The COVID-19 has adversely impacted the financial stability of many people around the globe. We saw people losing their jobs, companies laying off their old and new employees, businesses shutting down, and all the misfortune it brought to a common man during the lockdown period.
In his book, “SEVEN DAY PAYDAY: Get exposed to Wi-Fi money & master the trading skills of the foreign exchange market trader$”, Tony Deoleo has given a detailed account of Forex Trading, and how it could be the solution to end one’s financial problems, especially in the current era.
What is Forex Trading?
The word “Forex” is a portmanteau for foreign currency and exchange. Forex Trading refers to the exchanging of one currency for another. This is normally done for various reasons, for tourism, commerce, or trading goods. The currencies are traded against each other with respect to the exchange rate pairs. The forex market is the largest, and the most liquid asset market, which determines the exchange rate for currencies of all the countries.
Advantages:
There are many benefits if one understands how forex trading actually works. Below are some advantages of investing your money in the forex market.
- Huge Profit Potential:
Buying a currency when you believe the currency pair is going to rise in value, can help you make substantial profits. Since the forex market places no restrictions on directional trading, it makes it easy for you to buy and sell the currency pair as per their potential rising and falling prices.
2. Profiting off Leverages:
Traders can use significant amounts of leverage to buy and sell in the market, which makes them able to trade using large amounts of money than what they have in their accounts. For example, you could trade at 20:1 leverage. This could make you manage the trade of $20,000 using only $1000 of your capital.
3. Low Transaction Costs:
The cost of transactions in the forex market is usually known as the spread and is often quite low. Spread is what the forex brokers earn as their payments for conducting the trade. It is basically the difference between the bid price and the asking price. Brokers, however, might also charge a commission, based on the nature of the transaction.
4. Liquidity Factor:
There’s a high liquidity factor in forex trading. There’s an ease of transacting huge amounts of cash from one currency to another. Cash availability at hand is also why many people opt to invest money here.
Author’s Bio:
Tony Deoleo works as a celebrity fitness trainer in Los Angeles. Through his experience, extensive travel, and research, Deoleo passionately learned from the masters in these fields. He has worked with big revenue-generating firms, and some highly successful marketing and sales representatives. To test his theories, the author worked with some friends, acquaintances, and family. By applying the secrets of success which he has shared in his book, “SEVEN DAY PAYDAY: Get exposed to Wi-Fi money & master the trading skills of the foreign exchange market trader$”, he aims to shed light on how people can still be financially free in the harsh times of a global COVID-19 pandemic.
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