it.
What is Forex Trading?
Forex is short for foreign exchange trading. An investor's goal is to trade on currency for another and make a profit with the transaction. Like with other investing options, you should try to buy low and sell high.
It's available 24 hours a day since it's not tied to a particular stock market. The majority of investors are large, such as corporations, large banks, and countries.
How big is forex investing? The approximately daily $3.21 trillion break-down is as follows:
- $1.005 trillion in spot transactions
- $362 billion in outright forwards
- $1.714 trillion in foreign exchange swaps
- $129 billion estimated gaps in reporting
Learning more about Forex Trading
I'm not an expert by any means, but I'm curious to find out more about the topic. I tried checking different sites, but many seem biased towards selling it, so I went ahead and hunt some links that gave a little light on the subject.
If you're interested in learning more about forex investing, you check out these sites:
- What is Forex Investing? @ Free Money Finance
- Should you Trade on the Forex Market? @ Sweating The Big Stuff
- An Introduction to Forex Trading @ My Journey to Millions
- Trading the Forex Market @ youngandthrifty.ca
- Investment Ideas for the New Investor @Ultimate Money Blog
Can anyone recommend a book on forex trading?