You know what phrase has popped up a lot in recent years? Differed Life Plan. This is the standard model of things, where we keep deferring things in our life. We keep putting off doing the work we want to, we keep putting off that travel we always wanted to take, we keep stopping ourselves from investing like we want to. It doesn’t take a genius to realize that this plan doesn’t work, and that the more you defer the less likely you are to actually go ahead with your designs. It’s better to just do it!
Money is often a big reason we defer our dreams, even though it’s a terrible reason. First of all, most dreams can be had for a lot cheaper than you imagine. Second; and here’s the kicker- extra money isn’t that hard to make! Especially when you start investing in Forex.
People have made over a billion dollars EACH by trading in the Forex market, and people have multiplied their investment income many times over even when starting with scraps. Forex isn’t any kind of magic bullet that makes money without work, but it can still make your dreams come true when you’re smart about it.
The key behind profits in Forex, and ALL Forex trading, is currency pairs. When one currency goes up, another goes down, they all move in relationship to each other, and taking advantage of this ever-shifting relationship is how you make your money. Remember- buy low sell high.
A pair is (obviously!) made up of two currencies. The first currency is your base pair, and it’s the one that shows up in your pair listing. So with GBP/EUR the GBP, the pound, is your base currency. The EUR, the second one, is your quote currency.
The Forex market is one of the most liquid markets out there, which means it’s always shifting and changing. In your currency pair, one of those currencies is going to either go up or down. Making money in this market is all about being able to spot which value will rise. You can read charts, you can study their history, you can read the news- but ultimately you’re just trying to figure out what’s going up and what’s going down.
There are some currencies and currency pairs more popular than others in the market, so most people just trade the same pairs. This makes it a little easier to make money as you don’t need to know how ALL the world’s currencies are acting all the time. Focus on your favorites, learn them back to front, and you can make the next billion in the market!