Forex trading is generally defined as the exchange of one currency to another currency. It involves a global market where currencies are traded virtually around the clock. This definition does not fully explain what the would-be forex trader is going to face in the forex platform after opening a demonstration account with any preferred broker.
So, my simple definition of forex trading in a way a layman could understand is the clicking of buy,sell or close order at the right time. Note the phrase “right time” which means one has to get the right knowledge to trade rightly. On a Forex platform if you click buy or sell, you start making gains when the market moves the direction you entered (either sell or buy) and if the market moves in the opposite direction of what you entered in your forex platform, you lose money. Period!
Hence, you must know the right time to close your order either with some gains or losses added or subtracted from your initial capital. Note if you trade the right way and time your gains will be more than your losses that’s when the money starts flowing in gradually.
This is just a simple definition and I hope to share more tips as time passes by. Just make sure you subscribe to this blog.
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