A 2.2 trillion per day
market (a couple of years back, I am speculating it is bigger now), 24 hour
trading, unlimited earning potential and no capping. Sounds good? To me, when I
heard this first time, It was like “Dude are you serious”. Believe me friends I
was thrilled when I came to know about the market size, trading time, earning
potential and easy entry into the Forex market some years back. I could feel
the goose bumps on my forearm. 15 years
back I passed out from the collage with an Engineering Diploma in hand and no
idea of future. The only thing I knew was operation of machines and nothing
else. I was struggling for a job in an automobile parts company in quality department
where I was supposed to check the sheet metal parts and keep on doing the same.
It was boring and I was dying to come out of that thing ASAP. I then heard from
one of my friend (who was a banker) about the Forex market and all about Forex.
Forex means Foreign Exchange
and Forex trade means trading of two different currencies, either buying or
selling one currency from other. When your trade shows profit, book it and come
out of the trade. As simple as child play. But this simple activity required a
lot of skills in terms of analysis, market knowledge, international market
sentiments etc. Once a person is aware of this, applying some simple set of formula
and discipline, Forex trade can become a boon for the traders. At the same time
greed, indiscipline, breaking rules can lead us booking heavy losses.
So how can we book profits
and rule this market? In my next series of blogs we will learn some market
terminology, understanding formulas, applying them and my remaining part of the
story.
