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CURRENCY
& TRADING
Trading Currency Through
Online Forex Brokers
Access to foreign exchange (forex), the most extensive
market on the planet, is generally through an
intermediary known as a forex broker. Similar to a stock
broker, these agents can also provide advice on forex
trading strategies. This advice to clients often extends
to technical analysis and research approaches designed
to improve client forex trading performance.
Financial institutions are generally the most
influential in the forex market through high-volume,
large-value forex currency transactions. Historically,
banks enjoyed monopolistic access to the forex markets,
but through the Internet, any forex speculator can also
enjoy 24 hour access to the market via a forex broker.
Secure web connections today allow many forex traders to
work from home, where ready access to news and other
technical advice informs decisions on what forex
positions to take. Similar moves are being made by stock
brokers, who are also moving out of banks and other
traditional institutions.
Your needs in the market will influence your choice of
forex broker. Online forex brokerage firms, known as
houses, provide those new to the forex market with
detailed research, advice and simulators to learn how to
use their forex trading tools. The experienced online
forex trader is catered to by other broking houses, with
in-depth advice, but less focus on forex trading
instruction based on the assumption that you are
familiar with the forex market. To make an informed
choice, it is advisable to trial several differing
online forex broking houses and their trading tools to
find the best fit for your needs.
Internet Marketing VS
Forex Currency Trading
Have you ever tried to make money online and failed?
Did you follow your guru's advice and still fail?
Here's an alternative...
Have you noticed that when someone’s trying to sell you
something - such as a system for making money - they
always make it look far easier than it is?
Let’s look at two Internet businesses, almost as
diametrically opposed as it’s possible to be – Internet
Marketing and Forex Currency Trading.
You’ve probably heard the old Internet adage – build a
better website and they will come. Well it ain’t true!
You could put up a site advertising dollars for a dime
and they still wouldn’t come – because they wouldn’t
know where to look!
Let’s look at what you need to have in place in order to
build a successful Internet marketing business.
First of all, you need a product. If you’ve been reading
the recent Internet marketing blurb you’ll know you need
a niche product.
Actually, the new thing is sub-niche but whatever they
call it, you need a product for which there is high
demand but low supply.
Finding a suitable niche is the hardest part of the
whole process but let’s say you have a killer product,
what else do you need?
The List.
Ask any Internet marketeer and they will say that the
most important part of your business is your opt-in
list.
For people to join your list you usually have to give
them something of value such as a free eBook or report
on a subject related to your main product line.
To keep them interested, you need to keep in touch with
them offering them additional information, advice and
tips.
Website.
To promote your opt-in list you need a website (although
there are other ways of promoting your list, too) with
features that will encourage people to sign up to your
list.
You also need a killer website with killer copy to
describe – and sell - your killer product. This may or
may not be the same as the one you use for your opt-in
list.
Killer copy.
Maybe you’re not a good copywriter. There are many
eBooks on the subject that can help you or you can pay
someone to write copy for you.
You need a domain name, preferably one with some
relation to the product but good domain names are
becoming increasing difficult to find.
Ads.
To get people to visit your website in the first place
you need to register it with the search engines.
SEO (Search Engine Optimisation) is an art in itself.
You can mug up on the subject or pay someone to do the
job for you (but be aware that not all experts are!).
You might also want to place ads for your list in
newsletters and ezines. The better ones will charge you
although you might get a free ad in return for an
article.
Autoresponder.
To automate your business you need an autoresponder.
These clever devices automatically send emails to
everyone on your opt-in list at predetermined intervals,
and contain predetermined copy.
For example, you could create a series of emails
containing, say, five parts of a free course to be sent
one a day over the first five days.
Then emails would be sent once a week advertising a
different product each time.
Whenever anyone signs up to your list they automatically
start at the beginning so everyone gets the full cycle
of marketing material.
We haven’t even looked at affiliate sales and marketing
but I’m sure you get the picture.
The basic idea of selling over the Internet sounds good
but there’s a lot more to it than most people realise.
Forex Currency Trading
Someone said that trading is the last frontier, the last
place where men and women can stand up and pit
themselves against the world.
It sounds very Wild Westish but most of it is true! You
win or lose entirely by your own efforts and if you win,
it’s like having your very own bank.
However, even owning a bank is a business and you still
have to work hard to put the money there – and to keep
it!
Unlike Internet marketing where all your efforts, in one
form or another, are geared towards making people join
your list and then selling them stuff,
Currency Trading has no customers. That’s worth
repeating – with currency trading, you don’t need
customers.
No customers means you don’t need any of the associated
accoutrements that go with Internet marketing such as:
Products
Web site
Domain name
Opt-in list
Ads
eBooks and reports
Autoresponder
Any other marketing aids
So far so good, but what do you have to do and what do
you need? Well, you need to know what currency prices
are doing.
You can get a list of prices at the close of each
trading day free from many web sites. If you want to
trade during the day – intraday trading,
you can get real-time prices for a nominal fee from
several data suppliers.
In the foreign exchange currency market, commonly called
forex, you can get this data and charting software free
from many web sites.
Okay, that’s the easy bit. In order to trade currencies,
you need to analyse the data and determine which way
price is heading.
In other words you need a system and this will require
study and dedication.
There’s lots of other stuff you have to know, too –
trading terminology, margin, leverage, money management,
order types, trader psychology and more.
But all of this is available in eBooks and courses and
on the Net.
You also need some money upfront to fund your trading
account. With forex you can begin with as little as
$300-500 although you would be advised to start with
more.
So while you don’t have the ongoing quest for new
customers, new products and inventive sales techniques,
you do need some sort of education or training before
you begin and you need discipline while you’re trading.
For more information on getting started with forex
currency trading, go to: www.webkept.com
Making money takes work whether it’s online or off. Make
sure you know what’s involved before you start and
remember that the more you put into a business, the
easier it gets.
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