How I Learned About FOREX, a Real Life Experience

Based on available records and other evidence, it appears that currency trading dates back to ancient Egypt. Amsterdam gets the credit for establishing the first Forex Market. At first, only large financial institutions engaged in Forex trading. But in 1990, new technology was developed that allowed individuals to begin speculating on currencies and earning a profit. (Source)

“The global foreign exchange (forex) market is the largest and most actively traded financial market in the world, by far.” (Source)

My introduction to FOREX happened by accident. What had happened was that I traveled to a foreign country and converted my US dollars into the currency of that country. When I came back home I still had some of the foreign currency in my purse. That currency was useless in America. Since I had gone to a bank in the foreign country and had converted my USD into their currency, I went to a US bank and asked: Is there any way I can exchange these Bahamian dollars for US dollars? They said: Sure! However, I noticed that the amounts were not equal. The value of the Bahamian dollar was less in US dollars. That was an eye-opening experience. I thought to myself: 'WOW! You can actually BUY and SELL money??'

That's how I learned about FOREX.

That was in the 1970s. Fast forward to 2020 and beyond. Although I unerstand the basics of this type of trading, I have not yet decided to engage in FOREX for investing and income purposes. It's not the I don't understand the “currency pairings”. It's that I don't know which trading platform to use! (O.o)

Yeah! The technology was developed that allows individuals to trade. But nowadays it seems like there are a bazillion platforms to choose from! You can wade into the waters on your own or you can use a broker to help you handle your trading transactions. I'm not brave enough to make my move. Not yet.

Best forex trading app of 2021: trade and invest on your Android or iPhone | TechRadar

Best Forex Brokers 2021 - NerdWallet

FOREX can be very profitable. You can earn a lot. Although I doubt that I personally would make millions”. LOL. You can also lose a lot. I also doubt that I could lose millions. LOL. But it's definitely not an endeavor for the faint of heart.

One more thing worth mentioning, before I conclude this article.

~ FOREX can also be used for cryptocurrency trading. Some trading platforms allow for those types of transactions. “Trading bitcoin is like trading anything else on an exchange. You can trade dollars for euros through forex, and dollars for bitcoins on the exchanges. It’s very similar, but it depends on the idea that it’s traded on an actual currency,” (Quote Source)
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Are you interested in learning more?

My advice is: take a trading course OR teach yourself OR do both!

9 Best Forex Trading Courses • Learn Forex • Benzinga

Forex Trading: A Beginner's Guide • Investopedia

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P.S. Also, read articles in this Read.Cash Community: Stocks and Forex Traders