Forex (the foreign exchange market) is a real and legitimate home business that deals with the simultaneous acquisition and sale of a currency or the exchange of one country's currency for that of another.
It will not make you rich over the night, but you can earn some substantial income if you treat it seriously, like any other business.
What are the steps to follow when starting Forex trading?
This unique legitimate home business is the ideal way to make a sizeable income working comfortably at home, without office policies and schedules, unscrupulous bosses, annoying coworkers and the misery of bringing profit to someone else while you get a fixed, minuscule salary. Here are the steps you must follow to get started:
1. Get a PC and a broadband connection. Do not worry about renting space, you can work just fine from home.
2. Search the Internet and visit the websites of as many brokers as possible in order to choose the best of them. After all, your money must be safe with the broker, not stolen or misappropriated.
3. Try out some trading software using fictitious money to get acquainted with Forex. Your broker should provide you such trading platform.
4. Start making profit by trading for real. After you understand how things work, you will become a professional trader, and you are due to make more and more profit.
Are there any tricks?
No, there are not. Forex is a legitimate home business that can bring you substantial profit with a small initial investment. However, there are a few scams that some may associate with the foreign exchange market, because there are people trying to take advantage of traders who try to gain money.
Here is a short list of swindles:
1. If something sounds too good to be true, it usually is! If a corporation guarantees fantastic gain in a short period of time, you should become skeptical. Making profit from a legitimate home business as Forex takes some time, study and effort, and then you will not make thousands of dollars in just one week.
2. Miraculous software does not exist, especially software that can decode the exchange market for you, although there are certain corporations that state such nonsense.
Moreover, you should be careful with signal sellers who charge a certain fee in exchange for information that is supposedly to make it easier for you to improve your trading. In fact, the information they sell is fake and will not help at all.
3. Background information is not supposed to be secret and then, if a company refuses to offer you background information on their activity or about their clients' experiences, you definitely do not want to have anything to do with it.
4. Do not trust a faceless friendly voice on the telephone, a flashy website or the friend of a friend that is offering a big trading opportunity. Forex is a legitimate home business , not a money-making machine! Never invest with someone you do not know, because, whether the investment is planned as a scam or becomes one, the result is the same: your savings in someone else's pocket.
How can I avoid such scams?
There are plenty of brokers out there that are ready to walk away with your cash. If you want to start a safe and legitimate business, here are a few tips about how to make sure that nobody will disappear with your savings:
1. Check for complaints at the police department, Better Business Bureau or ask the financial editor of the local newspaper.
However, the absence of complaints or information about a broker working a scam in that region does not mean that someone who guarantees you $ 5000 per week as a profit from trading is serious. Be skeptical when it comes to such amount of money because a foreign exchange legitimate home business deals that much money in time, not suddenly.
2. Contact the proper regulatory organization to find out whether a broker or a company is properly registered to engage in trading. The appropriate agency will provide you with the information you asked for or conduct an investigation.
3. If someone contacts you with a trading proposition that sounds suspicious, start to interrogate him / her. Start asking for references, for example, or ask about responsibilities and fees.
A very good question to ask is whether he / she agrees to show that investment plan to your lawyer, accountant or investment advisor. Should their answer be "no", you are definitely dealing with a scam.
4. Be cautious when sending money on the Internet and do that only after having investigated the company's or the broker's background thoroughly. Online exchange of money has become safer over the years, but lawbreakers recognize the potential of the World Wide Web.
Armed with the knowledge about trading and after having learned how to avoid scams, you are ready to make the next step in your future trading career.
Just remember that Forex trading itself is no swindle – it is actually a legitimate home business that can provide you substantial profit.
Source by Isaac Jon